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Ming Lu

Ming Lu
Overseas Chinese Equities
Aequitas Research

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bullishGeely Auto
02 Dec 2025 00:01

Geely (175 HK): In November, Deliveries Still Strongly Up by 24%

Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD. PHEV continued to accelerated and export deliveries rose strongly by 22% in...

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bearishMeituan
01 Dec 2025 07:00

Meituan (3690 HK): 3Q25, Discount Campaign Not Ended After Authorities Warned Twice

Meituan (MT)’s revenue growth rate plummeted to 2% YoY in 3Q25. The discount campaign has not actually ended after the authorities warned twice. We...

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bullishAlibaba
26 Nov 2025 02:35

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

In F2Q26, pro forma revenue increased by 18% YoY excluding two disposal cases. The company successfully rebranded its food delivery business, the...

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bullishPDD Holdings
24 Nov 2025 07:00

Pinduoduo (PDD): 3Q25, Growth Stops Declining, Op Cashflow Rises Again After a Year

PDD’s total revenue increased by 9% YoY in 3Q25 higher than 7% YoY in 2Q25. In 3Q25, operating cash flows stopped decreasing after a year and grew...

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19 Nov 2025 21:48

KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up

Revenue growth accelerated for third quarter to 14% YoY in 3Q25. GMV of live streaming e-commerce grew by 18% YoY in 3Q25. The operating margin...

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