$蔚来(NIO)$   $蔚来-SW(09866)$   $蔚来(NIO.SI)$   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?

$吉利汽车(00175)$   $吉利汽车ADR(GELYY)$   12月22日，极氪私有化正式完成—— 现在，极氪 + 领克 = 100% 吉利全资。 这意味着：从2026年起，每年多赚20–30亿净利润，不再分给外部股东。 更关键的是： ✅ 三款高端六座SUV齐发：银河M9、领克900、极氪9X ✅ 11月销量已冲到31万辆（+24% YoY） ✅ 毛利率正从15.9%稳步迈向18.5% ✅ 当前2026年PE仅6.3倍，目标价27港元（现价16.9） 这不是“又一家卖车的”，而是一个正在闭环的电动生态帝国： 银河打大众市场 领克攻科技中高端 极氪占豪华纯电 而资本市场，还在用2022年的逻辑定价。 👇 一图看懂：为什么吉利可能是当前港股最被低估的价值标的。 @吉利汽车0175 @TigerStars @TigerObserver 

$京东(JD)$  $京东集团-SW(09618)$   京东零售收入预计四季度同比下滑2.9%，是2022年以来首次负增长。原因不是用户跑了，而是去年底“国补”太猛——2024年12月家电卖爆，同比涨39.3%，直接把今年11月同比干到-19.4%。 作为国补核销主渠道，京东成了高基数的最大受害者。经调整净利润预计只剩10亿，环比暴跌八成。 但别慌：账上净现金752亿，股息率3.6%，负债率不到10%。基本面没崩，只是被政策节奏打了个趔趄。 关键看2026年——中央已定调“扩大内需”，若“两新”政策（家电+汽车）加码，京东的高质量用户和供应链优势，随时能打个翻身仗。 （一图详见主图）

$美团-W(03690)$   三季度美团核心本地商业由盈转亏，单季亏掉141亿。这不是业务崩了，是阿里京东砸钱抢市场，它只能硬扛——销售费用翻倍，换来的却是收入下滑，“战损比”难看至极。 但管理层放话：三季度就是补贴顶点。接下来要收缩低价订单，死守30元以上高价值用户，保住70%的优质份额。 更关键的是，账上现金加理财已冲到1412亿，够烧7个季度。它赌的不是明天盈利，而是对手先撑不住。 现在市场给它负PE，情绪冰点。可只要现金不断，这场仗它就有资格打到最后。 （一图详见主图👆） 一图读懂研报

$腾讯控股(00700)$   很多人还在盯着《三角洲行动》流水多少，但更值得看的是：它现在每两三个月就能推一个新赛季——以前这种更新节奏至少要半年。背后不是加班，是AI真把制作流程压短了。 《和平精英》里的AI队友“花傲天”，会记住你爱捡什么枪、什么时候喜欢撤退，主动递投掷物。这不是噱头，是让普通玩家也能打配合，把留存做上去。 云业务也一样：没去硬刚AWS，而是靠本地机房+性价比，拿下了印尼最大的互联网公司GoTo。出海不是喊口号，是算清楚账再动手。 现在市场给腾讯不到19倍的PE，却对它的利润质量和运营效率视而不见。或许，我们该重新想想：这家公司到底值不值更多？ （一图读懂详见下图👇） 一图读懂研报

$小米集团-W(01810)$   $小米集团ADR(XIACY)$   没人想到，小米造车才一年多，Q3交付10.9万辆，毛利率直接做到25.5%，还赚了7个亿的经营利润。这不是PPT，是财报实打实写出来的数字。 更耐人琢磨的是：手机业务在存储芯片涨价的压力下，靠高端机型稳住了基本盘；互联网服务毛利率冲到76.9%的历史新高；连IoT都在悄悄升级——上个月发布的“米洛可”全屋AI系统，根本不是卖插座，而是把家变成一个能感知、会反应的智能体。 可奇怪的是，资本市场还在用“低价硬件商”的老眼光看它。2026年预期市盈率才22倍，比过去五年平均水平低了近三成。 当一家公司同时在手机、汽车、AI家居三条战线打出节奏，或许我们该问的不是“它能不能行”，而是：“我们是不是看错了它？” （一图读懂详见下图👇） @TigerStars 

$哔哩哔哩(BILI)$   $哔哩哔哩-W(09626)$   2025年上半年，哔哩哔哩净利润 2.1亿元，历史上首次在上半年实现盈利——而去年同期亏损高达137亿元。 游戏收入连续四个季度同比增长超 60%，《三国：谋定天下》成最快破10亿流水的产品；广告收入在3Q25增长 23%，AI、汽车等垂类增速超 60%。 更关键的是，用户结构持续优化：平均年龄 26岁，付费用户增速 快于MAU，正式会员12个月留存率高达 80%。 当B站的经营性现金流已达60亿元、费用率大幅下降、商业化效率全面提升，我们是否该重新审视它的平台价值？ （一图读懂详见下图👇）

$名创优品(MNSO)$  $名创优品(09896)$  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?