First Trust Global Wind Energy

Meituan

Conference Minutes

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SHEN

HMTD

83690

MPNGY

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89988

BABA

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BABX

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The following are the Minutes of the FY25 Q3 earnings call for $MEITUAN(03690.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Meituan: A Loss of Nearly 20 Billion! Did Alibaba Really Succeed in Stealing the House This Time?&#34; 1. Review of Core Financial Data Performance Overview: Total Revenue: 95.5 billion yuan (YoY +2%). Profitability: Operating cost rate 73.6% (YoY +12.9pts), mainly due to rider incentives and rising overseas costs; adjusted net loss of 16 billion yuan, affected by irrational industry competition and strategic investments...

MEITUAN

SHENANDOAH TELE

Meituan HK SDR 5to1

Ps India Port

Haoxi Health Tech

MEITUAN-WR

BABA-W

BABA-WR

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

Alibaba HK SDR 5to1

Xiaomi HK SDR 2to1

Meituan (Minutes): 3Q loss peaks, but 4Q will continue the loss trend

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PLAY

01698

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80700

TCEHY

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Tencent Music 3Q25 Quick Interpretation: The third-quarter report overall exceeded expectations, especially with the partial realization of the second growth curve story. However, the flaw is that the market's concerns about intensified competition before the earnings report have not been disproven. It is recommended to pay attention to the management's discussion on ByteDance's recent actions and the company's countermeasures during the conference call. Specifically: 1. Overall: Both revenue and profit beat expectations, primarily driven by the accelerated growth of other music revenue. 2. Core Subscription: Revenue grew by 16%, which, although in line with expectations, shows a trend shift from user growth to ARPPU (Average Revenue Per Paying User) growth (increased penetration of SVIP). The net increase in subscriptions was 1.3 million, continuing to decline quarter-on-quarter. This growth logic works in a stable competitive environment, but if competition intensifies, the ARPPU growth may struggle to sustain. 3. Other Music Services: This segment includes advertising, digital album sales, copyright sublicensing, and value-added services. It saw an unexpected acceleration in growth by 53% in the third quarter, reaching 2.5 billion, thanks to the resumption of offline concerts. Fan economy is one of Tencent Music's three major future growth points (the other two being SVIP and long-form audio). Specific products and services include concert tickets and merchandise, physical albums, and artist-fan interactions (rewards, Bubble, etc.). 4. Social Entertainment: Continues to recover. Third-quarter revenue declined by 3%, with a continued slowdown quarter-on-quarter, and is expected to gradually return to positive growth. However, this business segment is subject to regulatory and industry downturn trends and is not a future focus. The main goal is to maintain stability, but overall gross margin can be improved by reducing revenue sharing. 5. Rising Expenses: After three years of restrained operating expenses, this quarter finally saw an increase. However, overall growth remains in the low range, with an 8% year-on-year increase. In absolute terms, the increase is mainly due to administrative expenses (including R&amp;D). Dolphin Research believes that the increase in expenses indicates Tencent's strong desire for the second growth curve, reflected in the spending on recruitment. Although the operating profit of the core main business still saw a high year-on-year growth of 34%, the profit margin did not continue to improve but declined by 2 percentage points quarter-on-quarter. $Tencent Music(TME.US) $TME-SW(01698.HK)

TENCENT

Dave & Buster ENT

TME-SW

Tencent Holdings Limited

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Tencent

Tencent Music

Tencent HK SDR 10to1

Longyuan Anmijinxi Wind Power Co., Ltd. Established under Longyuan Power

Enlight Renewable Energy Receives S&P Maalot ilA Rating and Stable Outlook for Bond Issuance

Longyuan Power Announces Generation Volume Data for April 2026

Enlight Renewable Energy Ltd. rated by multiple research firms

Longyuan Power's Generation Output Down in April 2026

Enlight Renewable Energy released FY2026 Q1 earnings on May 5 Pre-Market (EST), actual revenue USD 199.59 M (forecast USD 159.13 M), actual EPS USD 0.16 (forecast USD 0.0667)

JPMorgan Reports: Longyuan Power's Q1 Profit Declines

Huatai Securities predicts Longyuan Power's 2026 net profit growth of 14%

Longyuan Power Completes 1.8 Billion Yuan Super Short-term Financing Bill Issuance

CHINA LONGYUAN released FY2026 Q1 earnings on April 29 During-Market (BJT), actual revenue HKD 8.92 B, actual EPS HKD 0.2201

Enlight Renewable Energy to Release FY2026 Q1 Earnings on May 5, 2026 Pre-Market EST, Forecast Revenue USD 168.51 M, EPS USD 0.0667

GNEC New Energy Development Co., Ltd Established with Registered Capital of 197 Million Yuan

China Longyuan FY2026 Q1 Earnings Release on April 29 During-Market BJT

J.P. Morgan Downgrades Longyuan Power's Earnings Forecast and Rating

Longyuan Power Announces 2026 March Generation Volume Data

JPMorgan Chase International Maintains Buy Rating and Target Price for Longyuan Power

Longyuan Power's Hainan Qiyuan Offshore Wind Power Project First Batch of Units Grid-connected Generation

Longyuan Power Announces 2025 Annual Report with a 28.78% Decrease in Net Profit

CHINA LONGYUAN released FY2025 earnings on March 31 After-Market (BJT), actual revenue HKD 33.07 B (forecast HKD 34.88 B), actual EPS HKD 0.5917 (forecast HKD 0.7803)

CHINA LONGYUAN released FY2025 Q4 earnings on March 31 After-Market (BJT), actual revenue HKD 8.932 B, actual EPS HKD 0.0177

OPTIMI HEALTH CORP

HCW Biologics

Silexion Therapeutics

Vida Global

GCL Global

BiomX

MetaVia

Micware

MicroAlgo

588830

562960

ACES

562550

GRID

ICLN

159611

ENFR

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Businesses often treat risk and insurance as an afterthought, leading to vulnerabilities during disasters. Despite lessons learned from past events like floods and wildfires, many companies lack disaster plans, with only 26% having one in place. This negligence results in rising insurance rates and financial risks. However, sectors like data centers and renewable energy are prioritizing risk management in their operations, adopting best practices to enhance resilience. Resources like free engineering guidelines and the FM Resilience Index are available to help businesses mitigate risks effectively.

Forbes

Penghua SSE STAR New Energy ETF

SPDR S&P Insurance

E Fund CSI Green Power ETF

ALPS Clean Energy ETF

First Trust Nasdaq Clean Edg Liquid Series

ISHRS S&P Glb Utilities

Pwrs Wildh Clean Engy

ChinaAMC Green Electricity ETF

iShares US Insurance

Invesco KBW Property & Casuality

Fisr Trust Nasdaq Clean Edge Smart Grid Infra

Invesco Solar ETF

Global X Data Center & Dgtl Infrs ETF

iShares S&P Global Clean Energy

GF CSI All Share Power Public Service ETF

Select Sect Spdr Util

Alerian Energy Infrastructure ETF

Bosera CSI All Share Electric Utilities ETF

Why Businesses Treat Risk And Insurance As An Afterthought

Copenhagen Infrastructure Partners (CIP) reports that Europe could cut electricity prices by 40% and fossil fuel imports by 80% by 2050, meeting 95% of energy demand with clean sources. This requires EUR 210 billion in annual investments. The report outlines three scenarios for energy transition, emphasizing the need for electrification and infrastructure development. Key technologies include onshore wind and solar PV, with a total investment of EUR 5.2 trillion needed over 25 years. CIP asserts that Europe can achieve affordability and energy security through domestic renewable energy.

Blank Green ENERGY NEWS

CIP: Europe could reduce electricity prices by 40% by 2050 with clean energy

The Trump administration has frozen 165 new onshore wind farm projects in the US, totaling around 30 gigawatts of generating capacity. The Pentagon is delaying approvals for these projects, citing national security concerns. Developers have reported canceled meetings and unprocessed applications since August 2025. This move echoes previous attempts by the Trump administration to halt offshore wind projects due to similar concerns, which faced legal challenges.

Electrek

Trump just blocked 165 US wind projects – here’s what’s behind it

CNRG

Global electricity generation from renewables surpassed coal in 2025, according to Ember, a clean energy think tank. This shift, primarily driven by hydro, solar, wind, and bioenergy, has contributed to stabilizing CO2 emissions from power despite rising consumption. A report from the International Energy Agency supports these findings, indicating a significant transition towards renewable energy sources.

SPDR S&P Kensho Clean Power ETF

Global X Solar ETF

Solar power drives a renewables inflection point

WNDY

The US wind industry saw a significant recovery in 2025, installing 8.2 GW of new capacity, a 49% increase from the previous year, according to Wood Mackenzie's report. The trend is expected to continue, with projections of around 11 GW in 2026, marking the strongest year for wind installations in five years. The report also forecasts 48 GW of new capacity by 2030, supported by a 15.4 GW project pipeline that has cleared major hurdles, despite ongoing challenges like policy uncertainty and permitting delays.

Global X Wind Energy ETF

Dominion Energy

US wind just had a big comeback – and 2026 could be even bigger

A federal judge has temporarily halted several Trump administration policies that hinder renewable energy projects. Judge Denise Casper issued a preliminary injunction preventing the enforcement of these anti-renewable policies against regional trade groups representing renewable developers. The ruling is seen as a significant victory for renewable energy advocates, who argue that the policies unfairly disadvantage wind and solar technologies. The federal government cannot apply these policies while the case is ongoing, allowing for continued progress in renewable energy initiatives.

Thehill

Court temporarily curtails Trump’s anti-renewable move

Fears of a ‘coal comeback’ triggered by the Iran war energy crisis are not supported by the data. View on euronews

Solar and wind outpace coal as Iran war energy crisis fails to spark fossil fuel revival

In 2026, breakthroughs in offshore wind power generation are expected, and Zhong Yun from Southern Fund is focusing on investment opportunities in the "Dual Sea" strategy to uncover the value of quality enterprises. The "Beijing Wind Energy Declaration 2.0" states that the annual new installed capacity in China will not be less than 120GW, while the global expected new capacity is 140GW, enhancing the certainty of high prosperity due to demand resonance. Due to the supply gap in overseas markets, Chinese companies are expected to leverage their technological cost advantages to enter the market. Power equipment is a heavily weighted sector managed by Zhong Yun, with related funds achieving a net value growth rate exceeding 58% by 2025

腾讯新闻 - 财经

The pace of offshore wind power development is accelerating, and Zhong Yun from Southern Fund is exploring the long-term value of growth tracks

Oil prices have surged past $100 a barrel for the first time since March 2026, driven by the Iran war and the closure of the Strait of Hormuz, which has removed approximately 7.5 million barrels per day of Gulf crude from the global market. Despite these challenges, the growth of solar and wind energy is helping to mitigate the impact of these energy shocks.

First Trust Global Wind Energy(FAN.US)