Surprise-Outperforming Earnings Tracking: August 26, 2028

Yesterday saw relatively few strong earnings reports; we’ve grouped them together with today’s 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 interest-adjusted net profit attributable to shareholders was RMB 562 million, up 944.35% year-on-year. Growth Drivers: A recent IPO, the company has long been on our radar. Its test equipment is indispensable 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 aggressively competed for production capacity—boosting demand for test instruments and optoelectronic component testing equipment in turn. The company occupies a premium position in this space, having achieved mass production and supply of full suites of high-end core instruments. Its current inventory stands at RMB 1.151 billion (indicating robust, well-ordered backlog), and its earnings growth is solidly backed by real cash flow. Personal View: This is an excellent report reflecting both sector-wide tailwinds (beta) and domestic substitution upside (alpha). The company holds a rare industrial position, and its profitability inflection point has now been validated—making it a high-quality growth stock. However, as a newly listed firm, its valuation already fully reflects high industry momentum. Revenue is highly tied to optical module capital expenditure cycles; though it is a scarce, high-quality growth name, it is not a cyclical-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 Brukinsa (zanubrutinib) and BeiGene’s anti-PD-1 antibody tislelizumab (BGB-A317). Interim revenue totaled RMB 22.22 billion, up 26.84% year-on-year; non-controlling interest-adjusted net profit attributable to shareholders was RMB 2.918 billion, up 1,017.59% year-on-year (consolidated net profit: RMB 3.271 billion, +627.15%). Growth Drivers: Strong global sales 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 prior-year period). Personal View: This interim report confirms a clear profitability inflection point: non-controlling interest-adjusted net profit of RMB 2.918 billion; adjusted net profit of RMB 5.863 billion; operating cash flow of RMB 4.439 billion; gross margin near 90%; and declining expense ratios—confirming that its global self-commercialization model is working. Brukinsa has become the top-selling BTK inhibitor in the U.S., while European sales rose 41.9%, providing a geographic growth ladder. Meanwhile, tislelizumab and pipeline assets—including the Sonrotoclax/BGB-16673 combination—are advancing through mid-to-late stages. Full-year guidance has been raised to RMB 44.9–46.2 billion, making BeiGene the most reliable and predictable innovator among domestic biopharma firms. Overall, this is a high-quality earnings release marking the start of sustained profit realization. Next-phase momentum will hinge on expansion of key drug indications and timely succession from second-line assets—not short-term acceleration. Monitor only. 3. Tongguan Copper Foil — AI Copper Foil Performance: The company produces electrolytic copper foil, categorized into PCB copper foil and lithium battery copper foil. Interim revenue reached RMB 4.021 billion, up 34.16% year-on-year; non-controlling interest-adjusted 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 tight supply conditions for related copper foils. Production volume of such foils now accounts for over 50% of total PCB copper foil output. PCB copper foil revenue stood at RMB 2.507 billion, up 47.16% year-on-year—the primary growth driver. Personal View: This is a solid interim report anchored in structural upgrades within the high-end PCB foil segment. PCB foil gross margin exceeded 11%, and 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, rather than being artificially inflated by copper price fluctuations or subsidies.

One-Day Market Cap Loss of RMB 48.8 Billion: The Mystery Behind Moore Threads’ Stock Price Plunge

Proactive inventory buildup is also evident in Moore Threads’ inventory structure. Structurally, raw materials and work-in-process inventories totaled approximately RMB 2.681 billion—significantly higher than finished goods inventory of roughly RMB 844 million. In other words, most of the current inventory remains embedded in the production and supply chain, rather than representing unsold finished products sitting idle. Given that inventory accounts for 21% of total assets, any sharp price declines triggered by rapid product iteration—or shifts in supply-demand dynamics—could expose this large inventory to impairment risk. Hence, going forward, market participants should closely monitor whether the inventory-to-revenue conversion channel operates smoothly. If revenue continues growing while inventory growth gradually decelerates, it would signal that earlier inventory buildup is now being absorbed by actual orders. Conversely, if revenue growth slows while inventory keeps rising rapidly, order visibility would deteriorate significantly. Regarding operational insights behind inventory levels, greater transparency—such as disclosure of inventory aging, customer repurchase rates, and changes among the top five customers—would allow investors to better assess the sustainability of Moore Threads’ growth. Inventory buildup is also a key contributor to the widening cash outflow from operating activities. In H1 2024, Moore Threads recorded operating cash flow of -RMB 2.169 billion, compared to -RMB 1.164 billion in the same period last year. On the cash outflow side, to secure upstream capacity, Moore Threads had to make advance payments to suppliers. Coupled with rising inventory, cash paid for goods purchased and services received reached RMB 2.848 billion in H1—a 247.5% increase year-on-year. On the cash inflow side, collection quality improved. Cash received from sales of goods and provision of services totaled RMB 1.526 billion in H1, up ~410% year-on-year—but still fell short of revenue, resulting in rising accounts receivable. As of end-June, accounts receivable stood at RMB 880 million—double the level at the beginning of the year. Overall, Moore Threads is currently navigating a critical juncture where commercial scaling, product iteration, and capacity expansion are all occurring simultaneously. Rapid revenue growth validates underlying market demand, yet inventory and cash flow pressures are accumulating in parallel. III. Where Is the Profitability Inflection Point? Profitability is Moore Threads’ next most-watched milestone. The company previously indicated in its prospectus that consolidated profitability could be achieved as early as 2027. In H1 2026, Moore Threads reported a consolidated net loss attributable to shareholders of RMB 11.56 million—very close to break-even. However, after excluding non-recurring items, the net loss remained RMB 151 million. Quarter-by-quarter, non-recurring adjusted net losses were RMB 54.28 million in Q1 and RMB 96.54 million in Q2—neither showing sustained improvement in absolute magnitude nor relative to revenue. Changes in gross margin further add uncertainty to the timing of the profitability inflection point. In H1, Moore Threads’ gross margin stood at 56.95%, down 12.2 percentage points year-on-year. Specifically, Q2 gross margin was 49.26%, markedly lower than Q1’s ~67.35%. This sequential decline stems partly from industry-wide cost pressures—rising semiconductor raw material prices and continuously increasing costs of critical components—and partly from shifts in delivery mix: cluster deliveries (versus discrete GPU card sales) incorporate substantial third-party hardware—including CPUs, memory, storage, and switches—carrying inherently lower margins.

Calumet (CLMT) Expected to Post Earnings on Friday

Jul 31, 2026

Calumet Specialty Products Partners will report Q2 2026 earnings on August 7th, with analysts expecting $0.0674 per share and $1.11 billion in revenue. Despite recent stock gains, market sentiment remains cautious with a consensus Hold rating.

MarketBeat

2026-07-31

Calumet (CLMT) Expected to Post Earnings on Friday

2026-07-31

First Trust Advisors LP Acquires 92,368 Shares of Calumet, Inc. $CLMT

2026-08-06

Janus Henderson Group PLC Buys 186,648 Shares of Calumet, Inc. ($CLMT)

2026-08-14

Two Seas Capital Discloses 7.5% Stake in Calumet Specialty Products Partners

2026-08-16

Russell Investments Group Ltd. Buys 30,990 Shares of Calumet, Inc.