$Adobe(ADBE)$   FY26E op margin is guided down to 45%, the lowest in years. Is this a sign of real AI monetization… or just heavy spending masked as innovation? (One Chart to Understand below 👇)

$京东(JD)$ $京东集团-SW(09618)$  JD.com is facing a rare quarterly revenue decline (-2.9% YoY in retail) — not because consumers abandoned it, but because China’s 2024 year-end appliance subsidy rush created an impossible comp. November appliance sales plunged 19.4% YoY. As the go-to platform for subsidy redemptions, JD bears the brunt. Adjusted net profit is expected to collapse to just RMB 1bn in Q4. But the balance sheet remains strong: RMB 75bn net cash, 3.6% dividend yield, and zero debt pressure. The story isn’t broken—it’s paused. All eyes are on 2026: if Beijing expands “two new” policies (appliances + EVs), JD’s premium positioning could shine again. (One Chart to Understand below 👇)

$小米集团ADR(XIACY)$   $小米集团-W(01810)$   While everyone was watching Tesla and BYD, Xiaomi quietly turned a profit on 109,000 car deliveries in Q3—with a 25.5% gross margin. But the real shift isn’t just in cars. Its internet business hit a record 76.9% margin. Smartphone premiumization held despite memory cost spikes. And its new Miloco AI home system signals a deeper play: not just selling gadgets, but orchestrating an entire “Human-Car-Home” ecosystem. At 22x forward P/E—well below its historical average—the market still seems stuck in the “budget hardware” mindset. Maybe it’s time to see Xiaomi as what it’s becoming: a vertically integrated tech stack with wheels. (One Chart to Under

$美团-W(03690)$   Meituan’s core local commerce swung to a RMB 14.1bn operating loss in Q3, its first red ink in years. Not because demand collapsed—but because it’s fighting a three-way price war with Alibaba and JD. Sales expenses doubled to RMB 34.3bn, yet revenue fell 2.8%. Management now says Q3 was likely the “peak of subsidies.” Going forward, they’ll shift to “precision investment”—focusing on orders above RMB 30, where they still hold ~70% share. Most telling: cash + short-term investments hit RMB 141.2bn. That’s enough to sustain current losses for over 7 quarters. This isn’t desperation—it’s discipline. The question isn’t whether Meituan can survive, but whether rivals can outlast it. (One Chart to Understand below 👇) One Chal

$地平线机器人-W(09660)$  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 alr

$腾讯控股(00700)$   While others talk about AI agents, Tencent is already shipping games faster: Delta Force now updates every 2–3 months, down from 6+. Its shooters aren’t just hits—they’re becoming platforms, with AI teammates that learn your playstyle and UGC tools that let anyone train bots. Meanwhile, Tencent Cloud quietly won GoTo in Indonesia—not by being the biggest, but by being cheaper and locally built. Profit quality is rising, yet the stock trades at an 8-year low P/E. (One Chart to Understand below 👇) One Chart to Understand @TigerStars 

$哔哩哔哩(BILI)$   $哔哩哔哩-W(09626)$   Bilibili reported its first-ever H1 net profit (RMB 210m) in 2025—after years of billion-dollar losses. Game revenue has now grown over 60% YoY for four straight quarters, while ad income jumped 23% with AI and auto verticals up 60%+. Meanwhile, user quality is rising: average age at 26, paying users growing faster than MAU, and 12-month member retention at 80%. Is the market still pricing Bilibili as a cash-burning community… while it’s quietly becoming a profitable attention platform? (One Chart to Understand below 👇)

$名创优品(MNSO)$  $名创优品(09896)$   Miniso’s overseas direct-store revenue jumped +70% YoY in Q3—while domestic same-store sales accelerated to high-single digits. This isn’t just about opening more stores. It’s about big-box upgrades, IP monetization, and owned retail economics in the U.S. and Europe. Yet margins are stabilizing, not collapsing. Is the market still pricing Miniso as a discount retailer… while it’s becoming a global brand platform? (One Chart to Understand below 👇)

$蜜雪集团(02097)$  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 exte