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>ATAT US/TCOM US: Hotel demand grow steadily in 1st week of September, with leisure travel being the main driver(+/+)</li>
<li>AAPL US/1810 HK/981 HK: Pre-registrations for iPhone 16 series in China well below prior models.(-/+/+)</li>
<li>AAPL US/1810 HK/981 HK: Huawei Mate XT receives positive commentary for design (-/-/+)</li>
</ul>


ATAT US/TCOM US: Hotel demand grow steadily in 1st week of September, with leisure travel being the main driver(+/+)
AAPL US/1810 HK/981 HK: Pre-registrations for iPhone 16 series in China well below prior models.(-/+/+)
AAPL US/1810 HK/981 HK: Huawei Mate XT receives positive commentary for design (-/-/+)


[Blue Lotus Daily]:ATAT US/TCOM US/AAPL US/1810 HK/981 HK/XPEV US/1211 HK/9863 HK/NIO US/ LI US

<ul>
<li>AAPL US/1810 HK/981 HK: iPhone 16 sees negative initial reception in China (-/+/+)</li>
<li>981 HK: SenseTime announces 54,000 GPU cluster, likely supplied by Huawei (+)</li>
<li>1810 HK/XPEV US/NIO US/LI US: Tesla officially announced that it will launch FSD in China in the first quarter of 2025.(///////)</li>
</ul>


AAPL US/1810 HK/981 HK: iPhone 16 sees negative initial reception in China (-/+/+)
981 HK: SenseTime announces 54,000 GPU cluster, likely supplied by Huawei (+)
1810 HK/XPEV US/NIO US/LI US: Tesla officially announced that it will launch FSD in China in the first quarter of 2025.(///////)


[Blue Lotus Daily]:AAPL US/1810 HK/981 HK/XPEV US/NIO US/LI US/1519 HK/ZTO US

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>We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</li></ul>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.

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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.

Auto - Aug Leading Indicators May Imply a Solid Sep

<ul><li>We summarize the Aug 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Jul 2024 retail sales volume for each model, as Aug 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.1ppts MoM in Aug based on our calculations, the mildest increase since Apr 2024.</li></ul>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.

We summarize the Aug 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Jul 2024 retail sales volume for each model, as Aug 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.1ppts MoM in Aug based on our calculations, the mildest increase since Apr 2024.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.

Auto - Will “Golden Sep” reoccur after a peaceful Aug?

<ul>
<li>1211 HK/LI US/XPEV US/NIO US: In the 35th week of 2024, BYD’s EV delivery hits a new high, while Xpeng’s sales increase by 700 units(///////)</li>
<li>LI US/NIO US/XPEV US: Xiaomi SUV spy photos exposed, similar to Model Y, good news for Li Auto, NIO and Xpeng.(+/+/+)</li>
<li>XPEV US: XPEV MONA M03 pre-order exceeded only 30K in 48 hours.(/)</li>
</ul>


1211 HK/LI US/XPEV US/NIO US: In the 35th week of 2024, BYD’s EV delivery hits a new high, while Xpeng’s sales increase by 700 units(///////)
LI US/NIO US/XPEV US: Xiaomi SUV spy photos exposed, similar to Model Y, good news for Li Auto, NIO and Xpeng.(+/+/+)
XPEV US: XPEV MONA M03 pre-order exceeded only 30K in 48 hours.(/)


[Blue Lotus Daily]:1211 HK/LI US/XPEV US/NIO US/LKNCY US

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

Price Gauge
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NIO (NIO US)

[Blue Lotus Daily]:ATAT US/TCOM US/AAPL US/1810 HK/981 HK/XPEV US/1211 HK/9863 HK/NIO US/ LI US

Hotel demand in the US is increasing due to leisure travel, while pre-registrations for the iPhone 16 series in China are lower than previous...

Blue Lotus Research Institute

[Blue Lotus Daily]:AAPL US/1810 HK/981 HK/XPEV US/NIO US/LI US/1519 HK/ZTO US

Negative initial reception for iPhone 16 in China, SenseTime announces large GPU cluster, and Tesla to launch FSD in China by Q1 2025.

Blue Lotus Research Institute

Auto - Aug Leading Indicators May Imply a Solid Sep

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Auto - Will “Golden Sep” reoccur after a peaceful Aug?

We summarize the Aug 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

[Blue Lotus Daily]:1211 HK/LI US/XPEV US/NIO US/LKNCY US

BYD and Xpeng see strong EV sales growth in 35th week of 2024, while Li Auto, NIO, and Xpeng benefit from Xiaomi SUV spy photos resembling Model...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:ATAT US/TCOM US/AAPL US/1810 HK/981 HK/XPEV US/1211 HK/9863 HK/NIO US/ LI US

​Hotel demand in the US is increasing due to leisure travel, while pre-registrations for the iPhone 16 series in China are lower than previous...

Blue Lotus Research Institute

[Blue Lotus Daily]:AAPL US/1810 HK/981 HK/XPEV US/NIO US/LI US/1519 HK/ZTO US

​Negative initial reception for iPhone 16 in China, SenseTime announces large GPU cluster, and Tesla to launch FSD in China by Q1 2025.

Blue Lotus Research Institute

Auto - Aug Leading Indicators May Imply a Solid Sep

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Auto - Will “Golden Sep” reoccur after a peaceful Aug?

We summarize the Aug 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

[Blue Lotus Daily]:1211 HK/LI US/XPEV US/NIO US/LKNCY US

​BYD and Xpeng see strong EV sales growth in 35th week of 2024, while Li Auto, NIO, and Xpeng benefit from Xiaomi SUV spy photos resembling Model...

Blue Lotus Research Institute

Hotel demand in the US is increasing due to leisure travel, while pre-registrations for the iPhone 16 series in China are lower than previous...

Negative initial reception for iPhone 16 in China, SenseTime announces large GPU cluster, and Tesla to launch FSD in China by Q1 2025.

BYD and Xpeng see strong EV sales growth in 35th week of 2024, while Li Auto, NIO, and Xpeng benefit from Xiaomi SUV spy photos resembling Model...