Dolphin Research

Marvell Technology (MRVL) released FY2027 Q1 results after the U.S. close on May 28 Beijing time. The quarter ended in Apr 2026.1. Revenue: $2.42bn this quarter, +9% QoQ, in line with consensus ($2.41bn). The ~$0.2bn sequential uplift was essentially all driven by data center.2. GPM: GAAP GPM was 52...

$PDD(PDD.US) Pre-mkt on May 27, PDD posted Q1 FY26 results with both revenue and profit missing estimates, turning it into the laggard within China e-comm., 具体来看：1) Growth weakened against the tide: unlike peers that showed sequential improvement, PDD’s top-line growth slowed vs. last quarter.Specif...

$KUAISHOU-W(01024.HK) released its Q1 print after Hong Kong close on May 27 Beijing time. Headline results were broadly in line, with OP beat mainly driven by non-core 'other gains', which are not recurring. Overall, the core biz. remains under pressure with limited positives to highlight, and the k...

Xiaomi Group (1810.HK) released its Q1 2026 results (through Mar 2026) after Hong Kong market close on May 26, Beijing time. The key points are as follows:1. Overall results: revenue RMB 99.1bn, down 11% YoY. The decline was driven by smartphones and IoT, with legacy hardware (smartphones x AIoT) re...

On the afternoon of May 26 Beijing time, MINISO reported 1Q26 results. Stripping out the headline boost from AI investment gains, the core issue remains: revenue is running ahead of profit growth. $Miniso(MNSO.US) $MNSO(09896.HK)1) Revenue still strong, China beat. MINISO delivered revenue of RMB 5....

Before the U.S. market opened on May 21, 2026 (Beijing time), Walmart (WMT) reported Q1 FY27 results (Feb 1–May 1, 2026). Top line beat, but a sharp rise in fuel costs weighed on margin release, and guidance came in below some bullish buy-side expectations, driving intraday weakness. $Walmart(WMT.US...

$NetEase(NTES.US) released its Q1 FY2026 results after the Hong Kong close on May 21 Beijing time. Headline results beat, with the upside driven by games revenue, GPM, and tight opex control.In detail: See below.1. Games revenue beat 'conservative' street expectations: Q1 games revenue (ex-CC Live) ...

$NIO Inc(NIO.US) released its Q1 2026 results pre-market in the US and post-close in HK on May 21, Beijing time. Despite the seasonal lull, Nio showed solid earnings resilience, with key takeaways as follows:1. Vehicle revenue slightly missed but remained up sharply YoY: In Q1, vehicle sales revenue...

China's 'small yet refined' e-commerce platform $Vipshops(VIPS.US) released its Q1 FY26 results on May 21. The quarter was solid, modestly beating a low bar, with upside mainly from GMV and GPM. However, 2Q revenue growth is guided to -5% to 0% YoY, implying a return to negative growth, though a sof...

NVIDIA (NVDA) released FY27 Q1 results (for the quarter ended Apr 2026) after the U.S. market close on May 21 Beijing time. The details are as follows.1. Key operating metrics: $NVIDIA(NVDA.US) reported revenue of $81.6bn, ahead of the raised buy-side range ($78-80bn). QoQ revenue rose by $13.5bn, d...

$Kanzhun(BZ.US) Q1 results were broadly in line, with a small profit beat on tighter G&A. With the hyper-growth phase behind it and a tougher backdrop, the top line is unlikely to return to prior growth rates. Before Intl expansion reaches scale, the main lever in the near term is continued operatin...

China's leading prop. services platform — $KE(BEKE.US) — posted Q1 FY26 before the U.S. open on May 19. Overall, the housing market is tentatively bottoming but still faces headwinds, and home improvement and rental saw adjustments, so revenue remained deeply negative YoY. That said, headcount ratio...

After the Hong Kong close on May 19 Beijing time, $Bilibili(BILI.US) reported Q1 2026 results. Ads again did the heavy lifting across segments, with the print broadly in line with expectations.In detail:1. Ads remain in a clear upswing: Q1 ad revenue rose 30% YoY, a small beat even against a weak in...

After the HK close on May 19, Bilibili reported Q1 2026 results, delivering another ad-led quarter broadly in line with expectations.Key takeaways below.1. Ads remain the clear bright spot: Q1 ad revenue rose 30% YoY, slightly beating estimates despite a weak industry backdrop. Benefiting from stron...

$Hesai(HSAI.US) released its Q1 2026 results after Hong Kong market close on May 19 Beijing time. The print came in slightly above expectations and continued to show a classic price-for-volume pattern, with lower ASPs driving outsized unit growth.1) Revenue: more units, lower price, a slight beat. I...

$Baidu(BIDU.US) Q1 was a mixed bag, reflecting a sharp strategic pivot and business transition. Investors now care less about the long-troubled ads business and more about whether the AI Cloud, Kunlun Chip and buybacks can execute smoothly.Last quarter the company switched to a new disclosure framew...

As Dolphin Research cautioned earlier, consumption will be under pressure in Q2. April retail sales confirmed the slowdown, with total retail up just 0.2% YoY and online physical goods growth also at 0.2% by our estimate, the weakest month since 2022.That said, this weak print was not a bomb out of ...

Before the US open on May 15, 2026 Beijing time, Huazhu (1179.HK/HTHT.O) reported Q1 2026 results. Overall, revenue was solid, and operating metrics kept improving after turning positive in H2 last year, but higher sales spend amid a soft corporate travel recovery partially diluted margin release.$H...

$LEAPMOTOR(09863.HK) released its 2026 Q1 results after the HK close on May 15 Beijing time. The print marked a departure from Leapmotor's usual operating steadiness: sales held up reasonably well for an off-season and opex discipline was acceptable, yet both revenue and GP missed. Notably, per-vehi...

Applied Materials (AMAT) released its fiscal Q2 2026 results (through Apr 2026) before U.S. market open on May 15 Beijing time. Key takeaways are as follows.1) Core metrics: AMAT posted revenue of $7.9bn (+11% YoY), beating consensus ($7.7bn). Growth was driven by AI compute infrastructure build-out...