| 【Company Research】Bilibili (BILI US) - 1Q25 earnings beat; expect strong earnings momentum to continue in 2Q25 |
| 【Company Research】Trip.com (TCOM US) - Resilient revenue growth with investment on track for overseas expansion |
| 【Sector Research】Capital Goods - Still a mixed picture for non-earth-moving machinery sales in Apr |
| 【Company Research】Leapmotor (9863 HK) - More positive on FY25E after 1Q25 beat |
| 【行业研究】中国医药 - 创新药出海势头不减，美国创新药价格短期难以下降 |
| 【Company Research】Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion |
| 【公司研究】时代天使 (6699 HK) - 隐形正畸龙头加速驶向全球 |
| 【Company Research】Alibaba (BABA US) - Core earnings a nice beat; Cloud revenue growth has the potential to accelerate further |
| 【Company Research】Ke Holdings (BEKE US) - 1Q25 results beat, but moderate outlook guidance raised concerns |
| 【Company Research】NetEase (NTES US) - Strong 1Q25 results on solid games business and disciplined opex control |
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