Core Viewpoint - OBOOK Holdings Inc. (OwlTing) emphasizes a long-term value creation strategy in the blockchain industry, focusing on building a reliable financial infrastructure rather than pursuing short-term gains [1][20]. Group 1: Company Philosophy - The company aims to solve real-world problems related to money transfer, highlighting the disparity between the speed of information and money movement [4][6]. - OwlTing prioritizes compliance and technology, believing that operating within regulatory frameworks is essential for building trust in financial systems [5][8]. - The company’s long-term vision is inspired by successful models like Amazon, focusing on sustainable growth and competitive barriers [7][8]. Group 2: Recent Developments - Over the past five years, OwlTing has chosen a slower, more deliberate approach to development, focusing on building a solid foundation rather than chasing visibility [10]. - In 2025, the company further slowed its pace to strengthen its infrastructure, dedicating resources to partnerships and compliance [11][14]. - Key integrations include partnerships with Visa Direct and the Circle Payments Network, enhancing the usability of stablecoins in financial workflows [12][13]. Group 3: Future Focus - For 2026, OwlTing plans to lower barriers to stablecoin access, aiming to improve user experience without complicating the underlying technology [16][18]. - The company emphasizes disciplined cost management and the importance of hiring exceptional talent to drive long-term shareholder value [17]. - OwlTing's goal is to enable businesses and consumers to benefit from stablecoins through familiar tools, enhancing settlement speed and cost efficiency [18]. Group 4: Company Background - OBOOK Holdings Inc. operates as OwlTing Group, with a diversified ecosystem across payments, hospitality, and e-commerce, and is recognized as a top player in the stablecoin market [21].

Core Insights - MercadoLibre has delivered strong long-term performance, ranking as the 35th best stock over the past decade with an annualized return of 32% [1] - The stock has increased over 100% in the last three years, outperforming the S&P 500's 64% gain, although it has declined over the past year [2] - Revenue growth has been significant, with a nearly 4,000% increase over the past decade, indicating strong long-term value creation [3] Long-term Value Creation - Successful long-term stock performers are often high-growth companies, and MercadoLibre exemplifies this with substantial revenue and profit growth [3][5] - The company's revenue has reached $26 billion, growing at nearly 40% in the most recent quarter, while maintaining profit margins around 10% [9] - Operating margins have improved after a dip due to investments in logistics, showcasing a recovery in profitability alongside revenue growth [5] Short-term Market Dynamics - Despite long-term growth potential, MercadoLibre's stock has faced a decline over the past year, highlighting the volatility of stock prices in shorter time frames [7] - Investor sentiment can significantly influence stock prices, leading to fluctuations that may not align with the company's fundamental performance [7] - The ability to sustain profitable growth will be crucial for future shareholder returns, as indicated by the current market conditions [8] Future Outlook - MercadoLibre is positioned to continue delivering profitable growth, which could enhance stock returns and mitigate recent underperformance [10]

Group 1 - Triba Research aims to identify high-quality businesses that can deliver sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes finding companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and having skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest developments in the market [1]

Financial Performance - PDD Holdings' revenue grew by 7% year over year, reaching approximately 104 billion yuan ($14.5 billion) in the second quarter [2] - The company's operating profit fell by 21% year over year during the same period [2] - This revenue growth was reported as the slowest pace in years, although it exceeded analysts' expectations for the first time in four quarters [3] Strategic Focus - Executives emphasized that PDD Holdings is prioritizing long-term impact over short-term results, indicating a commitment to sustained investments [3] - The company is investing in merchant support initiatives, which may continue to affect short-term profitability [3] Market Challenges - PDD Holdings faces challenges from fluctuating Chinese consumption, escalating U.S. tariffs, and the elimination of the U.S. de minimis tax loophole that previously benefited Temu and other discount retailers [4] - Following the end of the de minimis exemption on May 2, Temu experienced a significant drop of 58% in daily U.S. visitors to its eCommerce platform [5] - Temu has paused and then resumed U.S. advertising spending while attempting to attract third-party sellers with lower fees and incentives [5]

Financial Data and Key Metrics Changes - In Q2 2025, total revenues increased by 7% year over year, driven by growth in online marketing services and transaction services [23] - Operating profit declined by 21% year over year, reflecting the company's commitment to long-term investments over short-term financial results [6][28] - Non-GAAP operating profit margin decreased to 27% from 36% in the same quarter last year [28] - Net income attributable to ordinary shareholders decreased by 4% year over year [28] Business Line Data and Key Metrics Changes - Revenues from online marketing services increased by 30% year over year [24] - Revenues from inspection services grew by 1% compared to the same quarter last year [24] - Significant investments in merchant support initiatives impacted revenue growth and profit margins [14][51] Market Data and Key Metrics Changes - The company observed a 40% growth in order numbers from remote regions due to logistic support initiatives [7] - The June 18 shopping festival saw record sales across multiple categories, indicating strong consumer demand [10][67] Company Strategy and Development Direction - The company launched a RMB100 billion support program to enhance the merchant ecosystem and prioritize long-term value creation [5][14] - Focus on high-quality growth by investing in consumer experience and merchant services [11][21] - Commitment to exploring new business models and markets to navigate complex business environments [10][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the rapid changes in the external environment and the need for substantial investments to support merchants [5][11] - The company expects fluctuations in profitability due to ongoing investments and competitive pressures [39][63] - Confidence in the resilience of China's consumer market, with steady growth in retail sales and online penetration [65] Other Important Information - The company is actively engaging with agricultural regions and manufacturing belts to provide tailored support to merchants [16][19] - The Doudu grocery business is viewed as a long-term investment despite challenges faced by competitors [52][56] Q&A Session Summary Question: Insights on revenue growth rate narrowing and competitive dynamics - Management noted intensified competition leading to slower revenue growth and a decline in operating profit, emphasizing a long-term investment approach to strengthen the ecosystem [36][38] Question: Future directions for global business and growth opportunities - Management highlighted the need for continuous investment in supply chain capabilities and localized operations to adapt to changing consumer demands and regulatory requirements [41][42] Question: Key changes observed since the launch of the RMB100 billion support program - Management reported early positive effects in agriculture and manufacturing sectors, with a focus on reducing operating costs for merchants [49][51] Question: Company's view on the Doudu grocery business - Management expressed commitment to increasing investments in the grocery business, focusing on supply chain improvements and meeting consumer demand for fresh produce [53][56] Question: Stability of profit margins and consumer demand trends - Management indicated that Q2 profits benefited from e-commerce seasonality and that future profitability may fluctuate due to ongoing investments [61][63]

Group 1 - Triba Research aims to identify high-quality businesses that can deliver sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes finding companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and having skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest developments in the market [1]

Core Insights - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and led by skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest market developments [1] Company Strategy - Focus on uncovering businesses with sustainable growth potential [1] - Emphasis on competitive advantages and low debt levels [1] - Importance of skilled and aligned management teams in driving company success [1] Market Positioning - Targeting companies in growing markets to maximize investment returns [1] - Long-term value creation is the primary goal, indicating a strategic approach to investment rather than short-term gains [1]

Business Strategy & Restructuring - Paramount aims to restructure its business for greater efficiency and invest in growth areas like studios, streaming, and sports [3] - The company is focused on long-term value creation rather than short-term stock price management [4] - Paramount needs to become a scaled streaming service to replace its cable business, requiring investment in content and technology [6] Financial Performance & Synergies - Paramount has announced $2 billion in synergies and expects to significantly exceed that number [2] - Cutting costs alone is not a viable growth strategy [3] Streaming Service (Paramount Plus) - Paramount Plus has approximately 77 million subscribers and is considered subscale [7] - The company aims to improve the user experience and tech stack of Paramount Plus to increase engagement [9][10] - Increasing engagement on Paramount Plus requires more content and a better platform [10] Content & Partnerships - Paramount's content engines, including those from Skyens, have contributed significantly to top original content rankings [9] - The company highlights the quality of its content, particularly mentioning Taylor Sheridan's work and sports partnerships with the NFL [8] Linear TV - Broadcast, particularly CBS, is not declining as rapidly as cable [5] - Cable is being replaced by direct-to-consumer services [6]

Company Overview - Tradeweb Markets Inc. operates in a critical financial infrastructure sector and holds over 20% market share in an oligopolistic industry characterized by low disruption risk [1] Investment Strategy - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term, focusing on companies with strong competitive advantages, low debt levels, and effective management teams [2]

Company Overview - GitLab is a U.S.-based company that provides an end-to-end software development platform, with 81% of its revenues coming from U.S. accounts, 16% from Europe, and 2% from Asia Pacific [1] Competitive Position - The company's DevSecOps platform differentiates itself from its main competitor, although specific details on the differentiation are not provided in the text [1]