$蔚来(NIO)$   $蔚来-SW(09866)$   $蔚来(NIO.SI)$   NIO’s 3Q25 results came in stronger on margins, but the bigger picture remains challenging. Gross margin beat expectations, yet net loss was still RMB 3.66bn. Management also cut 4Q guidance and is less confident about breakeven this year. Competition in China’s EV SUV market is intensifying, and NIO may need price cuts when its new L-series arrives. Key question now: Can NIO protect margins and recover volume in early 2026?

$名创优品(MNSO)$  $名创优品(09896)$  2025Q3，名创优品海外直营门店收入同比激增 70%，国内同店销售重回 高个位数增长。 这已不是靠开店数量驱动的增长，而是 大店模型升级、自有IP变现、海外直营盈利模型跑通 的综合结果。 更关键的是，经调整营业利润率环比改善，利润下滑趋势明显收窄。 当一家公司在国内优化效率、在欧美打造品牌直营店、还手握TOPTOY这样的第二曲线，我们是否还该用“低价杂货铺”的旧框架去估值？ （一图读懂详见下图👇）

$Adobe(ADBE)$   最新财报显示，AI 相关新增 ARR 已占整体超三分之一，生成式积分消耗量单季激增约 3 倍——用户不是在试用，而是在高频使用。 但与此同时，公司首次将 FY26 运营利润率指引下调至 45%，为多年新低。一边是创纪录的 26 亿美元净新增 ARR 指引，一边是利润承压，这究竟是“战略性投入”，还是增长质量在悄悄变化？ 值得思考的是：当一家软件公司把超过 1/3 的新收入归因于 AI，我们该如何判断这是可持续变现，还是短期叙事包装？ （一图读懂详见正文）

$蜜雪集团(02097)$  Mixue Group’s latest coverage highlights a business model that is scaling more rapidly — and more efficiently — than most beverage peers. The company now operates 53,000+ stores worldwide, including nearly 4,800 overseas, making it the world’s largest freshly-made beverage chain. Its core advantage comes from an integrated cost structure: End-to-end supply chain with self-produced ingredients Highly standardized operations A widely recognized brand IP (“Snow King”) Extremely low marketing spending relative to industry norms Deferred demand in lower-tier Chinese cities and accelerating growth in Southeast Asia provide meaningful visibility for store expansion. Mixue already holds 19.5% market share in Southeast Asia and is extendi

$地平线机器人-W(09660)$  Horizon Robotics is moving into a decisive scale-up phase, and this update highlights why the market should not ignore it. The key catalyst is computing power + full-stack architecture advancing simultaneously. The Journey series has now shipped over 10 million SoCs, covering more than 40 OEMs and 400 models, making Horizon one of the most widely deployed intelligent-driving chip suppliers in China. The newly mass-produced Journey 6 platform spans 10–560 TOPS, positioning it as the only domestic solution capable of supporting L2 to full-scenario urban assisted driving on a single architecture. At the same time, the company’s HSD software-hardware integrated ADAS stack is entering a rapid commercialization cycle. It has alread

$网易(NTES)$   $网易-S(09999)$   NetEase’s 3Q25 looked “fine” at first glance — but one number changes everything: 🔥 Deferred revenue +25% YoY This is future profit already locked in and waiting to be recognized. If you follow China gaming, you know: Deferred revenue spikes → earnings beat in the next 1–2 quarters. And the setup looks strong: 🎮 PC games +33% YoY after Blizzard’s return 📱 Mobile still growing with legacy blockbusters + new momentum 🚀 A loaded 2026 pipeline: Forgotten Seas, Unbounded, Starry Abyss, Returning Tang — multiple titles capable of becoming annual hits. Profitability is inflecting too: Non-GAAP NP +26.7% YoY Youdao: 5th consecutive profitable quarter Cloud Music: stable

$小鹏汽车(XPEV)$   $小鹏汽车-W(09868)$   XPeng may be entering its strongest transformation phase yet — shifting from a pure EV manufacturer to a full-stack AI technology company. 🔥 EREV strategy is working The new X9 delivers 1602 km range, leading the global 7-seater segment and driving XPeng’s return to strong monthly deliveries. 🔥 Robotaxi commercialization in 2026 XPeng will launch three mass-produced Robotaxi models, powered by its VLA 2.0 model with 260 km/disengagement, one of the best in China. 🔥 Partnership with Volkswagen deepens VW will use XPeng’s architecture beginning 2026, and XPeng’s self-developed Turing AI chip has already been officially adopted — a major milestone. 🔥 Humanoid r

$宝尊电商(BZUN)$  $宝尊电商-W(09991)$  Baozun just posted one of its most encouraging quarters in years. 🔥 Non-GAAP net loss narrowed sharply to RMB –40m 🔥 BEC (e-commerce services) returned to profit with RMB 28m OP 🔥 BBM (brand management) revenue jumped 20%, driven by GAP and Hunter 🔥 GAP’s young customer base up 25% thanks to targeted campaigns Operational efficiency is clearly improving: Fulfilment cost ratio dropped –4.5pts YoY Inventory turnover improved ~20% Service revenue mix continues to rise CMBI now expects: ✔ BEC profit to surge in 4Q25 ✔ BBM to break even by 4Q25 ✔ Target price raised to US$3.81, BUY maintained Key question for investors: Is Baozun entering a multi-quarter recovery cycle? Or w

$摩尔线程(688795)$  Retail investors piled into the deal with 4,000× subscription, signalling massive appetite for domestic AI chip plays as China pushes to replace Nvidia hardware. The Beijing-based GPU start-up — founded in 2020 by former Nvidia China head James Zhang and staffed with ex-Nvidia/AMD veterans — has launched four generations of GPUs (Sudi, Chunxiao, Quyuan, Pinghu) despite being on the U.S. Entity List. Key numbers investors overlooked: 2024 revenue: RMB 438.5m (+200% 3-yr CAGR) 2024 net loss: RMB –1.5bn (heavy R&D + inventory) 1H25 revenue: RMB 701.8m 1H25 net loss: narrowed to RMB –271m IPO proceeds: RMB 8bn Valuation: RMB 53.7bn Backers include Tencent, ByteDance, Sequoia China, GGV and Shenzhen Capital Group — almost 90 sha

$赛富时(CRM)$   Salesforce just posted one of its strongest AI-driven quarters yet. 🔥 AI ARR jumped 114% YoY (Agentforce + Data 360) 🔥 Agentforce ARR surged 330% YoY, with over 3.2 trillion tokens processed 🔥 The company closed 9,500 Agentforce deals — up 50% QoQ Meanwhile, operating margin improved and cRPO growth outpaced expectations. Management now believes AI will be a multi-year growth engine, with FY30 revenue still tracking toward US$60B. But here’s the key question: Is Salesforce becoming the leading enterprise AI agent platform, or is the market already pricing in perfection? What’s your take on CRM right now?

$京东工业(07618)$  JD Industrials (7618.HK) — often called “China’s No.1 industrial supply chain platform” — is finally coming to market. Here are the key takeaways from the latest IPO review: 🔹 Huge Market Opportunity China’s industrial supply chain market is heading toward RMB 1.1 trillion by 2029, with low digital penetration. 🔹 Strong Platform Fundamentals Over 81 million SKUs, 11,000+ enterprise clients, and the largest share in China’s MRO/B2B industrial segment. 🔹 Solid Growth Trend 1H25 revenue +19%, improving gross margin (18.6%), and rising adjusted profit. 🔹 JD Ecosystem Advantage Integrated logistics + supply chain + fulfillment give JD Industrials a real moat. But there are risks: ⚠ Gross margin still lower vs global peers ⚠ Heavy reli

$阿里巴巴(BABA)$   $阿里巴巴-W(09988)$   Alibaba just posted one of its most contradictory quarters in years. ☁ Cloud revenue jumped 34.5% YoY — the strongest growth since the restructuring. 🔥 But adj. EBITA collapsed 78%, dragged down by heavy investment in quick commerce (QC). Here’s the twist: Management says cloud demand is so strong that supply can’t keep up, and QC losses have been cut by 50% per order since August. And Keeta Hong Kong? ➡ Turned profitable in just 29 months, beating its own 36-month target. So the big question: Is Alibaba entering a new “cloud + quick commerce” synergy cycle? Or will QC continue burning profits?

$美团-W(03690)$   $美团ADR(MPNGY)$   Meituan’s 3Q25 numbers were messy: revenue missed, and the adjusted loss ballooned to –RMB 16bn — one of the worst quarters since listing. But here’s the twist: Analysts believe food-delivery spending may have already peaked in 3Q25, with competition easing in Oct–Nov. If true, 4Q25 could be the start of margin stabilization. Meanwhile, Keeta Hong Kong turned profitable in just 29 months, much faster than expected — and Meituan is preparing to replicate this model in GCC markets. So the real question now: Is Meituan finally shifting from “burning cash” to “creating value”? Or is the competition (Douyin + Ele.me) still too strong for a real recovery?