ab 24 August 2025 Global Research US Semiconductors and Semi Equipment SemiBytes: Thoughts on INTC, AVGO Preview, SITM AI Revenue Opportunity More details on the INTC-US Government investment Friday post close, INTC and the Trump Administration finalized an agreement to convert the remaining $5.7B in CHIPS grants and the $3.2B awarded to INTC as part of the Dept of Defense secure enclave program into an equity stake. Under the terms of the agreement, the US Government will purchase ~433MM shares @ $20.47/sh ...

ab 30 August 2025 First Read Alibaba Group 1QFY26 inline; outlook positive despite quick commerce investment Global Research 1QFY26 inline Revenue +2% YoY and adj. EBITA -14% YoY at Rmb38.8bn (see our quick take). We believe this set of result has addressed several key investor concerns 1) Management is confident on the CMR growth into Sep-Dec Q despite a high base (0.6% software service fee launched in Sep-24): On top of the increased penetration of Site Wide Marketing tool, the improved traffic in Taobao ...

29 August 2025 | 5:13PM HKT Sanhua A/H (002050.SZ/2050.HK) 2Q25 beat; AIDC liquid cooling upside potential with stable positioning in robot actuators; raise TP/EPS; Buy Sanhua delivered a 2Q25 results beat, with revenue/gross profit/EBIT/net income at Rmb8,593mn/2,515mn/1,459mn/1,207mn (+19%/+25%/+50%/+39% yoy), +3%/+10%/+21%/+14% vs. GSe. 2Q25 GPM/OPM/NPM came in at 29%/17%/14% (+1pp/+4pp/+1pp yoy), +2pp/+2pp/+1pp vs. GSe. 2Q25 was a strong beat especially on margins. HVAC control components remained the c ...

29 August 2025 | 2:01PM HKT SenseTime (0020.HK): Founder & CEO meeting: Gen-AI total solution carries optimization and differentiation; Multi-modal as strength; Buy We hosted Sensetime Founder/ CEO, CFO and mgmt. team post 1H25 results in Hong Kong. Key discussions focused on (1) Gen-AI industry outlook and policy support, (2) AI monetization, (3) Sensetime AI competitive edges, and (4) AI model enhancement with multi-modal capabilities. Overall, management is positive on the expanding scenarios empowered b ...

29 August 2025 | 7:38PM HKT Alibaba Group (BABA): 1QFY26 First Take: Cloud and CapEx beat; In-line China eCommerce; Eyes on quick commerce investments; Buy Alibaba reported a solid set of results, where both cloud revenues (+26% yoy, +3ppts/4ppts above GSe/V.A. consensus) and CapEx came ahead of expectations (57% higher qoq to Rmb39bn, or US$5.4bn). China eCommerce Customer Management Revenue growth of +10% yoy came largely in-line while group adj. EBITA of Rmb39bn (-14% yoy) came 3% ahead of GSe (yet 9% be ...

Flash | 29 Aug 2025 07:28:03 ET │ 12 pages Alibaba Group Holding (BABA.N) FY1Q26 Revs +10% yoy (Excl. Deconsolidation); Adj. EBITA/NP Missed Consensus CITI'S TAKE Ali reported mixed FY1Q26 with total revs +2% yoy to Rmb247.7bn, 2/2.2% below our estimate/consensus of Rmb252.6/253.2bn. Excluding deconsolidated revs, like-for-like revs would have been grown by +10% yoy. 1) Total Alibaba China E-commerce Group +10% yoy to Rmb140.1bn, of which CMR +10% yoy to Rmb89.3bn; direct sales, logistics and others +7% yoy ...

Alibaba Group (BABA US & 9988 HK) First Take: 1QFY26 - expect positive response to in line result, but management's guidance will be more critical Our First Take: Alibaba's 1QFY26 top line and bottom line were largely in line, better than many investors feared after JD/Meituan reported disappointing results. Adj. net profit fell 18% YoY to RMB 33.5b, 4%/10% below JPMe/consensus, as weaker than expected adj. EBITA from the newly-defined China Ecommerce Group (including Taobao/Tmall Group, quick commerce, and ...

云顶新耀 20250829.docx AceCamp AI 2025-08-30 摘要 云顶新耀预计 2025 年总收入达 16-18 亿元人民币，其中耐赋康销售额 预计为 12-14 亿元，有望成为首个纳入医保后首年销售额破 10 亿元的 非肿瘤药物，公司预计下半年实现经营性盈利。 耐赋康市场表现强劲，1-8 月收入达 8.2 亿元，8 月单月收入 5.2 亿元， 预计 2025 年销售额达 12-14 亿元，2026 年达 24-26 亿元，受益于医 保覆盖、患者需求及治疗范围扩大。 公司自主研发平台取得进展，MRNA 自体生成 CAR-T 平台预计 2025 年 底启动临床开发，MRNA 肿瘤疫苗平台多款产品推进中，TAAEV M14 已获美国 IND 批准。 公司财务状况稳健，现金余额 16 亿元人民币，完成 16 亿港币配股融资， 并战略投资 IMAX，持股 16.1%成最大股东。2025 年上半年营收 4.46 亿元，同比增长 48%。 艾曲莫德（维施平）被视为公司第二个重磅产品，针对溃疡性结肠炎， 展现出强效的深度黏膜愈合能力和良好的安全性，预计 2026 年上半年 获批，销售峰值预计 50 亿 ...

美的集团 20250829.docx AceCamp AI 2025-08-30 摘要 美的集团 2025 年第二季度营收 1,239 亿元，同比增长 11%；归母净 利润近 136 亿元，同比增长 15%；扣非归母净利润 135 亿元，同比增 长 23%。经营活动现金流为 230 亿元，同比增长 17%。 美的集团 ToC 业务收入 819 亿元，同比增长 9.3%，内销增长超 15%，外销低单位数增长；ToB 业务收入 323 亿元，同比增长 16.6%，楼宇科技收入增速超 25%，工业技术板块超 15%增长。 美的集团首次发布中期利润分配方案，每 10 股派发现金红利 5 元，并 回购注销 1,000 多万股票。同时，推出两项 A 股回购计划，总额达 65- 130 亿元，用于股权激励和回购注销。 美的集团海外订单在二季度面临压力，但 7 月至 8 月逐步恢复。新兴市 场 OBM 品牌订单表现良好，但 OEM 订单较差。需关注北美关税对全球 经济的影响。 美的集团下半年将关注市场份额变化，灵活调整价格策略，并通过提高 运营效率来弥补盈利水平。上半年净利润率提升 0.9 个百分点，预计全 年利润率维持在接 ...

阿里巴巴 20250829.docx AceCamp AI In the latest quarter, Alibaba Group achieved robust growth. Excluding Gaoxin and Intime, the overall revenue of the Group increased by 10% year-over-year. The core commerce business continued to show strong performance with a 10% year-over-year increase in China e-commerce CMR. The Cloud Intelligence Group's revenue accelerated to a 26% year-over-year growth, driven by AI applications and higher customer acceptance of Alibaba Cloud's AI products. The International Digital Comm ...