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1127 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a 'safe period' for Chinese export enterprises in terms of orders and profits, and also reduce costs for American importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue...

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Alibaba AI Glasses Enter the Market, Meituan Financial Report to be Released Tomorrow | Today's Important News Recap

Didi

Financial Analysis

The leading ride-hailing company $DiDi(DIDIY.US) announced its Q3 2025 earnings before the U.S. stock market opened on the evening of November 26. In early November, DiDi indicated in a limited communication that the profit margin of its domestic business would decline this quarter, while overseas losses would significantly increase due to investments in Brazil's food delivery service. Subsequently, DiDi's stock price adjusted by nearly 20%, largely absorbing this negative news, and the actual performance was generally in line with the new guidance. Specifically: 1. Domestic travel demand has slightly weakened...

Why did Didi also fall when the food delivery war didn't reach it?

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Didi 3Q25 Quick Interpretation: In early November, Didi updated the market with guidance on its 3Q performance, mainly mentioning two issues: 1. The investment in the food delivery business in Brazil (to gain a first-mover advantage over Meitu Keeta) will lead to a significant expansion of losses in overseas business; 2. The guidance also indicated that domestic subsidies and other investments would be concentrated in the second half of the year, resulting in a decline in the domestic business's adj. EBITA profit margin compared to the high point in the first half.As this unfavorable guidance was digested by the market, Didi's stock price subsequently retreated by nearly 20%. The actual performance this quarter was largely in line with the previous guidance, with Bloomberg's consensus expectations being somewhat high due to untimely updates, while major banks have made corresponding adjustments. Therefore, overall, Didi's performance this season was expectedly poor.Specifically:1) In terms of core growth indicators, the domestic travel segment's GTV grew by approximately 10% year-on-year, slightly slowing down by about 2 percentage points quarter-on-quarter. The domestic business growth remains generally stable and largely in line with expectations. Meanwhile, the GTV growth rate of overseas business significantly increased to 31%, reflecting that the overseas investment indeed accelerated business growth, and it was notably higher than Bloomberg's consensus expectations.2) In terms of profit, the domestic business adj. EBITA profit was 2.98 billion, slightly higher than the November guidance of 2.7-2.8 billion. However, the trend shows that this quarter's profit margin fell significantly from over 4% in the first two quarters of this year (based on GTV) to 3.5% this quarter, indicating a considerable decline. Dolphin Research preliminarily judges that this is more due to the drag of weakening overall domestic ride-hailing demand (macro factors), while Didi's competitive landscape remains stable or further improved.3) The overseas business's loss this quarter expanded significantly to nearly 1.8 billion, with the loss rate doubling quarter-on-quarter to 5.6%, which is generally in line with the updated expectations of major banks. As mentioned earlier, this is mainly due to the impact of investment in Brazil's food delivery. $DiDi(DIDIY.US)

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Genetic Technologies Limited

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Uber

&#34;International Didi&#34; Uber released its Q3 2025 financial report before the U.S. stock market opened on the evening of November 4. Overall, it showed outstanding performance on the growth side, with accelerated growth surpassing expectations. However, while absolute profit growth was decent, it slightly underperformed compared to high expectations, and the momentum of profit margin expansion has significantly narrowed. The detailed points are as follows: 1. Ride-hailing was decent, while food delivery was &#34;truly&#34; strong: This quarter, the order volume of the ride-hailing (Mobility) business grew by 20% year-on-year, with a significant quarter-on-quarter acceleration of 4 percentage points. However, excluding the impact of exchange rates, the actual quarter-on-quarter acceleration was only 1 percentage point...

Uber: Performance is flawless, but scared by Robotaxi again?

The leading ride-hailing company $DiDi(DIDIY.US) announced its second financial report for 2025 before the U.S. stock market opened on the evening of August 28. The overall performance this season was quite good, with domestic business order volume slightly exceeding expectations and net monetization rate continuing to rise, driving revenue slightly above expectations. Profit performance was even more impressive. Specifically: 1. Domestic travel volume accelerated: This quarter, the year-on-year growth rate of domestic GTV slightly accelerated to 12.3%, slightly higher than Bloomberg's consensus expectations. Compared to the industry data released by the Ministry of Transport...

Squeezing profits, can Didi rejuvenate?

Didi 2Q25 Quick Interpretation: Overall, Didi delivered a decent performance this quarter. Driven by slightly better-than-expected domestic order volume and a continued rise in net monetization rate, total revenue slightly exceeded expectations, with profit performance being more impressive. Specifically:1) Domestic order volume grew by 12.4%, slightly exceeding expectations and accelerating slightly quarter-on-quarter, driving GTV growth to be roughly in line with order volume.However, platform sales surged by 24% year-on-year, significantly outpacing GTV growth, indicating that Didi's domestic net monetization continued to rise this quarter.As a result, the proportion of domestic business adj. EBITDA to GTV increased by 0.4 percentage points quarter-on-quarter to 4.4%, with final profit margin at 36.2%, nearly 10% higher than market expectations.2) International order volume growth remained flat quarter-on-quarter at 24.9%, still decent, but market expectations were higher (Didi restarted its food delivery business in Brazil, which the market might have anticipated).It seems that international GTV underperformed order volume growth, but this was due to adverse exchange rate effects. At constant exchange rates, GTV growth was as high as 27.8%.However, Didi's international business losses significantly expanded this quarter, reaching 750 million. But the market had anticipated this, so the expectation gap was not large.The company explained that this was mainly due to increased subsidies in overseas business. The restart of the Brazilian food delivery business should also have an impact.3) Additionally, it is worth noting that due to a one-time charge of approximately 5.3 billion related to previous shareholder litigation, GAAP profit turned negative this quarter. However, such impacts should be ignored, and attention should be paid to adjusted profits. $DiDi(DIDIY.US)

China's ride-hailing leader $DiDi(DIDIY.US) released its first quarterly earnings report for 2025 on the evening of June 5. Overall, growth performance was stable and within expectations; profit performance was more impressive, exceeding expectations with improving margins in both domestic and overseas businesses. Here are the key points: 1. Stable growth, bright profits: In terms of key metrics, the company's total GTV increased by 10% year-on-year, and total revenue grew by 8.5%. From an expectation perspective, it was largely in line with sell-side estimates; the growth trend maintained a high single-digit to around 10% increase...

The 'food delivery war' didn't burn, Didi quietly made a fortune.

Didi 1Q25 Quick Interpretation: Didi's financial performance this time is generally in line with expectations in terms of growth, while the profit release is quite impressive, both in terms of expectation gap and trend.1) On the growth side, whether it's core operational indicators like GTV and order volume, or financial indicators like revenue, they are largely in line with expectations, showing stability. The GTV and revenue growth of domestic business remain stable at a high single-digit level.2) The main highlight is the profit. This quarter, the adjusted EBITA of Didi's China mobility business exceeded 3.1 billion (a record high), 12% higher than expected. The loss of overseas business was less than 200 million, far below the sell-side expectation of a 450 million loss.In terms of trend, the issues from last quarter—declining domestic business profit and significantly expanding overseas business losses—have both reversed this quarter. The market's response is likely to be positive.The reason for the profit exceeding expectations is mainly due to the domestic business platform's retained revenue, which increased by 20% YoY despite GTV growth being less than 10%. This indicates an increase in the platform's overall monetization rate. $DiDi(DIDIY.US)(Note: Since Didi is in the OTA market, there are not many sell-side analysts tracking it, so the market may not have a fully consistent expectation. However, based on this performance, the sell-side expectations were relatively accurate.)

Appraisal value

As one of the most favored targets by Dolphin Research with long-term investment value, $Uber Tech(UBER.US) has seen its once bullish market sentiment fade amid concerns that rapidly developing autonomous driving technology (especially with Tesla gaining momentum and boldly announcing its Robotaxi plans) will bring revolutionary changes to the entire automotive and mobility industry. During the period from October 14, 2024, to mid-December 2024, the stock price fell from $87 to below $60, representing a nearly 1/3 retracement, significantly underperforming the S&amp;P index's gains during the same period. However, despite this...

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DiDi released FY2025 9 Months earnings on November 26 (EST), actual revenue USD 23.43 B, actual EPS USD 0.0297

DiDi released FY2025 Q3 earnings on November 26 (EST), actual revenue USD 8.23 B (forecast USD 8.206 B), actual EPS USD 0.0368