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+7
Muted guidance: Can NIO pull off a comeback?
Q3 guidance for volume and revenue came in below expectations. Both metrics missed.
+7
NIOFinancial Analysis
Financial Analysis
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+6
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.
+6
Horizon RoboticsFinancial Analysis
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+9
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...
Zhipu AIFinancial Analysis
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+11
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.
BYDFinancial Analysis
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+5
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...
MeituanFinancial Analysis
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+12
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%+)...
MarvellFinancial Analysis
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+9
BILI: No Surprises, Awaiting Next Game Cycle
After the HK close on Aug. 27 (Beijing time), $Bilibili(BILI.US) reported Q2 2026 results. The print was largely in line, and the story still hinges on the games pipeline.
Specifically:1) Advertising growth remained solid. Q2 ad revenue rose 28%, in line. The industry backdrop deteriorated this quarter, making the print respectable.Drivers included stable growth in platform traffic (total time spent), alongside a higher ad load. Also a structural lift from marketing tied to launches of AI foundation models, applications, and other new products.
BilibiliFinancial Analysis
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+8
Sanhua Intelligent Controls: Core Business Sluggish, Awaiting Robotics Takeoff?
Reaffirmed full-year profit growth guidance of approx. 15% YoY. The outlook remains intact.
SanhuaFinancial Analysis
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+12
CRM: Is the 'AI replacement' thesis busted? Can legacy software stage a comeback?
Traditional SaaS bellwether $Salesforce(CRM.US) reported FY27 Q2 results for the quarter ended Jul on Aug 27 (pre-mkt), with headline numbers still muted. Both growth and core profitability were broadly in line with the Street, and trends remained steady.
However, with the recent narrative reversal, steady prints at least suggest the 'AI replacement' thesis is overblown. Legacy SaaS names have seen a notable recovery.Specifically: 1) growth is still slowing. Subscription revenue, the core business, rose about 10.8% YoY on a nominal basis this quarter, with a clear QoQ deceleration...
SalesforceFinancial Analysis
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+16
NVDA: Another 70% Next Year; AI compute money printer running hot!
NVIDIA (NVDA.O) released its FY2027 Q2 results after the US close, in the early hours of Aug 27, 2026 Beijing time. The quarter ended Jul 2026.
1) Data Center: $NVIDIA(NVDA.US) revenue was $89.0bn this quarter (+$13.8bn QoQ), beating the Street at $86.0bn. Growth was driven mainly by Blackwell shipments.
The Rubin lineup starts shipping in Q3. It will gradually replace Blackwell and enable a product upgrade cycle...
NVIDIAFinancial Analysis