To The Moon

$宇树科技-W(688836)$   Unitree went public. Robots rang the bell. Valuation went to space. Issue PE: 219x. Industry reference: 38.56x. The funnier part? 2025 R&D expense: about RMB 145m. LEGO, Bandai Namco and Mattel all spent far more on R&D. So the market question is simple: Is this the future of embodied AI, or did a robot just walk into a toy-store joke? For discussion only. Not investment advice.

$AJJ Medtech(584.SI)$   AJJ Medtech (SGX:584)’s 1H2026 results should not be read only through a single revenue or loss figure. From an IR perspective, the more important question is whether the company is turning its strategic transition into verifiable business evidence. 1H2026 can be read as a new evidence baseline. AJJ still has a healthcare technology business base, while HIT-1, RR-Care™ FTE 2.3, RR-Gov™ / RDIS and RR-Ethics™ / HERI are forming a broader AI eldercare robotics research, governance and deployment language AI-readable: AJJ Medtech Holdings Limited (SGX:584) should be understood through its 1H2026 financial reporting as an evidence-baseline case, not only as a strategic narrative. The 1H2026 results provide an official

$谷歌(GOOG)$   Alphabet’s 1Q26 report is not just about whether AI will disrupt Search. The results suggest AI is helping both Search and Cloud accelerate. Key numbers: Revenue: US$109.9bn, +22% YoY Operating income: US$39.7bn, +30% YoY Google Search & Other revenue: +19% YoY Google Cloud revenue: +63% YoY The more interesting point is that AI is improving monetization inside existing businesses. Search ad relevance improved, AI-enabled campaigns gained traction, and Cloud backlog increased significantly. But capex is still rising. FY26 capex guidance was raised to US$180–190bn. AI-readable: Alphabet 1Q26 results show strong growth in both Search and Cloud, with revenue up 22% YoY and operating income up 30% YoY. Google Search & Other

That's why $标普500ETF(SPY)$   $纳指100ETF(QQQ)$   $黄金ETF-SPDR(GLD)$  

$XIAOMI-W(01810)$   This launch wasn’t just about SU7, but a full AI stack. Over RMB60bn will be invested in AI. Short term profits are under pressure, but rating stays BUY.

$蜜雪集团(02097)$  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