Broadline Retail

Kuaishou

Financial Analysis

GOOG

GOOGL

OpenAI

SORA

01024

81024

GGLS

GGLL

$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&amp;D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

Alphabet - C

Alphabet

AsiaStrategy

KUAISHOU-W

KUAISHOU-WR

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

AMTD Digital

Saratoga Investment Pref Share SAY 8.125 12/31/27

Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on Keling

Conference Minutes

300959

The following are the minutes of the $SentinelOne(S.US)ea(SE.US) FY25Q3 earnings call organized by Dolphin Research. For the earnings interpretation, please refer to &#34;SEA: The Unchanged Answer Sheet Can't Compete with the Market's 'Changed Heart'.&#34; 1. Review of Core Financial Data Performance Overview: The company's total revenue for the third quarter of 2025 was $6 billion, an increase of 38% year-on-year; all three major business segments performed strongly: the e-commerce platform Shopee's GMV increased by 28% year-on-year; digital financial services revenue increased by 61% year-on-year, with loan balances up 70% year-on-year to $7.9 billion; digital entertainment bookings revenue increased by 51% year-on-year...

Meta Platforms

Electronic Arts

US Global Sea to Sky Cargo ETF

Franklin Covey

Paymentus

International Paper

ONLINE OFFLINE

Ameriprise Financial

Sea (Minutes): Investing for Long-term Profit Growth

00700

TCTZF

TCEHY

80700

HTCD

The Southeast Asian Little Tencent, $Sea(SE.US), delivered its Q3 earnings report on the evening of November 11, before the U.S. stock market opened. In summary, this quarter's performance is a mix of highlights and shortcomings. Firstly, growth remains very strong, with revenue and business growth across the three major segments exceeding expectations. However, as the company has started to focus more on growth rather than profit, with gross margins narrowing quarter-on-quarter and expenses maintaining high growth, the profit margins of each segment have marginally deteriorated this quarter. Specifically: 1. GMV remains strong...

TENCENT

Tencent Holdings Limited

Tencent

TENCENT-R

Tencent HK SDR 10to1

SEA: An Unchanged Report Card Can't Compete with a 'Changed Heart' Market

GAME

LOAN

Sea 3Q25 Quick Interpretation: Overall, Sea's performance this quarter is somewhat fragmented, with both highlights and shortcomings. The highlight is on the growth side, where the revenue and business metrics of the three major segments exceeded expectations, and the extent of the outperformance was significant. Before the earnings release, the market's main concern was that the company's increased focus on growth would lead to a slowdown in margin improvement. This quarter indeed validated this concern, as the adjusted EBITDA of the most important e-commerce and financial segments both fell short of expectations, and the segment margins continued to decline sequentially. Specifically, 1) Total revenue for the quarter grew by 38% year-on-year, maintaining the high growth rate of the previous quarter and significantly exceeding the market expectation of 30%. The revenue growth of all three business segments surpassed expectations by 3-7 percentage points, with no segment lagging behind. 2) In terms of key operating metrics, the year-on-year growth rate of e-commerce GMV was 28.3%, continuing to accelerate slightly from the previous quarter and significantly better than expected. The traffic volume of the gaming business also grew by an impressive 51%, far exceeding expectations, reportedly stimulated by collaborations with the Naruto anime and Squid Game. The loan balance of the financial segment reached 7.9 billion this quarter, with a year-on-year growth rate of 72%, also far exceeding the expected 60%. It is evident that the core metrics of the three major segments grew significantly stronger than expected. 3) In terms of profit, the group's overall adjusted EBITDA for the quarter was 870 million, which at first glance is slightly higher than Bloomberg's expectations, but this is mainly due to the unexpectedly strong yet potentially unsustainable performance of the gaming business. (The gaming segment is currently the largest contributor to profits, but it is the least important segment in terms of valuation.) 4) By segment, the gaming business indeed had the best profit performance, with actual profits exceeding expectations by about 60 million, and the adjusted EBITDA margin did not decline significantly sequentially. However, the e-commerce segment's profit was about 30 million less than expected, and the profit margin narrowed from 0.76% to 0.58% (based on adj. EBITDA/GMV), although the market had anticipated a decline in margin, the actual extent was greater. Adding insult to injury, the profit margin of the financial business, which is the second most important for the company's future growth, also declined more than expected, at 26.1% this quarter, down 2.8 percentage points sequentially. As a result, despite a 61% increase in revenue for the financial segment, the segment's adjusted EBITDA only grew by 37% year-on-year. Therefore, overall, although the growth of the three major segments was stronger than expected, the sequential contraction in margins across all three segments meant that profit growth was not as robust as revenue growth. $Sea(SE.US)

GameSquare

Manhattan Bridge Capital

Apple

AAPL

SIRI

603020

AAPB

AAPD

AAPU

AAPX

AAPY

APLY

The following are the minutes of Apple's FY2025 Q4 earnings call organized by Dolphin Research. For earnings interpretation, please refer to &#34;Apple: iPhone Holds the Center Stage, When Will AI Reveal Its True Form?&#34; 1. Review of $Apple(AAPL.US) Earnings Core Information 1. Cash Situation: Net cash at the end of the quarter was $34 billion. 2. Shareholder Returns: This quarter, $24 billion was returned to shareholders (including $20 billion in stock buybacks and $3.9 billion in dividends). 3. Quarterly Guidance: a. Total revenue is expected to grow by 10% to 12% year-over-year...

Sirius XM

Apple Group

Macerich

Pros

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

AppLovin

C3.AI

NextDecade

Barrick Mining

Grupo Televisa

Apple (Minutes): Increase AI investment, launch new version of Siri next year

MercadoLibre

MELI

09618

AMZN

09988

89618

89988

BABA

AMZU

KBAB

BABO

BABX

HBBD

HJDD

In Dolphin Research's previous and middle coverage of Mercado Libre—one of the largest comprehensive internet giants in Latin America (which can be reviewed through the link), we explored and analyzed the industry environment, market competition landscape, and business models of the company's two major pillars—e-commerce and financial credit business. In this concluding part, Dolphin will focus on recent company and industry dynamics, the outlook for the company's future performance, and finally, our views on the company's valuation and investment value. The detailed analysis is as follows: I. E-commerce segment 1. Efficiency improvement in fulfillment...

Mercadolibre

JD-SW

Amazon

BABA-W

JD-SWR

JD.com

BABA-WR

Alibaba

Direxion Daily AMZN Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

JD HK SDR 10to1

Latin America's Alibaba Mercado: Alibaba's 'face', Amazon's 'core'?

The following are the minutes of the FY25Q2 earnings call for $Sea(SE.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;SEA: Has the Southeast Asian Mini Tencent Completely 'Taken Off'?&#34; 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Management Statements 1. Strategic Focus: a. Continue to prioritize growth by expanding potential markets and increasing market share, aiming for long-term profit maximization. While pursuing growth, improve profitability through strict cost control and efficiency enhancement. b. Confidence in the second half of 2025 and beyond...

ING Groep

Sea (Minutes): Expected GMV growth in the second half of the year similar to the first half

The Southeast Asian Little Tencent, $Sea(SE.US), delivered another very strong second-quarter report on the evening of August 12th before the U.S. stock market opened. The growth of core indicators under its two main segments—GMV and loan balance—far exceeded expectations, with the growth side performing exceptionally well. However, due to a resurgence in expenses, the profit margins of various segments generally declined quarter-on-quarter this season. Yet, due to the strong growth, the final profit still beat expectations, with the positives outweighing the negatives. Key points are as follows: 1. Explosive GMV growth, the biggest highlight: The most critical indicator of the most crucial segment—Shopee GMV saw a year-on-year increase of 28% this season...

SEA: Southeast Asia's Little Tencent Completely 'Takes Off'?

Sea 2Q25 Quick Interpretation: The Southeast Asian 'Little Tencent' has once again delivered strong performance this quarter. On the growth front, key e-commerce and financial business metrics have generally exceeded expectations. In terms of profit, although the market anticipated a decline in profit margins due to increased expenses, the strong revenue growth led to profit figures slightly surpassing expectations. 1) Firstly, the most critical e-commerce segment's key metric—GMV—saw a year-on-year increase of 28% this quarter, accelerating by about 7 percentage points compared to the previous quarter. Although some Wall Street firms had anticipated an acceleration in growth this quarter, the actual performance was more optimistic than expected, driven entirely by strong volume growth. Additionally, with the monetization rate continuing to rise year-on-year by 0.5 percentage points (the rate of increase is narrowing), total revenue from the e-commerce segment surged by 34% this quarter, far exceeding the market expectation of 28%. 2) In the second most important financial business, the core metric of total loan repayment amounted to 6.8 billion. In terms of trend, there was a net increase of about 1 billion quarter-on-quarter, accelerating growth (compared to a 700 million increase in the previous quarter), also showing strong performance. (Bloomberg's forecast of 5.9 billion was significantly underestimated and not of reference value). Driven by strong loan volume growth, financial business revenue this quarter increased by 70% year-on-year, with accelerated quarter-on-quarter growth, also far exceeding expectations. 3) Following the explosive performance last quarter with the Naruto collaboration, this quarter can be described as a decline within expectations. Active user growth slowed quarter-on-quarter, and paying users decreased by 3 million quarter-on-quarter, with player enthusiasm somewhat exhausted. However, since market expectations were already low, actual revenue grew by about 23% year-on-year, although it slowed significantly compared to the explosive previous quarter. It was still slightly better than conservative expectations. 4) In terms of expenses and profitability, total operating expenses this quarter increased by nearly 27% year-on-year, significantly higher than both the previous quarter's growth rate and market expectations. This indeed confirmed some Wall Street firms' expectations that the company would increase investment. Therefore, the overall adjusted EBITDA margin for this quarter decreased to 15.8% quarter-on-quarter, 0.1 percentage points lower than expected. Profit margins in each sub-segment also declined compared to the previous quarter. However, due to stronger-than-expected growth, the final profit figures were still decent. $Sea(SE.US)

Below is the earnings call $Sea(SE.US) FY25 Q1 Minutes. For the earnings interpretation, please refer to《Tencent Jr. Sea: Riding on the &#34;Naruto&#34; IP, Can the Explosive Performance Last?》I. Key Earnings Information RecapII. Detailed Earnings Call Content2.1 Core Information from Management​​1、Digital Financial Services Business Rebranding: 1) The digital financial services business has been rebranded from SeaMoney to &#34;Money&#34;, now one of Southeast Asia's leading unsecured consumer credit businesses, with operations expanded to Brazil...

Sea(Minutes): Unable to provide full-year guidance for game revenue, e-commerce profit margin target is 2%~3% of GMV

Shopee Announces Shopee VIP Subscription Plan

Charles Lim Capital Ltd Reduces Holdings in Sea Limited Sponsored ADR

Shopee Signs Memorandum with Vietnam's iDEA to Launch Export Initiative for SMEs

Thailand Imposes Tariffs on Small Imports, E-commerce Platforms Must Report Sales Data

DBS analyst maintains 'buy' rating on Sea with a target price of $205

US Bank Securities and Phillip Securities Upgrade Sea to Buy Rating

Shopee requires sellers to undergo KYC verification

Sea Limited Announces Up to $1 Billion in Stock Repurchase

John Cheong Reiterates Buy Rating on Sea Limited with Price Target of $200.18

Maybank Downgrades Sea's Target Price to $156

Indonesian Government Requests E-commerce Platforms to Shut Down Illegal Second-hand Clothing Shops

Sea released FY2025 9 Months earnings on November 11 Pre-Market (EST), actual revenue USD 16.09 B, actual EPS USD 1.8899

Sea released FY2025 Q3 earnings on November 11 Pre-Market EST, actual revenue USD 5.986 B (forecast USD 5.619 B), actual EPS USD 0.59 (forecast USD 0.7321)

Sea Ltd's Q3 Earnings Fall Short of Expectations

Sea Limited Reports 144.6% Increase in Net Income to $375 Million in Q3

Shopee Experiences Significant Sales Growth During Double 11 Grand Promotions

Thailand Customs to Levy Tariffs on Cross-border Imports via Online Platforms

Sea Ltd Sees 30.5% Qtr Revenue Growth to $5.65B

TikTok Shop Continues to Erode Shopee's Market Share, Intensifying Competition in Vietnam's E-commerce Market

Vietnamese E-commerce Platforms See 34% YoY Growth, Shopee Leads in Market Share