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Conference Minutes

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The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

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Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

Rivian

Financial Analysis

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Successfully climbed out of the second quarter loss mire

Rivian Automotive

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Rivian: Narrowing Losses, R2 Mass Production Imminent, Is Rivian's Dawn Approaching?

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Intel released its Q3 2025 financial report (as of September 2025) after the U.S. stock market closed on the morning of October 24, 2025, Beijing time. The key points are as follows: 1. Core data: $Intel(INTC.US) achieved revenue of $13.65 billion this quarter, a slight year-on-year increase of 2.8%, slightly exceeding the upper limit of the company's guidance, mainly driven by the recovery of the client business. The gross margin for this quarter rebounded significantly to 38.2% from the previous quarter, which was significantly better than the guidance expectation (34.1%). The sharp decline in gross profit margin last quarter was primarily driven by non-operating expenses.The

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Lakeland Industries

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Intel: Stopping the Losses and Recovering! Can the 'American SMIC' Poach TSMC Talent?

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$Tesla(TSLA.US) released its Q3 2025 earnings report after the U.S. stock market closed on October 23rd, Beijing time. In summary, the third-quarter performance was decent, but Tesla is inherently a stock priced for the future, especially at the current relatively high price of $439. However, Tesla's guidance on several key business expectations is not optimistic. Here are the core details: 1. Total revenue performed well: This quarter's total revenue was $28.1 billion, exceeding the market expectation of $27.2 billion. Revenue from energy storage and service businesses both increased quarter-on-quarter, while the most critical car sales revenue...

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Tesla: Relying on the Stars and the Sea, It's Time to Pay for Faith Again

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Tesla Quick Interpretation: Overall, regarding Tesla's third-quarter performance, the results are fairly decent. Both total revenue and total gross profit exceeded market expectations. However, net profit slightly fell short of expectations due to increased expenses.From the perspective of the automotive business, which is the market's primary concern, Tesla's third-quarter vehicle sales revenue surpassed expectations. The core reason is that the market anticipated a quarter-on-quarter decline in Tesla's vehicle sales revenue, but the actual performance showed that the average selling price remained stable compared to the previous quarter.Dolphin Research believes this is mainly due to Tesla raising the prices of Model S/X in the United States and launching the higher-priced Model L version in China, offsetting the discounts on inventory Model 3/Y vehicles and loan discount offers in various regions.Regarding the most critical vehicle gross margin (excluding carbon credits), this quarter's vehicle gross margin improved quarter-on-quarter, aligning with market expectations. The quarter-on-quarter improvement in vehicle gross margin (excluding carbon credits) is attributed to the quarter-on-quarter increase in delivery volume, which released scale effects and reduced fixed per-unit amortized costs. However, Tesla was still affected by over $400 million in tariffs this quarter, increasing the variable cost per vehicle. Ultimately, the automotive business gross margin was generally in line with expectations.Since the second-quarter report, Tesla's stock price has reached a high of 439, which already reflects relatively full expectations for AI business and the upcoming mass production of Optimus. Therefore, compared to the third-quarter performance, the market is more concerned about the progress of Tesla's anticipated business.In this earnings call, it was confirmed that the reduced configuration version of Model 3/Y has replaced the plan for the low-cost Model 2.5. Instead, Tesla is more focused on the mass production of the autonomous Cybercab (expected to start mass production in Q2 next year). Due to the U.S. IRA subsidies phasing out in the fourth quarter, U.S. demand will face significant pressure. Without the support of Model 2.5, the fundamentals of vehicle sales in the fourth quarter are expected to continue deteriorating.Additionally, the release and mass production plan for the Optimus 3.0 prototype has been further delayed (Optimus P3 prototype release in Q1 2026, with mass production planning starting at the end of 2026), undoubtedly pouring cold water on the anticipated business. $Tesla(TSLA.US)

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Today’s Key News Recap

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0220 | Dolphin Research focuses on: 🐬 Macro/Industry 1. The State Council Information Office held a regular policy briefing to further interpret the &#34;2025 Action Plan for Stabilizing Foreign Investment&#34; released yesterday, expanding openness in telecommunications, healthcare, education and other fields, encouraging foreign equity investment, and releasing positive signals of opening up, which is expected to attract more long-term foreign capital inflows into the A-share market. 🐬 Stocks 1. $MEITUAN(03690.HK) $JD.com(JD.US) The food delivery war between JD.com and Meituan is escalating. JD.com announced today that starting from March 1, 2025...

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JD.com has sparked a food delivery competition storm, Meituan fights back; Alibaba's financial report will be released tonight | Today's important news recap

ING Establishes New Department for Private Market Transactions

Arrowstreet Capital Reduces Stake in ING

ING Groep completes 19.36% of its 1.1 billion euro share repurchase program

Analyst: Euro Could Still Rise If Ukraine Reaches Peace Deal

ING repurchased 2,767,892 shares

ING Repurchases 174 Million Euros in Shares

ING Completes Two SRTs, Expected to Reduce 3.4 Billion Euros of Risk-weighted Assets

ING Groep NV's ESG Rating Upgraded to AAA

Green Growth Fund and ING Leasing Turkey Reach €20 Million Financing Agreement to Support Sustainable Technologies in Turkey

ING Groep repurchased EUR 114 million shares under the program

ING Groep NV MSCI ESG rating upgraded from 'AA' to 'AAA'

ING Analyst Chris Turner Predicts USD to Fall Next Year

ING Bank Predicts Indian Rupee to Rebound to 87

ING Groep NV Makes Significant Progress in Its 1.1 Billion Euro Share Repurchase Plan

ING Bank N.V. Issues Pre-Stabilization Notice for GBP Benchmark Short-Term 7NC6 Securities