Automobile Manufacturers

LI AUTO-W

Sanhua

Robot

Financial Analysis

Conference Minutes

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Below is Dolphin Research's Trans of Sanhua Intelligent Controls' FY25 annual report earnings call.---

SANHUA

BYD COMPANY

BYD Company Limited

BYD COMPANY-R

BYD Company

SERES

Li Auto

BYD HK SDR 10to1

Sanhua Intelligent Controls (Trans): 2026 internal net profit growth target at 15%---

LEADING IDEAL

R&amp;D spend is expected to stay around RMB 12 bn this year. AI-related investment should still account for about half.

LI (4Q25 Trans): 2026 target >20% delivery growth---

Li Auto has effectively entered a loss-making phase. The company appears to be on a loss trajectory.

Mega Matrix

LI: Auto biz 'hurting' — counting on robots as the 'lifeline'?---

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Li Auto 4Q25 First Take: overall, the deterioration in auto GPM had been well telegraphed for Q4, yet even against a cautious setup, the print was only middling. Both ASP and auto GPM fell QoQ. ① Revenue slightly missed as ASP contracted more than expected: Auto revenue was RMB 27.3bn vs. the street at RMB 28.2bn, driven by a larger QoQ ASP drop. ASP fell RMB 27k to RMB 250k (vs. consensus RMB 258k), as mix shifted down with higher contribution from the lower-priced i6 and lower contribution from the higher-priced Mega. Li Auto also stepped up discounts on legacy L-series models in Q4, further pressuring ASP. ② Auto GPM broadly in line with expectations and prior guidance: 4Q auto GPM was 16.8%, down 300bps from 19.8% in 3Q after excluding the Mega recall impact, and within management’s 15.8%–16.8% guide. The decline was mainly ASP-driven; despite the i6’s strong demand, supply-chain constraints (battery shortages) limited scale benefits, with total deliveries up only 17% QoQ to 109k. Scale efficiencies therefore did not fully offset the ASP headwinds. For 1Q26 guidance, revenue is guided below expectations: ① 1Q26 delivery guide of 85k–90k, with the midpoint roughly in line with the street’s 88k: Implied Mar. deliveries are 31k–36k (Jan./Feb. at 28k/26k). The sequential pickup should come as i6 capacity ramps in Mar., with management previously indicating post-CNY i6 monthly sales could reach 20k. Adding a second battery supplier has partially eased the i6’s CATL battery shortage. However, the guide still implies a 3%–9% YoY decline vs. 93k in 1Q25, as legacy L-series volumes are under heavy pressure. L-series sold 18k in Jan.–Feb. 2026 (9k per month on Avg.), down 67% vs. 55k a year ago, due to aging models with customers awaiting 2Q launches, intensified competition with larger/cheaper peers, cannibalization from Li Auto’s own BEV i6/i8, and sector-wide demand softness from purchase-tax step-down. ② 1Q26 revenue guide of RMB 20.4bn–21.6bn, well below the street’s RMB 23.9bn: With volume roughly in line, the revenue shortfall reflects a further ASP reset. Guided ASP is ~RMB 222k in 1Q26 vs. RMB 250k in 4Q25, which Dolphin Research attributes to the i6 mix rising from 26% in 4Q25 to ~60% in 1Q26 as capacity releases, and aggressive discounting to clear legacy models ahead of the new model cycle starting in 2Q. Dolphin Research views the print and guide as average at best, and revenue guidance below expectations. That said, on valuation, sentiment may find two supports: an L9 refresh expected in 2Q could kick off a new product cycle, and the rumored debut of Li Auto’s humanoid robot in 1H26 may offer near-term optionality and a downside cushion. Stay tuned for our detailed take.

CATL

CATL HK SDR 30to1

Today’s Key News Recap

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UBER

TECH

NVDA

AAPL

NSANY

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

AAPB

AAPD

AAPU

0312 | Dolphin Research Focus: 🐬 Macro/Industry 1) US core CPI for Feb. rose YoY in line with estimates. Inflation pressure eased ahead of the latest Middle East escalation, giving the Fed room to stay on hold for now.This temporarily calms fears of renewed hikes and runaway inflation. However, the Middle East conflict is lifting oil, raising the risk of an inflation rebound.The Fed's cut pace remains bound by geopolitics, and global risk assets may stay volatile. 2) The Trump administration is invoking Section 301 of the US Trade Act of 1974 ...

Apple Group

Uber Tech

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

NVIDIA

Neogenomics

Apple

Nissan Motor

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

NVDA to invest $26bn in in-house AI foundation models; AAPL enters the budget laptop fray | Daily News Recap

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K3SD

GOLD

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HLPD

BIDU

89888

09888

HBUD

0312 | Dolphin Research Watchlist.🐬 Macro/Industry 1) The U.S. will release Feb CPI at 20:30 Beijing time on Wed, a key input for the Fed's rate-cut path. Recent Middle East tensions have lifted oil prices, increasing uncertainty around the print.An upside surprise could push back cut expectations and weigh on growth stocks. In-line or softer readings would be supportive of risk assets.🐬 Single Stock 1) $Meta Platforms(META.US) Meta announced the acquisition of AI agent community Moltbook. It is known in the industry as the 'Lobster Community'...

BIDU ADR US

ETFS Capital Ltd.

Gold.com

NIO-SW

NIO Inc. USD OV

NIO Inc

Meta Platforms

LAOPU GOLD

Laopu Gld HK SDR 50to1

Baidu

BIDU-SWR

BIDU-SW

Baidu HK SDR 10to1

META secures 'Shrimp Pool' Moltbook; Laopu Gold issues a positive profit alert on strong earnings | Daily News Recap

TSLA

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NTES

09899

NFLX

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XIACY

0306｜Dolphin Research Focus: 🐬 Macro/Industry 1) The US Dept. of Commerce is preparing to globalize its export approval regime for advanced AI chips, moving beyond country-specific controls. Reviews would be organized into three tiers based on purchased compute.Orders exceeding 200k chips would trigger government-to-government negotiations and the disclosure of critical technical details. Approved countries would also be required to commit matching investment in US digital infrastructure.This move reflects US tech hegemony and could destabilize the global semiconductor supply chain. It also raises compliance costs for US chip makers.It is likely to push countries to accelerate domestic compute R&amp;D, supporting China's semiconductor localization. Overall, expect faster onshore capacity build-outs and substitution.

Tesla

NTES-S

NetEase

NETEASE MUSIC

Netflix

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

BOYD Gaming

BYD's 'disruptive tech' debuts; Xiaomi's mobile Agent emerges | Daily News Recap---

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BROS

PARA

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0302 | Dolphin Research Focus: 🐬 Macro/Industry1) Geopolitical tensions in the Middle East have flared, with US/Israel–Iran frictions escalating and risk aversion rising across global markets. As a result, international gold and silver opened broadly higher on Mon., with safe-haven assets bid. Geopolitics remains the key near-term catalyst for precious metals, as flight-to-safety inflows support gold and silver.2) With the Lunar New Year holiday and a slower spending cadence, the dual impact was evident. Feb deliveries among China EV startups were mixed...

Dutch Bros

Paramount Global

Warner Bros. Discovery

LEAPMOTOR

Haven Rush Ignites Gold & Silver; BYD to Host 'Disruptive Tech' Press Event｜Daily News Recap

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BABA

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Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

TENCENT

TENCENT-R

Tencent

Tencent Holdings Limited

BABA-W

BABA-WR

Alibaba

Amazon

Roblox

DingDong

XPENG-W

XPeng

Alibaba HK SDR 5to1

MEITUAN

MEITUAN-WR

Tencent HK SDR 10to1

Meituan HK SDR 5to1

Meituan

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

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0119 | Dolphin Research Watchlist: 🐬 Macro/Industry1) Per the National Bureau of Statistics, 2025 GDP was RMB 140.2tn, up 5.0% YoY in real terms, meeting the full-year target. Q4 growth eased, but the Dec PMI returned to expansion, pointing to improving production sentiment. Infra investment and net exports provided the key support, while consumption and property remained weak.2) Trump, seeking to 'buy Greenland', announced tariffs on eight European countries. The move targets Denmark, Germany and others...

Micron Tech

China GDP +5% for the year; TSLA AI5 chip design near completion | Daily News Recap

Li Auto Inc. Repurchased Shares on Two Consecutive Trading Days

Li Auto's Research Team Paper Accepted by ISCA Conference

UBS Downgrades Li Auto's Earnings Forecast But Maintains Buy Rating

Li Auto Inc 回购 340,000 shares

Li Auto repurchased 340,000 shares

Morgan Stanley Downgrades Li Auto's Earnings Forecast and Target Price

Li Auto Inc-W (LIAPF) Repurchased 210,500 Shares for 1.88 Million USD

HSBC Downgrades Li Auto's Target Price to $17.20

Xiaomi Auto's Super Charging Stations Cover Over 280 Cities

Li Auto Plans to Launch an Automatic Charging Station

Tesla's Model Y Ranks Second in Sales, Ideal Auto's i6 Thrives in Midsize SUV Market

Li Auto's L Series Models Partially Sold Out, New L9 Model to Be Released in Q2

Goldman Sachs Downgrades Li Auto's Rating to Neutral

Xiaopeng Motors Launches Next-Generation Autonomous Driving Foundation Model MindVLA-o1

Huatai Pacific International Publishes Analysis Report on Li Auto's Q4 Revenue Decline

Guotai Junan Maintains Buy Rating for Li Auto with a Target Price of HKD 79.97

CICC Report: Li Auto's Q4 Results In Line with Expectations

Li Auto Announces Progress of MEGA Battery Recall

China Construction Bank Maintains Buy Rating on Li Auto with a Target Price of HKD 85.00

LI AUTO-W(02015.HK)

LI AUTO-W Stock Performance Chart