Share your thoughtsWhat's on your mind?
H1 attributable net profit was nearly RMB 10 bn, with NPM around 5.6%, far above the industry avg of 1.6%. Q2 GPM reached 18.4%, and management guided Q3 not lower than Q2.
However, sales of Galaxy, Lynk & Co, and China Star fell 5–6%, and the mainstream price bands still lack a breakout model. Meanwhile, Li Shufu stepped down as chairman, succeeded by An Conghui, and the full-year export target was raised from 640k to 920k units.The e-com tools and payments vertical leader — $Shopify (SHOP.US) reported Q1 2026 results pre-market on May 5. Overall, the quarter was solid.
Growth and profit beat Bloomberg consensus. Excluding FX tailwinds, however, the print offered little upside vs. buy-side expectations.
Guidance for next quarter showed minor blemishes. While broadly in line with Bloomberg consensus, the trajectory points to an 'inevitable' slowdown in GMV, revenue, and profit growth...
Hi all, this is Dolphin Research. $Roblox(RBLX.US) Q1 was a bomb, with the biggest issue being a sharp cut to growth guidance.
The immediate trigger was tighter child-safety regulation across markets and regions. More fundamentally, the game content cycle has softened.Ahead of the print, close tracking of platform data had primed the market for near-term pressure. That was evident in the stock's continued weakness.However, management's guidance came in even more downbeat. While we think they have a track record of conservative, arguably sandbagged guides, the message is clear. Near-term growth visibility has deteriorated...
It is hard to see a clear end to the US,Israel and Iran tensions right now. Energy prices will stay high for sometimes and the economic impact could be tough.
Honestly feeling quite pessimistic. 2026 looks like a challenging year ahead.
Happy trading and keep more cash to buy more when there is a correction. Do not chase and buy now.😁
🇺🇸🇭🇰🇸🇬 Big moves across US, HK, SG markets. Join the chat & earn Task Coins!
VIPS 4Q25 First Take: A warmer winter and a late Lunar New Year weighed on winter apparel sales. Management had already lowered guidance, but the actual print came in worse. Details below.
1) Operating metrics turned softer: active buyers declined YoY, down by approx. 0.4 mn. With lower purchase frequency per user, order volume fell 5% YoY.
A higher AOV, likely driven by product mix upgrades and SVIP contribution, barely kept GMV in positive territory. In short, all three metrics missed expectations.2) With GMV lagging, revenue fell 2.3% YoY, worse than the market’s post-cut expectation of sub-+1% growth. The company is no stranger to managing through revenue declines.
Amid weak topline, tight cost control helped: total opex fell 3.7% YoY, a larger drop than revenue, with all expense lines down. As a result, profit still grew +1.7% YoY.
Operating profit reached RMB 2.9 bn, beating market expectations.3) In summary, the quarter was soft, but protecting profitability is commendable. The late Lunar New Year also suggests better sales in 1Q26.
Management guided next quarter revenue mid-point to +2.6% YoY, back to growth and slightly above consensus. Hence, the weak 4Q print should not be overly penalized.On shareholder returns, buybacks totaled approx. $700 mn over the past year, plus ~$250 mn in dividends, exceeding $950 mn in aggregate. That equals about 11% of current market cap.
This provides solid support for the stock. The company also announced it will pay an annual dividend next year of approx. $305 mn, up 22% YoY. $Vipshops(VIPS.US)1216 | Dolphin Research Focus: 🐬 Macros/Industry. The U.S. Bureau of Labor Statistics will release on Tue a closely watched 'combined' Oct–Nov nonfarm payrolls report. Street expects -10k in Oct and +50k to +130k in Nov, with the unemployment rate rising to 4.4%–4.5%, while Gov. payrolls will be weighed by deferred exits under delayed separation plans across Oct–Nov.
🐬 Single stocks. 1) $Alibaba(BABA.US) rolled out the Wanxiang 2.6 model suite...The following is the FY25Q3 earnings call minutes of $Shopify (SHOP.US) organized by Dolphin Research. For earnings interpretation, please refer to "Shopify: Is Imperfection Unacceptable, the Original Sin of High Valuation?" 1. Review of Core Financial Information 1. Third-quarter stock-based compensation expense was $116 million, and capital expenditure was $6 million. Free cash flow for the third quarter reached $507 million, accounting for 18% of total revenue. The free cash flow profit margin for the first nine months of this year remained the same as the same period last year, at 16%; this quarter's transaction and loan losses accounted for approximately 5% of revenue...
As the most watched hot target in the current e-commerce AI field—Shopify announced its Q3 2025 financial report on the evening of November 4th, before the U.S. stock market opened. Overall, the growth performance remains quite strong, with GMV growth accelerating sequentially on a high base. However, due to a narrowing gross margin and expenses returning to an expansion cycle, the year-on-year contraction in profit margin has widened, which is not considered favorable. Specifically: 1. Strong GMV growth, the source of all exceeding expectations: GMV within the Shopify ecosystem reached $9.2 billion this quarter, up 32% year-on-year, further accelerating on the already high base of the previous quarter, significantly outperforming expectations...
Apple (AAPL.O) released its financial results for the fourth quarter of fiscal year 2025 (ending September 2025) after the U.S. stock market closed on the morning of October 31, 2025, Beijing time. The key points are as follows: 1. Overall Performance: This quarter, Apple Inc. achieved revenue of $102.5 billion, an increase of 7.9% year-on-year, which is roughly in line with market expectations ($102 billion). The company's revenue growth this quarter was mainly driven by the growth in iPhone, Mac, and software services businesses. Apple's gross margin was 47.2%, an increase of 1 percentage point year-on-year, better than the market consensus expectation (46.6%)...
Can it reclaim the throne?
