Broadline Retail

Alibaba HK SDR 5to1

Financial Analysis

09988

89988

HBBD

BABA

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BABO

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Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

BABA-W

BABA-WR

Alibaba

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

PDD: Has the Maverick Gone Mediocre?

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Forwarding a news piece today that had a major impact on the Hang Seng 'Food Delivery' Index. The crux: the State Administration for Market Regulation reposted an Economic Daily op-ed arguing the 'food-delivery price war' should end soon. Of course, this is not the first such line from state media, nor an official SAMR stance; it was merely a repost, though it may hint at regulators' leanings.However, Dolphin Research believes that unless regulators step in and forcefully halt delivery subsidies, competition will still be driven by companies' own goals and appetite. As such, the actual impact of this 'signal' is uncertain; it mainly lifts sentiment and could accelerate participants' subsidy rollbacks and loss reduction. $Alibaba(BABA.US) $MEITUAN(03690.HK) $JD.com(JD.US)

Meituan HK SDR 5to1

MEITUAN

Today’s Key News Recap

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0323 | Dolphin Focus. Macro/Industry.1) On Mar. 21 (local time), Trump issued a 48-hour ultimatum to Iran to fully open the Strait of Hormuz or face strikes on its power plants. Iran responded that if its power facilities are attacked, it would shut the strait entirely.The Middle East conflict is a direct shock to the global energy supply chain. Higher oil prices will lift inflation, forcing the Fed to keep rates higher for longer and compressing growth-stock valuations.Gold's safe-haven appeal is being offset near term by rate expectations. Profit-taking after the prior rally has triggered technical selling, magnifying the decline...

NVIDIA

Sanhua

SANHUA

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

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XPeng

HK & A-Shares Rout; Gold Hammered | Daily News Recap---

Conference Minutes

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Below is Dolphin Research's Trans of $Alibaba(BABA.US) FY26 Q3 earnings call.For our full take, see 'Alibaba: E-com Slips Again, AI Is the Lifeline'.1) Shareholder returns: as of Dec 31, 2025, the company held net cash of $42.5bn. Excluding debt maturing beyond five years, net cash exceeds $60bn, underscoring balance-sheet strength that supports continued investment.2) Performance trends: consolidated revenue was RMB 284.8bn. Excluding Sun Art Retail and Intime revenue, ...

Sunoco LP

ANT GROUP

SUNART RETAIL

BABA (Trans): Flash Sale 2-yr target RMB 1tn; AI + Cloud 5-yr target RMB 700bn---

SHOP

With a two-track push in food delivery and AI, $Alibaba(BABA.US) released FY26 Q3 results pre-mkt tonight (Mar 19).From an expectations lens, aside from softer Intl commerce growth and deeper losses in other segments, the print broadly tracked the recently lowered guidance.In absolute terms, however, performance was weak.As the tailwind from state subsidies and the monetization uptick cycle largely faded, core commerce growth slowed markedly.The bright spot was Alibaba Cloud, which continued to post solid growth.Bloomberg consensus was not timely updated this quarter, so its reference value is limited...

Shopify 

BABA: E-com slips again; AI is the only lifeline---

BABA 3QFY26 First Take: As the most watched player in China’s on-demand retail and the AI race, Alibaba delivered results that were weak as expected. First, note that some Bloomberg consensus numbers shown in the table are stale, as the company had already guided lower in recent conversations with top overseas sell-side, while domestic brokers remained a bit high. As such, the print was not a broad miss versus what matters now. It was broadly in line with the updated expectations.However, while not worse than the lowered bar, the absolute performance was still soft. Details below.1) China commerce CMR rose 0.8% YoY, roughly in line with expectations but a sharp deceleration. Similar to JD, fading state subsidies and the late Lunar New Year made 4Q25 a tough quarter for domestic e-commerce.Segment adj. EBITA was RMB 34.6bn, down 43% YoY (≈RMB 26.5bn). Assuming Taotian’s profit was roughly flat YoY, this implies Taobao Flash Sales lost about RMB 25bn, at the high end of the earlier guided RMB 20–25bn loss range, suggesting UE improvement is slower than hoped.2) The flagship Cloud Intelligence segment grew revenue 36% YoY, continuing to accelerate as expected. While the total growth was only in line and did not beat again, a positive sign is that external revenue growth (ex-internal demand) reached 35% vs. 29% last quarter. Segment margin held at 9%, in line.3) Intl commerce was notably weak, with revenue growth under 4%, below the already-lowered bar and a true miss. Adj. EBITA swung back to a RMB 2bn loss but was in line. Management attributed this to the seasonality of the 4Q promotion period; YoY, losses still narrowed and this does not signal a return to an investment-heavy cycle.4) Other segments saw revenue continue to decline due to the deconsolidation of Intime, in line. However, losses widened sharply to nearly RMB 9.8bn on increased spend for Amap’s street-sweeping list and R&amp;D and traffic for consumer-facing AI apps such as Qianwen and Quark. Even with the latest loss guidance raised to RMB 8.5bn, this was still a genuine miss. $Alibaba(BABA.US) $BABA-W(09988.HK) $阿里巴巴 (BABA-TEST.US)

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0319 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) On Mar 18 (ET), the Fed kept the benchmark rate unchanged at 3.50%-3.75%. The latest dot plot now points to just one cut in 2026 (25bps), a sharp pullback from the prior 2–3 cuts.Powell struck a hawkish tone at the presser, saying the oil spike driven by Middle East tensions is feeding into core inflation. He also confirmed that if a successor is not confirmed by Congress in time, he would stay on as 'acting chair'...

Micron Tech

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H World

Samsung Electronics 

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Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

NONGFU SPRING

Coinbase

Xiaomi MiMo model scores a hat-trick; COIN targets AI payments with stablecoins | Daily News Recap

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0317 | Dolphin Research Focus: 🐬 Stock #1, $NVIDIA(NVDA.US) — NVIDIA's GTC 2026 officially kicked off, and founder &amp; CEO Jensen Huang delivered the keynote.He announced a Vera Rubin Space Module under the next-gen Vera Rubin architecture, designed for orbital data centers, delivering 25x performance vs. H100.He also unveiled a partnership with Groq to co-develop new LPU chips...

MediaAlpha

Vera Therapeutics

Meta Platforms

CHINA LIT

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Maase 

Apple

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Apple Group

NVDA GTC in focus; Alibaba 'Token strategy' ramps up | Daily News Recap

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0316 ｜Dolphin Research Focus: 🐬 Macro/Industry 1) National Bureau of Statistics (NBS) data show that Jan–Feb 2026 industrial VA for above-scale enterprises and total retail sales both beat expectations. Retail sales rose 2.8% YoY, above the 2.5% consensus and vs. 0.9% prior, with the growth rate accelerating by 190bps vs. the previous reading. Consumption is seeing a mild recovery, aided by Lunar New Year seasonality and policy support. On the industrial side, high-tech and equipment manufacturing led the gains. 🐬 Single stock 1) $XIAOMI-W(01810.HK) Xiaomi Auto officially announced...

BYD COMPANY

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BYD HK SDR 10to1

BYD Company Limited

BYD Company

Atour

BOYD Gaming

Xiaomi next-gen SU7 launch date set; BABA to roll out enterprise AI agents | Daily News Recap

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0310 | Dolphin Research Focus: 🐬 Macro/Industry1) On Mar 9 (local time), Trump said US military action against Iran would end 'very soon' but not this week. He also indicated the US would ease some oil-related sanctions to cool prices, while warning of tougher strikes if Iran blocks the strait.The remarks briefly soothed energy and financial markets, capping near-term upside in crude. They tempered expectations for a sharp oil spike in the short run.However, the conflict continues and Tehran has issued a hard-line response. Geopolitical risk has not cleared...

Taiwan Semiconductor

CATL

CATL HK SDR 30to1

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NIO Inc. USD OV

NIO Inc

Oracle

ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D

GraniteShares 2x Long NVDA Daily ETF

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XI2CSOPNVDA

TSM Feb revenue down MoM; Alibaba Qwen management reshuffle finalized | Daily News Recap

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Alibaba HK SDR 5to1 released FY2026 Q3 earnings on March 19 Pre-Market SGT, actual revenue SGD 52.3 B (forecast SGD 53.19 B), actual EPS SGD 1.0884

Alibaba HK SDR 5to1 released FY2026 9 Months Earnings on March 19 Pre-Market (SGT), actual revenue SGD 141.28 B, actual EPS SGD 5.8743

Alibaba HK SDR 5to1 to Release FY2026 Q3 Earnings on March 19 Pre-Market SGT, Forecast Revenue SGD 53.65 B

Alibaba HK SDR 5to1 released FY2026 Q2 earnings on November 25 Pre-Market (SGT), actual revenue SGD 44.9 B (forecast SGD 44.07 B), actual EPS SGD 1.5857

Alibaba HK SDR 5to1 released FY2026 Semi-Annual Earnings on November 25 Pre-Market (SGT), actual revenue SGD 88.98 B, actual EPS SGD 4.7999

Alibaba HK SDR 5to1 to Release FY2026 Q2 Earnings on November 25, 2025 Pre-Market SGT, Forecast Revenue SGD 44.59 B

Alibaba HK SDR 5to1 released FY2026 Q1 earnings on August 29 After-Market (SGT), actual revenue SGD 44.07 B (forecast SGD 45.17 B), actual EPS SGD 3.2001

Alibaba HK SDR 5to1 to Release FY2026 Q1 Earnings on August 29 Pre-Market (SGT), Forecast Revenue SGD 45.34 B

Alibaba Announces FY25Q4 Earnings: Boosting AI Investment, Dividends and Repurchase Totals $4.6B

Alibaba HK SDR 5to1 released FY2025 annual earnings on May 15 Pre-Market (SGT), actual revenue SGD 184.53 B (forecast SGD 181.51 B), actual EPS SGD 9.9248

Alibaba HK SDR 5to1 released FY2025 Q4 earnings on May 15 Pre-Market SGT, actual revenue SGD 43.67 B (forecast SGD 43.04 B), actual EPS SGD 0.9542

Alibaba HK SDR 5to1 to release FY2025 Q4 earnings on May 15 Pre-Market SGT, forecast revenue SGD 42.89 B

Alibaba Reports Strong Growth, AI+Cloud Business Continues to Thrive

Alibaba HK SDR 5to1 released FY2025 9 Months Earnings on February 20, Pre-Market (SGT), with actual revenue of 140.79 B SGD and EPS of 8.9656 SGD

Alibaba HK SDR 5to1 released FY2025 Q3 earnings on February 20 Pre-Market (SGT), actual revenue 52.22 B SGD (forecast 51.42 B SGD), actual EPS 3.7999 SGD

Alibaba HK SDR 5to1 to Release FY2025 Q3 Earnings on February 20, Pre-Market SGT; Forecasted Revenue 51.81 B SGD

Alibaba HK SDR 5to1 released FY2025 Q2 earnings on November 15 Pre-Market (SGT), actual revenue 43.19 BSGD (forecast 44.62 BSGD), actual EPS 3.3182 SGD

Alibaba HK SDR 5to1 released FY2025 H1 earnings on November 15 Pre-Market (SGT), with actual revenue of 88.56 B SGD and EPS of 5.1687

Alibaba HK SDR 5to1 to Release FY2025 Q2 Earnings on November 15, Pre-Market SGT; Forecast Revenue 44.62 B SGD

Alibaba HK SDR 5to1 released its Annual 2024 earnings on May 23, with actual revenue of 175.52 B SGD and EPS of 5.8267

PopMart MB ePW260602

Clearbridge

PopMart MB ePW260703

Meituan MB eCW260804

Edition

Salt Investments

VCPlus

JD MB eCW260703

Alibaba MB eCW260703

HSI 28800MBeCW260429

Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Third Quarter Earnings Conference Call

Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Second Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2026 First Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Fourth Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Third Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Second Quarter Earnings Conference Call

Alibaba HK SDR 5to1(HBBD.SG)

Alibaba HK SDR 5to1 Stock Performance Chart