Broadline Retail

JD-SW

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...

Vipshops

Gladstone Investment

Hudbay Minerals

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

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NVIDIA

MEITUAN

SIASUN

LI AUTO-W

ByteDance

Micron Tech

Salesforce

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Meituan

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Meituan HK SDR 5to1

JD-SWR

JD HK SDR 10to1

JD.com

Li Auto

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

Financial Analysis

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$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...

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Alibaba

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KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

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

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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

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Tencent Holdings Limited

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GraniteShares 2x Long NVDA Daily ETF

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Tencent HK SDR 10to1

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

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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%...

Goldman Sachs

GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A

GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C

GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D

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

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After the US stock market closed on November 18, $Trip.com(TCOM.US) announced its financial results for the third quarter of fiscal year 2025. The performance remained stable, with both revenue and profit slightly better than expected. Specifically: 1. Overall performance remained stable: In general, Trip.com Group's net revenue for this quarter was approximately RMB 18.3 billion (excluding business tax), representing a year-on-year increase of 15.4%. The growth rate slightly slowed down compared to the previous quarter but was still slightly higher than the market expectation of 14.5%, indicating stable growth. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was RMB 6.2 billion, a year-on-year increase of 13%, slightly higher than the company's guidance of RMB 5.8-5.9 billion...

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Ctrip: Awaiting the Release of Overseas Profits

Conference Minutes

The following are the Minutes of the FY25 Q3 earnings call for $JD.com(JD.US) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;JD.com: Even Without State Subsidies, Still 'Striking Everywhere'&#34;. 1. Review of Core Financial Data Performance Overview: Total Revenue: RMB 299 billion, a year-on-year increase of 15%. Net Profit: Non-GAAP net profit of RMB 5.8 billion. User Scale: Annual active customer count surpassed the 700 million mark; monthly active customer count grew by over 40% year-on-year. Core Retail: Revenue of RMB 250.6 billion, up 11%; operating profit margin increased to 5.9%...

Ameriprise Financial

JD.com (Minutes): The goal of food delivery is to 'sustain itself', and overseas investments will be made cautiously in the long term.

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The three major domestic e-commerce giants--$JD.com(JD.US) first delivered their Q3 financial report on November 13th. In summary, this quarter's performance was also &#34;divided,&#34; with both good and bad news. Overall, revenue remained stable, but losses were more severe than expected. By segment, the core mall segment performed excellently, with both revenue and profit being superior, while the profits from new businesses and JD Logistics were worse than expected. Detailed points are as follows: 1. Revenue is okay, profit is not: In terms of overall figures, JD.com's total revenue for the quarter increased by 15% year-on-year, slightly above the market expectation of 13%. Although the growth rate of electrical sales has indeed deteriorated significantly...

JD LOGISTICS

JD.com: Even without state subsidies, still needs to 'strike everywhere'

JD 3Q25 Quick Interpretation: As the first among the three major e-commerce groups to disclose its performance, JD.com's results this time are generally mixed. Firstly, in terms of revenue, the slowdown in the growth of electrical product sales was more severe than expected, but it was offset by the stronger-than-expected sales of general merchandise. Additionally, the company's 3P service business revenue grew more robustly than anticipated, resulting in the group's overall revenue slightly exceeding expectations. Regarding profit, on one hand, the operating profit margin of the core mall group continued to improve significantly, better than expected. On the other hand, although the investment and losses in the food delivery business should have narrowed, the increased investment and losses in other areas such as Jingxi and overseas business led to further expansion of losses in the new business segment and the group overall compared to the previous quarter. Specifically: 1. Weak electrical, strong general: The revenue growth of electrical products this quarter was only 5%. Although the market had anticipated a decline in growth due to the retreat of state subsidies and last year's high base, the actual situation was worse. However, driven by the supermarket and apparel categories (JD opened several offline malls and launched &#34;JD Fashion&#34;), general merchandise grew nearly 19% year-on-year, stronger than expected. With both offsetting each other, JD's self-operated sales growth this quarter ultimately met expectations. 2. Retail stable, services stronger: While self-operated retail remained relatively stable, JD's 3P service business and logistics business growth this quarter were also quite impressive, with service revenue increasing nearly 24% and logistics revenue growing nearly 35%. Both business growth rates were significantly better than expected, indicating further enhancement of JD's 3P merchant ecosystem and monetization capabilities. 3. Dragged by structure, gross margin slightly declined: The company's overall gross margin this quarter was 16.9%, slightly down 0.4 percentage points year-on-year, dragging gross profit growth behind revenue growth. Specifically, the gross margin of the core mall business still increased significantly year-on-year (up 1.3 percentage points), but was dragged down by the decline in logistics and other business gross margins, while their revenue share increased. 4. Expenses continue to grow high, but the intensity has narrowed: This quarter's total operating expenses amounted to 51.7 billion, a year-on-year increase of 57%, but both the year-on-year growth rate and net increase have declined compared to the previous quarter. Similarly, the expense growth rate of the mall has narrowed, but logistics and new business segments are still in high growth. 5. Therefore, the operating profit margin of the mall segment improved by 0.7 percentage points year-on-year, with profit exceeding expectations by about 1.5 billion. However, the losses in logistics and new business exceeded expectations by 1 billion and 800 million respectively, leading to the group's total operating profit slightly missing expectations. $JD.com(JD.US) $JD-SW(09618.HK)

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The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

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Direxion Daily TSLA Bull 2X Shares

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Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

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1023 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night, the National Press and Publication Administration announced the approval information for domestic online games in October 2025, issuing a total of 166 licenses, including 159 for domestic online games and 7 for imported online games. The number of approved licenses in October remains at a high level. 🐬 Individual Stocks 1. $JD.com(JD.US) According to the JD.com application, JD.com, in collaboration with CATL and GAC Group, officially announced the name of the 'National Good Car' model. The new car is named 'Aion UT super', positioned as a pure electric small car...

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Alphabet

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Dongpeng Holdings

EASTROC BEVERAGE

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Xiaomi Corporation

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GAC Group

Xiaomi HK SDR 2to1

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CATL HK SDR 30to1

JD's 'National Good Car' auctioned at a sky-high price; Alibaba's Quark AI glasses near pre-sale｜Today's Important News Recap

JD Launches 'Courier Home' Plan to Improve Employee Living Conditions

JD Buys 50% Stake in Central Hong Kong Office Building for HKD 3.498 Billion

Food Delivery Platforms Replace Timeout Fines with Credit Score Deduction System

JD Property Development and Ruilu Logistics Establish Global Ecosystem Strategic Partnership

Guangdong Education Department Signs Strategic Partnership with JD Group for Modern Courier College

Rising Popularity of 'Zootopia 2' Boosts Sales of Related IP Products

JD Recruiting Talent in Edge AI Chip Field

JD Announces $22 Billion Investment to Improve Delivery Workers' Housing Over Next Five Years

JD Builds Anti-Scam Risk Control System

JD Increases Hong Kong Real Estate Holdings, Fed Policy Shifts Stir Market Volatility

JD Acquires Equity in Part of CCB Tower in Central Hong Kong

JD Buys Hong Kong Property and Announces Continued Investment

JD Golden List Announces Award-winning Brands at Annual Ceremony

Li Ruihua Shares JD Property's Innovation in Logistics Park Recruitment and Operation

Arete downgrades JD's stock rating to neutral from buy

Lai Sun Development Agrees to Sell 50% Interest in China Construction Bank Tower to JD Holdings

Italy Sets Strict Data Protection Terms for JD.com's Acquisition of German Ceconomy

Eastern Securities Reiterates Buy Rating on JD.com's Class A Shares