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    Miranda Zhuang

    Research Analyst at Bank of America Merrill Lynch

    Miranda Zhuang is an Equity Research Analyst specializing in the Internet sector at Bank of America Merrill Lynch in Hong Kong, where she covers leading Chinese technology companies including Baidu and Pinduoduo. Known for her in-depth insights on trends such as AI-driven cloud demand and platform monetization, she actively participates in industry earnings discussions and investor updates. Having joined Bank of America Merrill Lynch as an Internet research analyst, Zhuang holds the Chartered Financial Analyst (CFA) designation and has built her reputation on detailed sector knowledge and data-driven analysis. Her tenure is marked by frequent coverage of major internet players and consistent performance in providing actionable research for institutional clients.

    Miranda Zhuang's questions to Bilibili (BILI) leadership

    Miranda Zhuang's questions to Bilibili (BILI) leadership • Q2 2025

    Question

    Miranda Zhuang from Bank of America Securities asked for an analysis of the drivers behind the strong advertising business performance in Q2, the outlook for the second half of the year, and upcoming new products or technologies.

    Answer

    Management, translated by Juliet Yang, explained that the 20% YoY ad revenue growth was driven by their 'one horizontal and vertical' strategy, enhanced ad infrastructure, and improved efficiency from LLM integration. Key factors included integrated seeding and conversion campaigns, better ad delivery via multi-modal models, and optimized deep conversion capabilities. For H2, the focus is on broader product application across endpoints like PC and OTT, and deeper AI integration for ad creation and automated placement, with confidence in sustaining above-industry growth.

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    Miranda Zhuang's questions to Baidu (BIDU) leadership

    Miranda Zhuang's questions to Baidu (BIDU) leadership • Q2 2025

    Question

    Miranda Zhuang of Bank of America Merrill Lynch questioned the sustainability of AI-driven cloud demand amid economic softness and asked about the GPU supply situation, including any improvements from eased restrictions.

    Answer

    EVP Dou Shen confirmed that AI cloud demand remains strong and is broadening from tech to traditional industries. He attributed this to Baidu's cost-effective, full-stack solutions. Regarding GPUs, Shen stated the focus is on a flexible architecture that maximizes utilization across various chips, including domestic ones, to ensure resilience against supply constraints.

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    Miranda Zhuang's questions to NetEase (NTES) leadership

    Miranda Zhuang's questions to NetEase (NTES) leadership • Q2 2025

    Question

    Miranda Zhuang from Bank of America Merrill Lynch inquired about NetEase's marketing and operational strategies for both new and legacy games, asking for any notable changes and the outlook for sales and marketing expenses.

    Answer

    Bill Pang, VP of Corporate Development, explained that NetEase has a mature methodology for game marketing and operations developed over two decades. He highlighted the company is now embracing new methods, including social media and AI, to make marketing investments more precise and effective, stating they know when to spend and when to be frugal.

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