China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NIO ：NIO' s sales in Europe grew rapidly in August（+）</li>
<li>BYD/XPEV/NIO/TSLA: Chinese new energy vehicles no longer meet French electric vehicle subsidy standards（-）</li>
<li>August EV export growth decelerated, batttery export growth rebound while inverter in price war (-)</li>
</ul>


NIO ：NIO' s sales in Europe grew rapidly in August（+）
BYD/XPEV/NIO/TSLA: Chinese new energy vehicles no longer meet French electric vehicle subsidy standards（-）
August EV export growth decelerated, batttery export growth rebound while inverter in price war (-)


China TMT Update-NIO/BYD/XPEV/NIO/TSLA-August EV Export Growth Decelerated/NIO' S Sales in Europe

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 8% MoM to 1.92mn units in Aug 2023, the 3rd highest Aug in history, and 1% higher than our prior forecast.</li><li>YTD retail sales volume rose 3% YoY. Wholesale volume rose 7% YoY and 8% MoM to 2.27mn units in Aug 2023, the best Aug in history, and 2% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +0.99mn units YoY) YTD, aided by 70% YoY growth (or +1.01mn units YoY) of exports. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 8% MoM to 1.92mn units in Aug 2023, the 3rd highest Aug in history, and 1% higher than our prior forecast.YTD retail sales volume rose 3% YoY. Wholesale volume rose 7% YoY and 8% MoM to 2.27mn units in Aug 2023, the best Aug in history, and 2% higher than our prior forecast.Wholesale volume rose 7% YoY (or +0.99mn units YoY) YTD, aided by 70% YoY growth (or +1.01mn units YoY) of exports. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – More NEV Model Rollouts as a Positive Catalyst

<ul>
<li>NIO/LI/XPEV:Xpeng G9 facelift price cut exceeds expectations ( -/ -/ +)</li>
<li>Real Estate Industry Update: Guangzhou lift purchase restrictions in outer regions, and property transaction activities are ramping sequentially（+）</li>
<li>NIO：NIO released a self-developed chip, automotive operating system SkyOS , and NIO Phone（+）</li>
</ul>


NIO/LI/XPEV:Xpeng G9 facelift price cut exceeds expectations ( -/ -/ +)
Real Estate Industry Update: Guangzhou lift purchase restrictions in outer regions, and property transaction activities are ramping sequentially（+）
NIO：NIO released a self-developed chip, automotive operating system SkyOS , and NIO Phone（+）


China TMT Update-NIO/LI/XPEV/BEKE/NIO-Xpeng G9/Guangzhou Lift Purchase Restrictions/NIO Chip

<ul>
<li>Nayuki/Luckin: Food safety issue happened on one store of Mixue</li>
<li>981.HK/1347.HK/ACMR: Tax authorities increase the tax-deductible amount for R&amp;D (+)</li>
<li>LI: LI's latest weekly sales were unaffected by Wenjie (+)</li>
</ul>


Nayuki/Luckin: Food safety issue happened on one store of Mixue
981.HK/1347.HK/ACMR: Tax authorities increase the tax-deductible amount for R&amp;D (+)
LI: LI's latest weekly sales were unaffected by Wenjie (+)


China TMT Update-Nayuki/Luckin/981.HK/1347.HK/ACMR/LI-Food Safety Issue/Increase the Tax-Deductible

<ul>
<li>U:Unity to Adjust Previously Established Runtime Fees Due to Developer Pressure (/)</li>
<li>ATAT： Pre-booking travel volume on National Day continue to ramp up（+）</li>
<li>LI: New Wenjie M7 order volume exceeded expectations, continuing to threaten LI (-)</li>
</ul>


U:Unity to Adjust Previously Established Runtime Fees Due to Developer Pressure (/)
ATAT： Pre-booking travel volume on National Day continue to ramp up（+）
LI: New Wenjie M7 order volume exceeded expectations, continuing to threaten LI (-)


China TMT Update-U/ATAT/LI-Unity to Adjust Fees/Pre-Booking Travel on National Day/New Wenjie M7

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

China TMT Update-NIO/BYD/XPEV/NIO/TSLA-August EV Export Growth Decelerated/NIO' S Sales in Europe

NIO' s sales in Europe grew rapidly in August;Chinese new energy vehicles no longer meet French electric vehicle subsidy standards;August EV export...

Blue Lotus Research Institute

China Auto Sector – More NEV Model Rollouts as a Positive Catalyst

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 8% MoM to 1.92mn units in Aug 2023, the 3rd highest Aug in history, and 1%...

CMB International

China TMT Update-NIO/LI/XPEV/BEKE/NIO-Xpeng G9/Guangzhou Lift Purchase Restrictions/NIO Chip

Xpeng G9 facelift price cut exceeds expectations、Guangzhou lift purchase restrictions in outer regions、NIO released a self-developed chip

Blue Lotus Research Institute

China TMT Update-Nayuki/Luckin/981.HK/1347.HK/ACMR/LI-Food Safety Issue/Increase the Tax-Deductible

Nayuki/Luckin: Food safety issue happened on one store of Mixue; 981.HK/1347.HK/ACMR: Tax authorities increase the tax-deductible amount/LI: LI's...

Blue Lotus Research Institute

China TMT Update-U/ATAT/LI-Unity to Adjust Fees/Pre-Booking Travel on National Day/New Wenjie M7

U:Unity to Adjust Previously Established Runtime Fees (/)ATAT： Pre-booking travel volume on National Day continue to ramp up; LI: New Wenjie M7...

Blue Lotus Research Institute

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