Broadline Retail

Today’s Key News Recap

GOOGL

CVAC

GOOG

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HMTD

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HPPD

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HCMD

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INTC

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HYDD

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0326 | Dolphin Research Focus: 🐬 Macro/Industry 1) Data show U.S. import prices rose 1.3% MoM in Feb, beating the 0.5% consensus and marking the biggest increase since 2022, driven by higher fuel and rising import costs for AI-related semiconductors and computers. The print signals a clear pickup in imported inflation, with signs of a second leg up, and higher import costs are likely to pass through to consumer prices. On the same day, Fed Governor Michael Barr said rates will stay on hold until there is sustained progress toward 2% inflation...

Alphabet

Meta Platforms

Citigroup

CureVac BV

Alphabet - C

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

POP MART

POP MART HK SDR 20to1

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Intel

INTEL-T

BYD COMPANY

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily News Recap

Conference Minutes

Below is Dolphin Research's summary of the FY25 Q4 earnings call for $PDD(PDD.US). For our earnings take, please see 'PDD: Has the 'maniac' turned 'mediocre'?'.1) Slower topline growth: Q4 revenue RMB 123.9bn (+12% YoY); FY revenue RMB 431.8bn (+10% YoY). Within that, online marketing services were up just 5% YoY in Q4, while transaction services rose 19% YoY.2) Margin pressure. Q4 non-GAAP OP was RMB 29.5bn (OPM 24%...)

PDD (Trans): Still in long-term strategic investment mode

Financial Analysis

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Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

PDD: Has the Maverick Gone Mediocre?---

KPDD

PDD 4Q25 First Take: As Dolphin Research has noted, PDD has stayed out of the food-delivery land grab and is not chasing AI hype, emerging as the most focused, pure-play, value-oriented retailer in e-commerce. This was again the steadiest print among peers, with most metrics largely in line with the Street. Key signals: domestic operations were broadly stable, and PDD was less affected as state subsidies faded. Temu’s growth was stronger than expected, specifically: 1) Total revenue rose 12% YoY, fully in line. By line item, online marketing revenue grew 5.3% YoY, below Bloomberg consensus of 8%; even GS was at 6%, so it still lagged. Referencing recent prints from JD and Alibaba, this likely reflects a sluggish 4Q e-commerce backdrop. QoQ, growth eased only from 8% to 5%, suggesting the fade of state subsidies was a marginal positive for PDD. 2) The upside came from transaction services revenue, up 19% YoY and clearly ahead of the Street. Given weak domestic trends this quarter, most of the beat likely came from Temu. With Meituan largely exiting community retail, Duoduo Maicai may have also contributed. 3) GPM was a touch below expectations, likely a mix headwind as Temu scaled and its weight increased. The gap is immaterial. The largest expense, sales &amp; marketing, was RMB 34.4bn (+9.6% YoY), also in line. Notably, sales expense growth accelerated vs. the prior two quarters. Dolphin Research believes that as the impact of state subsidies faded, marketing spend on the domestic core app likely did not rise much. That implies heavier Temu investment, consistent with its upside this quarter. 4) Lastly, G&amp;A and R&amp;D moved in opposite directions, largely offsetting. The former reflects higher productivity, the latter ongoing AI investments. OP was broadly in line; on an adj. basis, up ~5% YoY. $PDD(PDD.US) $KraneShares 2x Long PDD Daily ETF(KPDD.US)

KraneShares 2x Long PDD Daily ETF

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NetEase Q4 FY25 First Take: Q4 came in below consensus, likely on softer mobile game performance, which also helps explain the recent share pullback. That said, deferred revenue held up, underpinned by a strong year-end anniversary event for 'Yanyun' (mobile) and a rebound in 'Eggy Party', which should add some upside to Q1 revenue. Core profitability improved on tighter opex. Total cost of revenue, R&amp;D, and G&amp;A all declined YoY. Selling expenses rose YoY off a low base during the prior year's anti-fraud clean-up, alongside necessary launch marketing for new titles. Adj. profit fell 27% YoY, materially below expectations, though the headline looks worse than the underlying. Beyond the top-line miss, the shortfall mainly reflected mark-to-market swings on its PDD stake, with total investment losses of RMB 1.7bn, RMB 1.2bn wider YoY. After the game VAT rumor and the short-term hit from Genie, the stock has barely rebounded in recent days, yet valuation is already near historical trough levels. Conversely, this also reflects concerns that the recent slowdown in bookings could persist. We are not more bearish on the mid-to-long term. For near-term price action, clear guidance on the new title cycle is critical, especially launch plans for 'Sea of Oblivion' and 'Infinity'—worth watching on the call. $NTES-S(09999.HK) $NetEase(NTES.US)

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0121 | Dolphin Research Focus: 🐬 Macro/Industry — China's MIIT will issue guidelines to build a comprehensive standardization framework for humanoid robots and embodied AI. The framework spans five core modules: foundational/common standards, safety, system integration, key components/tech, and testing. It will prioritize urgently needed specs such as multimodal perception and interfaces for core components.In parallel, supporting measures include industry investment funds and the build-out of open-source tech communities to speed tech transfer and global sharing. These moves target pain points around fragmented tech roadmaps and weak product interoperability.Policy support should accelerate the commercialization of humanoid robots. Beneficiaries include sensors, servo systems, and AI algorithms...

Xiaomi HK SDR 2to1

NVIDIA

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Xiaomi Corporation

Tesla

PDD hit with RMB 100k fine; TSLA Dojo3 returns | Daily News Recap

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0113 | Dolphin Research Focus: 🐬 Stock 1, $PDD(PDD.US) PDD has quietly begun internal testing of an in-app '10bn Supermarket' feature.It will likely target value supermarket categories, extend the '10bn' subsidy playbook to daily necessities and fresh groceries, and may tap local supply chains to test instant retail, with only small-scale access for now and no disclosed launch date.This is another move by PDD to deepen share in a mature e-comm market, using subsidies to enter the high-frequency essentials supermarket segment...

Ameriprise Financial

AppLovin

Ally Financial

NextDecade

Live Ventures

Microsoft

Apple

Apple Group

AAPL announces partnership with Gemini; PDD quietly pilots 'Billion-Yuan Supermarket' | Daily News Recap

BUSY MING

Deep Research

In our previous piece 'How was the PDD of snacks forged?', Dolphin Research unpacked the PDD-style dark horse in the snack space — Mingming Henmang. We detailed its biz model and the core engine powering it: a highly digitalized supply chain.After the buzz, the key question is whether this dark horse still has enough runway for growth. If it goes public soon, can it become a market darling for investors?Cut to the chase. We dive into Snack Busy’s growth potential and its IPO investment case.

Mingming Is Busy: From 10k stores to 10k SKUs — opportunity or trap?

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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

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Li Auto

GraniteShares 2x Long NVDA Daily ETF

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YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Salesforce

Micron Tech

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

The following are the Minutes of the 3Q25 conference call for $PDD(PDD.US) organized by Dolphin Research. For the financial report commentary, please see &#34;Pinduoduo's Embarrassment: Rapid 'Aging,' but No Buyback.&#34; I. Review of Core Financial Information 1. The company's total revenue for this quarter increased by 9% year-on-year to RMB 108.3 billion, mainly driven by growth in online marketing services and transaction services. 2. Revenue from online marketing services and other businesses reached RMB 53.3 billion, up 8% year-on-year; transaction service revenue was RMB 54.9 billion, up 10%...

Impinj

Pinduoduo (Minutes): Still "fierce competition" and "unpredictable performance"

Netease Significantly Increases Pinduoduo Holdings, Shares Surge 149% to 8.87 Million

Pinduoduo Adjusts Logistics and Increases Ads in Southeast Asia

Pinduoduo Invests 10 Billion to Create Xinpinmu, Aiming to Rebuild Self-operated Brand Model

Pinduoduo plans to invest 10 billion yuan to transform its supply chain

France Urges EU to Crack Down on Shein and Temu Platforms

Tencent Holds 13.8% of Shares in Pinduoduo as the Largest Institutional Shareholder

New Jersey Public Pension Fund D Acquired PDD Holdings Inc. ADR in Q4

PDD Holdings reports 13% decline in net income, 9.7% rise in revenue for FY2025

Temu Collaborates with QIMA to Enhance Product Compliance and Safety

Citi Adjusts Prediction and Target Price for PDD

Pinduoduo Announces the Formation of Xinpinmu, Launching a Comprehensive Brand Export Solution

China Universal Asset Management Increases Stake in PDD Holdings Inc.

Temu Wins the Highest Honor in the International Market Category of the 2026 Portugal Recommended Brands Award

SAMR fines Pinduoduo and other e-commerce platforms administratively

China fines seven e-commerce platforms 528 million USD for failing to identify 'ghost stores'

Chinese regulators impose a record $528 million fine on major delivery platforms

SAFETY AUTHORITY HEAVILY PUNISHES SEVERAL E-COMMERCE PLATFORMS FOR “GHOST FOOD DELIVERY”

PDD Holdings Inc sees 3.68% stock price decline, underperforms industry

Pinduoduo Reports 2025 Earnings: Revenue Growth but Profit Slump

Mars Snackfoods Discusses New E-commerce Models and Food Innovation with Pinduoduo

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Wellgistics Health

Huachen AI Parking Management Tech

GeoVax Labs

Sunshine Biopharma

AIM ImmunoTech

Virax Biolabs

NextNRG

GCT Semiconductor

PDD (PDD.US) Q4 2025 and Full Year Earnings Conference Call

PDD (PDD.US) Q3 2025 Earnings Conference Call

PDD (PDD.US) Q2 2025 Earnings Conference Call

PDD (PDD.US) Q1 2025 Earnings Conference Call

PDD (PDD.US) 2024 Fourth Quarter and Full Year Earnings Conference Call

PDD (PDD.US) 2024 Third Quarter Earnings Conference Call

CSCO

AVGO

ANET

QCOM

SNDK

Cisco(CSCO) rose 13.41%, with a trading turnover 8.2 Billion USD, and a year-to-date rose 51.6%. AppLovin(APP) rose 6.97%, with a trading turnover 2.8 Billion USD, and a year-to-date fell 28%. Qualcomm(QCOM) fell 6.14%, with a trading turnover 4.9 Billion USD, and a year-to-date rose 17.7%. Boeing(BA) fell 4.73%, with a trading turnover 4.1 Billion USD, and a year-to-date rose 5.6%.

- The Nasdaq Composite Index rose by 0.88%, with a year-to-date gain of 14.6%.  
- The S&P 500 increased by 0.77%, accumulating a 9.6% rise this year, while the Dow Jones gained 0.75% for a 4.2% increase.  
- Notable stock movements include Cisco, up 13.41% with a total of $8.25 billion traded, and Qualcomm down 6.14% with $4.94 billion in volume, reflecting varied year-to-date performances.

Top Gainers&Losers

Cisco

Broadcom

Brookfield

Arista Networks

Qualcomm

Boeing

Sandisk

Top 5 US Stock Gainers/Losers (>100B) (5.14)

EBIZ

IBUY

SHEIN and Temu are embroiled in a copyright dispute at London's Business and Property Courts, with SHEIN accusing Temu of allowing third-party sellers to use nearly 2,300 stolen product photos. The trial, presided over by Mrs Justice Bacon, will last two weeks. SHEIN seeks damages and removal of the images, while Temu counters that the lawsuit aims to stifle competition and questions SHEIN's ownership of the images. Temu has also filed a counterclaim for damages due to losses from removed listings.

- SHEIN and PDD Holdings' Temu are involved in a copyright theft case in London, where SHEIN accuses Temu of enabling third-party sellers to use approximately 2,300 stolen product photos from its website.  
- SHEIN demands the removal of these images and compensation, claiming Temu actively facilitated the infringement, while Temu denies these allegations, suggesting they are meant to stifle competition.  
- Temu has shifted its legal strategy by dropping the defense against the photo claims and filing a counterclaim for losses incurred from removing product listings due to SHEIN’s court order.

SHEIN and Temu Copyright War Just Got Nasty With a High Court Showdown

PDD(PDD.US)

Top 5 US Stock Gainers/Losers (>100B) (5.14)

SHEIN and Temu Copyright War Just Got Nasty With a High Court Showdown

Shein accuses Temu of 'industrial scale' copyright breaches in UK legal battle

Alibaba Will Report Q4 Earnings on May 13 — Here's Who Owns BABA Stock

M&T Bank Corp Makes New $2.15 Million Investment in PDD Holdings Inc. Sponsored ADR $PDD

Temu Named One of USA TODAY's "Brands Most Trusted by Parents 2026"

07:00 ETTemu Named One of USA TODAY's "Brands Most Trusted by Parents 2026"

40,370 Shares in PDD Holdings Inc. Sponsored ADR $PDD Bought by State of New Jersey Common Pension Fund D