投资之路

Today $XIAOMI-W(01810.HK) announced its Q3 2025 financial report. Due to the mediocre performance of its traditional business, this report appears relatively flat compared to the previous two "strongest ever" quarterly reports. However, with a 22.3% revenue growth rate, 80.9% net profit growth rate, quarterly revenue of 113.1 billion, and net profit of 11.3 billion, this growth and scale are already at the top level in China. Under the current circumstances, it's almost impossible to find another large company with both revenue and net profit growth exceeding 20%...

Unknowingly, the first half of the year has passed. Today, on the weekend, I finally have time to summarize my investment performance for the past six months. Compared to last year, there hasn't been much change this year—I'm still focusing on the concept of 'globalization' in my investments. These three words are actually very important; if you grasp their meaning, I believe investing will become much easier. The main difference this year is that IPO subscriptions in the Hong Kong market have been quite hot, and I've participated in them more deeply. For me, IPO subscriptions have become a form of risk-free or low-risk arbitrage. 1. Global Asset Performance in the First Half of 2025 Let's start with the data—here's the chart...

Today, $XIAOMI-W(01810.HK) announced its Q1 2025 financial report. Since terms like "the strongest in history" have already been used, this time we can only describe it as "the strongest of the strongest" quarterly report. Of course, Xiaomi is likely to continue breaking its own financial records in the future. Regarding the financial report, due to the national subsidies in Q1 and the overwhelming orders for the SU7, the market had already fully anticipated that Xiaomi's financial data would be excellent, but the results still exceeded expectations. Revenue was 2 billion higher than market expectations, and net profit was 1.5 billion higher than market expectations. However, judging from the financial data...

Today $TENCENT(00700.HK) released its Q1 2025 financial report. At first glance, it seemed the same as before—one word: steady $Tencent(TCEHY.US)! But after reviewing the data thoroughly, this quarter’s report can be described as not just steady but also impressive. Revenue reached 180.02 billion yuan, up 12.19% year-over-year, while adjusted net profit hit 61.33 billion yuan, a 22% increase year-over-year. Adjusted net profit has now grown over 20% year-over-year for nine consecutive quarters. Breaking it down by business segment...

These 2 days have completely shattered my worldview with Xianyu. It's hard to imagine that an Alibaba-affiliated company could stoop to such shameless levels. Is Alibaba Group that strapped for cash? They've started resorting to all sorts of methods to snatch money from users. The background is that I was selling items on Xianyu, and under the platform's inducement, I activated the Xianyu Coin discount feature (because the platform suggested that enabling it would increase exposure, and not enabling it would affect product visibility. Plus, most people don't have many Xianyu Coins, so normally everyone would enable it). But the rules of Xianyu Coin discounts, including my own understanding as both a buyer and seller, are that buyers use Xianyu Coins to deduct...

Recently, $Apple(AAPL.US) released its quarterly earnings report. Overall, the financial data remains stable, with a single-quarter net profit as high as $24.8 billion. However, there are indeed no more highlights. Apple is still the effortlessly profitable Apple, but it's also the Apple with slightly sluggish growth. Key financial data can be seen in the chart below. Let me share my personal opinion first: 1. The core iPhone business has dropped to second place globally, but in the Chinese market, it has fallen to fifth. This confirms what was previously said—while Apple's ecosystem is unbeatable, it's under siege from Android, with national subsidies, foldable screens, and the rise of high-end Android phones...