Tencent’s three-year setup has brightened after a powerful equity rebound and steadier operating delivery. Over the past year, the share price outperformed, up 49.43%, while profitability remained resilient with a profit margin of 29.54%. The near-term story is about execution: keeping games, advertising and fintech growing without sacrificing discipline, and translating traffic leadership into cash returns. Partnerships in premium content and studios, alongside ongoing investment in technology, suggest a focus on quality revenue rather than volume alone. Legal friction around intellectual property underscores the need for strong governance but is unlikely to alter the core trajectory unless it broadens. For China’s internet sector, the mix is improving as macro stabilizes and regulation normalizes in practice even if policy risk persists. For investors, the change matters because improving growth with high margins can sustain a re-rating, provided cash generation stays healthy and external risks—regulatory, competitive and legal—remain contained.

Li Auto’s setup into 2026–2028 is shaped by a cooling revenue trajectory, a broadened product roadmap, and execution on infrastructure. The stock has fallen -14.35% over the past year as investors weigh near‑term competitive discounting in China’s EV market against a longer runway from new models and self‑funded growth. Trailing revenue stands at 143.32B, underpinned by strong SUV demand earlier in 2025, while recent headlines point to a sedan launch, a plan to rapidly expand the charging network, and an unaudited Q3 update. The “what changed” is a shift from single‑segment strength to multi‑segment execution, plus investment spend that can dilute margins before scale benefits kick in. The “why” is intensifying price competition and product‑cycle churn, which typically depress near‑term growth as lineups refresh. The “so what” for investors: over the next three years, Li Auto’s ability to defend margins while ramping new platforms and charging will likely matter more than unit growth alone, in a sector where mix, software, and cost curves drive outcomes.

Unilever (ULVR.L) enters the next three years with a reset in expectations: the shares have lagged in the past year as topline momentum cooled and management leaned into brand support, productivity and portfolio focus. Reported revenue stands at 59.77B, but quarterly growth has softened as last year’s price increases annualize and volumes remain patchy across categories and geographies. The stock’s roughly 8% decline underscores an investor shift from pure price-led expansion to the harder work of reigniting volume, protecting shelf space and converting efficiency gains into cash. In consumer staples, where trading down and private label typically intensify when real incomes are squeezed, the narrative tends to hinge on repeatability of growth and resilience of cash returns. For Unilever that means balancing reinvestment with deleveraging and defending its dividend while cost inflation normalizes and foreign exchange stays volatile. The three-year outlook therefore depends less on headline pricing and more on the quality of execution: mix, innovation cadence, retailer negotiations, and the speed at which productivity programs drop through to free cash flow.

Apple heads into late 2025 with a fresh iPhone 17 cycle, mixed-but-stable early demand signals, and a steady services engine that continues to cushion hardware cyclicality. Trailing revenue of 408.62B and a 24.30% profit margin underscore robust unit economics even as investors debate the sustainability of premium device growth. What changed: sentiment reset after a volatile first half, then improved on reports of healthy lead times and steady preorders, albeit with differing analyst takes. Why it changed: a new product cycle coincided with on‑device AI marketing and renewed ecosystem pull from AirPods and services, while legal headlines reintroduced governance and regulatory questions. Why it matters: the stock narrative hinges on whether services monetization and an AI‑driven upgrade wave can offset a mature smartphone market and any regulatory friction. Sector context: across consumer tech, premium smartphone units are broadly mature, but ecosystem lock‑in and recurring services are expanding share of profit pools, setting up a “show‑me” few quarters for platform owners.