Outperformance Earnings Tracking: August 26, 2028

Yesterday saw relatively few strong earnings reports, so we’ve consolidated them all today for greater efficiency. 1. Lianxun Instruments — Optical Communication Test Equipment Performance: The company manufactures high-speed optical communication test instruments and semiconductor test equipment. Its interim report shows revenue of RMB 1.531 billion, up 208.71% year-on-year; non-controlling net profit attributable to shareholders was RMB 562 million, up 944.35% year-on-year. Growth Drivers: A relatively new listing—closely watched by us—it supplies indispensable test equipment for optical module and optical chip manufacturers expanding capacity. The AI computing boom has driven surging demand for 800G modules and early adoption of 1.6T modules; customers including InnoLight, Accelink, and Lumentum have been aggressively securing production capacity, thereby boosting demand for test instruments and optoelectronic component testing equipment. The company occupies a premium position in the market, mass-producing full suites of high-end core instruments. Its current inventory stands at RMB 1.151 billion (indicating robust and well-ordered order backlog), and its earnings growth is underpinned by solid cash flow. Personal View: This is an excellent report reflecting both sector-wide tailwinds (β) and domestic substitution upside (α). It confirms the company’s scarce industrial positioning and validated inflection point into profitability—a high-quality growth asset. However, given its recent IPO, valuation already fully reflects high industry momentum. Revenue is highly tied to optical module capex cycles; though it remains a scarce, high-quality growth name, it is not a cyclical-free, linear high-growth story. Catalysts must align with AI developments—so for now, just monitor. 2. BeiGene — Innovative Pharmaceuticals Performance: The company develops innovative drugs, including global blockbuster products such as Brukinsa (zanubrutinib) and BGB-A1217 (tislelizumab). Interim revenue reached RMB 22.22 billion, up 26.84% year-on-year; non-controlling net profit attributable to shareholders was RMB 2.918 billion, up 1017.59% year-on-year (consolidated net profit: RMB 3.271 billion, +627.15%). Growth Drivers: Strong global sales ramp-up of Brukinsa, combined with revenue from licensed products from Amgen and continued growth of tislelizumab, drove product revenue to RMB 21.797 billion (vs. RMB 17.36 billion in the same period last year). Personal View: This interim report confirms a clear profitability inflection point: non-controlling net profit of RMB 2.918 billion, adjusted net income of RMB 5.863 billion, and operating cash flow of RMB 4.439 billion; gross margin near 90%, with declining expense ratios—its global self-commercialization model has proven viable. Brukinsa has captured top U.S. BTK inhibitor market share; European sales grew +41.9%, providing geographic diversification; late-stage pipeline assets—including Sonrotoclax and BGB-16673—are building momentum. Full-year guidance has been raised to RMB 44.9–46.2 billion—the highest degree of execution certainty and visibility among domestic innovative pharma players. Overall, this is a fundamentally sound, profit-releasing report. Next-phase progress hinges on expansion of key drug indications and timely handover to second-generation pipeline assets—not short-term acceleration. Monitor only. 3. Tongguan Copper Foil — AI Copper Foil Performance: The company produces electrolytic copper foil, segmented into PCB copper foil and lithium battery copper foil. Interim revenue totaled RMB 4.021 billion, up 34.16% year-on-year; non-controlling net profit attributable to shareholders was RMB 207 million, up 754.21% year-on-year. Growth Drivers: Surging demand for high-frequency, high-speed base materials used in AI servers and high-speed PCBs has created supply shortages for related copper foil; output of such high-performance foil now accounts for over 50% of total PCB copper foil production. PCB copper foil revenue reached RMB 2.507 billion, up 47.16% year-on-year—the primary growth driver. Personal View: A solid interim report anchored in structural upgrades within the high-end PCB foil segment. PCB foil gross margin exceeded 11%; HVLP (high-ductility, low-profile) foil accounted for over half of output—evidence that domestic substitution and AI-computing material positioning have already translated into financial results—not artificial gains from copper price fluctuations or subsidies.

Layoffs Continue; No Turnaround in Sight

From an original price of $0.50 per share, it’s now been slashed by another 60%—down to just $0.20 per share. Its entire market capitalization has shrunk to $31.715 million—roughly RMB 200 million—truly inexpensive now. This stock’s fundamentals are genuinely attractive—if only we knew how to monetize it after acquisition, we’d certainly snap it up. Yet, under such ‘strategic resolve,’ Cue Health’s operations inevitably slid into crisis. 困境，没有反转 In 2023 Q3, Cue Health’s revenue reached $17.477 million, up 76.6% quarter-on-quarter. Its loss narrowed to $46.97 million, down 44.0% quarter-on-quarter. Everything seemed to be trending positively. Yet reality told a different story. The Q2 2023 revenue base was absurdly low—only $9.896 million—essentially equivalent to being idle. By contrast, in the same quarter last year (Q3 2022), revenue stood at $69.589 million, with a loss of $66.303 million. That is, roughly speaking, for every dollar of revenue, it lost about one dollar. Now, in Q3 2023, it loses nearly three dollars for every dollar of revenue. This predicament shows no signs of reversal. Of course, that’s not all. On January 4, 2023, the company disclosed in an SEC filing that its EUA (Emergency Use Authorization) application for its OTC POCT test product—covering influenza A/B and COVID-19—had been rejected. Yes, indeed—the FDA continues approving COVID-19 EUAs even today. But the FDA stated explicitly that Cue’s application was not a priority—and therefore would no longer be approved. Polite, yet resolute—just like the company’s management team. Remember: despite flashy online pharmacy initiatives, real revenue still depends entirely on its core POCT products. And recently, aside from receiving full FDA approval for its COVID-19 test on June 6, there have been no other meaningful developments. Does Cue Health still recall its original mission? And where does it go from here? 那就继续裁员吧 Given such unwavering ‘strategic resolve,’ abandoning the online pharmacy business is simply out of the question. Meanwhile, its balance sheet has deteriorated markedly. Per Q3 2023 data, cash and cash equivalents stand at approximately $110 million. That may sound decent—but this company burns ~$40 million per quarter. Moreover, its balance sheet also carries liabilities.

Calumet (CLMT) Q2 Earnings Report Preview: What To Look For

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Calumet Specialty Products Partners is set to report Q2 earnings tomorrow, with analysts expecting 6.6% year-on-year revenue growth. Investors will monitor performance against infrastructure peers following last quarter's mixed results.

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