Broadline Retail

JD HK SDR 10to1

Today’s Key News Recap

OpenAI

DXYZ

ORCL

AMZN

GSAT

09618

89618

HJDD

09988

89988

HBBD

BABA

TSLA

ORCL-D

KBAB

BABO

BABX

AMZU

TSDD

Apr 2 | Dolphin Research focus: Stock 1, $Oracle(ORCL.US). Reports suggest Related Digital is advancing approx $16 bn in project financing for Oracle's AI data center build, mainly for hyperscale compute campuses such as 'Stargate'.Oracle's cloud &amp; AI capex plan through 2026 exceeds $50 bn. FCF has turned negative, leaving it reliant on external funding and compute contracts with OpenAI, etc...

Destiny Tech100

Oracle

Amazon

Globalstar

JD-SW

JD-SWR

JD.com

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

Tesla

ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Direxion Daily AMZN Bull 2X Shares

GraniteShares 2x Short TSLA Daily ETF

Direxion Auspice Broad COM

Boeing

ORCL mass layoffs; BABA rolls out next-gen Qwen LLM | Daily News Recap

Financial Analysis

Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

PDD: Has the Maverick Gone Mediocre?---

Pop Mart

Conference Minutes

SONY

09992

6758

HPPD

BYTED

Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...

Sony

POP MART

Sony Group Corporation

POP MART HK SDR 20to1

ByteDance

POP MART (Trans): 2026 'pit stop to refuel and change tires'

Forwarding a news piece today that had a major impact on the Hang Seng 'Food Delivery' Index. The crux: the State Administration for Market Regulation reposted an Economic Daily op-ed arguing the 'food-delivery price war' should end soon. Of course, this is not the first such line from state media, nor an official SAMR stance; it was merely a repost, though it may hint at regulators' leanings.However, Dolphin Research believes that unless regulators step in and forcefully halt delivery subsidies, competition will still be driven by companies' own goals and appetite. As such, the actual impact of this 'signal' is uncertain; it mainly lifts sentiment and could accelerate participants' subsidy rollbacks and loss reduction. $Alibaba(BABA.US) $MEITUAN(03690.HK) $JD.com(JD.US)

Meituan HK SDR 5to1

MEITUAN

Laopu Gold 

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GOLD

00101

00010

HLPD

Below is Dolphin Research's Trans from Laopu Gold's 2H2525 earnings call. For the earnings analysis, please see 'Laopu Gold: High-price follow-on; the Hermes of gold's big bet paid off!'

LAOPU GOLD

ETFS Capital Ltd.

Gold.com

HANG LUNG PPT

HANG LUNG GROUP

Laopu Gld HK SDR 50to1

Laopu Gold (Trans): Target GPM to stay at 40%-43%

SHOP

With a two-track push in food delivery and AI, $Alibaba(BABA.US) released FY26 Q3 results pre-mkt tonight (Mar 19).From an expectations lens, aside from softer Intl commerce growth and deeper losses in other segments, the print broadly tracked the recently lowered guidance.In absolute terms, however, performance was weak.As the tailwind from state subsidies and the monetization uptick cycle largely faded, core commerce growth slowed markedly.The bright spot was Alibaba Cloud, which continued to post solid growth.Bloomberg consensus was not timely updated this quarter, so its reference value is limited...

Shopify 

BABA: E-com slips again; AI is the only lifeline---

Below is Dolphin Research's FY25 earnings call Trans for $京东 (JD.US). For the earnings analysis, see 'JD: As state subsidies faded, still bleeding?'.1. Shareholder returns. a) Dividend: The BOD approved a FY25 cash dividend of Approx. $1.4bn ($1 per ADS).b) Buyback: In 2025, the company repurchased ~6.3% of the float for $3.0bn, and all repurchased shares have been canceled. The program has been fully executed.2. FY26 guidance. a) Growth momentum: YTD trends in early 2026 are moving up...

JD (Trans): Electricals sales to improve in 1H26---

Among China's three major e-comm giants—$JD.com(JD.US) was the first to report Q4. At a high level, the print roughly met expectations that had been set low.1) As state subsidies faded, revenue growth plunged. Total revenue rose just 1.5% YoY, with growth decelerating over 13ppt QoQ.JD had been the biggest beneficiary of state subsidies, which created a high base. As subsidies receded, the hit to JD was the most pronounced.That said, the market had largely priced in the impact. The actual print was slightly better vs Bloomberg estimates...

JD: Another pullback? Keep calm — a rebound is near!---

JD 4Q25 First Take. Overall, results were steady after broad estimate cuts by the market. 1) With state subsidies fading, group revenue growth slowed sharply to 1.5%, roughly in line with Bloomberg consensus at 1%. The main drag was a 12% YoY decline in electronics and appliances, broadly in line with market expectations. General merchandise rose 12% YoY and services revenue grew 20% YoY, providing a cushion. Across business lines, top-line growth broadly matched sell-side expectations. 2) Profit was weaker both absolutely and relatively. Adj. OP swung to a loss of RMB 3.1bn, the first since 2017 and worse than the heavy food-delivery investment in 2Q–3Q. As state subsidies faded, Core Mall OP fell 2.5% YoY to RMB 9.8bn, down from RMB 13–15bn per quarter during the subsidy boom. While food-delivery losses narrowed, rising investment in Jingxi and overseas pushed new businesses to a loss of RMB 14.8bn. The QoQ decline was limited. Versus expectations, Core Mall profit beat, though slightly down YoY. Loss narrowing in new businesses lagged, likely due to ongoing food-delivery subsidies to sustain volumes despite low visibility, and possibly higher Intl spend. Please join the call for detail. $JD.com(JD.US) $JD-SW(09618.HK)

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80700

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01810

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NVDA

AVGO

VERA

09626

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HTCD

0305 | Dolphin Research Focus: 🐬 Macro/Industry 1). On Mar 5, Premier Li Qiang delivered the Gov. Work Report at the 4th Session of the 14th NPC.He set a 2026 GDP growth target of 4.5%–5% and CPI around 2%, aiming to balance employment, livelihoods and industrial upgrading. The moderate inflation goal should help restore corporate earnings and anchor household expectations, supporting risk appetite in HK and A-share markets...

TENCENT

Tencent Holdings Limited

TENCENT-R

Tencent

Renaissance Ipo

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

NVIDIA

Broadcom

Vera Therapeutics

BILIBILI-W

Bilibili

Tencent HK SDR 10to1

NVDA to reallocate H200 capacity; OpenAI races toward IPO | Daily News Recap

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JD Group Announces Q4 Net Revenue

JD HK SDR 10to1 released FY2025 Annual Earnings on March 5 Pre-Market (SGT), actual revenue SGD 237.92 B (forecast SGD 240.54 B), actual EPS SGD 2.3444

JD HK SDR 10to1 released FY2025 Q4 earnings on March 5 Pre-Market (SGT), actual revenue SGD 64.68 B (forecast SGD 64.75 B), actual EPS SGD -0.3818

JD HK SDR 10to1 to Release FY2025 Q4 Earnings on March 5, Pre-Market SGT; Forecast Revenue SGD 64.47 B

JDQ3 2023 Earnings: Steady Revenue but Widening Losses

JD HK SDR 10to1 released FY2025 Q3 earnings on November 13 Pre-Market (SGT), actual revenue SGD 54.19 B (forecast SGD 53.27 B), actual EPS SGD 0.6125

JD HK SDR 10to1 released FY2025 9 Months earnings on November 13 Pre-Market SGT, actual revenue SGD 173.28 B, actual EPS SGD 2.6754

JD HK SDR 10to1 to Release FY2025 Q3 Earnings on November 13, Pre-Market SGT, Forecast Revenue SGD 53.74 B

JD HK SDR 10to1 released FY2025 Q2 earnings on August 14 Pre-Market (SGT), actual revenue SGD 63.48 B (forecast SGD 59.73 B), actual EPS SGD 0.7368

JD HK SDR 10to1 released FY2025 Semi-Annual Earnings on August 14 Pre-Market (SGT), actual revenue SGD 119.27 B, actual EPS SGD 2.0599

JD HK SDR 10to1 to Release FY2025 Q2 Earnings on August 14, Pre-Market SGT; Forecast Revenue SGD 60.45 B

JD.com, Inc. released FY2024 Q1 earnings on May 13 (SGT), actual revenue SGD 48.58 B (forecast SGD 48.17 B), actual EPS SGD 0.848

JD.com, Inc. released FY2025 Q1 earnings on May 13 (SGT), actual revenue SGD 55.61 B (forecast SGD 53.67 B), actual EPS SGD 1.3261

JD.com, Inc. released FY2024 earnings on April 17, 2025 (SGT), actual revenue SGD 215.22 B (forecast SGD 213.24 B), actual EPS SGD 4.9883

JD.com, Inc. released FY2022 Annual Earnings on April 17, 2025 (SGT), actual revenue SGD 213.09 B (forecast SGD 201.95 B), actual EPS SGD 1.3075

JD.com, Inc. released FY2024 Q4 earnings on April 17, 2025 (SGT), with actual revenue of SGD 64.68 B (forecasted SGD 62.01 B) and actual EPS of SGD 1.2065

JD.com, Inc. released FY2023 earnings on April 17 (SGT), actual revenue SGD 204.09 B (forecast SGD 200.72 B), actual EPS SGD 2.8648

JD.com, Inc. released FY2023 Q4 earnings on April 17, 2025 (SGT), with actual revenue of SGD 56.91 B (forecast SGD 55.68 B), actual EPS of SGD 0.3984

JD.com, Inc. released FY2023 Q3 earnings on November 14, 2024 (SGT), actual revenue SGD 46.25 B (forecast SGD 46.16 B), actual EPS SGD 0.9335

JD.com, Inc. released FY2024 9 Months Earnings on November 14, Post-Market (SGT), with actual revenue of SGD 150.5 B and EPS of SGD 3.784

JD HK SDR 10to1(HJDD.SG)

JD HK SDR 10to1 Stock Performance Chart