The electric vehicle (EV) industry’s woes amplified last year after the Trump administration withdrew the $7,500 tax credit. The auto tariffs did not make things any better and put pressure on margins. For startup EV names, the tariffs meant a further increase in losses. This was a double blow for the U.S. EV industry, which was already battling slowing sales and massive production overcapacity, which ignited the price war. Specifically, Lucid Group (LCID) stock fell 65% last year and continued its disma ...

Meituan ( MPNGY ) is a “super app” that delivers almost everything in China. It recently released its 3Q25 earnings, recording an adjusted net loss of RMB16 billion, its first quarterly loss since 2Q22, as the price warAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other ...

Core Insights - Meituan (MPNGY) is a "super app" in China that offers a wide range of services and has recently reported its 3Q25 earnings, showing an adjusted net loss of RMB16 billion, marking its first quarterly loss since 2Q22 due to a price war [1] Financial Performance - The adjusted net loss of RMB16 billion indicates a significant financial challenge for Meituan, as it is the first quarterly loss since the second quarter of 2022 [1]

Eli Lilly announcing it will cut the prices for introductory doses of Zep found if you pay cash. This is just the latest move in the price war with Novo Nordisk that's getting more and more confusing in terms of pricing for these weight loss drugs. Joining us now to talk about it is someone who understands everything, at least in regards to this industry health.Bloomberg health reporter Madison Miller. So what do we know about Zep. LB Now it's what the five mg doses, the starter doses are going to be even c ...

In LGFV space, we saw better buying across the credit curve. Chinese RMs/AMs were buying the front end, whilst HFs and retails the higher- yielding issues. Fixed Income Credit Commentary 1 Dec 2025 Glenn Ko, CFA 高志和 (852) 3657 6235 glennko@cmbi.com.hk CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Last Friday, we saw small better buying on JP/AU financial names MIZUHO/SUMIBK/QBEAU/ANZ/WSTP and TW lifers like NSINTW. There were balanced two-way flows on Chines ...

Core Insights - Novo Nordisk's recent pricing strategy aims to lower consumer costs and build political goodwill, potentially mitigating risks associated with government price controls and positioning the company favorably for future negotiations with Medicare [1] - The company is responding to competitive pressures from Eli Lilly, which has seen Novo Nordisk's market share in GLP-1 treatments decline from 71.6% to 56.3% in one year, by establishing a new aggressive price floor [2] - The strategy targets the cash-pay market, making GLP-1 treatments accessible to millions of uninsured or underinsured patients, thus expanding the total addressable market [3] Pricing Strategy - Novo Nordisk has reduced the prices of Wegovy and Ozempic to $349 per month, fundamentally altering its business model and raising questions about whether this is a desperate reaction or a calculated move for long-term dominance [4] - The company is funding this strategy through internal savings, which allows it to absorb short-term margin impacts while investing in future growth [5] Financial Outlook - Wall Street's concerns about lower revenue per prescription and profit margins are acknowledged, but the long-term financial case is viewed as compelling due to the strategic investment nature of the pricing changes [6] - A company-wide restructuring has been initiated, with a one-off cost of DKK 9 billion (approximately $1.4 billion) expected to generate annual savings of DKK 8 billion (about $1.24 billion) by the end of 2026, supporting the growth strategy [7] Market Positioning - The long-term growth potential is based on increasing sales from new cash-pay and Medicare patients, which is expected to lead to greater aggregate revenue and net income over time [9] - The strategy aims to create a loyal user base for current blockbuster drugs, providing a platform for future product launches, including the oral Wegovy pill and CagriSema combination therapy [10] Industry Impact - Novo Nordisk is reshaping the economics of the obesity market to leverage its manufacturing strengths and global scale, laying the groundwork for future growth that may be undervalued by the market [11] - The stock's current valuation, with a trailing P/E ratio of approximately 13.11 and a dividend yield of 1.72%, suggests a potential upside of over 24% based on analyst price targets [12] Strategic Transition - The company's strategy addresses a significant unmet need in the market, presenting a compelling opportunity for long-term investors during this period of transition and uncertainty [13]

Core Insights - The article emphasizes that car insurers are more concerned about an impending price war than the anticipated fallout from a trade war [1] Industry Overview - Car insurers have been preparing for the consequences of a trade war, which could impact their operations and profitability [1] - However, the article suggests that the real threat lies in a price war among insurers, which could lead to reduced premiums and profit margins [1] Market Dynamics - The competitive landscape in the car insurance industry is intensifying, with companies potentially slashing prices to attract customers [1] - This price competition could result in significant financial strain on insurers, as they may struggle to maintain profitability while trying to retain market share [1]

China’s generous local subsidies have helped it dominate high-tech industries such as electric vehicles and solar panels. But they’ve also helped fuel an oversupply of the same goods and a vicious price war. This new phenomenon of “involution” is damaging the country’s economy, as The Economist’s China economics editor, Simon Cox, explains.Find out what China’s government could do to turn things around: https://t.co/4DuPRbRuhz ...

Core Insights - Insta360, a Chinese competitor to GoPro, is experiencing increased customer attraction due to price cuts in the full-degree action camera market, which has been intensified by competition with DJI [1] - The company reported over 90% revenue growth in Q3, despite the ongoing price competition [2] - Insta360 holds a 67% share of the global 360-degree camera market in 2023 and has responded to DJI's entry into this market by slashing prices and offering discounts [3] Company Strategy - Insta360 is aggressively entering the drone market, where DJI currently holds a 70% global market share [4] - The decision to enter the drone market was based on perceived unfulfilled demand and growth potential, with the founder noting that 360-degree drones represent a new category that surpasses traditional cameras and drones [5] Financial Performance - For Q3, Insta360 reported revenue of 2.94 billion yuan (approximately US$413 million), reflecting a 93% year-on-year increase [5] - However, net income decreased by 16% to 271.9 million yuan, attributed to significant investments in chip customization and strategic projects aimed at enhancing future competitiveness [6]

Core Viewpoint - Verizon faces significant challenges with a loss of wireless phone users in Q3, marking the first major test for new CEO Dan Schulman [1][2] Group 1: User Metrics and Competition - Verizon lost 7,000 consumer mobile users in Q3, a stark contrast to a gain of 18,000 users in the same period last year [1] - Competitors AT&T and T-Mobile reported strong user growth, with AT&T adding 405,000 users and T-Mobile adding 1 million users in Q3 [1] - The intense competition among the three major U.S. telecom operators has led to high-cost promotional activities to attract new users [1] Group 2: Strategic Changes and Leadership - Dan Schulman, previously CEO of PayPal, has taken over leadership amid declining user numbers and stock performance [1][2] - Schulman plans to implement bold and financially sound actions to redefine Verizon's growth trajectory, focusing on transforming corporate culture, cost structure, and financial health [2] - Verizon announced a partnership with Eaton Fiber LLC to expand broadband services beyond its Fios network and is pursuing the acquisition of Frontier Communications' fiber network [2] Group 3: Financial Performance - Verizon reported Q3 revenue of $33.8 billion, a 1.5% year-over-year increase, with wireless service revenue of $21 billion meeting analyst expectations [4] - The company added 44,000 postpaid wireless users in Q3, exceeding market expectations of 19,000 users, aided by promotional activities linked to the new iPhone series [4] - Verizon reaffirmed its full-year guidance, expecting adjusted EBITDA growth of 2.5% to 3.5% and free cash flow between $19.5 billion and $20.5 billion [4]