Broadline Retail

Alibaba

Today’s Key News Recap

NVDA

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BABA

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0514 | Dolphin Research Focus: 🐬 Macro/Industry 1) This morning, China's top leader held a face-to-face meeting with U.S. President Trump, covering trade, tech cooperation, global governance and bilateral ties. It signaled a thaw in top-level engagement. 2) According to foreign media, the U.S. eased chip export curbs, allowing 10 Chinese tech firms — including Alibaba, ByteDance, Tencent and JD — to procure Nvidia's H200 high-end AI chips. Distributors such as Lenovo and Foxconn also received purchase approvals, pointing to a marginal relaxation of export restrictions on advanced AI chips...

NVIDIA

LENOVO GROUP

Lenovo Group

LENOVO GROUP-R

BABA-W

BABA-WR

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Alibaba HK SDR 5to1

NIO-SW

NIO Inc. USD OV

NIO Inc

Applied Materials

XPENG-W

XPeng

CATL

CATL HK SDR 30to1

JD.com

JD-SW

Hon Hai Precision Industry Co., Ltd.

NVIDIA Corporation

JD-SWR

NVDA H200 curbs show fresh signs of easing; XPEV eyes EU vehicle manufacturing | Daily News Recap

Conference Minutes

Below is Dolphin Research's summary of BABA's FY26 Q4 earnings call transcript. For our in-depth read, please see 'Amid the AI boom, is Alibaba bleeding?'.Shareholder returns: the BOD approved an annual dividend of $1.05 per ADS. Guidance: no specific next-quarter or full-year revenue/profit outlook. Management reiterated firm investment in AI and consumer biz, and expects on-demand retail UE (unit economics) to turn positive in FY29.

BABA (Trans): E-com Steady, AI Push

Financial Analysis

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$Alibaba(BABA.US) released its last-quarter FY26 results pre-mkt on May 13. As widely expected, headline performance was weak this quarter.The main drag was aggressive Lunar New Year promos and 'cash burn', which pushed group profit below even last Q3's peak during the food-delivery price war. The cloud biz also lacked any standout prints, failing to offset the shortfall.From an expectations perspective, the print landed within the range of updated sell-side estimates, albeit at the low end. So it was not a negative surprise. Specifically, 1) CMR growth appeared soft...

JD HK SDR 10to1

BABA: E-comm Steps Back, AI Takes Lead; Cash Burn Not a Concern

Alibaba 4QFY26 First Take: As widely expected, this quarter’s results were weak. The key drag was heavy spending around Lunar New Year on the Qianwen app’s cash handouts and related promotions, which pushed group adj. EBITA down to RMB 5.1bn, even below profits during the peak food-delivery war in 3Q last year. That said, the print landed toward the low end of top brokers’ ranges, so the miss vs. expectations was not severe. Specifically: 1) Marketplace CMR rose 1.2% YoY, in line with the Street. This reflects an accounting change that reclassified merchant subsidies from marketing expense to a contra-revenue item. On a like-for-like basis, CMR growth would have been ~8%. Consistent with consensus, ecommerce growth has rebounded from the trough in 4Q last year. Adj. EBITA for the domestic ecommerce segment was RMB 24.0bn, near the lower bound of sell-side estimates. Implied losses in food delivery remain elevated; we estimate roughly RMB 17.0bn vs. ~RMB 25.0bn in the prior quarter. Similar to last quarter, losses were near the top end of the market range, suggesting Flash Purchase is narrowing losses but Alibaba has not materially dialed back investment or its focus on delivery share. 2) Cloud revenue rose 38% YoY, in line with Bloomberg consensus but below top brokers’ ~40% view, hence a slight miss. External revenue grew 40%, showing more compute was allocated to third-party monetization, but that did not change the overall undershoot. Segment margin was 9.1%, up 10bps QoQ. It did not deteriorate as some feared, a small positive. Management disclosed AI-related revenue of nearly RMB 9.0bn for the quarter, or ~RMB 36.0bn annualized, now over one-fifth of total cloud revenue and still growing triple digits. Overall, cloud performance this quarter was just middling. 3) The biggest swing factor was Other Biz., which still houses Qianwen and related units under current reporting. The Lunar New Year cash giveaways on the Qianwen app and free-delivery tie-ins with Flash Purchase alone cost over RMB 5.0bn by some foreign bank estimates, and combined with model R&amp;D and other AI investments, drove segment losses to over RMB 21.1bn, above the already-raised sell-side expectation of RMB 20.0bn. New-biz losses increased by over RMB 11.0bn QoQ, while delivery narrowed by only ~RMB 8.0bn. Combined with seasonally weak profits in the Jan–Mar quarter, this pushed Alibaba’s overall profit to the lowest level in recent years.$Alibaba(BABA.US) $BABA-W(09988.HK)

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0513 | Dolphin Research Focus: 🐬 Macro/Industry 1) On May 12, the Bureau of Labor Statistics reported April CPI rose 0.6% MoM and 3.8% YoY, with core CPI at 2.8% YoY, all higher vs. prior. Energy and shelter remain the key drivers.Inflation proved stickier than expected. Most on Wall St. now expect the Fed to delay cuts, implying a higher-for-longer rate path.2) On May 12, the U.S. Senate voted 51–45. It confirmed Kevin Warsh as a Fed Governor...

XIAOMI-W

Xiaomi Corporation

XIAOMI-WR

MediaAlpha

Miniso

TME-SW

Tencent Music

POP MART

POP MART HK SDR 20to1

Xiaomi HK SDR 2to1

MINIMAX-W

New AI collaboration features ignite MiniMax; Xiaomi 17 Max big-screen flagship debuts | Daily News Recap

AMZN

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HKUD

0512 | Dolphin Research Focus — Macro/Industry. The BLS will release Apr CPI at 20:30 Beijing time on Tue, with the street expecting 3.7%–3.8% YoY and 0.6% MoM, as core inflation is supported by rents and oil.The print is a key input for the Fed's Jun FOMC. A beat would curb rate-cut odds and lift UST yields, pressuring global risk assets near term. A miss would likely revive easing trades, benefiting growth and HK tech...

Deutsche Bank AG

Amazon

KUAISHOU-W

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Kuaishou HK SDR 5to1

Kuaishou to spin off 'Kling' for a standalone listing; Tencent holds the line on social | Daily News Recap

GOOGL

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0511 | Dolphin Research Watch: 🐬 Macro/Industry update. U.S. President Trump will pay a state visit to China on May 13–15, the first by a U.S. president in nine years.This leader-level diplomacy sets the strategic tone and should help manage differences and stabilize U.S.-China relations. It adds certainty globally; watch trade and tech engagement for near-term catalysts and long-term impacts on asset prices.2) Iran-U.S. talks have deteriorated, with Iran demanding that oil sanctions be lifted within 30 days and asserting control over the Strait of Hormuz. Trump called this 'completely unacceptable'...

Alphabet

Alphabet - C

US Global Sea to Sky Cargo ETF

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Baidu HK SDR 10to1

Baidu

GOOGL issues JPY bonds to fuel the AI race; BABA integrates Qwen with Taobao to double down on smart shopping | Daily News Recap

Focus Media

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Focus Media (Trans): Below is Dolphin Research's transcript of Focus Media's FY2025 and Q1 FY2026 earnings call. For our earnings analysis, see 'Focus Media: Early Thaw, Then Chill; High Dividends as a Buffer'.Results highlights — Shareholder returns: Cumulative dividends over the past three years topped RMB 14.4bn. For 2025, planned dividends total RMB 4.9bn, with payout frequency raised to three times per year and an implied dividend yield above 5.5%. Management intends to keep the payout ratio and cadence stable...

Yuanbao

Proya

Focus Media (Trans): AI-era info overload highlights the certainty premium of offline space

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Apr 22 | Dolphin Research Key Watch:🐬 Macro/Sector 1) Trump said the U.S. will extend the ceasefire because of 'serious internal divisions' in Iran, until Tehran presents a unified negotiating plan and concludes talks.This should ease near-term Middle East tensions, supporting more stable oil prices and risk assets. However, core U.S.-Iran differences remain, Iran's stance is still tough, and talks face high uncertainty, so geopolitics risks are not fully cleared.🐬 Stocks 1、$CATL(03750.HK) CATL's 'Super Tech Day' unveiled the 3rd-gen 'Shenxing' ultra-fast charging battery. It delivers 10C-equivalent charging with up to 15C peak rate...

BIDU ADR US

Tesla

Huawei

Goertek

SERES

CATL's new battery charges to 100% in 6 min; BABA unveils AI digital human 'Qwen Dimples' | Daily News Recap

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0417 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) Xiaomi Communications issued the '26 Xiaomi K1' sci-tech innovation bond for intelligent manufacturing on the SSE, sized at RMB 1 bn with a 3-year tenor and a 1.6% coupon, with the book 4.82x covered. This issuance delivers on both policy tailwinds and market confidence. The 1.6% coupon is well below AAA corporates of the same tenor, underscoring strong institutional conviction in Xiaomi's hard-tech push and its AAA credit profile...

MEITUAN

MEITUAN-WR

Meituan

SentinelOne

Microsoft

Netflix

Meituan HK SDR 5to1

Charles Schwab

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

Apple

BABA 'Happy Oyster' Unveils Virtual World; Meituan 'Shrimp 345' Expands AI Ecosystem | Daily News Recap

J.P. Morgan maintains 'Buy' rating on Alibaba with a price target of $205

Alibaba's Qwen Large Model to Receive a Major Upgrade

Profund Advisors LLC Reduces Stake in Alibaba

Alibaba Releases Qwen2.5 AI Model Preview, Surpassing GPT-4 in Some Benchmarks

SPDB Reiterates 'Buy' Rating on Alibaba (9988.HK)

Alibaba Releases Qwen3.7 Max/Plus Previews, Ranked No.1 in China on Arena

Omdia Report: Alibaba Cloud's Share in China's AI Cloud Market Rises to 38.1%, Staying No.1 in 2025

Alibaba announces it will invest over 380 billion RMB in AI infrastructure over the next five years

Alibaba Cloud Officially Launches QoderWork Design Desk

Alibaba Releases 2026 Fiscal Year Financial Report: Revenue Surpasses Trillion But Net Profit Plummets

Alibaba launches AI Native design workbench QoderWork

Alibaba Cloud Summit Preview: Qianwen to Welcome a "Heavyweight New Friend" on May 20

Guotai Junan Gives Alibaba a "Buy" Rating

US reportedly approves sale of Nvidia H200 AI chips to ten Chinese companies including Alibaba

Taobao Flash Sale Launches 'Orange Plan' 2.0, Alibaba Instant Retail Revenue Surges 57%

Taobao Flash Sale Announces Increased Investment to Upgrade Rider Career Protection System

CICC Maintains "Outperform" Rating on Alibaba and Raises Profit Forecast

Hundsun Electronics and Alibaba Cloud Reach Comprehensive AI Full-Stack Cooperation to Accelerate Industry Intelligence Implementation

China Galaxy International Securities issues a report, maintaining 'Add' rating for Alibaba

Alibaba to Host White & Private Label Expo 2026 in New York

NextNRG

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

InMed Pharmaceuticals

Amesite

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

Meiwu Tech

CN Energy

MetaVia

Generation Income Properties

Co-Diagnostics

Ordinary dividend (cash)

Ex Date: 2026.06.11 (EST), Cash dividend 1.05 USD

Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Fourth Quarter Earnings Conference Call

Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Third Quarter Earnings Conference Call

Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Second Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2026 First Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Fourth Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Third Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Second Quarter Earnings Conference Call

Hackers have compromised numerous popular open source projects in a supply chain attack, releasing over 630 malicious versions across 317 packages. The attack aims to steal credentials for various services, including password managers. Notable compromised packages include Antv, a library by Alibaba. This wave of attacks, dubbed 'Mini Shai-Hulud,' follows a previous hacking campaign and has also targeted OpenAI employees through the TanStack library.

- Hackers have compromised several popular open source projects in a wave of "supply chain" attacks, which target developers to release malicious updates.  
- Cybersecurity firms reported that one developer's account was taken over, resulting in over 630 malicious versions across 317 packages being published within 20 minutes.  
- This ongoing campaign, dubbed “Mini Shai-Hulud,” aims to steal credentials and spread malware, with previous targets including notable companies like OpenAI.

TechCrunch

JFrog

OpenAI

Hackers have compromised dozens of popular open source packages in an ongoing supply chain attack

On CNBC's 'Final Trades', ServiceNow gained 8.8% to $103.42, with Bank of America reinstating it as a Buy at a $130 target. Alibaba rose 0.5% to $133.26 after mixed Q4 results. Archer-Daniels-Midland reported strong Q1 results and raised FY26 EPS guidance, closing up 0.6% at $80.91. iShares U.S. Basic Materials ETF fell 0.3%.

- On CNBC's “Halftime Report Final Trades,” Jason Snipe highlighted ServiceNow, Inc. as his final trade, with Bank of America supporting a Buy rating and a $130 target.  
- Stephen Weiss chose Alibaba Group, which reported mixed earnings with a revenue increase to $35.28 billion, while Joseph M. Terranova recommended Archer-Daniels-Midland, citing its strong financial results.  
- Price movements included ServiceNow up 8.8% and Alibaba gaining 0.5%, whereas the iShares U.S. Basic Materials ETF slipped 0.3%.

benzinga_article

Archer-Daniels-Midland

ServiceNow, Alibaba, Archer-Daniels-Midland And More On CNBC's 'Final Trades'

Alibaba(BABA.US)

Hackers have compromised dozens of popular open source packages in an ongoing supply chain attack

ServiceNow, Alibaba, Archer-Daniels-Midland And More On CNBC's 'Final Trades'

Alibaba teases new Qwen previews, highest-ranking Chinese AI models on Arena

U.S. stock night market volatility: Alibaba rises 3% in after-hours trading: Chengyi plans and strong growth in cloud business boost market confidence

Trending | BABA Plummets 6% last Friday, Some Put options Soar 900%

Alibaba Files Form 13F as Investment Manager, Highlights WVR Structure

Alibaba Profit Fell Sharply, But Full-Stack AI Moved From Incubation to Commercialization. What This Means for BABA Stock.

Alibaba Group Holding Ltd. (9988) Gets a Buy from CGS International

Alibaba Group Holding Ltd. ADR Underperforms Friday When Compared To Competitors

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