I'm talking about Pop Mart now. Oh, no. I mean, that's I know where this is going.Oh, he's got to talk about it, right. Huge numbers rise out of a huge revenue and profit growth, boosted, of course, by the global demand for its hugely popular Labubu doll. That's a lot of huge in one sentence.Let's bring in our China correspondent Minmin Low to walk us through some of the key highlights of those results. Minmin. Yes, traders had really sky high expectations for the company, but not only met them, but beaten ...

Financial Data and Key Metrics Changes - The group reported full year revenue of $430.5 million, reflecting an 8% year-on-year growth, exceeding updated guidance [10][2] - Group EBITDA reached $43.2 million, up 9% from the previous year, with cash conversion for the year at 96% [10][11] - The total dividends for the year increased to $0.14, up $0.02 from the previous year, resulting in a dividend yield of 7.8% [11][12] Business Line Data and Key Metrics Changes - Australian revenue increased by 6.4% year-on-year to $350.6 million, driven by strong demand for floral products in the supermarket channel [12][5] - China's revenue grew by 18% year-on-year to $101 million, primarily due to strong performance in the tulip category and increased export volumes [15][16] - EBITDA for Australia was $33.5 million, up 8.1% year-on-year, while China's EBITDA improved by 12.7% to $9.7 million [13][16] Market Data and Key Metrics Changes - In Australia, revenue growth for the first seven weeks of the new financial year was up 4%, indicating positive momentum for floral products [22] - In China, revenue for the first seven weeks of FY '26 was down 14% due to adverse weather conditions affecting volume [24] Company Strategy and Development Direction - The company is focusing on efficiency projects and the relocation of its West Australian site, with plans for modest capacity expansion in China [23][24] - The group has entered into a scheme of implementation agreement with Hasfarm Holdings Limited for acquisition, with shareholders set to receive $2.24 per share [4][10] Management's Comments on Operating Environment and Future Outlook - Management noted steady improvement in consumer demand and confidence, although demand remains patchy outside of event windows [4][6] - The outlook for Australian revenue growth remains positive, while China's performance is closely tied to consumer confidence and spending recovery [26][22] Other Important Information - The company is investing in automated bouquet lines to improve efficiency and has made progress on its ERP system upgrade [6][14] - The impact of the Queensland cyclone in March resulted in an estimated lost revenue of around $2 million [14] Q&A Session Summary Question: How goes the seller return mix, and are you seeing better grocery engagement? Is shrink under control? - Management expressed satisfaction with waste levels and noted an increase in seller return mix from 26% to 29% [28][30] Question: How has progress in new farms in China gone? Any risk of displacement of existing farms, and does the ROIC still stack up? - Management indicated that they are not pursuing new farms currently but are making modest adjustments to existing production [31][32] Question: What have you assumed regarding repricing in the Australian margin comments? - Management clarified that pricing in Australia is less relevant for margin attainment, focusing instead on maintaining target margin rates [34] Question: Bid price is materially below the IPO price. How was the price set? - Management refrained from commenting on valuation but noted that an independent expert will assess the bid [36][37]

Core Viewpoint - Lazard Ltd. (LAZ) has outperformed its peers and the industry with a 19% share price increase over the past three months, driven by solid revenue growth, strategic initiatives, and cost management efforts [1][8]. Revenue Growth - Lazard has achieved a compound annual growth rate (CAGR) of 7.9% in revenues over the past four years, with continued momentum into the first half of 2025, primarily due to growth in financial advisory revenues and a diversified asset management mix [4]. - The company aims to double its revenues by 2030 while targeting an average annual shareholder return of 10-15% [5]. Asset Management Expansion - As of July 31, 2025, Lazard's preliminary assets under management (AUM) stood at $253.7 billion, reflecting a 3.1% increase from the previous year, supported by net inflows and market appreciation [9]. - The acquisition of Truvvo Partners in 2023 added $3.8 billion in AUM, and a partnership with Elaia Partners in 2024 introduced new asset management services focused on private market solutions in the technology sector [10]. Cost Management - Lazard is implementing disciplined cost management to restore historical profitability, targeting a compensation ratio of 60% or below and a non-compensation ratio between 16% and 20% [11]. - The company has seen a decrease in non-compensation expenses in recent years, contributing to improved margins [11]. Return on Equity - Lazard reported a trailing 12-month return on equity (ROE) of 34.33%, significantly higher than the industry average of 8.73%, indicating strong operational efficiency [12]. Earnings Projections - Earnings are projected to grow by 7.69% in 2025 and 54.10% in 2026, with recent upward revisions in earnings estimates reflecting positive analyst sentiment [13]. - Current earnings estimates for 2025 and 2026 have been adjusted upward, indicating encouraging prospects for the company [14]. Valuation - Lazard is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 15.85X, which is lower than the industry average of 20.56X, making it an attractive investment opportunity [16]. - The company’s strong fundamentals and upward estimate revisions further enhance its appeal for long-term investors [19].

Core Insights - Stryker Corporation has successfully reaccelerated revenue growth, both organic and overall, while also driving margin expansion, which has led to an expanded valuation multiple [1] Group 1 - The management of Stryker Corporation has managed to reaccelerate revenue growth [1] - The company has achieved margin expansion [1] - These improvements have contributed to an expanded multiple for the company [1]

Financial Performance - Black Rock Coffee Bar filed for an initial public offering [1] - The company is experiencing growing revenue [1] - The company is experiencing narrowing losses [1]

Core Viewpoint - The recent sell-off of Snap's shares, while alarming, does not fully reflect the company's underlying strengths and potential for recovery [1][10]. Financial Performance - Snap reported second-quarter revenue of $1.345 billion, a 9% increase year-over-year [4]. - Daily active users (DAUs) rose 9% to 469 million, and monthly active users (MAUs) increased 7% to 932 million [5]. - Operating cash flow reached $88 million, and free cash flow was positive at $24 million, a significant improvement from the previous year [5]. Challenges and Losses - Despite the positive growth metrics, Snap posted a net loss of $263 million, which is wider than the $249 million loss from the same quarter last year [5]. - An advertising platform glitch early in the quarter negatively impacted performance, but recovery in advertiser activity was noted after the issue was addressed [6]. Growth Drivers - "Other revenue," primarily from subscriptions like Snapchat+, grew 64% year-over-year, with Snapchat+ subscribers increasing by approximately 42% to nearly 16 million [6]. - Sponsored Snaps, a new ad format, showed promising engagement metrics, including a 2x increase in conversion rates and a 5x increase in click-to-convert ratios [7]. Future Outlook - Management has guided for continued top-line growth in Q3, supported by the fast-growing subscription business and recovering advertising revenue trends [8]. Valuation Concerns - Despite positive trends, Snap's valuation remains a concern due to its reliance on equity dilution and high stock-based compensation, projected to exceed $1.1 billion for the full year [9]. - The company executed a $243 million share repurchase, but dilution continues to affect per-share value [9]. Investment Consideration - While the stock may not yet be a bargain, the combination of growing subscription revenue, improved cash flow, and an engaged user base makes Snap an interesting prospect for investors [11].

Core Viewpoint - Sea Limited has successfully turned around its business, showing significant growth and profitability across all segments, leading to a substantial increase in stock value. Group 1: Company Performance - At the end of 2022, Sea Limited faced challenges with only 7% revenue growth and a net loss of $1.7 billion, primarily due to struggles in its digital entertainment segment [2] - In 2024, Sea reported a 28% increase in overall revenue and a profit of $448 million, indicating a strong recovery [3] - The second quarter of 2025 showed even better results, with gross profit up 50% year over year and net income rising from $79.9 million to $414.2 million [5] Group 2: Business Segments - Sea's e-commerce platform, Shopee, achieved 34% year-over-year revenue growth, while the Monee financial service business saw loan principal balances increase by 94% [6] - The Garena digital entertainment platform experienced a 23% growth in bookings, with management forecasting a 30% growth for the full year [6] Group 3: Financial Health - Sea's adjusted EBITDA grew by 85%, and the company now holds $10.6 billion in cash on its balance sheet, reflecting improved financial health [5] - The non-performing loan ratio for the Monee platform is at a low 1%, indicating effective risk management [6] Group 4: Market Position and Valuation - Sea Limited's stock trades at about 45 times forward earnings expectations, which may be justified given the nearly 40% revenue growth and expanding margins [7] - As the leading e-commerce platform in Southeast Asia, Shopee has significant potential for customer relationship development, similar to Amazon's evolution [8] - The company has become more efficient, growing rapidly without excessive capital burn, suggesting continued upside potential [9]

Core Viewpoint - Lululemon's stock has significantly declined, trading down 64% from all-time highs, primarily due to increased competition in the athleisure market and slowing revenue growth in North America [2][4]. Group 1: Revenue Growth and Market Position - Lululemon's revenue growth has slowed to 7.32%, marking a five-year low, following a pandemic-driven boom in athleisure [4]. - Despite the overall decline in athleisure spending, Lululemon has managed to grow 4% year over year in constant currency in North America [5]. - The company has maintained high profit margins, with an operating margin above 23% over the last 12 months, close to a five-year high [6]. Group 2: Management Strategy and Capital Allocation - Lululemon is focusing on international expansion, with revenue in mainland China growing at 22% year over year, and is launching its first flagship store in Milan [7]. - The company has repurchased $1.77 billion in stock over the last 12 months, equating to 8% of its current $22 billion market cap, which is expected to enhance earnings per share (EPS) growth [8]. Group 3: Valuation and Future Outlook - Lululemon's stock trades at a price-to-earnings (P/E) ratio of 12.6, a five-year low, significantly lower than its P/E ratio of 90 in 2021 [10]. - Even with single-digit revenue growth, stable margins and a robust buyback program can lead to double-digit EPS growth over the long term [11]. - The current valuation presents an appealing opportunity for investors confident in Lululemon's ability to capture market share in athleisure and expand internationally [12].

Efficiency and Productivity - Companies like Palantir and Shopify are demonstrating that a large workforce isn't always necessary for success [1] - Shopify's revenue has increased by 91% since its peak employee count in 2022 [1] - Shopify's employee count decreased from 11,600 to 8,100 while revenue increased [2] Leadership and Strategy - Ruthlessness is essential for success in the B2B sector [2] - Predicting market behavior is considered an unknowable task [1]

Financial Data and Key Metrics Changes - In Q2 2025, total revenues reached $104 million, reflecting a year-over-year increase of 30.6 [12][18] - Net income surged to $727.4 million compared to $2.5 million in Q2 2024, primarily due to increased other income [18] - Non-GAAP net income was $8.3 million, up from $3.2 million in the same period last year [19] Business Line Data and Key Metrics Changes - Subscription business revenue was $36.4 million, a 10.5% increase year-over-year, with subscribers reaching 6.4 million [7][13] - Live streaming and other services generated $37.6 million, marking an 85.5% year-over-year growth, driven by overseas expansion and advertising revenue from the acquisition of Hupu [8][14] - Cloud computing revenue increased to $30 million, a 13.6% rise year-over-year, attributed to recovering demand from major clients [9][14] Market Data and Key Metrics Changes - The acquisition of Hupu contributed approximately $3.2 million to total revenues in June 2025, with expectations for further contributions in upcoming quarters [24] - The overseas live streaming business alone experienced a growth rate of about 80.3% when excluding Hupu's contribution [24] Company Strategy and Development Direction - The successful acquisition of Hupu is expected to enhance community-driven content and advertising strategies, creating new growth opportunities [6][9] - The company aims to deepen its presence in international markets and improve user engagement through continuous feature enhancements [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial flexibility gained from the IPO of Arashi Vision Inc, which will support core business strengthening and investments in high-growth markets [10][11] - The company anticipates total revenues for 2025 to be between $116 million and $124 million, indicating a quarter-over-quarter increase of approximately 15.4% [21] Other Important Information - Research and development expenses were $18.4 million, representing 17.7% of total revenues, while sales and marketing expenses increased significantly to $21.6 million [15][16] - The company has authorized a stock repurchase plan of up to $20 million, with $6.5 million spent on buybacks as of June 2025 [20] Q&A Session Summary Question: Breakdown of live streaming and other services - The live streaming and other services revenue was $37.6 million, with Hupu contributing about $3.2 million in June, leading to an 80.3% growth rate for overseas live streaming when excluding Hupu [24] Question: Performance of main business segments - The subscription business is profitable, while live streaming and cloud computing are still in the growth stage and currently losing money [28][29]