To The Moon

Today, Z.AI’s stock price surged as much as 12.8%. Over the weekend, a model called “Ox Alpha” launched on the model aggregator OpenRouter uncreditedly and quickly went hot. It became one of the largest model launches in the platform’s history, attracting a large number of users to try it. Today, Z.AI announced that Ox Alpha was indeed developed by the company and has been officially renamed GLM-5.3-Flash. In terms of product positioning, Z.AI said the model’s coding and agent capabilities are not far off from Anthropic’s Opus 4.8. The company plans to price it at $0.15 per million input tokens and $0.50 per million output tokens. Such pricing places it in the same tier as DeepSeek among "low-cost, high-efficiency" models, a category that is steadily drawing users away from premium-priced

Yesterday, MiniMax Group released its earnings results, posting a strong performance in the first half of the year. Revenue reached $116.6 million, compared with just $30.4 million in the same period last year, representing a year-over-year increase of approximately 283%. In terms of revenue structure, revenue from AI-native products grew 100.9% year over year to $42.6 million. Revenue from the open platform and other AI-based enterprise services surged 703.1%, rising from $9.2 million to $73.9 million. This segment accounted for 63.4% of total revenue, up significantly from 30.3% in the same period of 2025, making it the company's largest revenue source. Investment banks have offered mixed views on the company. Citi said demand for the M3 model among enterprise users remains strong and th

Just now, Li Auto released its second-quarter earnings report. In terms of financial performance, the company reported Q2 revenue of RMB 25.667 billion, above the market estimate of RMB 24.962 billion, but down 15.1% year over year. Vehicle gross margin was 9.4%, down 10 percentage points year over year. Adjusted net income came in at a loss of RMB 1.497 billion, significantly worse than the expected loss of RMB 1.148 billion. In terms of the company's Q3 guidance, Li Auto expects vehicle deliveries to reach 95,000–100,000 units, representing year-over-year growth of 1.9%–7.3%. Total revenue is expected to come in at RMB 26.6 billion–28.0 billion, representing a year-over-year change of -2.8% to +2.3%. While Q3 revenue is still expected to show limited growth or a slight decline, the proje

After the Hong Kong market closes this Friday, Meituan will release its second-quarter earnings report. Analysts expect Q2 revenue to reach RMB 101.079 billion, up 16.8% year over year, while adjusted EPS is forecast at RMB 0.052, down 97.1% year over year. As for the stock performance, Meituan has been volatile this year. The stock rebounded briefly in late June but has weakened again recently, falling about 23.8% year to date. In terms of revenue structure, Meituan has two major business segments: Core Local Commerce and New Initiatives. Delivery services and merchant services are the main sources of revenue within Core Local Commerce. Analysts expect Core Local Commerce revenue to grow about 4.95% year over year in Q2, while New Initiatives is expected to grow much faster, with revenue

On August 24, Xiaomi officially unveiled three self-developed chips: the Xring O3, Xring O100, and Xring D100. Among them, the Xring O3 features a 10-core all-big-core CPU design, with its multi-core benchmark score surpassing 15,000 for the first time, representing a 60% performance improvement. It also debuts the G2-Ultra NX GPU, delivering an unprecedented generational upgrade with 85% higher performance and 64% lower power consumption. In addition, the Xring O3 is the world’s first mobile processor to support LPDDR6, offering bandwidth of up to 113.8GB/s, 48% higher than the Xring O1. Previously, Xiaomi has relied heavily on Qualcomm and MediaTek for smartphone chips. As its Xring chips continue to evolve, Xiaomi could further strengthen the autonomy of its chip supply chain while gain

Li Auto is set to release its second-quarter earnings report after the Hong Kong market closes this Wednesday. Analysts expect Q2 revenue to reach RMB 24.962 billion, down 3.7% year over year, with adjusted EPS estimated at RMB -0.562. In terms of stock performance, Li Auto has been trending downward with volatility this year. After a sharp decline in May, the stock has continued to trade in a volatile range, with shares down about 23% year to date. As for revenue structure, Li Auto has two major business segments: Vehicle Sales and Other Sales & Services, with vehicle sales remaining its primary revenue contributor. However, growth in the vehicle business remains under pressure. Li Auto delivered a cumulative 61,363 vehicles in June and July, down 8.4% year over year. Analysts expect

Just now, Pop Mart released its 2026 interim results. The numbers show that first-half revenue came in at RMB 17.173 billion, up 23.8% year over year but well below the market expectation of RMB 19.975 billion. Adjusted net income was RMB 5.156 billion, also significantly below the expected RMB 6.665 billion. In the first half of 2026, The Monsters, which includes Labubu, generated RMB 4.45 billion in revenue. Twinkle Twinkle generated RMB 2.65 billion, while Crybaby generated RMB 1.63 billion. By region, Pop Mart’s domestic revenue for the first half of the year was RMB 12.2 billion, revenue from the Asia-Pacific region totaled RMB 2.58 billion, revenue from Americas totaled RMB1.89 billion, and revenue from Europe and other regions totaled RMB 0.51 billion. Overseas revenue fell signific

NetEase is set to release its second-quarter earnings report after the Hong Kong market closes on August 20. According to analyst estimates, NetEase's Q2 2026 revenue is expected to reach RMB 29.447 billion, with adjusted EPS estimated at RMB 3.118. In terms of stock performance, NetEase experienced a notable decline at the beginning of the year, before recovering amid volatility from March onward. With the earnings release approaching, market attention is increasingly focused on the performance of its core gaming business and the company's future growth drivers. In terms of revenue structure, NetEase has four major business segments: Games & Related Value-Added Services, Youdao, Cloud Music, and Innovative Businesses and Others. Games & Related Value-Added Services remains the com

Just now, Xiaomi released its second-quarter financial results. Revenue for the quarter came in at RMB 108.922 billion, above the RMB 108.325 billion analyst consensus. Gross profit was RMB 21.609 billion, below the expected RMB 21.883 billion, while adjusted net profit came in at RMB 6.22 billion, slightly below the RMB 6.314 billion estimate. $XIAOMI-W(01810)$ Breaking down the results by business, smartphone revenue reached RMB 42.119 billion in the second quarter, slightly above the RMB 41.099 billion estimate, while gross profit was RMB 3.599 billion, ahead of the RMB 3.396 billion expectation. Electric vehicle revenue came in at RMB 24.896 billion, slightly below the RMB 24.904 billion estimate, while gross profit was RMB 4.

POP MART is set to release its 2026 interim results after the Hong Kong market closes on August 20. Analysts expect the company to report RMB 19.975 billion in revenue for the first half of 2026, with adjusted EPS of RMB 5.046. In terms of stock performance, POP MART has been on a broadly downward trend since February, with the stock down approximately 18.6% year to date. The market is increasingly focused on the company’s earnings growth and overseas business performance. As for revenue structure, POP MART generates revenue primarily through three channels: offline channels, online channels, and wholesale & others. Offline channels are the company’s main source of revenue, including retail stores and Roboshops, with retail stores accounting for the largest share. However, retail store