Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Insights - In FY2025Q3, the company achieved revenue of $2.57 billion, a year-on-year increase of 7%, exceeding market expectations (Bloomberg consensus forecast of $2.48 billion) [2][6] - Gross margin decreased by 2.9 percentage points to 55.6%, primarily impacted by rising tariffs, increased discounts, and foreign exchange losses [2][6] - Operating profit margin fell by 3.5 percentage points to 17.0%, while net profit decreased by 13% to $310 million, with a net profit margin of 12.0%, down 2.7 percentage points year-on-year [2][6] Revenue Breakdown - By region, FY2025Q3 revenue for the U.S./North America/Greater China was $1.38 billion/-2% /$1.73 billion/-3% /$510 million/+42%, with Greater China benefiting from e-commerce growth and offline store expansion, while North America faced pressure due to weak store traffic, declining average transaction value, and lower conversion rates [7] - By channel, FY2025Q3 revenue from direct sales/e-commerce was $1.21 billion/+$0.107 billion/+13%, with direct sales growth slowing sequentially, while e-commerce maintained strong growth [7] - By category, FY2025Q3 revenue for women's/men's/other products was $1.64 billion/+6% /$600 million/+8% /$320 million/+12%, showing steady performance across categories [7] Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 11% year-on-year to $2 billion, with expectations for unit inventory growth in FY2026Q4 and dollar inventory growth in double digits year-on-year [12] - The company slightly raised its full-year guidance, expecting FY2025 revenue of $10.962 to $11.047 billion, a year-on-year increase of 4% (previous guidance was $10.85 to $11 billion, a 2% to 4% increase) [12]

专题：聚焦2025年第三季度美股财报 核心要点 2025 年 10 月 16 日，美国加利福尼亚州南旧金山市，一栋玻璃幕墙办公大楼外墙上的辉瑞标识，与天空倒影相映 成景。 辉瑞于本周二发布 2026 年业绩指引，整体基调趋于保守。面对新冠相关产品销售额下滑及老药收入缩 水的双重压力，公司计划通过对管线资产进行长期投资来扭转局面。 对于辉瑞而言，上述挑战既非突发状况，也算不上新问题。疫情期间，辉瑞凭借新冠疫苗与抗病毒药物 斩获创纪录营收，但此后相关产品销售额便大幅下滑。为打造新的收入来源，辉瑞近年来频频出手，达 成多笔规模不一的并购交易，例如近期刚刚完成的、以 100 亿美元收购肥胖症生物科技公司梅瑟拉的交 易，以及 2023 年斥资 430 亿美元收购抗癌药企西格玛的重磅并购案。 然而，本次业绩指引清晰地表明，这些投资项目距离产生回报仍有较长的路要走。以梅瑟拉为例，其旗 下管线药物目前仍处于早期研发阶段。 在周二交易中，辉瑞股价基本持平。该公司股价今年以来整体也未出现明显波动。 辉瑞预计，2026 年调整后每股收益区间为 2.80-3.00 美元。根据路孚特的数据，这一数值略低于分析师 普遍预期的 3.05 ...

Uh, meantime, Lululemon earnings are out. Courtney Reagan has details from the report. Court.>> Yeah, John. And before I give you the details from the report, I have to let you know that CEO Kevin McDonald will be stepping down from Lululemon. There is going to be an extensive search, but in the meantime, the current CFO and chief commercial officer will step in to run as effective co-CEOs until a permanent successor has been named.McDonald has been with the company since 2018. And of course, as we've talke ...

据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 ...

Core Insights - Donaldson Company, Inc. reported strong first-quarter fiscal 2026 results, with sales increasing by 3.9% year over year to $935.4 million, surpassing the consensus estimate of $922.9 million [1] - GAAP net earnings rose to $113.9 million (97 cents per share) from $99.0 million (81 cents per share) in the previous year, while adjusted EPS was 94 cents, exceeding the consensus of 92 cents [1] Financial Guidance - The company raised its fiscal 2026 guidance for adjusted EPS to a range of $3.95-$4.11, compared to the previous range of $3.92-$4.08, and above the consensus of $4.01 [2] - Sales growth guidance was revised to 1%-5% year over year, up from the earlier guidance of 1%-3%, with an expected pricing benefit of around one percentage point [2] Market Performance - CEO Tod Carpenter highlighted that the company gained market share in key businesses and increased replacement part sales, achieving a 13% growth in adjusted EPS from a 4% sales growth [3] - Following the earnings announcement, Donaldson shares dipped by 1.8%, trading at $92.16 [3] Analyst Ratings - Baird analyst Richard Eastman maintained an Outperform rating on Donaldson and raised the price target from $96 to $100 [6] - Stifel analyst Adam Farley maintained a Hold rating and increased the price target from $90 to $96 [6]

Core Viewpoint - Chow Tai Fook's stock has declined over 3%, currently trading at HKD 13.82, with a trading volume of HKD 218 million [1] Financial Performance - For the six months ending September 30, 2025, Chow Tai Fook reported a revenue of HKD 38.986 billion, a year-on-year decrease of 1.07% [1] - The company's profit attributable to shareholders was HKD 2.534 billion, reflecting a year-on-year increase of 0.16% [1] - The gross profit margin narrowed by 0.9 percentage points to 30.5% compared to the previous year [1] Market Expectations - According to Daiwa's report, Chow Tai Fook's revenue and net profit for the first half of the 2026 fiscal year were 2% to 3% lower than market expectations [1] - Despite the lower-than-expected performance, Daiwa believes that the positive factors in the results outweigh the negatives [1] - The company has increased its dividend payout ratio and per-share dividend, while also raising its earnings guidance for the second half of the 2026 fiscal year, which Daiwa considers conservative [1]

Core Viewpoint - Daiwa has raised its earnings per share forecast for Chow Tai Fook (01929) for the years 2026 to 2028 by 2% to 5%, and increased the 12-month target price from HKD 15.5 to HKD 18, maintaining a price-to-earnings ratio of 18 times and reiterating a "Buy" rating [1] Financial Performance - Chow Tai Fook's revenue and net profit for the first half of the fiscal year ending September 2026 were 2% to 3% lower than market expectations, but the company believes that positive factors outweigh negative ones [1] - The company has increased its dividend payout ratio and per-share dividend, while also raising its guidance for the second half of the fiscal year 2026, which Daiwa considers conservative [1] Gold Price Impact - During the first half of fiscal year 2026, the price of gold increased by 40% year-on-year, leading to a hedge loss of approximately HKD 3.1 billion [1] - If gold prices remain at the current level (approximately USD 4,100 per ounce) before the end of fiscal year 2026, an estimated additional hedge loss of about HKD 2 billion is expected in the second half of the fiscal year [1] - However, higher gross margins are anticipated to offset these impacts, with management raising its gross margin guidance to 31% to 32% following a significant retail price increase, including a 20% price hike on gold products [1] Sales Growth Outlook - Management has maintained its previous guidance for revenue and same-store sales growth in the low single digits and mid-single digits, but Daiwa believes this is overly conservative, expecting a low double-digit growth in same-store sales for the first three quarters [1]

Core Points - StubHub, one of the largest ticket sales platforms in the U.S., has decided not to provide performance guidance, indicating potential concerns about its performance and market demand [2] - The company reported a net loss of $1.3 billion in Q3, which includes approximately $1.4 billion in expenses related to stock grants to employees during its IPO [2] - StubHub's revenue for the quarter was $468 million, an 8% increase compared to the same period last year when it was still a private company [2] - The total gross merchandise value (GMV) for StubHub was $2.4 billion, reflecting an 11% year-over-year growth; excluding the impact of Taylor Swift's record-breaking "Eras Tour" ticket sales from the previous year, the growth would be 24% [2] - Analysts from JPMorgan downgraded StubHub's target stock price from $24 to $22, interpreting the lack of current quarter guidance as a sign of weak performance; however, they remain bullish on the stock due to sales growth and market share gains shown in the Q3 report [2] Stock Performance - Following the release of its first quarterly report post-IPO, StubHub's stock price dropped significantly [3] - The company did not provide a forecast for the current quarter and plans to offer guidance for 2026 in the next earnings report [3] - StubHub's stock price fell approximately 25% in recent trading, reaching around $14, marking its lowest level since the IPO in September [3] - CFO Connie James informed investors during the earnings call that the company plans to release its Q4 results along with the 2026 outlook in about three months [3]

Core Insights - CNH Industrial reported third-quarter 2025 adjusted earnings per share (EPS) of 8 cents, down from 24 cents in the prior-year quarter, and missed the Zacks Consensus Estimate of 13 cents [1][9] - Consolidated revenues declined nearly 5% year over year to $4.4 billion but exceeded the Zacks Consensus Estimate of $4.3 billion [2][9] Segment Performance - Agriculture segment net sales fell 10% year over year to $2.96 billion, slightly beating the estimate of $2.93 billion, with adjusted EBIT down 59% to $137 million, missing the estimate of $195.2 million [3] - Construction segment sales rose 8% year over year to $739 million, surpassing the estimate of $653.2 million, but adjusted EBIT decreased 65% to $14 million, missing the estimate of $18.4 million [4] - Financial Services segment revenues increased 4% to $684 million, exceeding the estimate of $644.2 million, but net income fell from $78 million to $47 million [5] Financial Details - As of September 30, 2025, cash and cash equivalents were $2.3 billion, down from $3.19 billion at the end of 2024, while total debt increased to $27.13 billion from $26.88 billion [6] - Net cash provided by operating activities was $659 million, compared to $791 million in the prior year [6] - Free cash outflow from industrial activities was $188 million, slightly higher than the $180 million outflow in the third quarter of 2024 [7] Updated Guidance for 2025 - Agriculture sales are now expected to decrease 11-13% year over year, an improvement from the previous estimate of a decline of 12-20% [8] - Adjusted EBIT margin for the Agriculture segment is now expected to be between 5.7% and 6.2%, down from the previous estimate of 7-9% [8] - Construction segment sales are expected to decrease 3-5% year over year, better than the previous estimate of a decline of 4-15% [8] - Free cash flow from industrial activities is now expected to be between $200 million and $500 million, up from the previous estimate of $100 million to $500 million [10]

Core Insights - WEX Inc. reported strong third-quarter 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, but weak fourth-quarter guidance led to a 3.6% decline in share price post-earnings release [1][3]. Financial Performance - Adjusted earnings per share for Q3 were $4.59, surpassing estimates by 3.2% and increasing 5.5% year-over-year [3][8]. - Total revenues for Q3 reached $692 million, beating consensus estimates by 1.4% but declining 4% compared to the previous year [3][8]. Segment Performance - The Mobility segment generated revenues of $360.8 million, a 1% increase year-over-year, exceeding estimates [4]. - The Corporate Payments segment reported revenues of $132.8 million, a 4.7% increase from Q3 2024, but fell short of estimates [4]. - The Benefits segment saw revenues rise by 9.2% year-over-year to $198.1 million, beating estimates [4]. Operating Results - Adjusted operating income decreased by 6.7% to $273.5 million year-over-year but exceeded estimates [5]. - The adjusted operating margin was 39.5%, surpassing estimates but down 450 basis points from the previous year [5]. Balance Sheet & Cash Flow - WEX ended the quarter with cash and cash equivalents of $812.9 million, up from $595.8 million at the end of December 2024 [6]. - Long-term debt increased to $3.72 billion from $3.08 billion in December 2024 [6]. - The company reported a cash outflow of $159.6 million from operating activities, with adjusted free cash flow at $166.2 million [6]. Guidance - For Q4 2025, WEX expects revenues between $646 million and $666 million, with the midpoint below the Zacks Consensus Estimate [2]. - For the full year 2025, revenues are projected between $2.63 billion and $2.65 billion, with the midpoint also below analyst estimates [7]. Adjusted net income per share guidance is set between $15.76 and $15.96, again below consensus [7].