Daily Brief Consumer: Alibaba, NIO , Unilever , Do Day Dream, DOD Biotech PCL, 52TOYS Development, TSE Tokyo Price Index TOPIX, Drone Volt and more

• HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.
• Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .
• The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

• NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed on three exchanges. 
• NIO’s Q4 deliveries guidance was below expectations, and sales momentum is on a declining trend. Sustainably hitting its 20% gross margin target and achieving breakeven in 2026 seems a stretch.  
• NIO’s valuation is stretched, trading at a material premium to the median EV/Sales and growth-adjusted EV/Sales multiples of Chinese EV peers. 

• Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC) next week. Regular way trading is expected to begin on December 8, 2025.

• Shareholders and ADS holders will receive one Magnum Share for every five Unilever Shares or Unilever ADS.

• The spin-off was announced in March 2024 as a way for Unilever to separate its lower margin, higher capital intensity business, leaving behind a higher quality business.

• Do Day Dream is navigating a turnaround, with a return to profitability in 2024 after a challenging 2023, driven by its flagship skincare brand SNAILWHITE.
• The company operates in the large and growing Thai beauty and personal care market, which is valued at over USD 7 billion and benefits from trends like ‘skinimalism’ and demand for natural ingredients.
• Significant risks remain due to the highly competitive nature of the Thai cosmetics industry, which features numerous local and international players, leading to margin pressure and the need for continuous innovation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• DOD Biotech is a Thailand-based Original Design Manufacturer (ODM) specializing in dietary supplements and beauty products, operating in a growing but competitive domestic market.
• The company has demonstrated significant revenue volatility and negative net income in two of the last three fiscal years, reflecting operational challenges and market pressures. However, recent quarterly results in 2025 show a return to profitability.
• Positioned within the expanding Thai wellness and cosmetics industry, future growth hinges on successful product innovation, diversification of its client base, and effective management of operational costs to improve margin stability.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• 52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
• In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
• 52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. 

• The most common reason companies fail to meet listing maintenance standards is insufficient tradable shares market capitalization for Prime and Standard Markets, and insufficient market capitalization growth for Growth Market.
• Many companies failing to meet listing maintenance standards on Prime/Growth Market will transition to Standard Market. Those failing to meet Standard market’s criteria will seek to transition to regional exchanges.
• Most companies failing to meet the listing maintenance standards on the Standard Market can transfer to regional exchanges, but 14 companies face difficulties even in transferring to regional exchanges.

• On the latest WTR Small-Cap Spotlight, we were joined by Stefano Valentini, Chairman of Drone Volt SA (Euronext Paris: ALDRV), and our host, Tim Gerdeman, WTR’s Vice-Chair & Co-Founder, and Chief Marketing Officer, to discuss strategic priorities of a drone company, focusing on its growth and go-to-market strategy in North America. 
• The discussion highlighted local production of the KOBRA drone to meet ‘Made in the USA’ requirements for government and critical infrastructure contracts. 
• We also delved into technical and business differentiators, including its LineDrone product, platform flexibility, and the scalability and margin structure of its ‘Drone-as-a-Service’ (DaaS) model, alongside its proactive navigation of the evolving FAA regulatory landscape for BVLOS operations.