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>The rapid ascending Huawei EV ecosystem is threatening everyone except BYD and Tesla. XPEV is the next in line after NIO;</li>
<li>We do view Xiaomi as offering an alternative to Huawei to present a unified IOT user experience. But now is too early to judge Xiaomi’s success and XPEV’s role;</li>
<li>We cut the TP from US$24.3 to US$18 and maintain BUY.</li>
</ul>


The rapid ascending Huawei EV ecosystem is threatening everyone except BYD and Tesla. XPEV is the next in line after NIO;
We do view Xiaomi as offering an alternative to Huawei to present a unified IOT user experience. But now is too early to judge Xiaomi’s success and XPEV’s role;
We cut the TP from US$24.3 to US$18 and maintain BUY.


[XPeng Inc. (XPEV US, BUY, TP US$18) Target Price Change]: Does Xiaopeng Need Xiaomi to Survive?

China/Asia TMT

Shawn Yang

<ul>
<li>PDD/BABA/4385JP：TikTok Shop US opened up, initial target categories in Mercari, ETSY and eBay（/）</li>
<li>BABA ：rumor says Taobao/Tmall looking to shuffle CEO（ / ）</li>
<li>LI/NIO/XPEV: AITO’s sales performance during the National Day holiday see good performance（-）</li>
</ul>


PDD/BABA/4385JP：TikTok Shop US opened up, initial target categories in Mercari, ETSY and eBay（/）
BABA ：rumor says Taobao/Tmall looking to shuffle CEO（ / ）
LI/NIO/XPEV: AITO’s sales performance during the National Day holiday see good performance（-）


China TMT Update Oct.12-Pdd/Baba/4385jp/BABA/LI/NIO/XPEV-TikTok Shop US/Taobao Management Change

<ul>
<li>BABA：SME merchants benefited from new Taobao rules ( + )</li>
<li>LI/NIO/XPEV: The cumulative large deposit order volume of Wenjie’s new M7 has exceeded 50,000 units(-)</li>
<li>Gaming Industry: August Market Sustains Ongoing Recovery with Impressive 46% YoY Growth in Domestic Market(+)</li>
</ul>


BABA：SME merchants benefited from new Taobao rules ( + )
LI/NIO/XPEV: The cumulative large deposit order volume of Wenjie’s new M7 has exceeded 50,000 units(-)
Gaming Industry: August Market Sustains Ongoing Recovery with Impressive 46% YoY Growth in Domestic Market(+)


China TMT Update-Oct.10-Baba/LI/NIO/XPEV/Tencent/NetEase-Huawei Wenjie's New M7/New Taobao Rules

<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

<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

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.

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NIO (NIO US)

[XPeng Inc. (XPEV US, BUY, TP US$18) Target Price Change]: Does Xiaopeng Need Xiaomi to Survive?

Huawei's EV ecosystem poses a threat to many, except BYD and Tesla. XPEV follows NIO, while Xiaomi's success and XPEV's role are yet to be...

Blue Lotus Research Institute

China TMT Update Oct.12-Pdd/Baba/4385jp/BABA/LI/NIO/XPEV-TikTok Shop US/Taobao Management Change

TikTok Shop US opened up; rumor says Taobao/Tmall looking to shuffle CEO; AITO’s sales performance during the National Day holiday see good...

Blue Lotus Research Institute

China TMT Update-Oct.10-Baba/LI/NIO/XPEV/Tencent/NetEase-Huawei Wenjie's New M7/New Taobao Rules

SME merchants benefited from new Taobao rules/The cumulative large deposit order volume of Wenjie’s new M7 has exceeded 50,000 units(-)/ August...

Blue Lotus Research Institute

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 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

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