Broadline Retail

Today’s Key News Recap

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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...

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Li Auto

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GraniteShares 2x Long NVDA Daily ETF

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Meituan HK SDR 5to1

JD HK SDR 10to1

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

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1119 | Dolphin Research Key Focus: 🐬 Stocks 1, $Microsoft(MSFT.US), $NVIDIA(NVDA.US). Microsoft, NVIDIA, and AI startup Anthropic announced the establishment of a strategic partnership. Microsoft and NVIDIA jointly invested $15 billion in Anthropic, which committed to purchasing $30 billion worth of Azure computing power, forming a capital and technology-bound AI alliance among the three parties. Building a &#34;Capital - Computing Power - Model&#34; closed loop...

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Nio's intelligent driving chip supplied externally for the first time; Nvidia's earnings report countdown｜Today's important news review

Conference Minutes

The following are the Minutes of the 3Q25 conference call for $PDD(PDD.US) organized by Dolphin Research. For the financial report commentary, please see &#34;Pinduoduo's Embarrassment: Rapid 'Aging,' but No Buyback.&#34; I. Review of Core Financial Information 1. The company's total revenue for this quarter increased by 9% year-on-year to RMB 108.3 billion, mainly driven by growth in online marketing services and transaction services. 2. Revenue from online marketing services and other businesses reached RMB 53.3 billion, up 8% year-on-year; transaction service revenue was RMB 54.9 billion, up 10%...

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Pinduoduo (Minutes): Still "fierce competition" and "unpredictable performance"

Financial Analysis

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On November 18th, before the U.S. stock market opened, $PDD(PDD.US) announced its Q3 2025 earnings. At that time, few could predict the results, and the once 'forever young' Pinduoduo now seems to have entered a mature phase from various perspectives. This quarter's performance is mixed; the positive aspect is that after the impact of state subsidies waned, the main site's profit began to recover. The concern, however, is that Pinduoduo seems to have completely lost its previously most striking 'growth potential.' Specifically: 1. Revenue appears decent but is actually not: Pinduoduo's total revenue for this quarter was approximately RMB 108.3 billion, a year-on-year increase of 9%...

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KraneShares 2x Long BABA Daily ETF

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Pinduoduo's Embarrassment: Rapid 'Aging,' Yet No Repurchase

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Pinduoduo 3Q25 Quick Interpretation: The performance of Pinduoduo, which was once unpredictable with its stock price often experiencing sharp rises and falls, has now become increasingly stable and &#34;predictable.&#34; This quarter's performance is largely in line with expectations, with both positives and negatives. 1. Firstly, this quarter's total revenue grew by 9% year-on-year, slightly outperforming the market expectation of 8.3%. Although the trend seems to have accelerated quarter-on-quarter, the more critical advertising revenue growth rate has further slowed significantly to a single-digit 8% year-on-year. The implied signal here is that either the GMV growth rate of Pinduoduo's main site is slowing faster than expected, or the merchant support program has led to a further year-on-year decline in monetization rate. Dolphin Research has always held the view that the growth of Pinduoduo's domestic main site will return to the industry average. However, since the benefits of state subsidies have started to decline this quarter, the market might expect Pinduoduo's relative disadvantage to be alleviated. It seems that JD.com, Alibaba, and others have attracted some of Pinduoduo's users with massive food delivery subsidies, leading to increased active users and frequency of use. 2. As the impact of tariffs on Temu has largely dissipated, the U.S. business has returned to normal operations, and other regional businesses are expanding rapidly. Driven by this, the growth rate of transactional revenue has rebounded to 10%, slightly exceeding Bloomberg's consensus expectations, and is also the reason for the rebound in total revenue growth. However, compared to more optimistic expectations from Goldman Sachs (around 59 billion), it seems that Temu's growth is not as strong. 3. This quarter's gross profit performance is basically in line with expectations, continuing to decline due to the impact of the revenue structure. The expectation gap comes from marketing expenses being about 2.6 billion less than expected, thereby leading to operating profit exceeding expectations by approximately the same scale. Dolphin Research believes that the main reason is that as the impact of state subsidies declines, the need for self-subsidized spending has also decreased. Meanwhile, the increase in Temu's marketing expenses may not be as much as imagined. $PDD(PDD.US) $KraneShares 2x Long PDD Daily ETF(KPDD.US)

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1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

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Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

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1117 | Dolphin Research Focus: 🐬 Stocks 1. $BABA-W(09988.HK) $Alibaba(BABA.US) Alibaba announced that its personal AI assistant, Qwen APP, has officially started public testing, with simultaneous launches on the web and PC, and is available for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to be integrated into various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands...

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Alibaba Qianwen App Goes Viral on Launch Day;Google Gemini 3.0 May Arrive This Week | Today's Important News Recap

Hot topic

Dolphin Research previously mentioned that although $PDD(PDD.US) has consistently emphasized no dividends or buybacks, any company that transitions from its growth phase to its maturity phase must address a core question: how to utilize the accumulated cash assets? This quarter, Pinduoduo's interest and investment income directly reached the level of 10 billion yuan (mainly from interest and stock investment income), which is already a significant presence compared to the 25.8 billion yuan operating profit from its main business for the quarter. Of course, from the perspective of quarterly volatility, the average single-quarter level is still around 5.3 billion yuan, not much different from the level of each quarter last year...

Earning billions in a single quarter from financial management! Is Pinduoduo aiming to be the next 'Buffett' by 'refusing to distribute dividends'?

The following are the minutes of Pinduoduo's FY25Q2 earnings call organized by Dolphin Research. For earnings interpretation, please refer to $PDD(PDD.US) &#34;Pinduoduo: Back to the Money Tree? Can't Compete with Management's 'Forced Compliance'&#34;. 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. &#34;Billion Core&#34; Support Plan: a. Merchant Support (Core Investment Direction): Assisting merchants in facing challenges, seeking new growth, and navigating market cycles. Since last August, significant cost savings for merchants have been achieved through fee reductions...

Pinduoduo (Minutes): Once again, they have cut themselves!

$PDD(PDD.US) once again experienced familiar post-earnings volatility. On August 25th, before the U.S. stock market opened, Pinduoduo announced its second-quarter earnings, with profits significantly exceeding expectations, briefly driving the stock price up by 10%. But how substantial is this earnings surprise? 1. Revenue met expectations exactly, with no surprises: After two consecutive quarters of revenue significantly missing expectations, Pinduoduo's total revenue for this quarter was approximately RMB 104 billion, a year-on-year increase of 7%. Although the growth rate continued to slow, it was almost perfectly in line with market expectations. This was mainly due to Temu being affected by tariffs...

Pinduoduo: Back to the Money Tree? Can't Compete with Management's 'Forced Submission'

Pinduoduo Executives Clash with SAMR Staff

Chinese Internet Giants Show Profitability in Overseas Businesses, Reports Show Strong Growth

Pinduoduo Achieves E-commerce Market Growth and Adapts to Subsidy Policies

Pinduoduo Sells 53 Degree 500ml Flying Heaven Maotai at 1399 Yuan Per Bottle

Pinduoduo Adjusts Price Protection Rules to Include Bilion-Yuan Discount Coupons

Hel Ved Capital Increased Holdings in Pinduoduo in Q2

Pinduoduo Donates HKD 10 Million for Fire Rescue in Hong Kong's Ma Po Hong Fu Garden

JPMorgan Maintains Neutral Rating on Pinduoduo and Raises Price Target

e-commerce seller required to pay huge tax arrears due to tax compliance issues

Pinduoduo's Q3 Earnings Show Revenue and Profit Growth Slowdown

Pinduoduo Boosts Guizhou Sour Soup Brand Expansion, Dairy Firms Face Revenue Decline and Transformation Pressure

Morgan Stanley Analyst Maintains Buy Rating for Pinduoduo

Pinduoduo's Temu Platform Strategy Adjustments Lead to Overseas Business Recovery

Nomura Maintains Neutral Rating for Pinduoduo ADR

CMB International Upgrades Pinduoduo's Profit Forecast for 2025-2027 and Maintains Overweight Rating

Pinduoduo Holding's Q3 Earnings Call Reveals Revenue Growth and Global Expansion

Macquarie Adjusts Profit Forecast and Downgrades Target Price for Pinduoduo

DBS and Bernstein Reiterate Hold and Buy Ratings for PDD

Goldman Sachs Downgrades Pinduoduo's Revenue Forecast, Maintains 'Buy' Rating

E-commerce Industry Enters Clearing Period, Imbalance in Supply and Demand Evident