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Analyst
Ron Keung
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q1 (7 quarters; questions recorded in 5).
- Questions
- 7on tracked calls
- Challenge rate
- 0%none of 7 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 7 of 7 questions from 2 companies
BABAAlibaba Group Holding Limited5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
how much of that ARR is driven by our in-house models like Qwen versus third-party models?
Show response
Management said most model/app service revenue currently comes from its own proprietary models, and that token price hikes are being absorbed given strong, growing agentic demand.
Calendar 2025 Q3
So I'd like to ask about CapEx over the next 3 years. And I'm wondering what your thinking is as you sit here today
Show response
Management said the RMB 380 billion plan might be too small and did not rule out scaling it up, but declined to give a CapEx-to-incremental-revenue ratio, calling it not yet estimable.
Calendar 2025 Q1
what kind of growth we're talking about on a month over month basis
Show response
Eddie Wu declined to give month-over-month growth figures, noting the January-March period was distorted by Spring Festival and supply-chain disruptions, but described accelerating post-holiday inference demand and explained how edge and large Qwen models complement cloud consumption.
Calendar 2024 Q4
how should we quantify the size of that? Are we reaching kind of more substantial kind of double-digit mark here for AI?
Show response
Eddie Wu declined to size AI revenue but gave the inference-demand mix and said scale should lift AI-service margins over time, offset by CapEx amortization.
Calendar 2024 Q3
In your announcement for the September quarter, you indicated that take rates have stabilized.
Show response
Toby Xu explained take rate is stable due to the 0.6% software service fee and Quanzhantui penetration, offset by fast-growing low-monetization new models.
PDDPDD Holdings2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
we see the online marketing service growth rate slowed in the first quarter for PDD.
Show response
Management deflected the marketing-slowdown and GMV-outlook question, restating its supply-chain investment thesis rather than addressing the deceleration.
When can we expect this to begin to reflect in the company's financials?
Show response
Jiazhen described the breadth of brand-building capabilities requiring patient investment but offered no timeline for financial contribution.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| BABA Alibaba Group Holding Limited | 5 | 0%none of 5 questions |
| PDD PDD Holdings | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q2No questions recorded
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q4No questions recorded
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI4
- Revenue Growth4
- Pricing2
- Capex Investment2
- Demand2
- Capital Allocation1
- Margin1