Interactive Media and Services

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美图公司

Deep Research

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In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

Tencent Holdings Limited

Tencent

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Bilibili

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Tencent HK SDR 10to1

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

NVIDIA

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Rumors and media chatter had been building for weeks, including reports that Jensen Huang sparred with White House conservatives and warned that H200 sales to China might still be blocked. President Trump nevertheless announced that the U.S. Gov. will allow Nvidia to sell H200 chips to China.Nvidia's peers may also sell chips with H200-class specs to Chinese customers. The permission covers H200-class products only.The latest Blackwell architecture and the next-gen Rubin are not on the list. The U.S. Gov. will impose a 25% levy on each sale. As for Nvidia in Q4...

Arch Resources

Gen Digital

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BIDU ADR US

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

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Baidu

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

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YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

GEN DIGITAL INC COM USD0.01 CVR (S/RS)

Baidu HK SDR 10to1

H200 Greenlight: The Breakout Catalyst on NVDA's Path to $6tn?

Meta/Facebook

CASH

BLUE

These days, it's rare to see trillion-dollar giants fluctuating by 10% or 20% in a single day, but Meta is an exception. It took Meta just one quarter to fall from grace. After the Q3 earnings report, investors' panic seemed to have just been digested. Recently, with the expectation of interest rate cuts rising, $Meta Platforms(META.US) has rebounded 10% from the bottom. In terms of narrative, first, Meta has the most extensive application scenarios, and the AI investment process will be accompanied by accelerated revenue, the &#34;AI darling&#34; narrative; then came the Q3 combination of increased investment and slowed revenue growth guidance...

Meta Platforms

Blue Owl Capital

Pathward Fin

Bluebird Bio

"AI Darling" Quickly Becomes a "Spendthrift", Can Meta Make a Comeback?

Today’s Key News Recap

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1126 | Dolphin Research Key Focus: 🐬 Stocks 1. $MEITUAN(03690.HK) Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the 'efficiency optimization' phase. This implies that the disorderly cash-burning competition Meituan faces is expected to ease, leading to a more stable market structure, temporarily alleviating Meituan's profitability pressure. Meituan rose over 5% today. 2. $Baidu(BIDU.US) Baidu announced the establishment of a foundational model R&amp;D department and an application model R&amp;D department...

Meituan HK SDR 5to1

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Meituan's Stock Rallies Strongly; Li Auto Announces AI Glasses Entry | Today's Important News Recap

Financial Analysis

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$Alibaba(BABA.US) released its Q2 FY2026 results during US pre-market trading on 25 November. The two key market concerns this quarter centred on investments driven by its food delivery business and the growth trajectory of its cloud operations: Regarding the former, food delivery losses this quarter are estimated at approximately ¥36 billion, falling within the lower end of the company's prior guidance range. Meanwhile, cloud services revenue growth accelerated beyond expectations to 34.5%, with profit margins remaining stable year-on-year – outperforming already robust projections. Bloomberg's consensus estimates were not updated in time for this quarter, rendering them of limited reference value...

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

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JD HK SDR 10to1

AI shapes the soul, consumption shapes the roots, has Alibaba finally stood up?

NetEase

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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...

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SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

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

Kuaishou

Conference Minutes

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The following is the content of the 3Q25 earnings call minutes for $KUAISHOU-W(01024.HK) organized by Dolphin Research. For financial report interpretation, please refer to &#34;Kuaishou: Saying Goodbye to 'Rustic' Valuation, Still Relying on KOLs.&#34; 1. Review of Core Financial Information: Total revenue for the third quarter increased by 14.2% year-on-year to RMB 35.6 billion, with core commercial business (online marketing services and other services, mainly e-commerce) revenue growing by 19.2% year-on-year. Driven by stable revenue performance, operating profit increased by 69.9% year-on-year to RMB 5.3 billion...

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WisdomTree Broad Commodities

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Kuaishou (Minutes): Impact of Competition? Kuaishou's short-term growth may slow down more than expected.

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以下为海豚君整理的 $Baidu(BIDU.US) 2025 财年第三季度财报电话会议纪要， $BIDU-SW(09888.HK) 财报解读请移步《 百度，猛贴 AI 讲故事，真能救活自己吗？》一、财报核心信息回顾 1. $BIDU-SWR(89888.HK) AI 收入占比已达 40%：三季度，直接与 AI 相关的收入实现近 100 亿，这已达到总营收的 40%...

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Xiaomi HK SDR 2to1

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Baidu (Minutes): AI native marketing is the future second curve

$Baidu(BIDU.US) released its Q3 results after Hong Kong market hours on 18 November 2025. Overall, the performance met expectations. The detailed disclosure of AI revenue demonstrates the company's eagerness to shed its traditional label and fully embrace its new AI narrative. Specifically (focusing solely on Baidu's core operations): 1. AI revenue contribution reaches 40%: During Q3, revenue directly attributable to AI activities amounted to nearly RMB10 billion, constituting 40% of total revenue...

C3.AI

Can the new Baidu, aspiring to AI, successfully shed its old advertising label?

INTR

Baidu 3Q25 Quick Interpretation: Third-quarter results basically met guidance and market expectations. This earnings report provides detailed disclosure of AI revenue, aiming to shift market focus from weak advertising to new growth point AI. In the previous preview, the company mentioned spin-off financing, increasing shareholder returns, and future dual listing and inclusion plans, which were not mentioned in the earnings report. The conference call can be watched for any incremental information. 1. AI revenue contribution accounts for 40%. Baidu's AI revenue is divided into three categories: AI cloud infrastructure, AI applications, and AI native marketing services. Specifically: (1) AI cloud infrastructure 4.3 billion, year-on-year growth rate of 33%, mainly including API, large models, and GPU leasing, with GPU leasing subscription growth rate of 128%, compared to only 50% last quarter. On one hand, it reflects the acceleration of AI empowerment in the industry. On the other hand, combined with Tencent's earnings report mentioning that some computing power comes from external leasing, it is not ruled out that the leading giants who previously supplied their own computing power also contributed to the demand this quarter. The overall smart cloud revenue announced in the conference call, Dolphin Research estimates a growth rate of about 25% (approximately 6.1 billion), which means that the vast majority of revenue is related to AI demand. (2) AI applications 2.6 billion, year-on-year growth rate of 6%, mainly including Baidu Library, Baidu Netdisk, digital employees, etc. Although it also belongs to AI+, the growth rate is relatively low. Dolphin Research estimates it is mainly due to Baidu Netdisk (promotional discounts this quarter) and other miscellaneous items dragging down. Meanwhile, competition also has an impact, with Quark and WeChat Netdisk recently enhancing functions or services. (3) AI native marketing services 2.8 billion, year-on-year growth rate of 262%, mainly including Agent and digital humans, with digital humans already reaching 500 million in revenue last quarter. Agent is the intelligent entity for merchants, and this part of the revenue has been positioned by the company as the second growth curve of marketing services business. 2. User loss, advertising pressure remains high. Q3 overall marketing revenue declined by 18%, slightly better than guidance. However, excluding the AI part, the implied traditional advertising part declined by 27% year-on-year. The company mainly attributes it to the impact of AI-generated content, with 70% of mobile search results containing AI-generated content in the third quarter. But this level of decline, Dolphin Research believes, still cannot exclude the factor of traffic migration to peer ecosystems, including other in-app searches and AI native applications. In the third quarter, Baidu's mobile app MAU decreased by 27 million users quarter-on-quarter, and the product experience improvement effect after AI integration search weakened, reflecting some signs of migration. 3. Other income highlights are mainly Roborun, with order volume accelerating this quarter as internationalization progresses. Overall non-marketing business growth rate of 21% meets market expectations (BBG expectations lagging behind in the chart below). 4. Profit margin significantly declined: Due to multiple factors, Baidu's core operating profit margin fell to 5% in the third quarter. 1) Changes in business structure: With AI revenue recognition, related costs bring significant increments. Currently, the profit margin level of AI business is obviously not comparable to mature advertising business. In the third quarter, Baidu made a one-time impairment of servers and other basic equipment to be eliminated (about 16 billion), and the cost pressure caused by server depreciation in the short term is expected to be partially alleviated in the future. 2) Increase in marketing expenses: The weakening of profit margin in the third quarter is also related to the increase in marketing promotion, which should mainly be related to AI business, including the expansion of cloud service sales teams and the promotion of AI native applications. 5. Capital expenditure slightly expanded: Baidu's capital expenditure in the third quarter was 3.4 billion, year-on-year growth rate of 106%, which can echo the aforementioned action of eliminating traditional servers. With the old ones eliminated, new server-related expenditures also need to increase. Additionally, considering Baidu also has Kunlun chip business, the expansion of capital expenditure may not be external GPU procurement, but possibly related to the procurement of supporting facilities for Kunlun chip. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

Neogenomics

Inter

Asian stocks rise to a two-month high, boosted by tech shares including Tencent

Tencent AI ecosystem partner Biren Technology lists on the Hong Kong Stock Exchange, with its stock surging 82% at opening

Looking back at 2025, Tencent remained number one on China's internet market capitalization list

Southbound Stock Connect Records Net Selling of HK$646 Million in Tencent Holdings

Enflame Technology completes IPO counseling, with Tencent as its largest institutional shareholder

Consumer tech brand 'xTool' files for Hong Kong IPO, with Tencent as a lead investor in its Pre-IPO financing

Cailian Press reports that Southbound funds' net purchases of Tencent Holdings exceeded HK$10 billion for the full year of 2025.

Tencent-backed Edge Medical starts IPO, expected to list on January 8

India may ease restrictions on Chinese investment, with Tencent's investment in Flipkart serving as a test case

Tencent begins confidential test recruitment for its new supernatural-themed game, "Code: Eclipse"

The newly revised Cybersecurity Law, which includes provisions for AI governance, takes effect on January 1, 2026.

Southbound Trading records net sale of HK$1.107 billion in Tencent Holdings over the past 5 trading days

TENCENT(00700.HK)