Unraveling the "deep data" and waiting for the value to return

Hello everyone, I am Dolphin Research.

Since the beginning of the year, there have been intense battles in the region, coupled with the decoupling of secondary financials. Dolphin Research has covered the stock market crash of many Chinese concept assets, witnessing history every day. The local lockdowns in China due to the COVID-19 pandemic have also had secondary effects, such as panic buying and medical resource shortages.

During the busiest times, I couldn't even leave my house, but I managed to cover this earnings season. Dolphin Research set a pass mark for itself and, while maintaining speed, provided valuable insights to everyone as quickly as possible.

[PDD]

Earnings Report Analysis: "Half Heaven, Half Hell: PDD is 'Split' Again"

Conference Call Summary: "Is the 'Lying Flat Strategy' Temporary? Will PDD Return to Investment and Growth? (Conference Call Summary)"

[Tencent Music]

Earnings Report Analysis: "Tencent Music: The Devalued Value of Music Needs to be 'Heard'"

Conference Call Summary: "Tencent Music Conference Call: Management Openly Discusses the Greatest Pressure in the First Quarter (Conference Call Summary)"

[ANTA Sports]

Earnings Report Analysis: "The Collapse of FILA's High Growth Myth: How Far Can ANTA's Story Go?"

Conference Call Summary: "ANTA Sports Conference Call Summary: Short-term Fluctuations Due to the Pandemic, 2022 Targets Can Still be Achieved"

[Xiaomi]

Earnings Report Analysis: "Xiaomi: Mediocrity is Tasteless, but Abandoning it is a Pity"

Conference Call Summary: "Xiaomi Group: What Does the Management Say After an Ordinary Earnings Report? (Conference Call Summary)"

[China Literature]

Earnings Report Analysis: "China Literature: Sluggish Online Literature, Difficulties in IP Development"

Phone Meeting Summary: "Yuewen Phone Meeting: Establishing a Systematic and Long-term IP Management System (Phone Meeting Summary)"

[Geely Automobile]

Earnings Report Analysis: "Geely Automobile: Breaking Bones Again, the Darkest Before Dawn is the Hardest to Endure"

Phone Meeting Summary: "Walking on Two Legs with Pure Electric and Hybrid, Can Geely Rise with Platformization? (Phone Meeting Summary)"

[Tencent]

Earnings Report Analysis: "Tencent: Stock King Still 'Squatting'? The Moment of Testing Faith Has Arrived"

Phone Meeting Summary: "Under the Industry's Slowdown, High-quality and Healthy Growth Takes Priority (Tencent Phone Meeting Summary)"

[Huazhu Hotels]

Earnings Report Analysis: "Huazhu Hotels: Long Road to Recovery Amidst Repeated Epidemic Outbreaks"

Phone Meeting Summary: "Huazhu Group Q4 Phone Meeting Summary: Focusing on Lean Growth"

[Yihai International]

Earnings Report Analysis: "Yihai International: Squeezed by Costs and Terminal Retail, the Darkest Hour is Approaching"

Phone Meeting Summary: "Yihai International Phone Meeting Summary: Still Focusing on Products, Channels, and Advertising"

[China Resources Beer]

Earnings Report Analysis: "China Resources: Continuously Advancing towards High-end, When Will 'Beer Maotai' Break Free from the Red Sea of Competition?"

Phone Meeting Summary: "China Resources Beer Performance Phone Meeting Summary: High-end Trend Unchanged, Short-term Costs Under Pressure"

【Ctrip】

Earnings Report Analysis: "Ctrip: The Spring of Free Travel Has Yet to Come Amid the Lingering Shadow of the Epidemic"

Conference Call Summary: "Content Expansion and Winter Hibernation - Ctrip Conference Call Summary"

【BOSS Zhipin】

Earnings Report Analysis: "BOSS Zhipin: Accumulating Grain in the Present, Building High Walls in the Future"

Conference Call Summary: "Continuing Refined Operations Before Unsealing - BOSS Zhipin Conference Call Summary"

【NIO】

Earnings Report Analysis: "NIO: Under Pressure, Will It Continue to Stay in the Dark or Welcome the Dawn?"

Conference Call Summary: "2022 is a Year of Comprehensive Acceleration for NIO (Q4 2021 Earnings Conference Call Summary)"

【Meituan】

Earnings Report Analysis: "Losses 'Decisively' Narrowed, Meituan's Execution Power to be Admired Again"

Conference Call Summary: "Wanwu Daojia: Is Flash Purchase Meituan's New Vast Ocean? (Conference Call Summary)"

【Pop Mart】

Earnings Report Analysis: "Pop Mart, Post-90s Trendy Toys Still Unable to Escape the Fate of Internal Competition"

Conference Call Summary: "Going Global and Taking a Big Leap, Pop Mart's Ambitious Plans (Conference Call Summary)"

【XPeng Motors】

Earnings Report Analysis: "Buying More and Selling at Greater Loss, Is XPeng in a Dilemma or a Success?"

Telephone Meeting Summary: "Channel Rapid Penetration Opens up the Delivery Volume Ceiling for Xiaopeng Motors (2021 Q4 Earnings Conference Call Summary)"

[Tsingtao Brewery]

Earnings Report Analysis: "Tsingtao Brewery: Slowing Sales Growth, but Upholding the High-end Breakthrough Strategy"

[China Feihe]

Earnings Report Analysis: "China Feihe: Approaching the Winter? Short-term Inflection Point in Milk Powder Growth Quietly Emerging"

[Helen of Troy]

Earnings Report Analysis: "Helen of Troy: Self-owned Products Maintain Growth Engine, Store Expansion Must Not Stop"

Telephone Meeting Summary: "Helen of Troy 2021 Performance Telephone Meeting Summary: Steady Progress, Promising Future"

[Kuaishou]

Earnings Report Analysis: "Kuaishou: The Era of Making Money Begins"

Telephone Meeting Summary: "In addition to Cost Reduction and Efficiency Improvement, Kuaishou also has Ambitions to Support Many Industries (Telephone Meeting Summary)"

[GoerTek]

Earnings Report Analysis: "GoerTek: "Struggling" is Only Temporary, the Future is Still VR"

[BYD]

Earnings Report Analysis: "BYD: "Torn" BYD: Selling Cars is Easy, Making Money is Difficult"

Telephone Meeting Summary: "Black Technology Helps Product Upgrades, BYD's Sales Volume Remains Strong in 2022 (Conference Call Summary)"

[Nongfu Spring]

Earnings Report Analysis: "Nongfu Spring: The Return of the Water King"

Conference Call Summary: "Nongfu Spring 2021 Annual Performance Communication: Sales Targets Mostly Achieved"

[Heartbeat Company]

Earnings Report Analysis: "Heartbeat: After the Abyss, Can Going Global Save the Day?"

Conference Call Summary: "Heartbeat Company: Hoping to Achieve Profit and Loss Balance through Overseas Expansion (Conference Call Summary)"

[Maotai]

Earnings Report Analysis: "Maotai: Continuous Marketing Transformation, Flying Without Mentioning Factory Prices"

[SmartMo International]

Earnings Report Analysis: "SmartMo International: When the Carnival Subsides, What's Next?"

Some friends jokingly ask, what does it mean to look at the fundamentals in the current market? Some also ask how Dolphin Research manages to be fast and high-quality at the same time.

Let's start with the first question. Dolphin Research firmly believes that when the market swings to the extreme of killing valuations, performance, and even logic, and emotions swing higher and higher, the reverse potential energy will also increase. Intrinsic value may be delayed, but it will not be absent.

In such times, it is important to conduct solid fundamental research and wait for the dawn to seize the best opportunities.

Regarding Dolphin Research's research, the ability to maintain quality in relatively fast-paced situations is not only due to the hard work of our lovely team members, but also the long-term accumulation of knowledge and expertise.

With limited personnel and resources, Dolphin Research does not waste much energy on following hot trends and events. Most of the time, we focus on accumulating industry data steadily and honestly, and deconstructing the valuation logic of each individual stock covered by Dolphin Research. Based on the valuation logic, we fill in the relevant industry and stock data one by one.

It is precisely based on this accumulation of data and the organization of logic that allows us to quickly decipher the true performance secrets hidden in the financial reports.

Instead of giving fish, it is better to teach fishing. In order to help everyone improve their understanding and investment capabilities, Dolphin Research has exclusively presented the individual stock logic and driving data for each company's asset value in the Longbridge Securities App. Currently, Dolphin Research has designated this feature as "Deep Data," but behind it, Dolphin Research has actually extracted the core driving factors that affect the valuation of each company based on the growth stage of the company.

For example, when evaluating Meituan's valuation, it mainly focuses on food delivery, including metrics such as delivery volume, monetization rate, and average profit per order. For new energy vehicle companies, they closely monitor production capacity, sales volume, and improvements in per vehicle profit during financial reporting.

In addition, Dolphin Research will also connect these key factors that affect the company's stock price in a logical manner, combined with some textual explanations, making it easy for everyone to understand and use.

The majority of valuation driving data that Dolphin Research has extracted not only affects the valuation but also has an important aspect - this data is generally not available in free trading apps.

As of the first quarter of this year, Dolphin Research has covered approximately 50 top companies in Longbridge's app with in-depth data breakdowns. Currently, the coverage is still expanding, so please be patient.

The main issue at the moment is that many people cannot find where this so-called deep data is located. There have been too many inquiries, and the location is a bit hidden. Dolphin Research will now explain to everyone the specific method to find it.

Step 1: Download the Longbridge app.

Step 2: In the search box on the homepage of the Longbridge app, enter and click on the company or stock code you want to find.

Step 3: After entering the individual stock page, select the "Panorama" interface, then scroll down. Keep scrolling down until you see "Deep Data," and click on "More" to access all the deep data for that individual stock.