Dolphin Research insights
Kweichow Moutai: Earnings Hit the Brakes Again? Still in 'reform growing pains'!Moutai 2Q26 First Take: Results were weak, with both revenue and profit declining YoY and missing market expectations. D…China Mobile: Higher Taxes + Lower Fees — Propped Up by Big Dividends?Are overseas losses peaking? Can DiDi's global ambition deliver?SanDisk (Trans): 90 bn contract, 80% GPM, Adj. FCF margin 50% — all to shareholders!Windfall Ahead, AMAT Gets Cold Feet?SMIC (Trans): Price hikes lift GPM, depreciation still a dragAMAT First Take: the print was solid, with revenue and GPM in line with Street expectations.Growth was driven by AI infr…AMAT (Trans): Q4 guidance up 51%; GPM held in checkJD: No AI arms race, no buybacks — can a 'frugal' strategy still work?JD (Trans): Profit inflection confirmed, Q3 revenue back to growthCoreWeave, Nebius: Compute price hikes, sponsor support—how long can NVDA's favorites keep their edge?China Mobile (Trans): AIDC revenue surged >4x; telecom under pressureSMIC: Cycle Bull + China AI Chips, Twin Catalysts Lift-OffJD 2Q26 First Take: results were steady, if subdued. Revenue and profit only slightly beat Bloomberg consensus and lagge…SMIC 2Q26 First Take: the quarter was strong, with revenue and GPM beating the street. On a GPM bridge, ASP rose by $49/…Nebius (Trans): Year-end contracted power target raised to 5 GWDeepSeek, Grok 4.6 unveil same-day moves; AAPL in talks to license news for Siri | Daily News RecapTencent: AI spend in overdrive? Rejuvenation needs a final pushTencent Holdings (Trans): Capex up 190%, AI drag RMB 10.5bn