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>New and renewed trade-in subsidies on smart phone, tablet and wearables can add low to high single digit growth to major e-commerce platforms. Raising basic pension invites more questions;</li>
<li>Meituan's latest anti-fatigue and algorithm change is a way to deflect criticism of its not paying social security for its riders;</li>
<li>Several games on NetEase received positive feedbacks, paving way for a rebounding 2025.</li>
</ul>


New and renewed trade-in subsidies on smart phone, tablet and wearables can add low to high single digit growth to major e-commerce platforms. Raising basic pension invites more questions;
Meituan's latest anti-fatigue and algorithm change is a way to deflect criticism of its not paying social security for its riders;
Several games on NetEase received positive feedbacks, paving way for a rebounding 2025.


China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>Inclusion of smartphone/tablet/smartwatch to trade-in subsidy will drive high single digit incremental growth for JD and Xiaomi, low single digit incremental growth for Alibaba in 2025;</li>
<li>New Year's Day transportation volume down, hotel consumption up, constituting a decent performance for a shorter holiday vs. last year. This bodes well for tourism for Chinese New Year; </li>
<li>China stepped up its signaling effort to Trump Administration that trade war measures will be retaliated. This week China added LFP battery technology to its own entity list.</li>
</ul>


Inclusion of smartphone/tablet/smartwatch to trade-in subsidy will drive high single digit incremental growth for JD and Xiaomi, low single digit incremental growth for Alibaba in 2025;
New Year's Day transportation volume down, hotel consumption up, constituting a decent performance for a shorter holiday vs. last year. This bodes well for tourism for Chinese New Year; 
China stepped up its signaling effort to Trump Administration that trade war measures will be retaliated. This week China added LFP battery technology to its own entity list.


China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Alibaba’s Freshippo remained profitable and double-digit growth in the past nine months.</li>
<li>Brazil labor authorities are investigating BYD’s construction site for “slave-like condition”.</li>
<li>Tencent Music will compensate MCSC (Music Copyright Society of China) for the unauthorized usage of music copy rights.</li>
</ul>


Alibaba’s Freshippo remained profitable and double-digit growth in the past nine months.
Brazil labor authorities are investigating BYD’s construction site for “slave-like condition”.
Tencent Music will compensate MCSC (Music Copyright Society of China) for the unauthorized usage of music copy rights.


China Consumption Weekly (6 Jan 2025): Alibaba, BYD, Tencent Music, JD.com, Mixue

<ul>
<li>
Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;</li>
<li>
Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;</li>
<li>
Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.</li>
</ul>



Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;

Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;

Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.


China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

<ul>
<li>Despite being breakeven just quarters ago, <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> has achieved profitability on par with global peers nearly 3x its size. Margin still has upside with further subsidiary integration;</li>
<li>JDL is still positioned to accelerate revenue by taking share from <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> in untapped opportunities, including domestic B2C (Taobao/Tmall), cross-border B2C (Kuayue acquisition), and B2B;</li>
<li>JDL's stock price rose 60%+ while it was our top pick for 2024. We reiterate the company as our TOP buy idea in the China logistics space for 2025;</li>
</ul>


Despite being breakeven just quarters ago, JD Logistics (2618 HK) has achieved profitability on par with global peers nearly 3x its size. Margin still has upside with further subsidiary integration;
JDL is still positioned to accelerate revenue by taking share from S.F. Holding (6936 HK) in untapped opportunities, including domestic B2C (Taobao/Tmall), cross-border B2C (Kuayue acquisition), and B2B;
JDL's stock price rose 60%+ while it was our top pick for 2024. We reiterate the company as our TOP buy idea in the China logistics space for 2025;


China Logistics (Part 2): All JD Logistic Roads Lead Back to S.F. Express

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Blue Lotus Research Institute

China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

Blue Lotus Research Institute

China Consumption Weekly (6 Jan 2025): Alibaba, BYD, Tencent Music, JD.com, Mixue

Alibaba’s Freshippo remained profitable in the past nine months. Brazil authorities is investigating BYD’s “slave-like condition”. Tencent Music...

Ming Lu

China Logistics (Part 2): All JD Logistic Roads Lead Back to S.F. Express

JD Logistics has achieved profitability on par with global peers nearly 3x its size, with upside potential in margins and opportunities to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

​Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Blue Lotus Research Institute

China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

​Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

Blue Lotus Research Institute

China Consumption Weekly (6 Jan 2025): Alibaba, BYD, Tencent Music, JD.com, Mixue

Alibaba’s Freshippo remained profitable in the past nine months. Brazil authorities is investigating BYD’s “slave-like condition”. Tencent Music...

Ming Lu

China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

​Korea and Japan ease tourist visa for Chinese, Shanghai government vouchers likely shift to major Internet platforms; NetEase and Tencent games...

Blue Lotus Research Institute

China Logistics (Part 2): All JD Logistic Roads Lead Back to S.F. Express

​JD Logistics has achieved profitability on par with global peers nearly 3x its size, with upside potential in margins and opportunities to...

Blue Lotus Research Institute

Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

China Internet Weekly Wrap (52/2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

Korea and Japan ease tourist visa for Chinese, Shanghai government vouchers likely shift to major Internet platforms; NetEase and Tencent games...

JD Logistics has achieved profitability on par with global peers nearly 3x its size, with upside potential in margins and opportunities to...