Dolphin Research

Overall, $Hesai(HSAI.US) released its Q4 2025 results after the Hong Kong close on Mar 24 Beijing time. The print again showed classic price-down, volume-up dynamics, with shipments surging on lower ASPs. Even so, the company defended GPM with solid cost control and issued upbeat 2026 shipment guida...

Xiaomi Corp. (1810.HK) released its Q4 2025 results (quarter ended Dec 2025) after the Hong Kong close on Mar 24, 2026 Beijing time. Key takeaways:1. Headline results: revenue RMB 116.9bn, +7% YoY, with all growth driven by autos while legacy businesses (smartphones x AIoT) fell 13.7% YoY.GPM slippe...

On the afternoon of Mar 24 (Beijing time), Mixue Group (2097.HK) released H2 2025 results. Overall, H2 performance was mixed: revenue beat, but a lower GPM and higher admin expenses led core OP to come in slightly below street expectations. $MIXUE GROUP(02097.HK)Key takeaways:1) Revenue kept growing...

On the afternoon of Mar 23 Beijing time,$LAOPU GOLD(6181.HK) released its H2 FY2025 results. With a prior profit alert in place, actuals landed around the midpoint of guidance, and both revenue and profit remained on a high-growth trajectory, delivering a solid print.Key takeaways are as follows. $L...

$XPeng(XPEV.US) released Q4 2025 results after HK close and before US market open on Mar 20, 2026 (Beijing time). Headline numbers looked solid, but guidance for the core auto biz signaled pressure. Details below:1) Revenue beat driven by services & other: Total revenue came in at RMB 22.3bn (+3...

I. Key takeaways from Xiaomi Spring Launch$XIAOMI-W(01810.HK) The headline items were the refreshed SU7 and progress on Xiaomi's AI foundation models.a) New-gen SU7: Functionally a mid-cycle refresh. The exterior sees minor tweaks, while hardware gets a broad upgrade and pricing is raised modestly.O...

$HORIZONROBOT-W(09660.HK) released its 2H25 results after the HK close on Mar 19, 2026 (Beijing time). Results missed expectations; details below:1) Top line beat, but core chip revenue undershot: Total revenue was RMB 2.19 bn in 2H25 (+51.2% YoY), beating the Street’s RMB 1.94 bn.The upside did not...

Fighting on two fronts in food delivery and AI, $Alibaba(BABA.US) posted Q3 FY26 results pre-market tonight (Mar 19). From a expectations vs. reality lens, results were broadly in line with the recently lowered guide, except for softer Intl e-com growth and wider losses in 'Others'. In absolute term...

Micron Technology (MU.O) released its FQ2 2026 results (quarter ended Jan 2026) after the U.S. market close, early Mar 19 Beijing time. Key takeaways are below.1. Headline results: Revenue came in at $23.86 bn (+75% QoQ), beating the raised buyside bar (~$19.9 bn). Growth was driven by both DRAM and...

Before the U.S. market open on Mar 18, 2026 (Beijing time), Huazhu (1179.HK/HTHT.O) reported Q4 2025 results. With the asset-light transition advancing and lodging demand recovering, Q4 extended the strong Q3 momentum, beating market expectations. Specifically: $HWORLD-S(01179.HK) $H World(HTHT.US)1...

After HK market close on Mar 18 (Beijing time), $TENCENT(00700.HK) reported Q3 2025 results. Overall, the print held few surprises, with some minor variances vs. expectations. In the current AI transition window, management’s guidance on investment and growth for this year matters more for mid-term ...

$GEELY AUTO(00175.HK) released its Q4 2025 report at Hong Kong midday on Mar 18, 2026 (HKT). Here are the key takeaways.1. Revenue slightly beat: Q4 revenue reached RMB 105.7bn (+22% YoY), marginally above the Street's RMB 104.3bn. The beat was driven by a richer mix and higher ASP as the premiumiza...

Lululemon reported Q4 FY2025 (ended Dec 2025) after the U.S. market closed on Mar 18 Beijing time. Overall, with guidance repeatedly cut earlier, the bar for Q4 was already low, and the print came in weak but broadly in line.$Lululemon(LULU.US)Key takeaways:Revenue slightly beat. Q4 revenue rose 0.8...

Beijing time Mar 17, after HK close and before U.S. pre-market, $Tencent Music(TME.US) released its Q4 2025 results. Q4 was mixed: the second growth curve kept delivering, but the user ecosystem remained shaky, slowing subscription revenue growth, so Dolphin Research's overall take is cautious.Here ...

On Mar 16, 2026, Jensen Huang, founder and CEO of NVIDIA, delivered the GTC 2026 keynote. The core themes covered the 20th anniversary of the CUDA platform, the inflection in inference and the surge in compute demand, the Vera Rubin system architecture, Groq integration, the OpenClaw agent revolutio...

China’s leading housing broker — $KE(BEKE.US) — reported results pre‑market tonight (Mar 16) for the last quarter of FY25. Overall, against an exceptionally high base post the Sept 2024 easing and a weaker market in H2 FY25, BEKE faced heavy industry headwinds this quarter. The print was decidedly w...

Leapmotor (9863.HK) released its Q4 2025 results after the Hong Kong close on Mar 16 Beijing time. The print was solid, underscoring the company's consistent operational discipline, with key takeaways as follows:1. Revenue in line; ASP still down QoQ on mix and promos: Revenue came in at RMB 21bn (+...

SpaceX Challengers: Can Bezos and China Catch Up?In our previous note, we framed the current commercial space cycle around a potential SpaceX listing. Here we focus on reusable launch vehicles and satellite ops, and break down the value chain to assess competition and where investors might find oppo...

'Food Delivery Wars' Replayed in Brazil: Will Didi Spend at Any Cost?The ride-hailing leader $DiDi(DIDIY.US) posted its FY2025 Q4 results pre-market on Mar 13. Domestic ops remain solid, with steady volume growth and a gradual margin uptick — not dazzling, but no major flaws. The issue lies overseas...

Li Auto (LI) released its 2025 Q4 results after Hong Kong trading and before U.S. market open on Mar 12 Beijing time. Li Auto had already guided for pressure on Q4 vehicle GPM, but even against a cautious setup, the print was mediocre.