Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>Macro News Update: Weak Household Loan Data in September Highlights Urgency for Consumption Stimulus</li>
<li>Macro News Update : Scholars within China's government system indicates more incremental stimulus policies are on the way.</li>
<li>Macro News Update : Positive read thru on the Ministry of Finance press release(+)</li>
</ul>


Macro News Update: Weak Household Loan Data in September Highlights Urgency for Consumption Stimulus
Macro News Update : Scholars within China's government system indicates more incremental stimulus policies are on the way.
Macro News Update : Positive read thru on the Ministry of Finance press release(+)


[Blue Lotus Daily]:1810 HK/1211HK/LI US/NIO US/XPEV US/MNSO US/ATAT US/002352 CH/2618HK/ZTO US/Macro

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>TCOM US: Overseas Travel for National Holiday Grow Faster than Domestic Travel, Potentially Signaling the End of Consumption Downgrading (+)</li>
<li>PDD US: PDD announces another support plan for “quality merchants” (/)</li>
<li>BABA US/JD US/002352 CH: E-commerce players intensify logistics competition in Hong Kong (////-)</li>
</ul>


TCOM US: Overseas Travel for National Holiday Grow Faster than Domestic Travel, Potentially Signaling the End of Consumption Downgrading (+)
PDD US: PDD announces another support plan for “quality merchants” (/)
BABA US/JD US/002352 CH: E-commerce players intensify logistics competition in Hong Kong (////-)


[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>In a new filing with HKEX, we can see Lalatech's revenue growth slow</li>
<li>The company's grip on CoR loosened, but OpEx growth in H1 was minimal</li>
<li>Given improving market conditions, we believe Lalatech may finally sell shares</li>
</ul>


In a new filing with HKEX, we can see Lalatech's revenue growth slow
The company's grip on CoR loosened, but OpEx growth in H1 was minimal
Given improving market conditions, we believe Lalatech may finally sell shares


Lalatech IPO | Review of H124 Financials & Operating Stats | Strike While the Iron Is Hot-Ish?

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

Equity Bottom-Up

<ul>
<li>Amid fierce low-price competition in 1H24, low-end couriers  benefited from merchant demand for cheap logistics. However, new platform policies suggest greater emphasis on quality logistics and O2O in 2H24;</li>
<li>The shift towards higher-end logistics is manifesting through O2O. Spearheaded by Meituan, O2O is an experiment to copy Coupang's business model in China. We believe there is a sizable market;</li>
<li>We see ZTO as best positioned amid the changing environment, JDL least impacted, with J&amp;T and SFE in the least favorable positions.</li>
</ul>


Amid fierce low-price competition in 1H24, low-end couriers  benefited from merchant demand for cheap logistics. However, new platform policies suggest greater emphasis on quality logistics and O2O in 2H24;
The shift towards higher-end logistics is manifesting through O2O. Spearheaded by Meituan, O2O is an experiment to copy Coupang's business model in China. We believe there is a sizable market;
We see ZTO as best positioned amid the changing environment, JDL least impacted, with J&amp;T and SFE in the least favorable positions.


Logistics Shift to Quality Amid Evolved Ecommerce Plans

<ul>
<li>BEKE US/BZ US/ATAT US/3690 HK/TCOM US:September Politburo Meeting Unusually Discusses Economic Topics, bodes well for catering and tourism consumption, Employment, and Real Estate(+)</li>
<li>2618 HK/002352 CH: JD and Alibaba reconcile, JD Logistics to launch on Taobao and Alipay to launch on JD.com (+/-)</li>
<li>NIO US: NIO Lowers Battery Swap Service Fees to Encourage Frequent Battery Swaps(-)</li>
</ul>


BEKE US/BZ US/ATAT US/3690 HK/TCOM US:September Politburo Meeting Unusually Discusses Economic Topics, bodes well for catering and tourism consumption, Employment, and Real Estate(+)
2618 HK/002352 CH: JD and Alibaba reconcile, JD Logistics to launch on Taobao and Alipay to launch on JD.com (+/-)
NIO US: NIO Lowers Battery Swap Service Fees to Encourage Frequent Battery Swaps(-)


[Blue Lotus Daily]:BEKE US/BZ US/ATAT US/3690 HK/TCOM US/2618 HK/002352 CH/NIO US/XPEV US/1211 HK

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

S.F. Holding (002352 CH)

[Blue Lotus Daily]:1810 HK/1211HK/LI US/NIO US/XPEV US/MNSO US/ATAT US/002352 CH/2618HK/ZTO US/Macro

Household loan data in China highlights need for consumption stimulus; more incremental policies expected. Positive outlook on Ministry of Finance...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

Overseas travel for national holidays on the rise, signaling potential end to consumption downgrading. PDD announces support plan for quality...

Blue Lotus Research Institute

Lalatech IPO | Review of H124 Financials & Operating Stats | Strike While the Iron Is Hot-Ish?

Lalatech's top-line growth moderated in H124, and gross margin dipped slightly. But tight OpEx control remains in place. We believe the company may...

Tracking Traffic

Logistics Shift to Quality Amid Evolved Ecommerce Plans

In 2H24, low-end couriers face shift towards quality logistics and O2O, with ZTO and Meituan best positioned and SFE most negatively affected

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/BZ US/ATAT US/3690 HK/TCOM US/2618 HK/002352 CH/NIO US/XPEV US/1211 HK

Chinese companies discuss economic topics, JD and Alibaba reconcile for cross-platform launches, NIO lowers battery swap fees.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1810 HK/1211HK/LI US/NIO US/XPEV US/MNSO US/ATAT US/002352 CH/2618HK/ZTO US/Macro

​Household loan data in China highlights need for consumption stimulus; more incremental policies expected. Positive outlook on Ministry of Finance...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

​Overseas travel for national holidays on the rise, signaling potential end to consumption downgrading. PDD announces support plan for quality...

Blue Lotus Research Institute

Lalatech IPO | Review of H124 Financials & Operating Stats | Strike While the Iron Is Hot-Ish?

Lalatech's top-line growth moderated in H124, and gross margin dipped slightly. But tight OpEx control remains in place. We believe the company may...

Tracking Traffic

Logistics Shift to Quality Amid Evolved Ecommerce Plans

​In 2H24, low-end couriers face shift towards quality logistics and O2O, with ZTO and Meituan best positioned and SFE most negatively affected

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/BZ US/ATAT US/3690 HK/TCOM US/2618 HK/002352 CH/NIO US/XPEV US/1211 HK

​Chinese companies discuss economic topics, JD and Alibaba reconcile for cross-platform launches, NIO lowers battery swap fees.

Blue Lotus Research Institute

Household loan data in China highlights need for consumption stimulus; more incremental policies expected. Positive outlook on Ministry of Finance...

Overseas travel for national holidays on the rise, signaling potential end to consumption downgrading. PDD announces support plan for quality...

In 2H24, low-end couriers face shift towards quality logistics and O2O, with ZTO and Meituan best positioned and SFE most negatively affected

Chinese companies discuss economic topics, JD and Alibaba reconcile for cross-platform launches, NIO lowers battery swap fees.