Sony Group Corporation

0610 | Dolphin Research Focus: 🐬 Macro/Industry

1. The National Bureau of Statistics released May data, showing CPI rose 1.2% YoY, while falling slightly by 0.1% MoM. Core CPI was up 1.1% YoY.

Overall consumption is recovering moderately. The MoM weakness was mainly due to a slight rise in food prices, and seasonal declines in service and energy costs post-holiday.

A 1.2% YoY growth rate remains within a moderate range, leaving room for accommodative monetary policy. This mild inflation is positive for consumption sector valuation repair and supports the continued implementation of pro-growth policies.

The strength of the consumption recovery remains relatively flat, with no significant rebound yet...

Apr 1 | Dolphin Focus: 🐬 Macro/Industry: Leaders of the US and Iran signaled openness to ending hostilities, easing fears of a broader Middle East war. On the back of this, US stocks closed higher on Tue as intl crude pulled back, with WTI and Brent both down, easing inflation worries. In addition, the White House said Trump will address the nation at 9pm ET Wed (9am Beijing Thu) to provide a major update on Iran.

🐬 Single stocks: 1) $Taiwan Semiconductor(TSM.US) TSMC's Japan JASM Fab 2 has been upgraded from 6nm to 3nm...

Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.

1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.

2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...