证券研究报告 渣打集团 (2888 HK) 港股通 25Q4 净利息收入（NII）环比 25Q3 提升 8%，主要源自 25Q4 HIBOR 的暂 时性利好。25Q4 净息差 2.09%，环比 25Q3 提升 15bp。25Q4 生息资产收 益率 4.40%，环比 Q3 下滑 12bp，25Q4 计息负债成本率 2.16%，环比 Q3 下滑 25bp。25A 净利息收入同比上升 1%至 112 亿美元。公司指引 2026 年净利息收入或同比持平。分地区看，25A 中国香港、中国内地、新加坡、 韩国税前利润（经调口径）分别同比+40%、-24%、+39%、-24%，中国香 港及新加坡地区业绩保持快速增长。 财富管理优异，环球市场波动 25Q4 非净利息收入同比 24Q4 提升 2%，环比 25Q3 下降 21%，部分财富 方案业务及环球银行业务的增长被环球市场业务的非经常性收入减少所抵 销。 分业务看， 25Q4 环球 银行 /环球市场 /财富方 案收入分别同 比 +9%/-15%/+20%。环球市场业务波动主因偶发性项目减少。25A 非净利息 收入同比上升 13%至 97 亿美元，主要由财富方案业务、环球银行 ...

Q4 & FY 2025 Results Presentation 24 February 2026 2025 key highlights: Accelerating delivery on our strategy 2024-2026 plan achieved a year early Three-year 5-7% income CAGR achieved within two years, with ~20% income growth from 2023 to 2025 Positive income-to-cost jaws1 achieved in both 2024 and 2025 FY'25 underlying RoTE of 14.7%, exceeding the upgraded guidance of ~13% ~$9.1bn shareholder distributions announced since Feb'24; exceeding the target of at least $8bn Upgraded 3-year plan achieved a year ea ...

Core Insights - Bitcoin's price has nearly halved since reaching a peak of $126,000 in October 2025, leading to significant losses for Vietnamese crypto investors and local companies [1] Industry Summary - Approximately 55% of individual crypto investors in Vietnam reported losses last year, indicating a challenging environment for retail investors [1] - Many local startups in the crypto sector have faced bankruptcy, layoffs, or downsizing, reflecting the broader industry contraction [1] - Vietnamese crypto projects, including those focused on NFTs, blockchain lending, and trading services, have been severely impacted by the downturn [1] - Ninety Eight, a blockchain company, has laid off nearly one-third of its workforce since last year, highlighting the operational challenges faced by firms in the sector [1]

来源：市场资讯 （来源：吴说） 吴说获悉，Robinhood 公布 2025 年 Q4 财报：营收 12.8 亿美元（低于预期 13.5 亿美元），同比 +27%；调整后 EBITDA 为 7.61 亿美元（低于预期 8.33 亿美元），同比 +24%；加密收入 2.21 亿美元， 同比 -38%；交易型收入 7.76 亿美元，同比 +15%；当季净利润 6.05 亿美元，运营费用 6.33 亿美元（同 比 +38%），调整后运营费用（含 SBC）5.97 亿美元（同比 +18%），现金及等价物 43 亿美元。 ...

Group 1: Recent IPOs - Four new stocks were listed last week, including three SPACs, with GDCT raising $10 million by issuing 2.5 million shares at $4 per share [1] - SPACs OneIM Acquisition, Infinite Eagle Acquisition, and FG Imperii Acquisition raised $250 million, $300 million, and $200 million respectively [1] - Eight companies submitted prospectuses, including two from China, with details to be shared later [1] Group 2: Upcoming IPOs - Three companies plan to go public this week, including one Chinese company, Aigo Holdings, which may delay its listing [1] - Aigo Holdings is set to list on NASDAQ under the ticker AIGO, aiming to raise approximately $12 million by issuing 2 million shares at $4 to $6 per share [2] - BITGO Holdings, a digital asset financial services company, plans to list on NYSE under the ticker BTGO, with a target of raising about $201 million by issuing 11.82 million shares at $15 to $17 per share [4][5] - EquipmentShare.com Inc, a construction equipment rental platform, plans to list on NASDAQ under the ticker EQPT, aiming to raise approximately $778 million by issuing 30.5 million shares at $23.5 to $25.5 per share [5] Group 3: Financial Data - Aigo Holdings projects revenues of €151 million and €178 million for 2023 and 2024, with net profits of €5.71 million and €3.69 million respectively [2] - BITGO reported revenues of $999.6 million for the nine months ending September 30, 2025, up from $194.1 million in the previous year, with net profits of $27.15 million and $35.25 million respectively [5] - EquipmentShare anticipates revenues of $3.763 billion and $4.33 billion for 2024 and 2025, with net profits of $2.4 million and $5 million respectively [5]

Group 1 - The Sanya Financial International Forum and the 5th Sanya Wealth Management Conference will be held on December 27 in Sanya, Hainan, with the presence of the Executive President of Hengsheng Electronics, Guan Xiaolan [1][3] - Guan Xiaolan indicated that after the closure of the Hainan Free Trade Port, a significant influx of investors is expected, leading to a follow-up from financial institutions, which may drive the development of the entire financial market and infrastructure [3][5] - The company aims to provide services to financial institutions, investors, and regulators, emphasizing the importance of financial technology services as financial institutions establish their presence [5] Group 2 - Guan Xiaolan views wealth management as a broad concept, focusing on channeling residents' funds into innovative enterprises, and aims to facilitate this pathway through financial services [5] - Hengsheng Electronics plans to offer asset management, wealth management services, as well as trading, exchanges, and risk management services [5]

Core Viewpoint - Pinduoduo's Q3 2025 financial report reveals a strategic shift from pursuing scale to building an ecosystem, with a willingness to sacrifice short-term profits for long-term growth and social responsibility [1][7][11] Financial Performance - Pinduoduo reported Q3 revenue of 108.3 billion yuan, a 9% year-on-year increase, marking the first time growth has fallen to single digits [1][3] - Net profit attributable to ordinary shareholders was 29.33 billion yuan, up 17% year-on-year [1] - Online marketing services and transaction services contributed to revenue growth, with transaction service revenue reaching 54.9 billion yuan, a 10% increase compared to the previous year [3] - Total revenue costs rose to 46.8 billion yuan, an 18% increase, primarily due to fulfillment, bandwidth, server, and payment processing costs [3] Strategic Initiatives - The "100 Billion Support" plan, launched in April, aims to invest over 100 billion yuan in resources to support merchants over three years, impacting agricultural product sales positively with a 47% year-on-year increase [1][8] - Pinduoduo's R&D expenses grew by 41% to 4.33 billion yuan, reflecting significant investment in technology and infrastructure [3] Market Positioning - Pinduoduo is focusing on long-term returns rather than short-term profits, with management indicating that current profit levels should not be seen as a guide for future performance [4][5] - The company is not engaging in aggressive competition in the food delivery sector and is not heavily promoting AI initiatives, instead opting for sustainable ecosystem investments [1][5] Ecosystem Development - The "100 Billion Support" initiative is enhancing the agricultural supply chain and promoting high-quality development through various programs [8][10] - In the manufacturing sector, Pinduoduo is leveraging data to drive transformation and innovation, helping local businesses transition from OEM to brand development [10] Future Outlook - Pinduoduo aims to balance growth with social responsibility, focusing on creating value for users and investing in high-quality development [11][12] - The company is positioned to navigate the shift in the industry towards efficiency and product capability, aligning with its core competitive advantage in ecosystem value [12]

Summary of PDD Holdings Conference Call Company Overview - **Company**: PDD Holdings - **Industry**: E-commerce, Agriculture Key Points and Arguments Financial Performance - In Q3 2025, PDD Holdings reported total revenue of **RMB 108.3 billion**, a **9% year-over-year increase** driven by growth in online marketing and transaction services revenue [2][9] - Online marketing services and other revenue reached **RMB 53.3 billion**, up **8%** year-over-year, while transaction services revenue was **RMB 54.9 billion**, increasing by **10%** [9] - Operating profit margin slightly decreased to **25%**, with total operating costs rising **18%** to **RMB 46.8 billion** [9][10] Agricultural Initiatives - PDD Holdings has made long-term investments in the agricultural sector, resulting in a **47% year-over-year growth** in agricultural sales in H1 2025 [2][5] - The number of merchants born in the 2000s increased by over **30%**, indicating a growing merchant base [2][5] - A **RMB 1 billion subsidy** program was launched to support **300,000 agricultural merchants**, enhancing the distribution of agricultural products from rural to urban markets [5] Competitive Strategy - To address competition in the e-commerce sector, PDD Holdings is investing in its platform ecosystem, including a **RMB 100 billion support plan** to improve merchant quality [2][6] - The number of high-quality SKUs increased by over **50%**, and the number of brand stores significantly rose, indicating a shift towards higher quality development in key industrial areas [2][6] Future Development Strategy - PDD Holdings aims to focus on creating long-term value for consumers and enhancing platform quality, with plans for more strategic initiatives similar to the **RMB 100 billion support plan** [7][11] - The company is adapting to global trade policies, tax regulations, and data security changes to meet diverse consumer needs [2][7] Economic Impact in Western Regions - The removal of transit fees has significantly boosted economic activity in western regions, leading to increased orders for products like pet supplies and fresh agricultural products [2][8] Challenges and Compliance - PDD Holdings faces strict scrutiny from regulatory bodies in various countries, necessitating a commitment to sustainable development and compliance with local laws [12][16] - The company is investing in a compliance team to navigate regulatory changes and ensure a safe shopping environment [12][16] Social Responsibility - PDD Holdings has initiated several strategic programs, including a **RMB 100 billion agricultural research plan**, to contribute to rural revitalization and industry upgrades [17] Long-term Investment and Profitability - The company acknowledges that while current investments may pressure short-term profits, they are essential for establishing a sustainable ecosystem and long-term value [18][19] - Management anticipates potential fluctuations in financial performance due to the complex international environment and evolving regulatory landscape [19] Additional Important Content - The company has established a merchant protection committee and upgraded its after-sales service system to optimize the business environment for merchants [4][11] - PDD Holdings is committed to enhancing its technological capabilities to streamline merchant onboarding and product listing processes [15]

Core Insights - The digital freight platform Manbang reported its unaudited financial performance for the third quarter ending September 30, 2025, with total revenue of 3.3582 billion RMB, a 10.8% increase compared to 3.0314 billion RMB in the same period of 2024 [2] - The company's net profit declined to 921 million RMB, down 17.9% year-on-year from 1.1219 billion RMB, indicating a shift from profit growth to decline [2] - Manbang's revenue growth has slowed compared to the first two quarters of 2025, where revenue increased by 19% and 17.2% respectively [2] Revenue Breakdown - The revenue from freight brokerage services was 1.0943 billion RMB, a decrease of 14.57% year-on-year, primarily due to a decline in transaction volume, partially offset by increased service fees [3] - The cost of revenue for the quarter was 1.6052 billion RMB, up 17.6% from 1.3649 billion RMB in the same period of 2024, indicating rising costs outpacing revenue growth [3] - Revenue from freight listing services was 247.1 million RMB, a 10.6% increase year-on-year, driven by a growing number of paid members [4] Growth in Other Services - Transaction service revenue reached 1.4561 billion RMB, a significant 39% increase year-on-year, attributed to higher order volume and increased transaction fees per order [4] - Value-added services, including financial-related services, generated 560.7 million RMB in revenue, marking a 16.9% year-on-year growth, with demand for credit services contributing to this increase [4] Future Outlook - Manbang anticipates continued impact from the decline in freight brokerage services, projecting total net revenue for the fourth quarter of 2025 to be between 3.08 billion RMB and 3.18 billion RMB, compared to 3.17 billion RMB in the same period of 2024 [5] - Excluding freight brokerage services, the expected net revenue is projected to be between 2.18 billion RMB and 2.28 billion RMB, with a year-on-year growth rate of 17.1% to 22.5% [5]

Summary of PDD Holdings Conference Call Company Overview - **Company**: PDD Holdings - **Industry**: E-commerce Key Points and Arguments Financial Performance - In Q3 2025, PDD Holdings reported total revenue of **1,080.3 billion RMB**, a **9%** year-over-year increase, driven by growth in online marketing services and transaction services [4][10] - Online marketing services and other business revenue reached **533 billion RMB**, growing **8%** year-over-year, despite increased market competition and investments in the merchant ecosystem [2][4] - Transaction service revenue for Q3 was **549 billion RMB**, reflecting a **10%** increase year-over-year [9] - Total operating costs rose to **468 billion RMB**, with operating profit at **250 billion RMB** [9][10] - Non-GAAP operating profit was **271 billion RMB**, with a profit margin of **25%**, down from **27%** year-over-year [10] Strategic Initiatives - PDD is investing heavily in the agricultural supply chain, with agricultural CR growing **47%** year-over-year and a **30%** increase in post-2000 agricultural merchants [2][6] - The company launched a **10 billion RMB** subsidy and **20 billion RMB** traffic support during the "Harvest Season" to boost agricultural sales [2][6] - To combat homogenization in competition, PDD initiated a **100 billion RMB** support plan to enhance service quality and operational efficiency for merchants [2][7] Market Challenges and Regulatory Environment - PDD faces challenges from trade policies, tax regulations, and data security, prompting the company to strengthen internal capabilities and compliance [3][12] - The management acknowledges that these regulatory uncertainties could impact both short-term and long-term financial performance [12] Future Outlook - Management believes the online retail industry is entering a new investment cycle, focusing on creating unique value and high-quality services for consumers [11] - PDD plans to continue investing in its platform ecosystem, including the **1,000 billion RMB** support plan, despite potential short-term financial fluctuations [11][15] - The company aims to adapt to changing market conditions and consumer demands through technological upgrades and service enhancements [8][15] Agricultural and Merchant Ecosystem Investments - PDD has made significant investments in the agricultural sector, enhancing distribution efficiency and supporting farmers [5][6] - The company has initiated strategic measures like the **1,000 billion RMB** support plan to modernize agriculture and improve logistics for remote areas [13][14] Consumer Trends - Recent observations indicate a positive trend in consumer spending, with e-commerce demand improving during promotional periods [15] - PDD is committed to long-term growth, even if it means sacrificing short-term profits to build a sustainable platform ecosystem [15] Additional Important Information - The company has established a merchant protection committee to optimize the operating environment for merchants [11] - PDD's focus on high-quality development and social responsibility is evident in its initiatives aimed at rural revitalization and industry upgrades [13][14]