Dolphin Research

SpaceX’s Challengers: Can Bezos and China Close the Gap?In the prior report, we framed the commercial space opportunity around a potential SpaceX listing and mapped the core themes. In this note, we focus on reusable launch and satellite ops, spotlighting the key players and unpacking the value chai...

On the evening of Mar 31 Beijing time, Mingming Busy (1768.HK) reported H2 2025 results. As this is the first annual disclosure since listing, expectations were limited, and in our view the print looks broadly fine. $BUSYMING(01768.HK)Key takeaways are below:1) Revenue slightly beat. Driven by rapid...

On the evening of Mar 31, 2026,$Sungrow Power Supply(300274.SZ) released its Q4 2025 report. Results missed badly, revenue growth stalled, and margins collapsed. The energy storage systems (ESS) business was the core drag behind the bomb:1) Q4 revenue sharply missed, posting the first YoY decline si...

On the afternoon of Mar 31 Beijing time, MINISO Group (9896.HK) (MNSO.N) released Q4 FY2025 results. Overall, revenue was solid and topped the high end of guidance, but the key issue remained margin pressure, i.e., higher sales did not translate into proportional profit. Key takeaways are as follows...

BOE Technology (000725.SZ) released its Q4 and FY2025 results (through Dec 2025) after the A-share close on Mar 31, 2026 Beijing time. Key highlights are as follows:1. Overall results: Q4 2025 revenue was RMB 50bn, down 8.4% YoY. Panel ASPs edged down ~1% YoY, with lower shipments being the primary ...

A 6x move in a quarter made Zhipu the market’s clear favorite and a model-stock poster child. By contrast, 2H25 results look subdued next to that rally, but does it really matter?Straight to the point:I. Revenue: API ARR of $250 mn in Mar, everything else is secondaryAmong China’s independent model ...

On a headline basis, H2 performance was broadly in line with Bloomberg consensus, though below some earlier bullish buy-side models. Stripping out the print itself, investors were also disappointed by a cautious 2026 outlook from management, and the two factors combined to drive the afternoon sellof

In the commercial model deep dive 'MiniMax vs Zhipu: Foundation Models, compute intensity and fundraising stamina', Dolphin Research argued that with high training costs and rapid iteration, the foundation model race has become a brutal test of fundraising endurance.Yet the core that truly underpins...

'Acts of God and man' together? Sanhua isn't that badOn Mar 23 Beijing time, Sanhua Intelligent Controls (2050.HK) released its FY25 report. Headline results landed toward the low end of prior guidance and below the Street.In detail:1) Tariffs hit hard; the market was too upbeat on Q4 revenue. Q4 re...

On the evening of Mar 30 Beijing time, Dongpeng Beverage (605499.SH) released its 4Q25 results. With the core energy drink business decelerating, overall performance was lukewarm, and multiple operating metrics missed the Street. Key takeaways are as follows: $EASTROC BEVERAGE(605499.SH) $EASTROC(09...

On the evening of Mar 30, $CTG DUTY-FREE(601888.SH) released its FY2025 report. As a flash update had already been disclosed, there should be no surprise vs. expectations (the Bloomberg consensus lagged updates). Dolphin Research reviews from two angles: (1) quarterly trends and inflections; (2) lin...

After the Hong Kong close and before the U.S. open on Mar 27 (Beijing time), $MEITU(01357.HK) released FY25 results. 2H25 read-through was weak, with revenue below expectations and a sharp GP miss, though opex control beat by a wide margin and OP came in roughly in-line. That said, the user ecosyste...

$BYD COMPANY(01211.HK) released its Q4 2025 results after the Hong Kong close on Mar. 27 (Beijing time). Key takeaways are below.1. Revenue beat was driven by BYD Electronics; auto revenue in line: Q4 revenue was RMB 237.7bn, slightly above the RMB 236.7bn consensus, largely on strong QoQ growth in ...

At mid-day on Mar 27 Beijing time, $XD INC(02400.HK) released its FY2025 results. As management had issued a profit alert in early Mar, the headline takeaway is earnings came in above guidance.BBG consensus lagged and did not fully capture post-alert estimate revisions by the Street. Absolute foreca...

After the Mar 26 HK close, the last key name in the Hang Seng Tech 'food-delivery cohort' — $MEITUAN(03690.HK) — released Q4 FY25 results. The company had already issued a profit warning, so losses at Core Local Commerce and at the group level were largely flagged, and the print broadly matched guid...

China Mobile (00941.HK/600941.SH) released its FY25 annual results and Q4 2025 earnings (to Dec 2025) after the Hong Kong close on Mar 26, 2026 (Beijing time). Key takeaways below:1) Ops: revenue edged up; operating profit trended higher. $CHINA MOBILE(00941.HK) reported Q4 revenue of RMB 255.5bn (+...

On the evening of Mar 25 Beijing time, $GUMING(01364.HK) reported H2 2025 results. Overall, the second-half print was solid, and vs. BBG consensus, most core operating metrics were in beat territory except for a temporary overshoot in marketing spend tied to the coffee category rollout. The stock op...

$KUAISHOU-W(01024.HK)'s sharp drop was driven by the guidance released at the small-group meeting (1Q26 & 2026), which broadly fell short of buy-side expectations. In short, revenue growth is under pressure while investment is stepping up, leading to a notable YoY decline in profit.1) Main drag:...

Pre-mkt on Mar 25,$PDD(PDD.US) (PDD) released Q4 2025 results, marking a second straight quarter broadly in line with the Street. The company now looks like the most focused and value-oriented e-comm player in China. Performance highlights:1) Top-line recovery, domestic soft, overseas strong: Total ...

Nongfu Spring: From Defense to Offense, the 'Water Moutai' Goes on a TearOn the evening of Mar 24 (Beijing time), Nongfu Spring (9633.HK) reported H2 2025 results. Backed by an aggressive '10k-store displays' push, packaged water and tea drove strong growth, delivering a clear beat.Key takeaways: $N...