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Kristal Lens by Kristal.AI

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Issues259Foundeda year agoLast Issue4 days ago
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Latest Issues

On Holding: The Missing Discount

TL; DR

  • On has done something unusual in footwear: it scaled from CHF725 million to CHF3.0 billion while raising gross margin from 52% to 65% and largely avoiding the markdown cycle that has historically destroyed challengers. Pasted...
4 days ago
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Baidu Q2 2026: The Missing Connection

TL; DR

  • Cloud is the strongest evidence in the quarter: AI Cloud Infra grew 50%, GPU cloud revenue rose 283%, and Baidu is increasingly proving it can serve large-scale AI demand. But almost all incremental AI revenue came from cloud...
5 days ago

Meituan 2Q26: The Price of Staying Essential

TL; DR

  • The recovery is real: Core Local Commerce returned to a 7.9% margin, food and non-food delivery unit economics turned positive, and subsidy discipline improved. But the old margin structure has not returned.

  • The fight ha...

5 days ago

Alibaba Q1 FY27: The Escrow Reversal

TL; DR

  • Alibaba finally cleared an important cloud-economics test: AI Cloud and Compute revenue grew 45%, adjusted EBITA grew 133%, and margin reached 11.6%, above the 11% threshold set earlier.

  • But the cash burden worsened mate...

6 days ago
1

Tencent 2Q26: The Tollbooth Needs Tolls

TL; DR

  • The core is still funding the experiment: operating profit excluding new AI products grew 19%, while the drag from new AI products increased to RMB10.5 billion. The established businesses remain strong enough to finance the b...
6 days ago
1

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