Apparel, Accessories and Luxury Goods

Lululemon

Today’s Key News Recap

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1230 | Dolphin Research Focus: 🐬 Macro/Sector. HK and A-share robotics stocks rallied in tandem today.The move was likely driven by two market rumors. First, the Trump administration is said to plan an executive order (EO) on robotics in 2026, which could unlock policy tailwinds.Second, supply-chain firms have recently made intensive visits to North America, and the market expects Tesla's Optimus humanoid robot program to award contracts soon. Institutions forecast phased deliveries starting in Q1 2026, covering annual capacity of 80–100k units, and related component suppliers have begun to ramp up...

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Baidu HK SDR 10to1

Baidu

CTG DUTY-FREE

Meta Platforms

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POP MART HK SDR 20to1

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Xiaomi HK SDR 2to1

Xiaomi Corporation

BIDU ADR US

Robotics rally, BIDU surges, POP MART 'stalls' again｜Daily News Recap

Conference Minutes

UNIT

Below is Dolphin Research's Trans of Lululemon's FY25 Q3 earnings call. For our earnings analysis, please see 'Lululemon: Green shoots or a flash in the pan?'

Uniti

LULU (Trans): New styles to account for 35% of the Spring 2026 lineup

Financial Analysis

ALGN

China surged again. Now the key growth driver.

Align

LULU: Comeback or Flash in the Pan?

LULU 3Q25 First Take: overall a beat against a low bar. Overall, the quarter came in better than muted expectations.After two straight guide-downs, Q3 results topped the high end of guidance with revenue of RMB 2.57bn (+7.1% YoY; guide 3%-4%). Execution was stronger than the company had telegraphed.On that basis, the company raised full-year revenue guidance. It moved from 2%-4% to 4%-6%.1) Revenue: by category, core womenswear delivered RMB 1.65bn, up 5.7% YoY, slightly ahead of market expectations. However, growth continued to decelerate QoQ.Dolphin Research believes that after organizational changes early this year, tighter design–merch coordination restored the product launch cadence to its historical norm. Newness contributed above expectations.Menswear posted RMB 600mn, up 8.1% YoY. The trend ticked up slightly vs. the prior two quarters.By region, North America, the home market, remained soft, down 1.5% YoY. AOV, conversion, and store traffic all continued to decline.China was the standout at +43% YoY, the fastest pace in a year. Dolphin Research attributes the strength mainly to livestreaming on e-comm platforms.2) GPM: tariffs and the removal of the de minimis exemption (effective Aug) drove a notable increase in supply chain costs. GPM fell 290bps YoY to 55.6%.On opex, international expansion led to more hiring and higher compensation in overseas ops, nudging the opex ratio up 50bps. Core OPM was 17.1%, down 340bps. $Lululemon(LULU.US)

Monster

Deep Research

MNST

605499

In the cross-market comparison of beverages between China and the United States, Dolphin Research recently selected Monster Beverage (&#34;Monster&#34;) as a comparison to introduce the upcoming peer research on Dongpeng Beverage. In the previous study, we focused on how Monster, as a follower, achieved surpassing its predecessors through differentiated positioning, community marketing, and leveraging giant channels. However, past success does not guarantee a smooth future, as demonstrated by Lululemon, a typical counterexample previously covered by Dolphin Research. As the earnings season concludes, Dolphin Research is swiftly moving to study the next truly critical core proposition, looking at the present: 1. What will drive Monster's future growth? Are its wings stable? 2. Will it be a good investment target? How is its current cost-effectiveness?

Monster Beverage

EASTROC BEVERAGE

ING Groep

Monster: Besieged on All Sides, Will the Former 'Monster' Turn into a 'Sick Cat'?

The following are the Minutes of Lululemon's Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Lululemon: Davis Double Kill! Can the 'Little Black Pants' Hold Up?&#34;

Lululemon (Minutes): Future new products will focus on social leisure direction.

Lululemon released its Q2 2025 financial report (ending June 2025) after the U.S. stock market closed on the morning of September 5, 2025, Beijing time. Overall, Lululemon's performance this quarter remained disappointing. Despite the company having already lowered its guidance in the previous quarter, this quarter's results still fell short of expectations. What further concerns the market is that the company has once again lowered its full-year revenue guidance from 5%-7% to 2%-4%, causing the company's stock price to plummet by more than 15% after hours.

Lululemon: Davis Double Kill! Can the 'Little Black Pants' Hold Up?

Lululemon 2Q25 Quick Interpretation: Overall, Lululemon's performance this quarter remains disappointing.Despite having lowered guidance last quarter, this quarter's results still fell short, with revenue reaching $2.52 billion, a year-on-year increase of 6.4% (guidance was between 7%-8%).What is more concerning to the market is that the company has once again lowered its full-year revenue guidance from 5%-7% to 2%-4%.1) On the revenue side, by category, the core business of women's wear achieved revenue of $1.55 billion, a year-on-year increase of 4.8%, slightly below market expectations.The core reason is speculated to be that the core product, the black yoga pants, has already saturated the core consumer base. Coupled with the impact of competitors like AloYoga and Vuori, it has become very difficult for the company to achieve high growth through yoga pants.Men's wear achieved revenue of $630 million, a year-on-year increase of 6.4%, also showing no significant improvement.From a regional perspective, the biggest issue remains in Lululemon's home market of North America, which only achieved a 1% growth.On the other hand, the relatively better performance was seen in the Chinese market, where the growth rate improved quarter-on-quarter, achieving revenue of $440 million, a year-on-year increase of 23.8%. This is speculated to be related to the company's Align 10th Anniversary Global Celebration event held in core cities in China during the second quarter.2) In terms of gross margin, due to the tariffs imposed by the U.S. starting in April, coupled with the impact of discounts, the company's gross margin slightly declined by 1.1 percentage points to 58.5% year-on-year.On the expense side, due to the expansion of international business, the company increased recruitment of international personnel and raised related salaries. Additionally, the marketing expenses for the Align 10th Anniversary Global Celebration event held worldwide increased, leading to an overall expense ratio increase of 0.9%.Ultimately, Dolphin Research calculated the core operating profit margin to be 20.8%, a decrease of 2 percentage points. $Lululemon(LULU.US)

MRVL

0619 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The Federal Reserve announced that it would keep the benchmark interest rate unchanged at 4.25%-4.50%, in line with market expectations. However, the dot plot indicates that the expectation for rate cuts within the year has been reduced from twice to once. Powell emphasized &#34;data dependency&#34; and mentioned that geopolitical conflicts and tariff policies exacerbate inflation uncertainty. The continuity of this policy leaves the market with ongoing uncertainty about future economic trends, and the Hong Kong stock market sentiment remains subdued due to the influence of Fed policy and geopolitical risks. 2. The Middle East situation continues to escalate...

Marvell Tech

Why is the Hong Kong Stock Market Slumping? Labubu Unveils First Online Pre-Sale | Today's Important News Recap

Below is the earnings call minutes for lululemon FY25 Q1. For the earnings interpretation, please refer to &#34;Lululemon: Did the 'Little Black Pants' Collapse Again? High Valuation is the Original Sin!&#34;

lululemon (Minutes): Lowered full-year profit guidance

Lululemon Confirms Opportunities to Further Enhance Shareholder Value

Lululemon Forecasts FY Revenue at 9 Billion USD

Lululemon Launches Comprehensive Search for Next CEO

Lululemon founder Chip Wilson launches proxy fight to change board

Lululemon plans to expand to six new markets in 2026 and appoint new CEO

Matauro LLC Increased Holdings of Lululemon in Q3

Lululemon President Celeste Burgoyne Sells Company Stock

Elliott Buys Stake in Lululemon

Lululemon Plans Expansion into Six New Markets in Europe and India via Franchising in 2026

Jefferies Raises Lululemon Target Price to $200

Elliott Management Holds Over $1 Billion in Lululemon Shares

William Blair Analyst Maintains Hold Rating on Lululemon

Lululemon Founder Criticizes Former CEO's Poor Decisions, Causing a 62.8% Drop in Stock Price

Lululemon Predicts $210 Million Revenue Drop in 2025, CEO to Step Down

UBS Raises Lululemon Target Price to $206.00

JPMorgan Maintains lululemon's 'Hold' Rating and Raises Target Price

JPMorgan Predicts Lululemon's 2026 Profit Margin Under Pressure

Lululemon Plans to Add Approximately 46 Direct Stores

Lululemon CEO Reports Strong Q3 Performance in China

Jefferies Upgrades Lululemon's Rating to Hold

EKSO Bionics

Antelope Enterprise

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Profusa

Aimei Health Tech

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ON24

Urgently

Jyong Biotech

Zhongchao

Pinned News

置顶新闻

Lululemon Sends an Email to its Employees

Lululemon (LULU.US) Q3 2025 Earnings Conference Call

Lululemon (LULU.US) Q2 2025 Earnings Conference Call

Lululemon (LULU.US) Q1 2025 Earnings Conference Call

Lululemon (LULU.US) Q4 2024 Earnings Conference Call

Lululemon (LULU.US) Q3 2024 Earnings Conference Call

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Kontoor Brands

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