Financial Analysis - Dolphin Research

Financial Analysis

Dolphin ResearchSep 16 at 01:52 AM

Reg crackdown settled: Can TCOM move forward unburdened?

On Sept 16, with $Trip.com(TCOM.US) releasing its Q2 results, the regulatory overhang finally cleared. The market's key uncertainty has been addressed.

Overall, the print was broadly in line with prior guidance. Absolute performance was soft, but there were no surprises vs. expectations.

As Dolphin Research noted last quarter, regardless of the print, with the largest uncertainty — regulation — resolved, Trip.com should have finished its final leg down. It can now shed the overhang and reset higher.

1) Regulatory and macro headwinds slowed revenue growth markedly. Group net revenue was approx. RMB 15.7bn this quarter...

200 Netrevenue -yoy 35% 180 29.4% 30% 160 23.4% 140 25% 20.8% 120 17.2% 20% 15.6

Trip( GAAP operating profit 60 Operating profmt1.6% OPM ch 27.8% 27.8% 30.4% 35%

Trip Non-GAAP operating profit Non-GAAP Op profit Non-GAAP OPM 70 一 25 ce 40% 34

+4

TRIP.COM-S

HK09961

CtripFinancial Analysis

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Dolphin ResearchSep 11 at 03:31 AM

ORCL: AI boosts the optics, but what backs the bottom line?

On Sep. 11 after the U.S. market close, leading cloud vendor Oracle ($Oracle(ORCL.US)) released FY27 Q1 results for the period ended Aug. Overall, it was a mixed print, with strengths very strong while weak spots stayed weak.

OCI drew the most attention with robust growth, revenue continuing to accelerate sharply, and Capex ramping significantly. Legacy businesses remained sluggish, GPM was under notable pressure, and those issues showed little improvement.

Specifically:

1) Core — OCI beat and accelerated. As the most critical segment, OCI revenue reached nearly 7.4 bn this quarter...

Oracle Cloud Service Rev. (SaaS +laaS) 13000 Cloud Application Cloud Infra. Clou

Oracle Capex xD Density Captial expenditures 0 c as % of rev xch C 0% -8% eo -11

Oracle Cash Flow 30，000 20，000 10，000 DolphinResear DolphinResear DolphinReseai

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Oracle

USORCL

OracleFinancial Analysis

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Dolphin ResearchSep 4 at 02:50 AM

LULU: Alo's assault, aging classics — after the 'black leggings' blow-up, another ahead?

Results missed expectations, and Q3 guidance now points to a 10–11% revenue decline. Shares plunged 18% after hours to around $100, setting a new 52-week low.

Lululemon 2Q26Financial Performance (in US$100 million) Calendar Year 4Q22A 1Q23

LululemdaCagegory OverviSub-category Remarks Yoga pants： yoga (Align， Instill， W

LULU total sales in 100 millions ， usd nResearch DolphinResear Total sales 40 30

+9

Lululemon

USLULU

LululemonFinancial Analysis

D

Dolphin ResearchSep 3 at 02:00 AM

GOOGL Wavers; AVGO's Solo Pitch Won't Satisfy

Broadcom (AVGO) released its fiscal Q3 2026 results after-hours, Beijing time Sep 3, 2026 (quarter ended Jul 2026). 1) AI, the core of its semiconductor biz, delivered revenue of $16.7bn, up $5.9bn QoQ and above the $16.0bn consensus, driven by large-batch deliveries of TPU v7 to Google and Anthropic. Google and other hyperscalers have recently raised their 2026 capex outlooks...

BROADCOM AI Revenue DolphinResearch DolphinResearch DolphinResearch AI qog%AI 18

BROADCOM GPM (Adjusted) Gross profit margin (Adjusted) 79.00% QlphinResearch Dol

BROADCOM Revenue Segment 100.00% nResearch %Intrastructure software esearch % Se

+11

Marvell Tech

USMRVL

BroadcomFinancial Analysis

D

Dolphin ResearchSep 1 at 01:23 PM

Muted guidance: Can NIO pull off a comeback?

Q3 guidance for volume and revenue came in below expectations. Both metrics missed.

￥100mn 1024 2024 3Q24 4024 1Q25 2Q25 3Q25 4Q25 1026 2026 2026E 2Q26 Gap 3Q26指引 3

NIO Per-Vehicle Profitability Do Dolpn Unit：RMB 100mn 60 DolphinResearch 39.8 Do

Delivery Guidance Dolpn DolphinResearch inResearch nResearch Guidance Upper Limi

+6

NIO-SW

HK09866

NIOFinancial Analysis

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Dolphin ResearchSep 1 at 03:03 AM

NVDA budget-alt dream shattered; is Horizon Robotics at risk?

FY2026 chip shipment guidance was lowered to 5.0 mn units. Previously, guidance was 5.4–5.5 mn.

Horizon Robotics Financial Performance Unit： Rmb mn 1H23 2H23 1H24 2H24 1H25 2H2

2026 Shipment Guidance： 5.4-5.5 Million Units Chip Type Specific Model 2026 Ship

Solution Name Chip Configuration Total ASP (USD) Chip Cost (USD) HSD Software Co

+5

Toyota

USTOYOF

Horizon RoboticsFinancial Analysis

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Dolphin ResearchAug 31 at 02:43 PM

No doubt: 2026 is the 'Zhipu Year' for China LLMs.

If 2025 was the DeepSeek year for China LLMs, calling 2026 the 'Zhipu Year' would not be a stretch. In 2026, shares surged early on amid the scarce domestic-model narrative of being 'China's Anthropic'.

They then reversed quickly after the mid-Jul launch of Kimi K3 and a perceived intelligence lead, sending gains into a sharp pullback. For $Z.AI(02513.HK), the ride has been a roller-coaster.

Does Zhipu deserve the 'Zhipu Year' mantle for national LLMs? Will 2027 see a new champion, or will Zhipu stay on top? From the vantage point of 2H26, we review the 1H26 scorecard...

Z.ai ARR trends ARR(，OOmn/$)(reported) ，00mn/US$ 40 35 35 DolphinResearch Dolphi

Zhipu Product Iterations (1H26-2H26) Version Date Parameters Key Features Laid t

Z.ai Revenue Breakdown RMB mn On-premise Deployment Cloud Deployment/Open Platfo

+8

MINIMAX-W

HK00100

Zhipu AI‌Financial Analysis

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Dolphin ResearchAug 29 at 12:31 PM

Home-market ASP war: Is BYD banking on exports to save the day?

BYD has again raised its export target, lifting it from 1.5mn units set at the start of the year to 1.7–1.8mn. It could even push toward 1.9mn.

BYD Auto Financial Results Overview Unit：CNY 100mn 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

BYD Gross Margin & Gross Margin Less Selling Ratio Unit：% Gross margin Gross mar

Overseas+Premium Models as % of BYD's Sales Mix Unit：% 70% Premium share Oversea

+10

GEELY AUTO

HK00175

BYDFinancial Analysis

D

Dolphin ResearchAug 28 at 01:53 PM

BABA, Douyin losing steam? Still won't ease Meituan's anxiety.

After the HK market close on Aug 28, $MEITUAN(03690.HK) released Q2 2026 results. At first glance, the print was solid, with revenue growth slightly beating expectations and profit handily topping Bloomberg consensus.

As the food-delivery price war fades, Meituan is clearly on a recovery track. However, Dolphin Research notes that non-operating items contributed to the profit beat, so the earnings quality is not as strong as it appears.

Specifically, 1) profit looks eye-catching but was distorted. As noted, the biggest upside surprise this quarter was earnings; at the consolidated level...

Meituan operating profits OPM 200 esearch Operating profits 20% 14% 15% 12.2% 7%

Meituan Op profits by segments 200 Core local commerce New initiatives 150 oRese

Meituan CLC Revenue 740 720 Core local commerce 700 polp DolphinRes Core local c

+4

MEITUAN

HK03690

MeituanFinancial Analysis

D

Dolphin ResearchAug 28 at 02:28 AM

MRVL: Growth Lags NVDA; Rich Valuation Facing Multiple Compression?

MRVL released its FY2027 Q2 results after hours on Aug 28 Beijing time (quarter ended Jul 2026).

It raised its FY2027 revenue outlook to $12bn (prior $11.5bn), up 45% YoY.

Guidance for FY2028 was lifted to $18bn (prior $16.5bn), up 50% YoY, with data center rev. expected to grow 60%+ (vs. NVDA's next-year outlook of 70%+)...