Restaurants

Meituan HK SDR 5to1

Today’s Key News Recap

COST

BYTED

MET-A

MET-E

MET-F

03690

83690

HMTD

MPNGY

NFLX

00941

80941

HCMD

600941

000333

00300

01364

0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

Costco Wholesale

Meta Platforms

Unity Software

ByteDance

MetLife

METLIFE INC PRF SERIE 'A' FLOATING RATE USD25

METLIFE INC 5.625% NON CUM PRD STK SER E

METLIFE INC 4.75% DEP SHS EA REP NN CUM PFD ST SER F

MEITUAN

MEITUAN-WR

Meituan

Netflix

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Midea Group

MIDEA GROUP

GUMING

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

Conference Minutes

The following is Dolphin Research's compilation of $MEITUAN(03690.HK) FY2025 earnings call Trans. For the earnings analysis, please refer to 'Meituan: Three Mountains Bearing Down—Will the Food Delivery Old Guard Ever Get Back Up?'. I. Core financial highlights review. 1) Cash reserves: As of Dec 31, 2025, cash and cash equivalents plus short-term investments totaled RMB 166.8bn. Q4 operating cash outflow narrowed QoQ to RMB 6.6bn. 2) Q4 snapshot: total revenue of RMB 92.1bn (+4.1% YoY). Adj. net loss narrowed QoQ to RMB 15.1bn...

DingDong

Meituan (Trans): Q1 food delivery continued to narrow losses; Douyin is ramping up spend.

Financial Analysis

09988

89988

HBBD

BABA

Post-market on Mar 26 (HK), the last major player in the HSTECH 'takeout index'—$MEITUAN(03690.HK)—released its Q4 FY25 results. As the company had issued a profit warning, losses at the core local commerce segment and at the group level were already signaled, and the print broadly matched that warning.On closer look, underlying profit came in slightly below expectations. Losses in new initiatives widened, largely offsetting the savings from narrower losses in core local commerce.Specifically: 1) the savings from reduced losses were given back. Let's start with the most-watched loss item...

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

Meituan: Three Headwinds — Will Food Delivery Stay Down?

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Meituan 4Q25 First Take: With the prior profit warning, losses under GAAP for Core Local Commerce and the group were largely flagged, so the headline print was broadly in line. That said, underlying profitability still came in a bit below expectations. In detail, two points stand out. See below. 1) First, by segment. Losses in new initiatives were ~RMB 1.2bn above expectations. 2) On costs and expenses, GP clearly missed while OP roughly matched forecasts. This is because non-operating items booked within OP this quarter, including changes in financial asset values and other gains/losses, totaled ~RMB 2.2bn, distorting the true profit picture. On a core OP basis (GP minus S&amp;M, R&amp;D and G&amp;A), the quarter posted a loss of ~RMB 18.3bn. Compared with ~RMB 19.0bn in the prior quarter, the narrowing was actually very limited. In other words, on an underlying basis, most of the improvement in Core Local Commerce was offset by losses in new initiatives. As for key metrics, Core Local Commerce revenue decline narrowed from ~3% YoY last quarter to 1% YoY, and marketing spend fell by ~RMB 2.5bn QoQ; these align with the industry-wide pullback in food delivery spending and losses, and were broadly in line with expectations, with nothing particularly noteworthy. $MEITUAN(03690.HK) $Meituan(MPNGY.US) $MEITUAN-WR(83690.HK)

GOOGL

CVAC

GOOG

09992

HPPD

INTC

04335

01211

81211

HYDD

002594

BYDDF

BYDDY

0326 | Dolphin Research Focus: 🐬 Macro/Industry 1) Data show U.S. import prices rose 1.3% MoM in Feb, beating the 0.5% consensus and marking the biggest increase since 2022, driven by higher fuel and rising import costs for AI-related semiconductors and computers. The print signals a clear pickup in imported inflation, with signs of a second leg up, and higher import costs are likely to pass through to consumer prices. On the same day, Fed Governor Michael Barr said rates will stay on hold until there is sustained progress toward 2% inflation...

Alphabet

Citigroup

CureVac BV

Alphabet - C

POP MART

POP MART HK SDR 20to1

Intel

INTEL-T

BYD COMPANY

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily News Recap

KPDD

PDD 4Q25 First Take: As Dolphin Research has noted, PDD has stayed out of the food-delivery land grab and is not chasing AI hype, emerging as the most focused, pure-play, value-oriented retailer in e-commerce. This was again the steadiest print among peers, with most metrics largely in line with the Street. Key signals: domestic operations were broadly stable, and PDD was less affected as state subsidies faded. Temu’s growth was stronger than expected, specifically: 1) Total revenue rose 12% YoY, fully in line. By line item, online marketing revenue grew 5.3% YoY, below Bloomberg consensus of 8%; even GS was at 6%, so it still lagged. Referencing recent prints from JD and Alibaba, this likely reflects a sluggish 4Q e-commerce backdrop. QoQ, growth eased only from 8% to 5%, suggesting the fade of state subsidies was a marginal positive for PDD. 2) The upside came from transaction services revenue, up 19% YoY and clearly ahead of the Street. Given weak domestic trends this quarter, most of the beat likely came from Temu. With Meituan largely exiting community retail, Duoduo Maicai may have also contributed. 3) GPM was a touch below expectations, likely a mix headwind as Temu scaled and its weight increased. The gap is immaterial. The largest expense, sales &amp; marketing, was RMB 34.4bn (+9.6% YoY), also in line. Notably, sales expense growth accelerated vs. the prior two quarters. Dolphin Research believes that as the impact of state subsidies faded, marketing spend on the domestic core app likely did not rise much. That implies heavier Temu investment, consistent with its upside this quarter. 4) Lastly, G&amp;A and R&amp;D moved in opposite directions, largely offsetting. The former reflects higher productivity, the latter ongoing AI investments. OP was broadly in line; on an adj. basis, up ~5% YoY. $PDD(PDD.US) $KraneShares 2x Long PDD Daily ETF(KPDD.US)

KraneShares 2x Long PDD Daily ETF

Didi

DIDIY

'Food delivery war' has been replicated in Brazil—will DIDIY spend whatever it takes? Ride-hailing leader $DiDi(DIDIY.US) released its 2025 final-quarter results pre-market today (Mar. 13).Overall, domestic operations remained solid, with volumes growing steadily and margins inching higher. Not a standout quarter, but no material flaws.The concern lies overseas, as spending on Brazil food delivery kept climbing. The market was braced for losses, yet a single-quarter deficit of RMB 3.4 bn came in far worse than expected.Specifically: 1) Domestic mobility grew steadily. This quarter's domestic GTV was RMB 87.2 bn...

DiDi

Food-delivery war spreads to Brazil; DiDi also suffers.

Vips

VIPS

01519

KBAB

BABO

BABX

$Vipshops(VIPS.US) released its Q4 2025 results on the evening of Feb 26. Despite earlier lowering guidance, the print still came in weaker: revenue slipped back into negative growth, while expense discipline kept profit growing.Specifically: 1) Core operating metrics — GMV growth stalled again this quarter, with YoY growth under 1%, missing market expectations. The drag came from another decline in active users, down Approx. 400k YoY, and a clear drop in order frequency per user, driving total orders down 5% YoY...

Vipshops

J&T EXPRESS-W

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

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80700

TCEHY

TCTZF

AMZN

RBLX

02015

09868

XPEV

09866

HTCD

Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

TENCENT

TENCENT-R

Tencent

Tencent Holdings Limited

Amazon

Roblox

LI AUTO-W

Li Auto

XPENG-W

XPeng

NIO-SW

NIO Inc. USD OV

NIO Inc

Tencent HK SDR 10to1

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

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NVDA

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

01024

SOXS

SOXL

81024

1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

NVIDIA

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

KUAISHOU-W

Salesforce

Micron Tech

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

KUAISHOU-WR

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

Meituan HK SDR 5to1 released FY2025 Annual Earnings on March 26 After-Market SGT, actual revenue SGD 66.31 B (forecast SGD 67.29 B), actual EPS SGD -1.3957

Meituan HK SDR 5to1 released FY2025 Q4 earnings on March 26 After-Market (SGT), actual revenue SGD 16.7 B (forecast SGD 16.92 B), actual EPS SGD 0

Meituan HK SDR 5to1 to Release FY2025 Annual Earnings on March 26, After-Market (SGT), Forecast Revenue SGD 67.9 B

East Securities Maintains Buy Rating for Meituan, While Barclays Maintains Sell Rating

Meituan HK SDR 5to1 released FY2025 Q3 earnings on November 28 After-Market SGT, actual revenue SGD 0 (forecast SGD 17.71 B), actual EPS SGD 0

Meituan HK SDR 5to1 released FY2025 9 Months Earnings on November 28 Pre-Market SGT, actual revenue SGD 49.64 B, actual EPS SGD -0.0086

Chinese Brands Expand into Brazilian Market

Meituan HK SDR 5to1 to Release FY2025 Q3 Earnings on November 28 Pre-Market SGT, Forecast Revenue SGD 17.89 B

Meituan Launches AI Code Assistant CatPaw and Begins Public Testing

Meituan issues $2 billion in senior notes

Meituan Grants 11,828,615 Restricted Stock Units to Employees

DTC Partners with Keeta to Enhance Last Mile Delivery

Meituan's Subsidiary Keeta Expands into Kuwait After Obtaining Investment License

UAE Investment Ministry Signs MOU with Keeta

Keeta Launches Food Delivery Service in Dubai

Meituan Reboots Quality Takeout Service on Dianping

Meituan Reports Q2 Earnings: Revenue Growth but Declining Profitability

Meituan HK SDR 5to1 released FY2025 Semi-Annual Earnings on August 27, 2025 (SGT) with actual revenue of SGD 32.35 B and EPS of SGD 0.5837

Meituan HK SDR 5to1 released FY2025 Q2 earnings on August 27 (SGT), actual revenue SGD 16.34 B (forecast SGD 16.68 B), actual EPS SGD -0.0086

Meituan HK SDR 5to1 to Release FY2025 Semi-Annual Earnings on August 27, 2025 (SGT)

Meituan HK SDR 5to1(HMTD.SG)

Meituan HK SDR 5to1 Stock Performance Chart