Broadline Retail

Vipshops

Today’s Key News Recap

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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

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Hudbay Minerals

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Micron Tech

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Direxion Semicon Bull 3X

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Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

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1121 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night's non-farm payroll data was released, presenting a 'split' scenario. On one hand, the number of jobs grew beyond expectations, while on the other hand, the unemployment rate unexpectedly rose to a four-year high, leading to a setback in the Federal Reserve's rate cut expectations. The VIX fear index surged significantly during the day. Meanwhile, after NVIDIA's earnings report, its stock initially surged but quickly retreated, causing tech stocks to collectively decline, with Chinese concept stocks simultaneously falling. Market sentiment spread to Asia-Pacific, and today, both Hong Kong and A-share markets are under pressure...

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Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

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The market is in distress; Xiaomi Rises Courageously｜Today's Important News Review

Vips

Conference Minutes

The following are the 3Q25 earnings call minutes for $Vipshops(VIPS.US) organized by Dolphin Research. For the earnings report commentary, please see &#34;Vipshop: After Finally Bottoming Out and Warming Up, Are There More Highlights?&#34; 1. Review of Core Financial Information 1. Net revenue for the third quarter of 2025 increased by 3.4% year-on-year to RMB 21.4 billion (compared to RMB 20.7 billion in the same period last year). Net revenue growth exceeded expectations, and profitability improved steadily, reflecting the company's balance between growth investment and value creation. 2. This quarter's gross profit was RMB 4.9 billion (compared to RMB 5 billion in the same period last year)...

Vipshop (Minutes): Expected 4Q user growth to be better than 3Q

Financial Analysis

$Vipshops(VIPS.US) released its Q3 2025 financial report on the evening of November 20th. As per the company's guidance, this quarter's performance showed a recovery as expected, with revenue growth finally turning positive (partly due to the low base from last year). However, due to a decline in gross margin and an increase in expenses, the profit performance was not satisfactory. Specifically: 1. Core operating metrics -- Vipshop's GMV growth rate accelerated significantly to 7% this quarter, slightly exceeding market expectations. Among them, the order volume growth rate stopped declining and turned positive to 1.5%, which is the main source of marginal improvement...

Vipshop: After finally hitting the bottom and warming up, is there more to look forward to?

Vips 3Q25 Quick Interpretation: This quarter's performance of Vipshop generally met or slightly exceeded the consensus expectations of the sell-side. The operational trend improved as expected, and revenue finally stopped declining and started to rise. The company's stock price has reflected the improvement in performance with a gain of slightly over 12% since the last financial report. 1. In terms of core operating metrics, GMV growth rate further increased to 7.5% year-on-year this quarter, showing a significant acceleration. This was due to the order volume growth rate rebounding to 1.5% year-on-year (last year's base was also very low), and the rest was driven by a significant year-on-year increase in average order value. The reason behind the positive order volume growth is the return of active users, with a net increase of 500,000 people quarter-on-quarter, and a year-on-year rebound. The order frequency per user remained stable. 2. The gap between GMV and revenue growth rates narrowed to 4.1% quarter-on-quarter (but still slightly increased year-on-year), with the impact of high return rates still present. Overall revenue grew by 3.4% year-on-year, finally stopping the decline and starting to rise, slightly exceeding market expectations. 3. A less favorable signal is that the gross profit margin declined by 1 percentage point year-on-year to 23%, resulting in a 1% year-on-year decrease in gross profit, which was below expectations. Additionally, total expenses this quarter were 100 million more than expected, growing by 4.8% year-on-year, higher than the revenue growth rate. This was mainly due to faster growth in fulfillment and marketing expenses directly related to the business (growth rate of 7%~8%), while the growth of other expenses remained low. 4. Due to the greater-than-expected decline in gross profit margin and faster expense growth, operating profit should have performed poorly. However, this quarter confirmed other operating profits of only 300 million, nearly 100 million more than the previous two quarters this year, so total operating profit still roughly met expectations at 1.28 billion. (It is worth noting whether the company will explain the source of this other profit). 5. In terms of shareholder returns, approximately 250 million USD was repurchased this quarter, with a cumulative repurchase of 610 million USD this year. The company previously promised that the total shareholder return for this year would exceed 900 million USD, corresponding to about 10% of the company's current market value. It is very likely that dividends will be announced in the fourth quarter. $Vipshops(VIPS.US)

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

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Originally, in the mid-September Madrid negotiations, the U.S.-China talks resolved the long-standing major conflict over TikTok. However, Trump's emotional essay on a 100% tariff seemed to have set back the bilateral relations overnight. But following Trump's press inquiries, Vance's statements, and press conferences from China's Ministry of Commerce, the TACO transaction became almost a consensus expectation. In this article, Dolphin Research will elaborate more on how this TACO transaction differs from previous ones and what other insights can be drawn besides TACO. 1. This TACO...

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BERTO ACQUISITION CORP C/WTS 01/05/2030(TO PUR COM)

RUMBLE INC C/WTS 16/09/2027 (TO PUR COM)

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ALLSTATE CORP 5.1% PREF 15/01/2053

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Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?

The following are the minutes of the FY25 Q2 earnings call for $Vipshops(VIPS.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Vipshop: Small and Beautiful Climbing Out of the Trough, Watching the Giants' 'Life and Death Battle'.&#34; 1. Review of Core Financial Information 1. Business Performance and Future Outlook GMV and Users: Total GMV resumed growth (with strong performance in the apparel category), and the number of active users rebounded; Super VIP (SVIP) members grew by 15% year-on-year, contributing 52% of online consumption. Product Strategy: Focus on relevance, differentiation, and specialization...

Vipshop (Minutes): Revenue growth is expected to be positive in both Q3 and Q4

On the evening of August 14th Beijing time, $Vipshops(VIPS.US) released its Q2 2025 financial report. In contrast to the previous quarter's performance trough, this quarter showed some recovery. The main highlight is the return to positive growth in GMV this quarter, and the guidance indicates that revenue growth will also return to positive in the next quarter. The main drawback is the significant increase in stock-based compensation, leading to a decline in GAAP operating profit margin and profits falling short of expectations. Specifically: 1. In terms of overall performance, Vipshop's total revenue for this quarter saw a year-on-year decline of 4%, still at the lower end of the guidance range (-5%~0%), showing initial signs of improvement (the decline narrowed by 1 percentage point quarter-on-quarter)...

Vipshop: Small and Beautiful Climbing Out of the Trough, Watching the Giants' 'Life and Death Battle'

Below is the earnings call $Vipshops(VIPS.US) FY25 Q1 Minutes. For the earnings interpretation, please refer to &#34;Vipshop: Falling to the Bottom Again, Is There Still a Buyback to Support This Time?&#34; 1. Review of Key Earnings Information 1. Shareholder Return Plan: 2025 Commitment: Return no less than 75% of 2024 non-GAAP net profit (9 billion yuan). 2025 Returns to Date: Over $400 million returned to shareholders, including approximately $250 million in annual dividends and over $150 million in share repurchases. As of March 31, 2025...

Vipshop (Minutes): Expect to return to positive growth in the second half of the year, returning 75% of profits to shareholders

Fitch Confirms Vipshop's BBB Rating with Stable Outlook

Vipshop Reports Strong Q3 Results, Completes Major Share Repurchase

Vipshop Reports 16.8% Increase in Q3 Net Profit

Citi Analyst Maintains Hold Rating on Vipshop

Vipshops released FY2025 Q3 earnings on November 20 Pre-Market (EST), actual revenue USD 3.002 B (forecast USD 2.96 B), actual EPS USD 0.3399 (forecast USD 0.2886)

Vipshops released FY2025 9 Months earnings on November 20 Pre-Market (EST), actual revenue USD 10.22 B, actual EPS USD 1.2583

VIP Inc. Reports Q3 Revenue Above Expectations and Projects Q4 Revenue Between $4.66B and $4.96B

Vipshop Reports Q3 2025 Revenue Growth of 16.8%, Net Profit Margin Improved to 5.7%

Vipshops to Release FY2025 Q3 Earnings on November 20 Pre-Market EST, Forecast Revenue USD 2.969 B, EPS USD 0.2886