Restaurants

MEITUAN

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...

Micron Tech

LI AUTO-W

Vipshops

NVIDIA

ByteDance

KUAISHOU-W

Salesforce

JD-SW

Hudbay Minerals

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

Meituan

MEITUAN-WR

Li Auto

KUAISHOU-WR

Meituan HK SDR 5to1

JD-SWR

JD HK SDR 10to1

JD.com

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

Conference Minutes

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The following are the Minutes of the FY25 Q3 earnings call for $MEITUAN(03690.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Meituan: A Loss of Nearly 20 Billion! Did Alibaba Really Succeed in Stealing the House This Time?&#34; 1. Review of Core Financial Data Performance Overview: Total Revenue: 95.5 billion yuan (YoY +2%). Profitability: Operating cost rate 73.6% (YoY +12.9pts), mainly due to rider incentives and rising overseas costs; adjusted net loss of 16 billion yuan, affected by irrational industry competition and strategic investments...

BABA-W

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Alibaba

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Xiaomi Corporation

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

Xiaomi HK SDR 2to1

Meituan (Minutes): 3Q loss peaks, but 4Q will continue the loss trend

Financial Analysis

$MEITUAN(03690.HK) released its Q3 earnings after the Hong Kong stock market closed on November 28th, being the last among the 'Three Fools' in the food delivery battle. During the summer quarter, which saw the most intense subsidies, Meituan reported a massive operating loss of 19.8 billion, compared to JD.com's 'slight loss' of about 1 billion and Alibaba's remaining profit of approximately 5 billion. As the defending party under attack, Meituan's situation is much more severe compared to Alibaba and JD.com. Key points are as follows: 1. Is Meituan's actual loss 80% of Alibaba's?: First, let's look at the most concerning issue of losses. This quarter, the operating loss of the local commerce segment reached as high as 14.1 billion...

Meituan: A staggering loss of nearly 20 billion! Did Alibaba really succeed in this takeover?

Meituan 3Q25 Quick Interpretation: Meituan, the most affected in the food delivery battle, had a predictably poor 3Q performance. The group's operating loss for the quarter was RMB 19.8 billion (vs. last year's profit of RMB 13.7 billion), exceeding Bloomberg's consensus forecast of a RMB 16.2 billion loss (not updated timely), but roughly in line with the latest sell-side report expectations. Specifically: 1) The core local commerce segment saw revenue decline by nearly 3% this quarter, mainly due to substantial shipping subsidies (recorded as revenue deductions) leading to a 17% year-on-year decline in delivery revenue. Assuming per-order delivery revenue remained flat, the implied cost of shipping fee waivers exceeded RMB 9 billion. 2) Additionally, the growth rate of advertising revenue in the core local segment also significantly slowed to just 5.7%. Logically, the food delivery battle should have limited impact on advertising revenue, which may suggest that Meituan's in-store business also faced some competitive pressure this quarter, prompting the company to voluntarily reduce related fees. 3) In the core local segment, the operating loss for the quarter was RMB 14.1 billion, a net decrease of nearly RMB 29 billion compared to last year, largely reflecting Meituan's losses in instant retail this quarter (it appears the in-store business may not have seen much profit growth), compared to Alibaba's claim of RMB 36 billion loss in flash sales this quarter. 4) As for the new business segment, revenue grew by 16% year-on-year this quarter, slowing by nearly 7 percentage points compared to the previous quarter, while the loss decreased significantly quarter-on-quarter to RMB -1.28 billion. With increased investment in Meituan's overseas business, it should mainly be the substantial contraction of domestic preferred business that helped reduce the loss in new business. 5) However, unusually, the unallocated loss expanded by approximately RMB 2.8 billion compared to the previous quarter. About RMB 1.1 billion can be explained by changes in investment gains or impairments and other operational factors. For the remaining part, the company explained it was due to investments in AI and other projects. There is some suspicion whether the better-than-expected loss in new business was manipulated. $MEITUAN(03690.HK) $Meituan(MPNGY.US) $MEITUAN-WR(83690.HK)

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1127 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a 'safe period' for Chinese export enterprises in terms of orders and profits, and also reduce costs for American importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue...

Taiwan Semiconductor

DiDi

Pro Ultr Silver

iShares Silver Tr

C3.AI

Morgan Stanley

BTQ Tech

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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Alibaba AI Glasses Enter the Market, Meituan Financial Report to be Released Tomorrow | Today's Important 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...

NIO-SW

BIDU-SW

Intelligent Vehicle

Dell Tech

TENCENT

NIO Inc. USD OV

Baidu

BIDU-SWR

Tencent Holdings Limited

Tencent

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Baidu HK SDR 10to1

Tencent HK SDR 10to1

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

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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...

SUNART RETAIL

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

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

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1027 | Dolphin Research Focus: 🐬 Macro/Industry 1. On October 25-26 local time, China and the United States held economic and trade consultations in Kuala Lumpur. The two sides reached a preliminary consensus on properly addressing several important economic and trade issues of mutual concern, and the next step will be to go through their respective domestic approval procedures. The easing signals in China-US economic and trade relations help to restore market risk appetite, coupled with positive signals from macroeconomic data, leading to a collective surge in Hong Kong and A-shares today...

Alphabet

Alphabet - C

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New Oriental EDU & Tech

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

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Tesla

XPeng

Both Hong Kong and A-shares Rise; Meituan Officially Releases and Opens Source Its Video Generation Model | Today's Important News Recap

Hot topic

Today, the macro data package for September was released as scheduled. (It should be noted that the growth rate directly disclosed by the National Bureau of Statistics this year is about 1-2 percentage points higher than the growth rate calculated based on historical data. We will use the official published figures as the standard.) Overall, Dolphin Research summarized three key points: 1) The overall retail market continues to weaken, with the year-on-year growth rate in September further declining to 3%, not far from the historical low before the major reversal in September last year. Among them, the decline in goods retail was limited, while the growth rate of catering revenue nearly zeroed out, being the main drag. 2) Online channels still maintain a relative advantage, with the growth rate of online physical retail in both this month and the overall third quarter exceeding 7%...

September Retail Sales Review: Revisiting the Major Low Before the Reversal in September 2024?

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1014 | Dolphin Research Focus: 🐬 Stocks 1, $NIO-SW(09866.HK) Nio has reached a strategic cooperation with Amap Enterprise Car Service, integrating its AI-driven corporate travel solutions. Through AI scheduling algorithms, it reduces employee business travel costs by 15%. This collaboration is a typical practice of technology empowering refined corporate management—AI technology not only directly cuts travel costs but also enhances management efficiency through process optimization and risk control, injecting positive expectations into Nio's financial health...

Broadcom

Destiny Tech100

SoftBank

SoftBank Group Corp.

OpenAI is collaborating with Arm for the development of Broadcom AI chips; 'Qixian Xiaochu' joins Meituan and Flash Delivery | Today's Important News Recap

Meituan Issues 30 Million Weekend Coupons to Subsidize Hot Pot and Noodle Soups

A block trade of Meituan shares worth approximately HK$107 million was recorded.

Caitong Securities Initiates Coverage on Meituan with an 'Overweight' Rating

The number of traffic accidents involving Meituan riders in 2025 decreased by 15% year-on-year

Meituan Puts Prepaid Consumption Funds into a 'Safe Box'

A block cross-trade of 1 million Meituan shares was executed

Securities Times commented that the 100-billion-yuan food delivery war has no winners and is a form of "involution".

Zhou Hongyi comments that the Doubao phone could break down the moats of major tech companies, potentially affecting Meituan

Meituan's stock closed up 2.36% on December 4th, with a net inflow of HK$430,000 from main funds

Meituan-W Receives Net Southbound Capital Inflow for 6 Consecutive Days

Meituan upgrades rider safety incentive program to enhance delivery safety

Meituan, along with JD, Douyin and 5 other e-commerce platforms, signed the nation's first pledge on the standardized application of AI technology

Meituan Announces It Will Implement the National Standard for Food Delivery Platform Service Management

JD.com, Meituan, and Tencent jointly invest in domestic GPU company Muxi

Meituan launches 'Hot Plan' to improve winter delivery experience, with a 'compensation if not hot' promise

East Securities Maintains Buy Rating for Meituan, While Barclays Maintains Sell Rating

Hong Kong tech stocks strengthen before midday, Meituan's stock price rises over 3%

The local services subsidy war is reported to be cooling down as platforms scale back investments

Southbound funds recorded a net inflow of HK$607 million into Meituan on December 1st

Industry analysis suggests a need to re-examine the business logic of instant retail