https://zh.app/en/r/mrk-2026-08-05Zen Horizonen2026-08-05Merck & Co.: KEYTRUDA and QLEX Generated 50.4% of Second-Quarter Revenue While Subcutaneous Sales Rose to 463 Million Dollars Before the 2028 Patent Cliff https://zh.app/cn/r/mrk-2026-08-05纵横研报zh-cn2026-08-05Merck：KEYTRUDA 与 QLEX 贡献第 2 季度收入的 50.4%，皮下注射剂型销售额升至 4.63 亿美元，2028 年专利悬崖在即 https://zh.app/en/r/loreal-2026-08-05Zen Horizonen2026-08-05L’Oréal: Record First-Half Margins and a Broad-Based Recovery, but 30 Times Earnings Already Prices In the China and Gucci Upside https://zh.app/cn/r/loreal-2026-08-05纵横研报zh-cn2026-08-05欧莱雅：上半年利润率创纪录、复苏面全线转正，但 30 倍市盈率已把中国与古驰的上行提前定价 https://zh.app/en/r/ulvr-2026-08-03Zen Horizonen2026-08-03Unilever: Q2 Volume Grew 5.5%, the Strongest Quarter in More Than a Decade, but 47.43 Pounds Leaves No Margin of Safety https://zh.app/cn/r/ulvr-2026-08-03纵横研报zh-cn2026-08-03联合利华：第 2 季度销量增长 5.5% 创十余年最佳，47.43 英镑已无安全边际 https://zh.app/en/r/lmt-2026-08-03Zen Horizonen2026-08-03Lockheed Martin: Backlog Rose 36.8 Billion Dollars in Six Months, Mostly on a Single THAAD Action, While 19.2 Times Guided Earnings Leaves No Margin of Safety https://zh.app/cn/r/lmt-2026-08-03纵横研报zh-cn2026-08-03洛克希德·马丁：半年在手订单增加 368 亿美元、多数来自单笔 THAAD 合同行动，19.2 倍指引盈利已无安全边际 https://zh.app/en/r/ba-2026-08-03Zen Horizonen2026-08-03Boeing: Second-Quarter Free Cash Flow Turned Positive, but 45–50 Times Owner Earnings Already Prices the Recovery https://zh.app/cn/r/ba-2026-08-03纵横研报zh-cn2026-08-03波音：第二季度自由现金流转正，但 45–50 倍所有者收益已把复苏提前定价 https://zh.app/en/r/6682-2026-08-03Zen Horizonen2026-08-03Phancy Group: Revenue Rose 35.6% to 7.135 Billion Yuan While Gross Margin Fell to 34.8% and Operating Cash Flow Stayed Negative for a Sixth Straight Year https://zh.app/cn/r/6682-2026-08-03纵横研报zh-cn2026-08-03范式智能：收入增长 35.6% 至 71.35 亿元，毛利率降至 34.8%，经营性现金流连续第六年为负 https://zh.app/en/r/1211-2026-08-03Zen Horizonen2026-08-03BYD: Exports Reached 43.8% of First-Half Volume While Group Sales Fell 15.7% and First-Quarter Free Cash Flow Ran 19.3 Billion Yuan Negative https://zh.app/cn/r/1211-2026-08-03纵横研报zh-cn2026-08-03比亚迪：出口占上半年销量 43.8%，集团销量下滑 15.7%，一季度自由现金流为负 193 亿元 https://zh.app/en/r/042700-2026-08-03Zen Horizonen2026-08-03HANMI Semiconductor: Q2 Operating Margin Hit a Record 51.9%, but 95.5 Times Earnings Prices a Single-Generation Moat https://zh.app/cn/r/042700-2026-08-03纵横研报zh-cn2026-08-03韩美半导体：第 2 季度经营利润率 51.9% 创历史新高，但 95.5 倍市盈率押的是一代工艺的护城河