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>3690 HK/TCOM US: Online catering is robust in 2Q24, while online tourism diminishing quickly（+/-）</li>
<li>1024 HK: Source said Kuaishou's video generation LLM, Kling AI, has surpassed one million total application users.（+）</li>
<li>3690 HK:Meituan may launch food delivery service in Riyadh in September or October this year (+)</li>
</ul>


3690 HK/TCOM US: Online catering is robust in 2Q24, while online tourism diminishing quickly（+/-）
1024 HK: Source said Kuaishou's video generation LLM, Kling AI, has surpassed one million total application users.（+）
3690 HK:Meituan may launch food delivery service in Riyadh in September or October this year (+)


[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/1024 HK/BIDU US/PDD US/AMZN US/NTES US/700 HK/BABA US

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Baidu, a Chinese multinational technology giant, chose Hesai Group to be the exclusive LiDAR supplier for its robotaxi fleet in China.  </li>
<li>Baidu is uniquely positioned for growth in a self-driving robotaxis and its autonomous ride-hailing platform, Apollo Go Robotaxi, gains real traction.   </li>
<li>Hesai Group may ship at least 300K LiDARs for Baidu’s sixth generation Apollo RT6 robotaxis that would translate into a revenue of up to $300M.</li>
</ul>


Baidu, a Chinese multinational technology giant, chose Hesai Group to be the exclusive LiDAR supplier for its robotaxi fleet in China.  
Baidu is uniquely positioned for growth in a self-driving robotaxis and its autonomous ride-hailing platform, Apollo Go Robotaxi, gains real traction.   
Hesai Group may ship at least 300K LiDARs for Baidu’s sixth generation Apollo RT6 robotaxis that would translate into a revenue of up to $300M.


Baidu Teams Up With Hesai Group For Its Robotaxi Platform Yichi 06: A Big Win For Hesai Group

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>We expect Baidu Core business to deliver revenue growth in line with our expectation but slightly slower than market consensus estimates in 2Q24E, owing to the proactive business adjustment to embed more GenAI-related results in search results which are currently under-monetized, as well as the soft macro environment which has weighed on overall advertising budget.</li><li>However, we are positive that this proactive adjustment could help improve user experience and enhance long-term monetization prospects.</li><li>Cloud profitability is on expansion track, and the increase in penetration of fully driverless cars, as well as the deployment of new car models could drive unit economics (UE) improvement for Robotaxi business, in our view. </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>

We expect Baidu Core business to deliver revenue growth in line with our expectation but slightly slower than market consensus estimates in 2Q24E, owing to the proactive business adjustment to embed more GenAI-related results in search results which are currently under-monetized, as well as the soft macro environment which has weighed on overall advertising budget.However, we are positive that this proactive adjustment could help improve user experience and enhance long-term monetization prospects.Cloud profitability is on expansion track, and the increase in penetration of fully driverless cars, as well as the deployment of new car models could drive unit economics (UE) improvement for Robotaxi business, in our view. 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.

Baidu (BIDU US) - Impact from Proactive Business Adjustment Likely in Line with Our Expectation

<ul>
<li>PDD US/BABA US/JD US/VIPS US/3690 HK: NBS publishes social retail consumption data for June 2024 (-/+)</li>
<li>1024 HK: Kuaishou Releases First Fully AI-Generated Micro-Drama, Receives Positive Reviews.（+）</li>
<li>BABA US/PDD US/1519 HK/ZTO US: Weekly parcel volume shows 26% y-o-y growth (+)</li>
</ul>


PDD US/BABA US/JD US/VIPS US/3690 HK: NBS publishes social retail consumption data for June 2024 (-/+)
1024 HK: Kuaishou Releases First Fully AI-Generated Micro-Drama, Receives Positive Reviews.（+）
BABA US/PDD US/1519 HK/ZTO US: Weekly parcel volume shows 26% y-o-y growth (+)


[Blue Lotus Daily-TMT Update]:PDD US/BABA US/JD US/VIPS/3690HK/1024 HK/1519HK/ZTO/TCOM/NTES/BILI/

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

<ul>
<li>First, we offer a recent history of Didi going back to its June 2021 IPO </li>
<li>Next, we review the company's annual results from 2020-23 plus Q124</li>
<li>Finally, we try to answer the question, "Does Didi need to raise cash soon?"</li>
</ul>


First, we offer a recent history of Didi going back to its June 2021 IPO 
Next, we review the company's annual results from 2020-23 plus Q124
Finally, we try to answer the question, "Does Didi need to raise cash soon?"


Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/1024 HK/BIDU US/PDD US/AMZN US/NTES US/700 HK/BABA US

Online catering is thriving, while online tourism is declining. Kuaishou's video generation AI has over one million users. Meituan may expand food...

Blue Lotus Research Institute

Baidu Teams Up With Hesai Group For Its Robotaxi Platform Yichi 06: A Big Win For Hesai Group

In my insight, I discuss recent exclusive partnership between Baidu and Hesai Group, and update LiDAR deliveries estimates for Hesai Group

Andrei Zakharov

Baidu (BIDU US) - Impact from Proactive Business Adjustment Likely in Line with Our Expectation

We expect Baidu Core business to deliver revenue growth in line with our expectation but slightly slower than market consensus estimates in 2Q24E

CMB International

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/JD US/VIPS/3690HK/1024 HK/1519HK/ZTO/TCOM/NTES/BILI/

NBS releases social retail consumption data for June 2024, Kuaishou's AI-generated micro-drama receives positive reviews, and weekly parcel volume...

Blue Lotus Research Institute

Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

In this insight we review Didi Global's recent history dating back to its US IPO, analyze financial results from FY20 through Q124, and try to...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/1024 HK/BIDU US/PDD US/AMZN US/NTES US/700 HK/BABA US

​Online catering is thriving, while online tourism is declining. Kuaishou's video generation AI has over one million users. Meituan may expand food...

Blue Lotus Research Institute

Baidu Teams Up With Hesai Group For Its Robotaxi Platform Yichi 06: A Big Win For Hesai Group

In my insight, I discuss recent exclusive partnership between Baidu and Hesai Group, and update LiDAR deliveries estimates for Hesai Group

Andrei Zakharov

Baidu (BIDU US) - Impact from Proactive Business Adjustment Likely in Line with Our Expectation

We expect Baidu Core business to deliver revenue growth in line with our expectation but slightly slower than market consensus estimates in 2Q24E

CMB International

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/JD US/VIPS/3690HK/1024 HK/1519HK/ZTO/TCOM/NTES/BILI/

​NBS releases social retail consumption data for June 2024, Kuaishou's AI-generated micro-drama receives positive reviews, and weekly parcel volume...

Blue Lotus Research Institute

Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

In this insight we review Didi Global's recent history dating back to its US IPO, analyze financial results from FY20 through Q124, and try to...

Tracking Traffic

Online catering is thriving, while online tourism is declining. Kuaishou's video generation AI has over one million users. Meituan may expand food...

NBS releases social retail consumption data for June 2024, Kuaishou's AI-generated micro-drama receives positive reviews, and weekly parcel volume...