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

Equity Bottom-Up

<ul>
<li>Luckin reported C3Q24 revenue 9.8%/6.3% higher than our estimate/consensus, and non-GAAP operating profit 26%/28% higher than our estimate/consensus. </li>
<li>In the short term, Luckin managed to raise price without trigger consumer departure, and may do so for a few more quarters. </li>
<li>We put the TP and the rating under review pending further assessment of US market entry.</li>
</ul>


Luckin reported C3Q24 revenue 9.8%/6.3% higher than our estimate/consensus, and non-GAAP operating profit 26%/28% higher than our estimate/consensus. 
In the short term, Luckin managed to raise price without trigger consumer departure, and may do so for a few more quarters. 
We put the TP and the rating under review pending further assessment of US market entry.


[Luckin Coffee Inc. (LKNCY US, UR) Earnings Review]: Operational Turnaround, Now All Eyes on Growth

Thematic (Sector/Industry)

<ul>
<li>MNSO US: Yonghui Supermarket's 3Q24 Revenue Falls Short of Expectations by 15%(-)</li>
<li>LI US/ NIO US : Huawei Harmony added 11,000 new orders last week, mainly due to adjustments to service expectations (///)</li>
<li>1211 HK/1810 HK/XPEV US/NIO US/LI US: In the 43rd week of electric vehicles, BYD, Xiaomi, Leap and Xpeng lead the way,but LI and NIo have reached their peaks. (/////////)</li>
</ul>


MNSO US: Yonghui Supermarket's 3Q24 Revenue Falls Short of Expectations by 15%(-)
LI US/ NIO US : Huawei Harmony added 11,000 new orders last week, mainly due to adjustments to service expectations (///)
1211 HK/1810 HK/XPEV US/NIO US/LI US: In the 43rd week of electric vehicles, BYD, Xiaomi, Leap and Xpeng lead the way,but LI and NIo have reached their peaks. (/////////)


[Blue Lotus Daily]:MNSO US/1211 HK/1810 HK/XPEV US/NIO US/LI US/LKNCY US/ATAT US/Macro Update

<ul>
<li>LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)</li>
<li>300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)</li>
<li>AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)</li>
</ul>


LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)
300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)
AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)


[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

<ul>
<li>MNSO US: MINISO Acquires 29.4% Stake in Yonghui Superstores for RMB6.3 Billion, Becoming Its Largest Shareholder(-)</li>
<li>BEKE US:Stimulus monetary policies bodes well for real estate and consumption(+)</li>
<li>BEKE US:Chongqing Agency Decco Real Estate Joins Beike, Bodes Well for Market Share Gains(+)</li>
</ul>


MNSO US: MINISO Acquires 29.4% Stake in Yonghui Superstores for RMB6.3 Billion, Becoming Its Largest Shareholder(-)
BEKE US:Stimulus monetary policies bodes well for real estate and consumption(+)
BEKE US:Chongqing Agency Decco Real Estate Joins Beike, Bodes Well for Market Share Gains(+)


[Blue Lotus Daily]:MNSO US/BEKE US/LKNCY US/XPEV US / LI US/ NIO US/1211 HK/NIO US /1810 HK/

<ul>
<li>ATAT US/TCOM US:Travel Volume During Mid-Autumn Holiday Slightly Increased Compared to 2019(+/+)</li>
<li>1519 HK/ZTO US: Parcel volume collection +28% yoy in prior week (+/+)</li>
<li>XPEV US/LI US:Xpeng is rumored to launch an extended-range PHEV SUV next year.(///)</li>
</ul>


ATAT US/TCOM US:Travel Volume During Mid-Autumn Holiday Slightly Increased Compared to 2019(+/+)
1519 HK/ZTO US: Parcel volume collection +28% yoy in prior week (+/+)
XPEV US/LI US:Xpeng is rumored to launch an extended-range PHEV SUV next year.(///)


[Blue Lotus Daily]:ATAT US/TCOM US/1519 HK/ZTO US/XPEV US/LI US/LKNCY US

China

Luckin Coffee Inc. provides non-alcoholic beverages. The Company offers various types of coffee. Luckin Coffee serves customers in China.

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

Luckin Coffee (LKNCY US)

[Luckin Coffee Inc. (LKNCY US, UR) Earnings Review]: Operational Turnaround, Now All Eyes on Growth

Luckin exceeds revenue and profit estimates in Q3, successfully raises prices without losing customers, future plans for US market entry under...

Blue Lotus Research Institute

[Blue Lotus Daily]:MNSO US/1211 HK/1810 HK/XPEV US/NIO US/LI US/LKNCY US/ATAT US/Macro Update

Yonghui Supermarket's revenue falls short by 15%, Huawei Harmony gains 11,000 new orders, BYD and Xiaomi lead in electric vehicles.

Blue Lotus Research Institute

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

[Blue Lotus Daily]:MNSO US/BEKE US/LKNCY US/XPEV US / LI US/ NIO US/1211 HK/NIO US /1810 HK/

MINISO acquires majority stake in Yonghui Superstores, Beike benefits from stimulus policies and market share gains with Decco Real Estate...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/1519 HK/ZTO US/XPEV US/LI US/LKNCY US

Travel volume during Mid-Autumn holiday slightly increased compared to 2019, parcel volume collection up 28% year over year, Xpeng rumored to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Luckin Coffee Inc. (LKNCY US, UR) Earnings Review]: Operational Turnaround, Now All Eyes on Growth

​Luckin exceeds revenue and profit estimates in Q3, successfully raises prices without losing customers, future plans for US market entry under...

Blue Lotus Research Institute

[Blue Lotus Daily]:MNSO US/1211 HK/1810 HK/XPEV US/NIO US/LI US/LKNCY US/ATAT US/Macro Update

​Yonghui Supermarket's revenue falls short by 15%, Huawei Harmony gains 11,000 new orders, BYD and Xiaomi lead in electric vehicles.

Blue Lotus Research Institute

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

​Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

[Blue Lotus Daily]:MNSO US/BEKE US/LKNCY US/XPEV US / LI US/ NIO US/1211 HK/NIO US /1810 HK/

​MINISO acquires majority stake in Yonghui Superstores, Beike benefits from stimulus policies and market share gains with Decco Real Estate...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/1519 HK/ZTO US/XPEV US/LI US/LKNCY US

​Travel volume during Mid-Autumn holiday slightly increased compared to 2019, parcel volume collection up 28% year over year, Xpeng rumored to...

Blue Lotus Research Institute

Luckin exceeds revenue and profit estimates in Q3, successfully raises prices without losing customers, future plans for US market entry under...

Yonghui Supermarket's revenue falls short by 15%, Huawei Harmony gains 11,000 new orders, BYD and Xiaomi lead in electric vehicles.

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

MINISO acquires majority stake in Yonghui Superstores, Beike benefits from stimulus policies and market share gains with Decco Real Estate...

Travel volume during Mid-Autumn holiday slightly increased compared to 2019, parcel volume collection up 28% year over year, Xpeng rumored to...