ByteDance

Today’s Key News Recap

HXXD

GOOG

GOOGL

01810

XIACY

81810

01024

81024

HKUD

PLTR

DUOL

SHOP

INTC

04335

BYTED

AMZN

GGLS

GGLL

AMZU

0504 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) jumped over 10% intraday after Xiaomi Auto delivered 30k units in Apr. (+50% MoM). Locked-in orders for the new SU7 topped 70k.Recovering deliveries and strong order intake validate market acceptance, supporting the full-year target of 550k vehicles. The strong share move also reflects a re-rating of the 'smartphone + AIoT + auto' strategy, lifting sentiment across the supply chain.Focus now shifts to the capacity ramp and execution on order fulfillment. Follow-through will depend on these milestones...

Xiaomi HK SDR 2to1

Alphabet - C

Alphabet

XIAOMI-W

Xiaomi Corporation

XIAOMI-WR

KUAISHOU-W

KUAISHOU-WR

Kuaishou HK SDR 5to1

Palantir Tech

Duolingo

Shopify 

Intel

INTEL-T

Taiwan Semiconductor

Amazon

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Direxion Daily AMZN Bull 2X Shares

Xiaomi Auto data sparks rally; Doubao to launch new paid model | Daily News Recap

COST

MET-A

MET-E

MET-F

03690

83690

HMTD

MPNGY

NFLX

00941

80941

HCMD

600941

000333

00300

01364

0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

Costco Wholesale

Meta Platforms

Unity Software

MetLife

METLIFE INC PRF SERIE 'A' FLOATING RATE USD25

METLIFE INC 5.625% NON CUM PRD STK SER E

METLIFE INC 4.75% DEP SHS EA REP NN CUM PFD ST SER F

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

Netflix

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Midea Group

MIDEA GROUP

GUMING

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

Conference Minutes

The following is Dolphin Research's compilation of $MEITUAN(03690.HK) FY2025 earnings call Trans. For the earnings analysis, please refer to 'Meituan: Three Mountains Bearing Down—Will the Food Delivery Old Guard Ever Get Back Up?'. I. Core financial highlights review. 1) Cash reserves: As of Dec 31, 2025, cash and cash equivalents plus short-term investments totaled RMB 166.8bn. Q4 operating cash outflow narrowed QoQ to RMB 6.6bn. 2) Q4 snapshot: total revenue of RMB 92.1bn (+4.1% YoY). Adj. net loss narrowed QoQ to RMB 15.1bn...

DingDong

Meituan (Trans): Q1 food delivery continued to narrow losses; Douyin is ramping up spend.

Kuaishou

Hot topic

$KUAISHOU-W(01024.HK) sold off mainly on guidance from a small-group meeting (1Q26 &amp; 2026), which was broadly weak and fell well short of buy-side expectations. Management flagged pressure on top-line growth alongside higher investment, implying a sharp YoY decline in profit.1) Biggest drag: e-comm growth concerns — ads guided to low single-digit and GMV to stop being disclosed next year. Management now expects ad revenue growth of 8-9% in Q1 and 6-7% for the full year, a marked slowdown vs. 2025. While GMV will no longer be reported next year...

Guide miss tanks shares; Is Kuaishou at $25bn a buy-the-dip?---

Pop Mart

SONY

09992

6758

HPPD

09618

89618

HJDD

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...

Sony

POP MART

Sony Group Corporation

POP MART HK SDR 20to1

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

POP MART (Trans): 2026 'pit stop to refuel and change tires'

MIXUE Ice Cream & Tea

SNOW

CHCO

小红书

02097

The following is Dolphin Research's earnings call Trans for Mixue Group 2H25. For our take on the results, please see 'Mixue Group: Lucky Cup's comeback — has Snow King bottomed?'---

Snowflake

Coffee

City

Intercontinental Exchange

MIXUE GROUP

Mixue Group (Trans): GPM and NPM expected to decline in 2026---

Financial Analysis

01698

00700

TCEHY

80700

TCTZF

喜马拉雅控股

HTCD

On Mar 17 (Beijing time), after the HK close and ahead of the US pre-market, $Tencent Music(TME.US) released its Q4 2025 results. Q4 was a mixed bag. The 'second curve' kept gaining traction, but an unstable user ecosystem slowed subscription revenue growth, so Dolphin Research’s overall read is cautious.1) Users kept slipping. MAU fell by 23 mn QoQ in Q4, a bit worse than typical seasonal attrition. Over a longer horizon, the trend remains down.We think the company may ramp up user acquisition spend. This could include initiatives after regulatory approval of the Ximalaya acquisition...

TME-SW

Tencent Music

TENCENT

Tencent

TENCENT-R

Tencent Holdings Limited

Tencent HK SDR 10to1

TME: Qishui's Blitz, Are the Good Days Over?---

LARK

03750

HCCD

300750

09868

XPEV

09866

09988

89988

HBBD

BABA

KBAB

0309 | Dolphin Research Focus: 🐬 Macro/Industry 1) Middle East tensions escalated, sending Brent intraday close to $120/bbl. Nasdaq futures fell 2.32%, while VIX futures rose 7.28%.G7 finance ministers were set to hold an emergency meeting at 20:30 BJT on Mon, aiming to coordinate with the IEA to release oil reserves to steady prices. After the headlines, crude pulled back quickly.The move can cap prices in the short run and help stabilize risk sentiment. However, drawdowns are only a stopgap. If the conflict drags on, supply risks persist and energy and tech could see choppy swings...

Landmark Bancorp

CATL

CATL HK SDR 30to1

XPENG-W

XPeng

NIO-SW

NIO Inc. USD OV

NIO Inc

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

KraneShares 2x Long BABA Daily ETF

Global Mkts Roiled by Oil Spike; Tencent's 'Little Lobster' Wildcard Debuts | Daily News Recap

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Bilibili

09626

BILI

After the HK close on Mar 5 (Beijing time), $Bilibili(BILI.US) released its Q4 2025 results. Ads were the standout, while other businesses were average and broadly in line with expectations.1) Ads posted 27% growth in Q4, slightly above market estimates. Dolphin Research views the drivers as both healthier ecosystem growth (steady gains in users and creator content) and proactive initiatives, including higher ad load, improved ad efficiency, and AIGC-based ad creation tools...

BILIBILI-W

BILI: Ads holding up; the platform is in a tough patch---

Ctrip

09961

TCOM

TRIP

K3RD

HTGD

In the early hours on Feb 26 in U.S. after-hours, under a regulatory overhang, $Trip.com(TCOM.US) released FY2025 Q4 results. Overall, the print was decent, with revenue growth beating prior guidance and re-accelerating.However, opex increased across the board, rising faster than revenue and dragging GAAP OP below expectations. Details follow:1) Strong, accelerating revenue growth. On revenue, total net revenue rose 21% YoY, marking a YTD high and a clear acceleration vs. last quarter. Growth across business lines was broadly ahead of prior guidance...

TRIP.COM-S

Trip.com

Tripadvisor

TRIP ADR US+

Trip.com HK SDR 50to1

TCOM: After the regulatory crackdown, can it remain a lean, high-quality play?

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ByteDance Increases AI Infrastructure Spending to 200 Billion Yuan in 2026

China's Cyberspace Administration Takes Measures Against Multiple AI Companies

China Aims to Restrict AI Startups from Accepting US Investment Without Approval

Douyin Vice President Clarifies ByteDance Profit Decline Report

ByteDance's overseas business grew by nearly 50% in 2025 but overall net profit declined by over 70%

ByteDance Launches New Employee Stock Option Buyback Plan

ByteDance Launches Native Full-Duplex Voice Model Seeduplex

ByteDance Valuation Soars to Over 600 Billion USD in Equity Sale

ByteDance's AI Video Generation Model Seedance 2.0 Launches Public Beta

U.S. Senators Urge ByteDance to Halt Release of Seedance New Version

ByteDance Pauses Release of Video AI Model Due to Copyright Dispute with Hollywood

ByteDance to Release DouBao Model 2.0, Promoting AI Model Applications

ByteDance Releases Video Creation Model Seedance2.0

ByteDance Volcano Engine Releases DouBao Model 2.0 and Seedance 2.0 and Seedream 5.0 Preview

ByteDance Launches Seedance 2.0 with Significant Improvement in AI Video Quality Rate

Nvidia Negotiates with US Government on License Terms for AI Chip Export to China

ByteDance to Release 3 New AI Models Next Month

TikTok Establishes US Data Security Joint Venture

ByteDance Erodes Market Share of Traditional Giants with Douyin

ByteDance denies joint car-making with domestic automaker and collaborates with hardware manufacturers

ByteDance(BYTED.NA)

Xiaomi Auto data sparks rally; Doubao to launch new paid model | Daily News Recap

TikTok EU-China data transfers should be allowed during appeal, Irish Supreme court confirms

China flags ByteDance platforms over AI content labelling violations

Douyin Launches AI Creation Feature with Dedicated Entry Point

Douyin Local Services Issues Multiple AIGC Creation Guidelines