HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Jin Jiang International Hotels / Equity Capital Markets

<ul>
<li>In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.</li>
<li>The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.</li>
<li>Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.</li>
</ul>


In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.


Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

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>1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)</li>
<li>LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)</li>
<li>LI US: Li Auto Revises Down 2025 Production Target (+)</li>
</ul>


1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)
LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)
LI US: Li Auto Revises Down 2025 Production Target (+)


[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT 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>The consumption trend in Apr 2025 improved MoM across most sub-sectors compared to Mar 2025.</li><li>Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather conditions, 3) longer holidays compared to last year, and 4) fairly robust inbound tourism growth.</li><li>By subsector, apparel and tourism-hotel outperformed our expectations, sportswear and home appliances met expectations, while catering lagged behind. </li></ul><p><em>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.</em></p>

The consumption trend in Apr 2025 improved MoM across most sub-sectors compared to Mar 2025.Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather conditions, 3) longer holidays compared to last year, and 4) fairly robust inbound tourism growth.By subsector, apparel and tourism-hotel outperformed our expectations, sportswear and home appliances met expectations, while catering lagged behind. 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.

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA US: Ele.me's Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)</li>
<li>TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)</li>
<li>Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)</li>
</ul>


BABA US: Ele.me's Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)
TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)
Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)


[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

<ul>
<li>1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)</li>
<li>1211 HK:The foundation laying ceremony for BYD's passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)</li>
<li>1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)</li>
</ul>


1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)
1211 HK:The foundation laying ceremony for BYD's passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)
1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)


[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

China

Atour Lifestyle Holdings Limited operates as a holding company. The Company, through its subsidiaries, owns and manages midscale hotel chain through offline and online channels, including mobile application and weixin-wechat mini program. Atour Lifestyle Holdings serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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Atour Lifestyle Holdings (ATAT US)

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather...

CMB International

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

​Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

​BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather...

CMB International

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

​Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

​Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

Blue Lotus Research Institute

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.