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>700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)</li>
<li>3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)</li>
<li>BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）</li>
</ul>


700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)
3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)
BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）


[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>1810HK/LI:Tesla cuts prices of all series by 14,000yuan to compete with Xiaomi SU7 and LI L6,with the fomer facing long time of delivery and the latter had a mediocre start(//-)</li>
<li>LI US: LI cuts price for all series, might be due to difficulty to achieve delivery targets (/)</li>
<li>LKNCY US: New products fail to bring meaningful incremental DAU growth, bodes ill for 2Q24 sales(-)</li>
</ul>


1810HK/LI:Tesla cuts prices of all series by 14,000yuan to compete with Xiaomi SU7 and LI L6,with the fomer facing long time of delivery and the latter had a mediocre start(//-)
LI US: LI cuts price for all series, might be due to difficulty to achieve delivery targets (/)
LKNCY US: New products fail to bring meaningful incremental DAU growth, bodes ill for 2Q24 sales(-)


[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

<ul>
<li>PDD/BABA/JD/3690.HK/VIPS: NBS publishes data social retail data for March 2024 (+/////-)</li>
<li>NTES US: NetEase's &lt;Naraka Mobile&gt;, has completed its pre-launch testing phase with overall positive feedback, and pre-registration reached 25 million. (+)</li>
<li>BABA US/3690 HK : Eleme launches semi-managed mode for retail merchants, adding pressure to Meituan instashopping</li>
</ul>


PDD/BABA/JD/3690.HK/VIPS: NBS publishes data social retail data for March 2024 (+/////-)
NTES US: NetEase's &lt;Naraka Mobile&gt;, has completed its pre-launch testing phase with overall positive feedback, and pre-registration reached 25 million. (+)
BABA US/3690 HK : Eleme launches semi-managed mode for retail merchants, adding pressure to Meituan instashopping


[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

<ul>
<li>1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）</li>
<li>BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)</li>
<li>300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）</li>
</ul>


1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）
BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)
300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）


[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

Equity Bottom-Up

MINISO Group Holding is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable.

<ul>
<li>We expect Miniso’s revenue for C1Q/2Q24 to be 1.0%/2.7% higher than consensus due to adequate inventory and strong sales of the Chiikawa series. </li>
<li>We believe Miniso has found a new competency in quickly turning around IP sales through economies of scale in supply chain and store network.</li>
<li>We maintain the stock as BUY and raise our TP by US$3 to US$34/ADS.</li>
</ul>


We expect Miniso’s revenue for C1Q/2Q24 to be 1.0%/2.7% higher than consensus due to adequate inventory and strong sales of the Chiikawa series. 
We believe Miniso has found a new competency in quickly turning around IP sales through economies of scale in supply chain and store network.
We maintain the stock as BUY and raise our TP by US$3 to US$34/ADS.


[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

Blue Lotus Research Institute
China growth and global non-US Internet equities

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

Miniso's revenue expected to exceed consensus in C1Q/2Q24 due to strong Chiikawa series sales and efficient IP sales strategy, prompting a BUY...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

​Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

​NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

​New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

​Miniso's revenue expected to exceed consensus in C1Q/2Q24 due to strong Chiikawa series sales and efficient IP sales strategy, prompting a BUY...

Blue Lotus Research Institute

Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Miniso's revenue expected to exceed consensus in C1Q/2Q24 due to strong Chiikawa series sales and efficient IP sales strategy, prompting a BUY...