Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>NTES: &lt;Identity V&gt; Has Reached a New High In Download Rankings In The Past 12 Months (+)</li>
<li>ZTO/1519 HK/BABA/PDD: Parcel volume last week grew 21% yoy (+)</li>
<li>BABA/SHEIN: AliExpress launches new subsidies to attract woman’s apparel merchants (+/-)  </li>
</ul>


NTES: &lt;Identity V&gt; Has Reached a New High In Download Rankings In The Past 12 Months (+)
ZTO/1519 HK/BABA/PDD: Parcel volume last week grew 21% yoy (+)
BABA/SHEIN: AliExpress launches new subsidies to attract woman’s apparel merchants (+/-)  


[Blue Lotus Daily - TMT Update]:NTES/ZTO/1519 HK/BABA/PDD/3690 HK/SHEIN

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 Bottom-Up

<ul>
<li>In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement</li>
<li>We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423</li>
<li>Given still-low profitability, JD Logistics does not appear cheap, in our view</li>
</ul>


In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement
We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423
Given still-low profitability, JD Logistics does not appear cheap, in our view


Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

<ul>
<li>Industry ASP declined -15.5% Y/Y in January to just 8.36 CNY, a record low</li>
<li>Despite strong volume (+85% Y/Y) some firms have likely turned unprofitable</li>
<li>International parcel growth strong; SF still avoiding worst of domestic price wars</li>
</ul>


Industry ASP declined -15.5% Y/Y in January to just 8.36 CNY, a record low
Despite strong volume (+85% Y/Y) some firms have likely turned unprofitable
International parcel growth strong; SF still avoiding worst of domestic price wars


Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

<ul>
<li>NTES/700 HK: Tencent's &lt;Dream Star&gt; didn't perform as well as NetEase's &lt;Eggy Party&gt; during the Spring Festival.(+/-)</li>
<li>PDD/AMZN/SHEIN: Temu search queries pass SHEIN after running Super Bowl ads (+/-/-)</li>
<li>ZTO/1519 HK/PDD/BABA: Parcel volume delivery increased ~31% during the Spring Festival period (+)</li>
</ul>


NTES/700 HK: Tencent's &lt;Dream Star&gt; didn't perform as well as NetEase's &lt;Eggy Party&gt; during the Spring Festival.(+/-)
PDD/AMZN/SHEIN: Temu search queries pass SHEIN after running Super Bowl ads (+/-/-)
ZTO/1519 HK/PDD/BABA: Parcel volume delivery increased ~31% during the Spring Festival period (+)


[Blue Lotus Daily - TMT Update]: NTES/700 HK/PDD/AMZN/SHEIN/ZTO/1519 HK/PDD/BABA

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>CaiNiao's revenue growth remained strong, up +24% Y/Y in December quarter</li>
<li>EBITA turned positive from loss in prior year period, but margin &lt; FYQ2</li>
<li>Overall, an impressive set of results that distinguishes CaiNiao from express peers</li>
</ul>


CaiNiao's revenue growth remained strong, up +24% Y/Y in December quarter
EBITA turned positive from loss in prior year period, but margin &lt; FYQ2
Overall, an impressive set of results that distinguishes CaiNiao from express peers


CaiNiao's FYQ3: Solid Revenue Growth & EBITA Margin Improvement Distinguish It From Express Peers

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

[Blue Lotus Daily - TMT Update]:NTES/ZTO/1519 HK/BABA/PDD/3690 HK/SHEIN

has reached a new high in download rankings, ZTO/1519 HK/BABA/PDD saw a 21% yoy growth in parcel volume, and AliExpress is offering subsidies to...

Blue Lotus Research Institute

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

More operating days in January 2024 lifted parcel volume growth, but industry ASP declined to the lowest level on record. We believe at current...

Tracking Traffic

[Blue Lotus Daily - TMT Update]: NTES/700 HK/PDD/AMZN/SHEIN/ZTO/1519 HK/PDD/BABA

NetEase's outperformed Tencent's during Spring Festival; Temu search queries surpass SHEIN after Super Bowl ads; Parcel delivery volume up 31%...

Blue Lotus Research Institute

CaiNiao's FYQ3: Solid Revenue Growth & EBITA Margin Improvement Distinguish It From Express Peers

CaiNiao results from FYQ3 were impressive, with revenue and EBITA margin both up sharply compared to the same period in the previous fiscal year.

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:NTES/ZTO/1519 HK/BABA/PDD/3690 HK/SHEIN

​ has reached a new high in download rankings, ZTO/1519 HK/BABA/PDD saw a 21% yoy growth in parcel volume, and AliExpress is offering subsidies to...

Blue Lotus Research Institute

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

More operating days in January 2024 lifted parcel volume growth, but industry ASP declined to the lowest level on record. We believe at current...

Tracking Traffic

[Blue Lotus Daily - TMT Update]: NTES/700 HK/PDD/AMZN/SHEIN/ZTO/1519 HK/PDD/BABA

​NetEase's outperformed Tencent's during Spring Festival; Temu search queries surpass SHEIN after Super Bowl ads; Parcel delivery volume up 31%...

Blue Lotus Research Institute

CaiNiao's FYQ3: Solid Revenue Growth & EBITA Margin Improvement Distinguish It From Express Peers

CaiNiao results from FYQ3 were impressive, with revenue and EBITA margin both up sharply compared to the same period in the previous fiscal year.

Tracking Traffic

has reached a new high in download rankings, ZTO/1519 HK/BABA/PDD saw a 21% yoy growth in parcel volume, and AliExpress is offering subsidies to...

NetEase's outperformed Tencent's during Spring Festival; Temu search queries surpass SHEIN after Super Bowl ads; Parcel delivery volume up 31%...