Broadline Retail

Kuaishou

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$KUAISHOU-W(01024.HK) sold off mainly on guidance from a small-group meeting (1Q26 &amp; 2026), which was broadly weak and fell well short of buy-side expectations. Management flagged pressure on top-line growth alongside higher investment, implying a sharp YoY decline in profit.1) Biggest drag: e-comm growth concerns — ads guided to low single-digit and GMV to stop being disclosed next year. Management now expects ad revenue growth of 8-9% in Q1 and 6-7% for the full year, a marked slowdown vs. 2025. While GMV will no longer be reported next year...

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ByteDance

Guide miss tanks shares; Is Kuaishou at $25bn a buy-the-dip?---

Conference Minutes

Below is Dolphin Research's Trans of Kuaishou's FY25 Q4 earnings call. For our take, see 'Kling Takes Off, Legacy Biz Delivers — Can Kuaishou Sustain an AI Re-rating?'. Key financials recap: 1) Shareholder returns — the BOD proposes a final dividend for the year ended Dec 31, 2025 of approx. HK$3.0bn; buybacks in 2025 total approx. HK$3.12bn (~56.78 mn shares, ~1.32% of shares outstanding), with a flexible approach to buybacks and dividends going forward...

Kuaishou (Trans): Ramp AI investment this year; flexible on buybacks and dividends

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Below is Dolphin Research's FY25 Q4 earnings call Trans for $Sea(SE.US). For the earnings analysis, please see 'SEA: Spending Aggressively for the Future — Is Southeast Asia's 'Mini Tencent' Heading into Another Black Hole?'.Section 1 covers a recap of key financials. Section 2 provides detailed call notes.2.1 Management highlights: 1) Strategy and outlook. Success in 2025 came from choosing the right strategy and executing well. In 2026 we will stay the course; execution remains key, and we will invest more in operational excellence to pursue strong growth and healthy profits...

TENCENT

Tencent

Tencent Holdings Limited

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Tencent HK SDR 10to1

US Global Sea to Sky Cargo ETF

SE (Trans): Shopee profit flat in 2026?---

Financial Analysis

Often dubbed Southeast Asia's Tencent, $Sea(SE.US) reported Q4 results premarket on Mar 3. It was a familiar split: core e-commerce and fintech posted strong, above-consensus growth, while profits across segments missed as investment ramped. With the market prioritizing profitability over growth, the stock sold off sharply again.Specifically: 1) E-commerce accelerated, with logistics spending starting to pay off. Contrary to market expectations of a slowdown on higher comps, order volumes actually picked up this quarter...

SE: Burning cash for growth — is SE Asia's 'mini Tencent' heading into another money pit?---

'Little Tencent' Sea 4Q25 First Take: Results showed the familiar split, with business metrics and revenue broadly beating estimates while profits lagged across segments due to heavier investment. The positives and negatives are clear; details as follows: 1) Excluding the less critical games segment, core e-commerce and fintech growth both came in well above expectations. In games, bookings rose Approx. 24% YoY, decelerated QoQ, and ran slightly below the ~25% growth expected. 2) In the most important e-commerce segment, order volume grew 33% YoY vs. 29% last qtr, materially ahead of estimates. Logistics build-out clearly lifted growth. For the first time, GMV and revenue also beat expectations. 3) In fintech, the key metric—outstanding loan balance—grew 80% YoY, re-accelerating vs. last qtr and far exceeding estimates. Revenue showed similarly strong growth. 4) The core issue was opex overshooting estimates by Approx. $50 mn, mainly dragged by a sharp increase in credit loss provisions. Marketing expense also rose ~34% YoY but was broadly in line.Logistics investment in e-commerce showed up in GPM contracting ~90 bps YoY. Together these factors pressured the key profit metric: Adj. EBITDA of Approx. $790 mn, missing by ~$60 mn (~8%), with all three segments below expectations. $Sea(SE.US)

Today’s Key News Recap

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0303 | Dolphin Research Focus: 🐬 Macro/Industry1) Today, both Hong Kong and A-share markets sold off sharply as Middle East geopolitical tensions escalated. Qatar's LNG output halted and the Strait of Hormuz was blocked, stoking fear across markets.Money rotated out of equities and other high-risk assets into safe havens such as gold and crude. Risk assets globally came under pressure.Meanwhile, oil spiked, lifting inflation expectations. Investors fear the Fed may delay its rate-cut cycle, putting high-valuation growth tech under pressure. The Hang Seng Tech index led the declines.

Apple

Dragon

Qualcomm

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

Geopolitical shock triggers broad selloff; AAPL's budget 17e launch props up sentiment｜Daily News Recap

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Strategy Report

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There is always plenty of drama around Chinese New Year. After Trump ramped up tariffs throughout 2025, the policy was effectively gutted, leaving no legal footing.In 2026, following a rush of domestic AI model launches, China ADRs never had a 'DS moment'. Model-linked names were the only ones that outperformed.Also, during Chinese New Year 2026, despite decent consumer data, HK stocks fell first and then rose, an ineffective swing. There was no standalone 'Chinese New Year bull run' during HK’s solo trading days.With Trump-era tariffs in his second term ruled unlawful, what could this mean for markets ahead? The days of blanket re-rating may be over...

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Alphabet - C

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Rivian Automotive

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Alibaba HK SDR 5to1

Alibaba

With Trump tariffs axed and China models soaring, can China ADRs rally?

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OpenAI

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$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&amp;D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

AsiaStrategy

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

AMTD Digital

Saratoga Investment Pref Share SAY 8.125 12/31/27

Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on Keling

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The following are the minutes of the $Sea(SE.US) FY25Q3 earnings call organized by Dolphin Research. For the earnings interpretation, please refer to &#34;SEA: The Unchanged Answer Sheet Can't Compete with the Market's 'Changed Heart'.&#34; 1. Review of Core Financial Data Performance Overview: The company's total revenue for the third quarter of 2025 was $6 billion, an increase of 38% year-on-year; all three major business segments performed strongly: the e-commerce platform Shopee's GMV increased by 28% year-on-year; digital financial services revenue increased by 61% year-on-year, with loan balances up 70% year-on-year to $7.9 billion; digital entertainment bookings revenue increased by 51% year-on-year...

Meta Platforms

Electronic Arts

International Paper

ONLINE OFFLINE

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Franklin Covey

Ameriprise Financial

Sea (Minutes): Investing for Long-term Profit Growth

The Southeast Asian Little Tencent, $Sea(SE.US), delivered its Q3 earnings report on the evening of November 11, before the U.S. stock market opened. In summary, this quarter's performance is a mix of highlights and shortcomings. Firstly, growth remains very strong, with revenue and business growth across the three major segments exceeding expectations. However, as the company has started to focus more on growth rather than profit, with gross margins narrowing quarter-on-quarter and expenses maintaining high growth, the profit margins of each segment have marginally deteriorated this quarter. Specifically: 1. GMV remains strong...

SEA: An Unchanged Report Card Can't Compete with a 'Changed Heart' Market

Sea COO Alex Yang sold 10,000 shares of company stock

Sea COO Gang Ye sells 20,000 shares

Sea Ltd. director David Y Ma sells $6.2 million worth of shares

Frederick Cheng of Sea Ltd. Submits Initial Beneficial Ownership Report

Sea Ltd. CEO Joe Zhao Submits Ownership and Option Purchase Declaration

Sea Ltd Earnings Call Reveals Profit Growth Transformation

TD Cowen Maintains Hold Rating on Sea Limited with a $100 Price Target

DBS analyst reiterates buy rating on Sea

Sea Ltd's stock falls 16.9% due to missed expectations, option trading active

Sea released FY2025 earnings on March 3 Pre-Market (EST), actual revenue USD 22.94 B (forecast USD 22.35 B), actual EPS USD 2.5199 (forecast USD 2.7029)

Sea released FY2025 Q4 earnings on March 3 Pre-Market EST with forecast revenue USD 6.427 B and forecast EPS USD 0.6158

Sea Reports 72.9% Q4 Profit Growth, Full-Year Profit Soars to $1.6 Billion

Sea Reports EPS Beat FactSet Estimates

Sea Ltd Reports Better-Than-Expected Q4 Revenue

Sea to Release FY2025 Q4 Earnings on March 3, 2026, Pre-Market EST; Forecast Revenue USD 6.42 B, EPS USD 0.6158

Alphabet Launches Gemini 3.1 Pro AI Model and Collaborates with Sea Ltd

Sea Limited Deepens AI Collaboration with Google

Bernstein analyst reiterates buy rating on Sea (SE) stock

ARK Invest and insiders are buying Sea stock

ShopeeFood Overtakes Foodpanda for Second Place in Southeast Asian Food Delivery Market

Sea(SE.US)

Sea Stock Performance Chart