Apparel, Accessories and Luxury Goods

Lululemon

Today’s Key News Recap

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0318 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) The Fed kicked off its two-day FOMC meeting on Mar. 17 local time. The market broadly expects the policy rate to stay at 3.50%–3.75%.However, sticky inflation (PPI at 2.9%) and a Middle East-driven oil spike (WTI above $100) are tightening expectations for 2026 cuts. Investors are dialing back the number of cuts priced in. If the dot plot due on the 18th indicates just one cut in 2026—or none at all...

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Meta Platforms

Alphabet - C

Alphabet

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Xiaomi HK SDR 2to1

Xiaomi Corporation

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Micron Tech

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Tencent HK SDR 10to1

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Tencent Holdings Limited

MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

Conference Minutes

Below is Dolphin Research's Lululemon FY25 earnings call Trans.For our analysis of the results, please see 'Lululemon: Fast-fashion blitz — can a ZARA-style push save the black leggings?'.---

LULU (Trans): Pricing expected to return to positive growth in H2 2026

Financial Analysis

North America, the 'home market', remains soft

LULU: Dropping slow craft — will a ZARA-style fast push save its 'little black pants'?

LULU Q4 FY25 First Take: Overall, performance met a low bar and was broadly in line with muted expectations, with key metrics still soft. The market had already baked in weak results after multiple guidance cuts. Revenue eked out positive growth and came in slightly above the company’s prior guide. 1) Revenue by category: Women’s delivered RMB 2.27 bn, up 1.9% YoY. Despite consumer fatigue in N. America and tougher competition from emerging brands, women’s remains the core revenue driver, but growth has slowed to the lowest single-quarter rate in three years. Men’s came in at RMB 900 mn, down 1.7% YoY. This marks the first negative print, indicating limited traction. By region, the largest issue is still in N. America, down 4.5% YoY. While the Thanksgiving shopping season was strong and Black Friday set a record for single-day online sales, momentum cooled notably afterward, and heavy discounting points to soft demand. China and other regions also slowed on a high base last year. 2) Margins: GPM fell 460 bps YoY, pressured by ongoing tariff headwinds and deeper discounting to clear inventory. The opex ratio rose ~100 bps on Intl expansion and investment in digital &amp; supply chain. Dolphin Research estimates core OPM at 22.5%, down 560 bps. $Lululemon(LULU.US)

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1230 | Dolphin Research Focus: 🐬 Macro/Sector. HK and A-share robotics stocks rallied in tandem today.The move was likely driven by two market rumors. First, the Trump administration is said to plan an executive order (EO) on robotics in 2026, which could unlock policy tailwinds.Second, supply-chain firms have recently made intensive visits to North America, and the market expects Tesla's Optimus humanoid robot program to award contracts soon. Institutions forecast phased deliveries starting in Q1 2026, covering annual capacity of 80–100k units, and related component suppliers have begun to ramp up...

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Robotics rally, BIDU surges, POP MART 'stalls' again｜Daily News Recap

UNIT

Below is Dolphin Research's Trans of Lululemon's FY25 Q3 earnings call. For our earnings analysis, please see 'Lululemon: Green shoots or a flash in the pan?'

Uniti

LULU (Trans): New styles to account for 35% of the Spring 2026 lineup

ALGN

China surged again. Now the key growth driver.

Align

LULU: Comeback or Flash in the Pan?

LULU 3Q25 First Take: overall a beat against a low bar. Overall, the quarter came in better than muted expectations.After two straight guide-downs, Q3 results topped the high end of guidance with revenue of RMB 2.57bn (+7.1% YoY; guide 3%-4%). Execution was stronger than the company had telegraphed.On that basis, the company raised full-year revenue guidance. It moved from 2%-4% to 4%-6%.1) Revenue: by category, core womenswear delivered RMB 1.65bn, up 5.7% YoY, slightly ahead of market expectations. However, growth continued to decelerate QoQ.Dolphin Research believes that after organizational changes early this year, tighter design–merch coordination restored the product launch cadence to its historical norm. Newness contributed above expectations.Menswear posted RMB 600mn, up 8.1% YoY. The trend ticked up slightly vs. the prior two quarters.By region, North America, the home market, remained soft, down 1.5% YoY. AOV, conversion, and store traffic all continued to decline.China was the standout at +43% YoY, the fastest pace in a year. Dolphin Research attributes the strength mainly to livestreaming on e-comm platforms.2) GPM: tariffs and the removal of the de minimis exemption (effective Aug) drove a notable increase in supply chain costs. GPM fell 290bps YoY to 55.6%.On opex, international expansion led to more hiring and higher compensation in overseas ops, nudging the opex ratio up 50bps. Core OPM was 17.1%, down 340bps. $Lululemon(LULU.US)

Monster

Deep Research

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In the cross-market comparison of beverages between China and the United States, Dolphin Research recently selected Monster Beverage (&#34;Monster&#34;) as a comparison to introduce the upcoming peer research on Dongpeng Beverage. In the previous study, we focused on how Monster, as a follower, achieved surpassing its predecessors through differentiated positioning, community marketing, and leveraging giant channels. However, past success does not guarantee a smooth future, as demonstrated by Lululemon, a typical counterexample previously covered by Dolphin Research. As the earnings season concludes, Dolphin Research is swiftly moving to study the next truly critical core proposition, looking at the present: 1. What will drive Monster's future growth? Are its wings stable? 2. Will it be a good investment target? How is its current cost-effectiveness?

Monster Beverage

EASTROC BEVERAGE

ING Groep

Monster: Besieged on All Sides, Will the Former 'Monster' Turn into a 'Sick Cat'?

The following are the Minutes of Lululemon's Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Lululemon: Davis Double Kill! Can the 'Little Black Pants' Hold Up?&#34;

Lululemon (Minutes): Future new products will focus on social leisure direction.

Texas AG Investigates Lululemon for Misleading Consumers on Safety

Lululemon President Andre Maestrini Buys Company Shares

Lululemon Invests in Epoch Biodesign to Promote Textile Waste Recycling Technology

Lululemon Digital Sales Grow by 9% in Q4

Lululemon Athletica Faces ESG Policy Scrutiny and Legal Risks

Lululemon Reports Fourth Quarter Revenue Growth

Lululemon Athletica's stock price falls despite Q4 earnings beat, 2026 guidance weak

BofA Global Research cuts Lululemon target price to $175

Lululemon's Q4 Earnings Forecast Below Expectations, Performance Weakens

Lululemon released FY2026 Annual Earnings on March 17 After-Market EST, actual revenue USD 11.1 B (forecast USD 11.04 B), actual EPS USD 13.26 (forecast USD 13.0318)

Lululemon released FY2026 Q4 earnings on March 17 After-Market EST, actual revenue USD 3.641 B (forecast USD 3.577 B), actual EPS USD 5.0052 (forecast USD 4.7769)

Lululemon expects annual tariff impact to be around $380 million

Lululemon reports Q4 EPS of USD 5.01

Lululemon Announces First Quarter Revenue Outlook

Lululemon Expects Fiscal Year Net Revenue of $11.35B to $11.5B

Lululemon Q4 Net Revenue Exceeds Analyst Expectations

Jefferies Downgrades Lululemon Target Price to $170

Lululemon to Report Q4 Earnings, Focusing on Key Performance Indicators

Lululemon shares hit new low as insider sells large stake

Lululemon Founder Chip Wilson Criticizes Company Management Strategies

Real Messenger

Rectitude

Redcloud

Delixy

Creative Media & Community Trust

Virax Biolabs

Aeluma

Revolution Medicines

Bitcoin Depot

XCF Global

Lululemon (LULU.US) Q4 2025 Earnings Conference Call

Lululemon (LULU.US) Q3 2025 Earnings Conference Call

Lululemon (LULU.US) Q2 2025 Earnings Conference Call

Lululemon (LULU.US) Q1 2025 Earnings Conference Call

Lululemon (LULU.US) Q4 2024 Earnings Conference Call

Lululemon (LULU.US) Q3 2024 Earnings Conference Call

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Lululemon(LULU.US)

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