Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>In this insight we analyze SHEIN's Marketing expenses, which rose sharply in FY25 and Q126</li>
<li>We also revisit SHEIN's Fulfilment expenses, which likely ballooned in Q226 on higher fuel</li>
<li>We believe high and rising Marketing, Fulfilment expenses to smother FY26 margins</li>
</ul>


In this insight we analyze SHEIN's Marketing expenses, which rose sharply in FY25 and Q126
We also revisit SHEIN's Fulfilment expenses, which likely ballooned in Q226 on higher fuel
We believe high and rising Marketing, Fulfilment expenses to smother FY26 margins


SHEIN IPO in Hong Kong: Examining Marketing Expense Trend | Fulfilment Expense in Q226 Likely Spiked

<ul>
<li>SHEIN's new IPO filing in Hong Kong shows the company recording a Net Loss in Q126</li>
<li>A sharp increase in Q126 fulfilment costs helps to explain the period's weaker profitability</li>
<li>SHEIN's ability to rein in unit fulfilment costs should be a key driver of long-term performance</li>
</ul>


SHEIN's new IPO filing in Hong Kong shows the company recording a Net Loss in Q126
A sharp increase in Q126 fulfilment costs helps to explain the period's weaker profitability
SHEIN's ability to rein in unit fulfilment costs should be a key driver of long-term performance


SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

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>PDD US/SHEIN/AMZN US: Temu opens up platform to brand merchants (+/-/-)</li>
<li>TCOM US/3690 HK/ATAT US  :  Visa-free policy for 12 countries including France extended until December 31, 2025.(+/+/+)</li>
<li>700 HK: After the release of new limited skins for &lt;League of Legends: Wild Rift&gt;, there has been a noticeable rebound in grossing rankings.(+)</li>
</ul>


PDD US/SHEIN/AMZN US: Temu opens up platform to brand merchants (+/-/-)
TCOM US/3690 HK/ATAT US  :  Visa-free policy for 12 countries including France extended until December 31, 2025.(+/+/+)
700 HK: After the release of new limited skins for &lt;League of Legends: Wild Rift&gt;, there has been a noticeable rebound in grossing rankings.(+)


[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.</li><li>AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.</li><li>This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.</li></ul>

I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

<ul><li>AI detectors are not very effective, leading to the solution of grading AI-generated essays as regular essays</li><li>Chat GPT essays are currently at a C level, serving as the baseline for comparison</li><li>The use of AI in industrial applications, specifically robotics, is a growing area of interest for investment and development</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

AI detectors are not very effective, leading to the solution of grading AI-generated essays as regular essaysChat GPT essays are currently at a C level, serving as the baseline for comparisonThe use of AI in industrial applications, specifically robotics, is a growing area of interest for investment and developmentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Josh Wolfe: The ChatGPT of Robotics is Coming

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

SHEIN IPO in Hong Kong: Examining Marketing Expense Trend | Fulfilment Expense in Q226 Likely Spiked

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're re-surfacing a...

Tracking Traffic

SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're now re...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

Blue Lotus Research Institute

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Josh Wolfe: The ChatGPT of Robotics is Coming

AI detectors struggle with grading essays, Chat GPT essays are average, Delve can detect AI generated content, AI has various industrial...

Odd Lots

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SHEIN IPO in Hong Kong: Examining Marketing Expense Trend | Fulfilment Expense in Q226 Likely Spiked

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're re-surfacing a...

Tracking Traffic

SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're now re...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

​Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

Blue Lotus Research Institute

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Josh Wolfe: The ChatGPT of Robotics is Coming

AI detectors struggle with grading essays, Chat GPT essays are average, Delve can detect AI generated content, AI has various industrial...

Odd Lots

Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...