Black Edge Trader

Equity Derivatives Trader | Based in HK

[Black Edge Trader @BlackEdgeTrader]

Gm, as a trader with roots in TradFi, I’ll be sharing my transition into the world of digital assets. Expect insights on market trends and trading strategies from DeFi gems to memes and everything in between.
💎 #Crypto #DeFi #SOL

[Black Edge Trader @BlackEdgeTrader]

Shein’s upcoming Hong Kong IPO
Revenue Growth
$41.8B in 2025, up 8% from the prior year. That’s a sharp slowdown from the 21% growth in 2024. Q1 2026 was even flatter at just +1.1% to about $9.05B.

Profitability
Net income came in at $2.06B for 2025 — down roughly 39% — and Q1 swung to a $99M loss (vs $395M profit a year earlier). A big chunk of that volatility stems from fair-value accounting on preferred shares rather than pure operations. Operating income actually improved last year.

Customer & Cash Strength
Active customers climbed to 273M in 2025 and roughly 281M over the latest twelve months. Cash resources sit at a healthy ~$14.8B.

Financial Health Check
The balance sheet looks solid. Cash resources stood at ~$14.8B as of end-Q1 2026. Shareholders’ deficit has narrowed steadily from $12.5B at end-2023 to $6.9B at end-2025 (slightly higher at $7.0B by March 2026), driven by retained earnings. Operating income rose by $0.7B in 2025 even as reported net income fell. Marketplace and brand-enablement services deliver roughly double the group operating margin, providing a higher-quality earnings mix.

Prospects & Risks
Growth has decelerated hard, largely due to the end of the U.S. de minimis exemption and looming similar EU changes. Those markets are still a large share of sales. Management is responding with price adjustments, localization, and formal customs processes — necessary, but they pressure volume and margins in the near term.

SHEIN still owns the ultra-fast-fashion model at global scale. The question is whether they can re-accelerate or at least defend profitability under higher costs and tighter regulations. The “hyper-growth forever” narrative is over. This is now a mature-scale story that has to prove resilience.Valuation expectations have already come down. Execution on adaptation will decide the rest.

Listing Doc: https://t.co/D1wEvay46V

[Black Edge Trader @BlackEdgeTrader]

春晚机器人四小龙：宇树、银河、松延、魔法原子。
共同股东：首程控股。
首程还管着北京机器人基金。

逻辑很清晰：政府要发展机器人产业→出钱成立基金→找专业团队管理→首程中标→用基金投头部企业→上市公司同步获益。

这不是炒概念，是实实在在的产业布局。短期股价可能波动，但长期看，首程在机器人赛道的卡位很准。

值得关注。

[Black Edge Trader @BlackEdgeTrader]

春晚机器人刷屏，大家都在问宇树/银河通用/松延动力/魔法原子哪家强。我查了下，这四家背后有个共同的股东——首程控股(https://t.co/403mfNf1P8)。

更关键的是，北京机器人产业发展基金也是首程在管。这意味着首程不仅有钱投，还有产业资源撮合。

机器人赛道现在估值都高，但首程作为港股上市公司，市值反而被严重低估。用传统业务估值，白送一个机器人基金+四家头部机器人的期权。

[Black Edge Trader @BlackEdgeTrader]

市场给首程控股的估值被严重低估，你看它的投资组合：宇树科技Pre-IPO估值120亿+，银河通用210亿，松延动力20亿+。首程在这些项目上的账面浮盈，可能已经超过它自己的市值

对于愿意持有3-5年的投资者，这相当于免费获得一个机器人赛道的看涨期权。

[Black Edge Trader @BlackEdgeTrader]

@gm365 個人覺得做小幣例如SUI沒有Listed Option的雙幣理財還可以，畢竟不是所有人都有OTC的連接，大幣就自己在Deribit上手動做吧

[Black Edge Trader @BlackEdgeTrader]

Just a few days after XPeng $9868.HK unveiled its humanoid robot, the stock is up now 20%.
The hype for robots is real, time to look out for robot-themed stocks

[Black Edge Trader @BlackEdgeTrader]

@inno_ox @jup_dao @JupiterExchange The community has spoken, 87% has voted for YES to turn 130M $JUP

[Black Edge Trader @BlackEdgeTrader]

@agintender 可惜Polymarket/Kalshi/Limitless流動性還未能支撐大金額交易 我個人會反過來在DEX Long Futures/買Spot 然後在Polymarket買NO 例如：買SOL(現價：$180)，在Polymarket買NO(年底前會升到$260，現價：$0.66) 這個比在Deribit上做Covered Call收益高一些

[Black Edge Trader @BlackEdgeTrader]

@litterboxtrust Too bad someone has already figured this out
https://t.co/IjCXmZ2T5S

[Black Edge Trader @BlackEdgeTrader]

The Proposal for burning $JUP in @litterboxtrust is basically passed. Verified it with on-chain data.

Vote 1: Burn the $JUP in the Litterbox
Vote 2: Don't burn the $JUP in the Litterbox

Result: Vote 1 got 228 million votes (87%) of the quorum
https://t.co/O6wlLL76Lu

[Black Edge Trader @BlackEdgeTrader]

@Denis_Piwi @MyLordBebo Lmao, I’m saving this meme

[Black Edge Trader @BlackEdgeTrader]

@MidCrvCapital 30% in 9 hours, looks juicy

[Black Edge Trader @BlackEdgeTrader]

@Gravity5ucks Interesting, so those options sellers hedged their delta/gamma by trading futures on Deribit instead of on other exchanges? Maybe due to margins concerns?

[Black Edge Trader @BlackEdgeTrader]

What @pmx_trade brings to the table

Key features
- Solana based decentralized prediction market
- Huge rewards for market creators and liquidity providers
- Cross-platform token trading Jupiter, Axiom, etc.
- Transparent resolution mechanisms

Creator Rewards
- Receive 10% of all trading fees generated by their market with no upper limit

Liquidity Provider Rewards
- Get 100% refund on the USDC contributed on the market pre-sale
- Get 40% of all trading fees generated by the market
- Risk-Free: Initial investment is protected

Example
If you contribute $1,000 to a presale and the market generates $10,000 in trading fees, and you represent 5% of total presale contributions, you'll get back your $1,000 plus $200 in fee rewards (40% of $10,000 × 5% = $200).

Source: https://t.co/4LbLxr28Lu

[Black Edge Trader @BlackEdgeTrader]

@Ranger_Global @trylimitless Very interesting post, instead doing covered calls, try hedging via prediction market

[Black Edge Trader @BlackEdgeTrader]

Not much but it's solid work $2Z

[Black Edge Trader @BlackEdgeTrader]

Trading plan for tonight, buy @doublezero then print LP fees on @MeteoraAG