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0306｜Dolphin Research Focus: 🐬 Macro/Industry 1) The US Dept. of Commerce is preparing to globalize its export approval regime for advanced AI chips, moving beyond country-specific controls. Reviews would be organized into three tiers based on purchased compute.Orders exceeding 200k chips would trigger government-to-government negotiations and the disclosure of critical technical details. Approved countries would also be required to commit matching investment in US digital infrastructure.This move reflects US tech hegemony and could destabilize the global semiconductor supply chain. It also raises compliance costs for US chip makers.It is likely to push countries to accelerate domestic compute R&amp;D, supporting China's semiconductor localization. Overall, expect faster onshore capacity build-outs and substitution.

BYD COMPANY

BYD Company Limited

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Tesla

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BYD HK SDR 10to1

Netflix

Li Auto

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Xiaomi HK SDR 2to1

Xiaomi Corporation

BOYD Gaming

BYD's 'disruptive tech' debuts; Xiaomi's mobile Agent emerges | Daily News Recap---

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0212 | Dolphin Research Focus: 🐬 Macro/Industry 1) Doubao announced that its video-generation model Seedance 2.0 is now integrated into the Doubao app, desktop client, and web version. Users can create 5s/10s short videos from text prompts and produce clone-style videos, with upgrades to image quality, generation speed, and content fidelity. Leveraging ByteDance's ecosystem should accelerate user adoption and engagement, pushing AIGC toward mainstream, practical use...

Duolingo

Apple

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Applied Materials

LLMs race ahead as AI apps surge; Apple revamps Siri amid tech bottlenecks｜Daily News Recap

Conference Minutes

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Below is Dolphin Research's FY25 Q4 earnings call Trans for $NetEase(NTES.US). For the earnings analysis, cf. 'NetEase: The Pig Farm Still Has to Hold On'.I. Key highlights: 1) Shareholder returns: declared a $1.16/ADS dividend and has repurchased approx. $2.0bn under its $5.0bn program. 2) Outlook: will keep investing in content R&amp;D (R&amp;D ratio to stay above 15%), and expects long-term AI-driven efficiency gains to further unlock...

Sealed Air

Hasbro

Stepstone

Hartford Insurance

Proshares S&P Global Core Battery Metals ETF

Youdao

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THE HARTFORD INSURANCE GROUP INC 6%NON CUM DEP SHS REP 1/1000TH PFD SER G

NTES (Trans): '遗忘之海' launch slips to Q3; '无限大' still being polished

Financial Analysis

$NTES-S(09999.HK) $NetEase(NTES.US) released its Q4 2025 results after the Hong Kong close on Feb 11 (Beijing time). Overall, Q4 missed consensus as mobile titles stayed weak.While part of the slowdown in bookings has already been priced in, there is no need to turn more bearish on the mid- to long-term outlook. For the near term, clear guidance on the new product cycle from the call will be critical.Specifically: 1) a dearth of new launches kept dragging revenue. Game revenue was RMB 21.3bn in Q4, up 3.5% YoY...

NTES: The 'Pig Farm' Must Still Tough It Out---

NetEase Q4 FY25 First Take: Q4 came in below consensus, likely on softer mobile game performance, which also helps explain the recent share pullback. That said, deferred revenue held up, underpinned by a strong year-end anniversary event for 'Yanyun' (mobile) and a rebound in 'Eggy Party', which should add some upside to Q1 revenue. Core profitability improved on tighter opex. Total cost of revenue, R&amp;D, and G&amp;A all declined YoY. Selling expenses rose YoY off a low base during the prior year's anti-fraud clean-up, alongside necessary launch marketing for new titles. Adj. profit fell 27% YoY, materially below expectations, though the headline looks worse than the underlying. Beyond the top-line miss, the shortfall mainly reflected mark-to-market swings on its PDD stake, with total investment losses of RMB 1.7bn, RMB 1.2bn wider YoY. After the game VAT rumor and the short-term hit from Genie, the stock has barely rebounded in recent days, yet valuation is already near historical trough levels. Conversely, this also reflects concerns that the recent slowdown in bookings could persist. We are not more bearish on the mid-to-long term. For near-term price action, clear guidance on the new title cycle is critical, especially launch plans for 'Sea of Oblivion' and 'Infinity'—worth watching on the call. $NTES-S(09999.HK) $NetEase(NTES.US)

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0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

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Alibaba HK SDR 5to1

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Warner Bros. Discovery

MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

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0102 | Dolphin Research Key Watch: 🐬 Macro/Industry. 1) As the new year begins, major NEV makers released Dec 2025 delivery data to close out the year.BYD sold 420.4k units in Dec, with 4.6mn units for the full year, retaining the industry lead. Leapmotor delivered 60.4k in Dec (+42% YoY), and nearly 600k for the year, doubling YoY.Xiaomi deliveries topped 50k for the first time, with the YU7 model standing out. Nio delivered 48.1k, a new monthly high. Li Auto delivered 44.2k in Dec...

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HK market off to a roaring start; BIDU's Kunlun Chip gears up for HK IPO | Daily News Recap

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The following are the Minutes of the 2025 Q3 earnings call for $NTES-S(9999.HK) NetEase (NTES.US) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;NetEase: The Last Kneel Before the 'Pig Cycle'?&#34; 1. Review of Core Financial Data 1. Revenue Overview: Total net revenue: RMB 28.4 billion (approximately USD 4 billion), an 8% year-over-year increase. Net revenue from games and related value-added services: RMB 23.3 billion, a 12% year-over-year increase. Net revenue from online games: RMB 22.8 billion, a 3% quarter-over-quarter increase and a 13% year-over-year increase...

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NetEase (Minutes): Resources Focused on High-Confidence Products

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$NTES-S(09999.HK) $NetEase(NTES.US) released its Q3 2025 financial report for the Hong Kong stock market after hours on November 20th, Beijing time. Similar to Q2, it was another miss under full expectations. Considering that some institutions mentioned the risk of overly high expectations at the beginning of the month, some funds may have taken precautions. In the current emotional environment, the market is certainly dissatisfied with this performance. However, considering that the stock price has been adjusted for a long time, it may improve due to the resilience of the gaming sector and the expected improvement in the pipeline next year...

Formidable Fortress ETF

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Sensata Tech

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Tencent Holdings Limited

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Tencent HK SDR 10to1

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NetEase: The Last Kneel Before the 'Pig Cycle'?

NetEase 3Q25 Quick Interpretation: Overall, the third-quarter performance fell short of Bloomberg consensus expectations, with the main expectation gaps in gaming revenue and sales expenses. However, the market may have already been somewhat prepared, as some institutions mentioned earlier this month that current market expectations were too high and that results might miss. Among the underperforming metrics, the only bright spot was deferred revenue, which provided some comfort: Despite a higher base, the year-on-year growth rate accelerated slightly compared to the previous quarter. Given that PC games and overseas games were the main sources of growth this quarter, Dolphin Research believes that the revenue expectation gap is likely related to changes in the deferred recognition cycle for games. The market may not be satisfied with this quarter's results, but since the stock price has been adjusting recently and the long-term resilience of games remains strong, the punishment might be somewhat mitigated. The most critical focus now is the launch plans and revenue targets for next year's two major games, &#34;Forgotten Sea&#34; and &#34;Infinity,&#34; and it is advisable to pay attention to the upcoming earnings call. 1. Slowing Game Growth: Third-quarter game growth did not accelerate as expected by the market compared to Q2. The expectation gap may primarily lie in PC games, although, in terms of absolute growth rates, the pressure is on mobile games. However, during the summer season in Q3, &#34;Eggy Party&#34; and &#34;Yan Yun: Sixteen Tones&#34; released content updates, driving domestic mobile game revenue back to positive growth. Overseas mobile games also performed well due to the contribution from the new game &#34;Destiny: Stars.&#34; Therefore, Dolphin Research speculates that market expectations for PC game revenue were too high. There is no reliable third-party data source for tracking PC games, so it is understandable that institutions had significant expectation gaps. Although there was growth from the Blizzard series games in Q3, competition in PC games intensified, especially from Tencent's titles like &#34;Delta Action,&#34; which may have had a 分流 effect. 2. Deferred Revenue Shows It Wasn’t That Bad: Notably, Q3 deferred revenue significantly exceeded market expectations, and its growth rate was better than seasonal changes in previous periods, similar to Q3 last year when Blizzard had just returned. Therefore, this quarter's revenue performance may also be related to the deferred recognition cycle. Generally, overseas games and PC games have slightly longer deferred cycles than domestic mobile games. The growth in Q3 mainly came from overseas mobile games and domestic PC game revenue. 3. Other Businesses Mostly Fell Short of Expectations: Among non-gaming businesses, Youdao Education and Cloud Music slightly missed Bloomberg expectations, but the larger drag was from Yanxuan. 4. Stable Gross Margin, High Expense Growth: On the profit side, gross margin remained relatively stable. Gaming and value-added services gross margin declined slightly quarter-on-quarter but increased by 1 percentage point year-on-year, mainly due to a higher proportion of self-developed games. Sales expenses surged 17% year-on-year in Q3 due to promotions for new games and summer version marketing for existing games, missing market expectations by nearly 500 million yuan. Additionally, administrative expenses returned to positive growth this quarter, but given the team optimization and restructuring efforts by NetEase since Q3, we do not expect sustained significant expansion in this expense item. Ultimately, Non-GAAP net profit was 9.5 billion yuan, which met expectations mainly due to adjustments for SBC expenses and items like investment income (up 800 million year-on-year). Core operating profit from the main business was 8 billion yuan, below market expectations. $NTES-S(09999.HK) $NetEase(NTES.US)

OpenClaw Founder Praises NetEase's LobsterAI Product

NetEase Cloud Music Fully Integrates OpenClaw and Opens Core Music Service Capabilities

NetEase Cloud Music Fully Integrates OpenClaw to Open Up Music Services

NetEase Interactive Entertainment Clarifies Rumors of Gradual Replacement of External Personnel

NetEase Smart Enterprise Launches Security Skill for Preemptive AI Application Protection

NetEase Intelligent Enterprise Showcases AI Deployment Experience and Launches Enterprise Platform

NetEase Dao Launches Fully Open-Source AI Agent Product 'LobsterAI'

NetEase Returns to Gaming Business for Significant Revenue Rebound

Netease Triggered HKEX Trading Center Shift Clause, May Become a Dual Primary Listed Company

Netease to Cease Funding of Yasuhira Miyagi's Studio

NetEase Receives HKEX Notice to Convert to Dual Primary Listing

NetEase Evaluating Exchange Notice Impact and Considering Conversion to Dual Primary Listing in Hong Kong

GF Securities Reiterates Buy Rating on NetEase with Price Target

JPMorgan Downgrades NetEase's Target Price But Maintains Overweight Rating

CLSA Maintains Buy Rating for NetEase with Target Price

Zephirin Downgrades NetEase Target Price to HK$140

Hong Kong Stocks and Major Tech Shares Price Fluctuations

Citi Raises NetEase's ADS Price Target to $165.00

Citi Raises Target Price on NetEase to $165, Maintains Buy Rating

CICC: NetEase Q4 Below Expectations, 2026 Earnings Forecast Cut

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Sky Quarry

TMD Energy

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

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Cocrystal Pharma

Sidus Space

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Franklin Covey

Biodexa Pharmaceuticals

NetEase, Inc. (09999.HK, NTES.US) Q4 2025 Earnings Conference Call

NetEase, Inc. (09999.HK, NTES.US) Q3 2025 Earnings Conference Call

NetEase, Inc. (09999.HK, NTES.US) Q2 2025 Earnings Conference Call

NetEase, Inc. (09999.HK, NTES.US) Q1 2025 Earnings Conference Call

NetEase, Inc. (09999.HK, NTES.US) Q4 2024 Earnings Conference Call

NetEase, Inc. (09999.HK, NTES.US) Q3 2024 Earnings Conference Call

Motorsport Gaming US

网易

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NEXON Co., Ltd.

DoubleDown Interactive

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CTW Cayman - CL

NetEase(NTES.US)

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