To The Moon

$小鹏汽车-W(09868)$  $小鹏汽车(XPEV)$   XPeng securing L3 road-testing approval, crossing a 20% gross margin, and doubling annual volume all point to one thing — technology is starting to translate into scale.

$香港交易所(00388)$   HKEX earnings move with turnover, and market liquidity in Hong Kong has clearly shifted into a higher range. IPO activity is back, southbound flows are strong, and derivatives volumes remain supportive. The real question isn’t what drove 2025 — it’s how long this high-liquidity regime can last.

$泡泡玛特(09992)$   Overseas revenue is scaling faster than domestic, margins are higher, and IPs are being replicated across regions and channels. @Tiger_SG 

$MINIMAX-WP(00100)$   MiniMax has just gone public, but this research note isn’t about the IPO hype. What stands out is an AI company that already runs a dual-engine model: consumer apps for scale and data, enterprise services for margins — with most users coming from overseas. The report looks past the listing event and asks a more practical question: how an AI company turns global usage into sustainable revenue after going public.

$阿里巴巴-W(09988)$  $阿里巴巴(BABA)$   This research note focuses on Alibaba’s latest AI progress, but the real story sits underneath. As Qwen moves from a standalone model into Alibaba’s cloud, maps, and core apps, AI is starting to translate into actual workload demand. The report is less about short-term numbers, and more about whether AI can structurally lift cloud margins over time.

$Palo Alto Networks(PANW)$   This note is based on Palo Alto Networks’ FY25 results, which came in ahead of expectations. But the more interesting part of the report isn’t the headline numbers. Alongside solid subscription growth and stronger RPO visibility, PANW announced the acquisition of Chronosphere — a move that extends the platform beyond security into observability, especially for cloud-native and AI workloads. The report frames this less as a financial event and more as a strategic one: whether security platforms can move closer to the core of enterprise infrastructure as IT complexity continues to rise.

$九毛九(09922)$   Jiumaojiu is best known in China for its popular dining brands, but its latest move is less about opening more stores and more about how to go global. Instead of exporting a China-grown concept directly, the company is increasing its stake in a North America–based hot pot chain that already resonates with local diners. The interesting part isn’t the size of the deal, but the strategy behind it: using localized brands as a bridge for overseas expansion. This report is really about one question — what’s the most workable way for Chinese restaurant groups to grow abroad?

$亚朵(ATAT)$   Estimated reading time: 30–45 seconds Atour is best known in China as a mid-to-high-end hotel operator, but the more interesting shift is happening beyond hotel expansion. Recent financial results and research show that hotels are increasingly serving as customer and membership entry points, while branded retail — led by sleep-related products — is becoming a key driver of monetization per guest.

$百度(BIDU)$   $百度集团-SW(09888)$   Many international investors still associate Baidu mainly with search and online advertising. Today, the company operates a much broader full-stack AI platform, spanning AI cloud infrastructure, in-house AI chips, large language models, and robotaxi operations. AI cloud demand is accelerating, internal chips are helping lower inference costs, and Baidu’s robotaxi service has surpassed 10 million rides, with improving unit economics.

$老铺黄金(06181)$   Laopu Gold is still unfamiliar to many investors outside China. Unlike traditional gold jewelers, Laopu sells craftsmanship and brand value, not gold weight. Its fixed-price model reduces exposure to gold price swings and supports premium pricing. The company deliberately limits store expansion and focuses on top-tier locations. Long queues are treated as part of the brand experience, not an operational issue. Despite having far fewer stores than mass-market peers, Laopu delivers very high revenue per store, suggesting strong pricing power. This is a first-coverage view on the business model and long-term logic, rather than a short-term earnings story.