Broadline Retail

JD.com

Meituan

Financial Analysis

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BABA

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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...

MEITUAN

Meituan HK SDR 5to1

MEITUAN-WR

JD-SW

BABA-W

JD-SWR

BABA-WR

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

JD HK SDR 10to1

Alibaba HK SDR 5to1

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

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NVDA

06808

TCEHY

TCTZF

80700

NVDL

HTCD

$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...

TENCENT

NVIDIA

SUNART RETAIL

Tencent

Tencent Holdings Limited

TENCENT-R

GraniteShares 2x Long NVDA Daily ETF

Tencent HK SDR 10to1

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

GS-A

GS-C

GS-D

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

Ctrip

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TRIP

09961

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TCOM

HTGD

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...

TRIP ADR US+

Tripadvisor

Direxion Auspice Broad COM

TRIP.COM-S

MakeMyTrip

Trip.com

Trip.com HK SDR 50to1

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.

02618

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)

禾赛科技

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TSLA

MOMO

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PONY

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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.

Bloomage Biotech

Renaissance Ipo

Tesla

Hello

Hesai

Pony AI

PONY-W

HKEX

HESAI-W

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

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

Today’s Key News Recap

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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...

XIAOMI-W

Alphabet

GAC GROUP

Intel

Alphabet - C

Dongpeng Holdings

EASTROC BEVERAGE

CATL

Huawei

Xiaomi Corporation

XIAOMI-WR

GAC Group

Xiaomi HK SDR 2to1

INTEL-T

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

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The following are the Minutes of the 3Q25 earnings call of CATL organized by Dolphin Research. For the earnings interpretation, please refer to &#34;Full Capacity Expansion! Has the King of Ning Finally Made It?&#34; 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Management Statements 1. Domestic Capacity: Jining, Shandong (only Jining base...)

SINOPEC CORP

Pros

Sinopec Corp.

LEAPMOTOR

NIO-SW

XPENG-W

LI AUTO-W

ZEEKR Intelligent Tech

BYD COMPANY

NIO Inc. USD OV

XPeng

Li Auto

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

CATL (Minutes): Demand is strong, profitability does not rely on price increases

JD Property Develops High-standard Warehousing Project in Saudi Logistics Zone

JD to Fully Implement National Subsidies Online and Offline

JD Announces National Subsidies for Home Appliances and Personal Electronics in 2026

Jingxi Self-operated Achieved 10x Growth in Transaction Volume in 2025

JD Home Services Opens Southwest Training Base in Wanzhou, Chongqing

JD Home Service to Invest 1 Billion in Elder Care Training Over Next Three Years

JD and Huawei Reach Tech Cooperation, Focus on Advertising Low Latency Inference Core Technology

JD JiaBao's Christmas Holiday 80% Discount Event Sees Sales Surge

Tech Giants Announce Large-Scale Salary Increases for Year-End

JD Group Launches First Offline Store in Collaboration with Unitree Robotics

HSBC Cuts JD.com Rating and Target Price

Top GIs Agricultural Products of 2025 Emerge

JD's Qixin Small Kitchen Launches Nationwide Business Partner Recruitment Plan

Chinese Enterprises' Large-Scale Purchase of Grade-A Office Buildings Promotes Market Recovery

JD Announces Significant Increase in Year-End Bonuses and Salaries

JD's Paris Warehouse Robbery; Police Investigating

JD Acquires Part of China Construction Bank Tower in Hong Kong for HKD 3.498 Billion