In Q2, tariff refunds lifted GPM by 200bps YoY and OPM reached 18.8%.
However, North America revenue fell 8%, while Mainland China grew just 4% with comps down 8%.The company cut its FY revenue guide to $10.35–10.5bn and EPS to $9.48–9.73.It is betting on larger orders for winning SKUs, stepping up brand marketing in 2H, and more aggressive cost discipline.
Q3 AI semi revenue reached $16.7bn (+221% YoY). FY27 and FY28 AI revenue guidance was set at $115bn and $230bn, with supply already locked in.
However, higher memory content per XPU will push Q4 GPM down to ~73%, 500bps lower YoY. Management asked the market to focus on OPM instead.
Q2 AI orders reached $60.9bn and ending backlog stood at $95.0bn, both record highs. Full-year revenue guidance was raised by $25.0bn to $192.0bn.
However, demand continues to outstrip supply, with DRAM and NAND remaining the tightest constraints. CSG OPM is expected to slip from 7.6% to around 6% in Q3.Q2 deliveries reached 107,658 units, with vehicle-level GPM at 18.5%, and non-GAAP profitability for a third straight quarter. Per-unit cost has risen by approx. RMB 14,000 vs. Q4 last year, and is set to increase a further RMB 2,000–3,000 in H2. The company only guides GPM to be flat in Q3 and Q4, while targeting average monthly deliveries of 40,000+ units in Q4.
Revenue grew 32.9% YoY, with GPM steady at 66%. Full-year revenue guidance is above RMB 5 bn, and chip shipments are approx. 5 mn units.
That said, adj. net loss remains RMB 1.67 bn, with breakeven not expected until around 2028. The focus is shifting to HSD urban NOA and the Journey 7 platform aimed at L3/L4.H1 revenue was RMB 957 mn (+~400% YoY). The mix shifted, with open platform and API contributing 86.5% vs. 15.2%.
ARR reached $1.6 bn at end of Aug. The period still posted a loss of RMB 2.072 bn (adj. loss RMB 1.964 bn). The company is prioritizing inference at 100k-card scale using domestic chips and training next-gen foundation models.Below is Dolphin Research's Trans for $MEITUAN(03690.HK). Key takeaways are as follows.
1) Shareholder returns and investment monetization: buybacks remain the primary way to return capital, with pacing driven by the competitive landscape, cash flow, and offshore liquidity. Management noted stakes in high-quality companies are worth over RMB 70bn at current valuations. They will consider exits or monetization when timing is appropriate to recycle capital into the core biz.
2) Q3 and full-year guide: a) Delivery UE (unit economics) improved significantly YoY. QoQ was weighed by seasonality...
XD 1H26 earnings call transcript
FY27/FY28 revenue guide raised to approx. $12bn and $18bn, with FY28 growth re-accelerating to 50%.
However, the custom ramp is pressing Q3 non-GAAP GPM to 57.5–58.5% and is likely to persist into FY28. Mgmt noted the $1.5bn uplift is mainly from optical interconnect scale-up rather than custom chips.BILI 2Q26 earnings call transcript.
Game revenue was RMB 1.4 bn (-14% YoY). Management guided that games will return to positive YoY growth starting in Q4, and earmarked RMB 1 bn in AI spend for three priorities: video understanding, distribution, and creation.
