Below is Dolphin Research's Trans for $MEITUAN(03690.HK). Key takeaways are as follows.

1) Shareholder returns and investment monetization: buybacks remain the primary way to return capital, with pacing driven by the competitive landscape, cash flow, and offshore liquidity. Management noted stakes in high-quality companies are worth over RMB 70bn at current valuations. They will consider exits or monetization when timing is appropriate to recycle capital into the core biz.

2) Q3 and full-year guide: a) Delivery UE (unit economics) improved significantly YoY. QoQ was weighed by seasonality...

XD 1H26 earnings call transcript

FY27/FY28 revenue guide raised to approx. $12bn and $18bn, with FY28 growth re-accelerating to 50%.

BILI 2Q26 earnings call transcript.

Game revenue was RMB 1.4 bn (-14% YoY). Management guided that games will return to positive YoY growth starting in Q4, and earmarked RMB 1 bn in AI spend for three priorities: video understanding, distribution, and creation.

H1 revenue grew 30%+ YoY. Core profit rose 50%+ YoY.

1H revenue was approx. RMB 15.2bn (+2.3% YoY).

But group sales and Mixue’s domestic stores both saw double-digit declines, with net margin down to 15.2%.

Meanwhile, under its 'quality upgrade without price hikes' strategy, it plans a three-year concentrated investment.

Liquid-cooling revenue rose over 50% in H1 to approx. RMB 0.8–1.0bn and has been designated a key strategic focus for the next five years. However, a RMB 179 mn mark-to-market loss on investments, plus an additional RMB 290 mn YoY increase in FX losses, dragged attributable NP down 3.12% YoY. Management reaffirmed the full-year targets set at the start of the year and required NP growth to outpace revenue growth.

Q2 revenue was $11.35bn (+11% YoY), and CRPO accelerated to $33.5bn (+14% YoY).

Full-year guidance was raised by $300mn to $46.1–46.4bn; only $100mn was organic, with $200mn from M&A consolidation, and a new $100mn FX headwind added. The company also bundled Claudeforce with higher-tier upgrades, with GA in Sep.

Q3 guidance calls for deliveries of 95k–100k and revenue of RMB 26.6bn–28.0bn. MEGA and i9 are slated to launch in Sep. That said, vehicle GPM was only 9.4% in Q2 (-1,000bps YoY) with a net loss of RMB 1.7bn; management will not pass through chip and battery cost increases to users and is targeting a long-term GPM of 15%–20%.

Q2 revenue reached $96bn, doubling YoY, and the company for the first time guided FY28 growth at approx. 70%.