reports
- Jin Yoon
BILI: 1Q25 Flash: Results Top Expectations Driven by Gaming
Total revenues were RMB7.00bn (-9.5% QoQ and +23.6% YoY), above consensus estimates of RMB6.91bn and our expectations of RMB6.92bn. non-GAAP net margin came in at 5.2%, above our estimates of 1.7% and up from (7.8%) in 1Q24. Non-GAAP diluted EPS per ADS came in at RMB0.85, above consensus estimates of RMB0.55 and our expectations of RMB0.27 Analysts: Jin Yoon
PDD Holdings to Report First Quarter 2025 Unaudited Financial Results ...
PDD Holdings to Report First Quarter 2025 Unaudited Financial Results on May 27, 2025 DUBLIN and SHANGHAI, May 20, 2025 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD) today announced that it will report its unaudited financial results for the first quarter ended March 31, 2025, before U.S. markets open on Tuesday, May 27, 2025. The Company’s management will hold an earnings conference call at 7:30 AM ET on May 27, 2025 (12:30 PM IST and 7:30 PM HKT on the same day). The conference call will be webcast live at . The webcast will be available for rep...
Bilibili Inc. Announces First Quarter 2025 Financial Results
Bilibili Inc. Announces First Quarter 2025 Financial Results SHANGHAI, May 20, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights: Total net revenues were RMB7.00 billion (US$965.1 million), representing an increase of 24% year over year. Advertising revenues were RMB2.00 billion (US$275.3 million), representing an increase of 20% year over y...
- Jin Yoon
BABA FY4Q25 Results: Continued Investments in Core Businesses
What’s new: Alibaba’s reported FY4Q25 top-line results that were below consensus and our expectations. CMR growth could continue to be supported by take rate improvement, while Cloud could further accelerate partly driven by AI-related products revs. Margins could be adversely impacted due to continued investments in core businesses. We maintain our PT at USD155. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 4QFY25: Slight earnings miss; CMR delivers be...
Alibaba’s 4QFY25 earnings slightly missed expectations. Revenue grew 7% yoy to Rmb236.5b, in line with the street’s estimate. Non-GAAP net profit rose 22% yoy to Rmb29.8b, missing consensus forecasts, with net margin of 12.6%. CMR revenue growth of 12% yoy exceeded expectations, propelled by the introduction of service fees, take rate improvement and the national subsidies programme. Maintain BUY with a lower target price of HK$165.00 (US$165.00).
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, May 16, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Ge...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
Bilibili Inc. Announces Repurchase Right Notification for 1.25% Conver...
Bilibili Inc. Announces Repurchase Right Notification for 1.25% Convertible Senior Notes due 2027 SHANGHAI, May 13, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 1.25% Convertible Senior Notes due 2027 (CUSIP No. 090040AD8) (the “Notes”) that, pursuant to the Indenture dated as of June 2, 2020 (the “Indenture”) relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trus...
Bilibili Inc. to Report First Quarter 2025 Financial Results on Tuesda...
Bilibili Inc. to Report First Quarter 2025 Financial Results on Tuesday, May 20, 2025 Earnings Call Scheduled for 8:00 a.m. ET on May 20, 2025 SHANGHAI, May 06, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its first quarter 2025 unaudited financial results on Tuesday, May 20, 2025, before the open of U.S. markets. The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 20...
- Greater China Research Team
Greater China Alpha Picks: May Conviction Calls
The HSI and MSCI China index fell 4.3% mom and 5.2% mom respectively in April, driven by Trump’s tariff announcements in early-April and fears of a potential global recession. Due to the ongoing external uncertainties, we will maintain our exposure to domestic policy beneficiaries and defensive sectors. New additions to our BUY list are Alibaba, Innovent, Shuanghuan, and Trip.com, and we take profit of CR Land and JBM Healthcare.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
09961 CTRIP.COM INTERNATIONAL
PDD Holdings Files Annual Report on Form 20-F for Fiscal Year 2024
PDD Holdings Files Annual Report on Form 20-F for Fiscal Year 2024 DUBLIN and SHANGHAI, April 28, 2025 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD) today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (“SEC”) on April 28, 2025. The annual report can be accessed on the Company’s investor relations website at as well as the SEC’s website at . The Company will provide a hard copy of its annual report containing the audited consolidated financial stat...
- Jin Yoon
Bilibili Inc. to Hold Annual General Meeting on June 20, 2025
Bilibili Inc. to Hold Annual General Meeting on June 20, 2025 SHANGHAI, April 11, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today published a circular (the “AGM Circular”) to provide shareholders with information on the proposals that will be put forward at the Company’s annual general meeting of the shareholders (the “AGM”) for shareholders’ approval and a notice of the AGM (the “AGM Notice”). The AGM will be held at Building 3, Guozheng Center, No. 485 ...
Bilibili Publishes 2024 Environmental, Social and Governance Report
Bilibili Publishes 2024 Environmental, Social and Governance Report SHANGHAI, April 09, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it has published its 2024 Environmental, Social and Governance ("ESG") Report, available on the Company’s investor relations website at . The initiatives and achievements outlined in the report demonstrate Bilibili’s long-standing dedication to creating social value and sustainable development that benefits...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
Bilibili Inc. Files Its 2024 Annual Report on Form 20-F
Bilibili Inc. Files Its 2024 Annual Report on Form 20-F SHANGHAI, March 25, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (the “Company” or “Bilibili”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (“SEC”) on March 25, 2025. The annual report in electronic format is accessible on the Company’s investor relations website at as well as on the SEC’s website. For those who prefer hard copi...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Monetisation potential and trends of AI agent from the...
Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT.
- Julia Pan Mengyao
- Ming San Soong
PDD Holdings (PDD US): 4Q24: Earnings largely in line; revenue miss on...
PDD’s 4Q24 results were below expectations. Revenue increased 24% yoy to Rmb110.6b, missing consensus estimates by 5%, dampened by softer-than-expected online ad revenue growth. Non-GAAP net profit grew 17% yoy to Rmb29.9b, 4% above consensus estimate. Non-GAAP net margin shrank 2ppt to 27%. Looking ahead, PDD expects its top-line growth to continue being impacted by its merchant support strategy and profitability should remain under pressure. Maintain BUY. Target price: US$140.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, March 21, 2025
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/BUY/HK$52.05/Target: HK$57.70) AAC’s 2H24’s earnings grew 114% yoy which exceeded expectations, thanks to a solid beat in the precision mechanics business, although this was partially offset by weaker margins from the optics and MEMs businesses. Nevertheless, we continue to expect solid revenue growth and margin expansion in 2025, driven by increasing exposure from the automotive acoustics business and edge AI-related components. Upgrade to BUY ...
PRU PRUDENTIAL PLC
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01177 SINO BIOPHARMACEUTICAL LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2232 PINDUODUO PDD US
CRYSTAL INTERNATIONAL GROUP LTD
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