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>700 HK: &lt;DnF Mobile&gt; Pulls Game from Certain Chinese Android App Stores Over Revenue Share Dispute(/)</li>
<li>BILI US: Bilibili's &lt;Three Kingdoms: MDTX&gt; continues strong performance five days after launch(+)</li>
<li>TCOM US/3690 HK: Chengdu Issues RMB 30mn in Tourism Consumption Vouchers to Promote Tourism Spending.(+/+)</li>
</ul>


700 HK: &lt;DnF Mobile&gt; Pulls Game from Certain Chinese Android App Stores Over Revenue Share Dispute(/)
BILI US: Bilibili's &lt;Three Kingdoms: MDTX&gt; continues strong performance five days after launch(+)
TCOM US/3690 HK: Chengdu Issues RMB 30mn in Tourism Consumption Vouchers to Promote Tourism Spending.(+/+)


[Blue Lotus Daily - TMT Update]:700 HK/BILI US/TCOM US/3690 HK

<ul>
<li>PDD US/BABA US/JD US/3690 HK/VIPS US: NBS publishes data social retail consumption data for May 2024 (+/+/+/+/-)</li>
<li>700 HK: &lt;Need for Speed Mobile&gt; to officially launch on July 11, with pre-registration surpassed 26 mn (+)</li>
<li>CPNG/BABA/TEMU/139480.KR:Coupang told to stop favoring its own products in its algorithm (-/+/+)</li>
</ul>


PDD US/BABA US/JD US/3690 HK/VIPS US: NBS publishes data social retail consumption data for May 2024 (+/+/+/+/-)
700 HK: &lt;Need for Speed Mobile&gt; to officially launch on July 11, with pre-registration surpassed 26 mn (+)
CPNG/BABA/TEMU/139480.KR:Coupang told to stop favoring its own products in its algorithm (-/+/+)


[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

<ul>
<li>Bilibili's &lt;Three Kingdom: MDTX&gt; achieved excellent results on its release day, leading us to raise our AGB estimation by ~20%.</li>
<li>Tencent's &lt;Naruto&gt; and &lt;Fight of Golden Spatula&gt; have seen a rapid rise in player reputation due to the success of recent events and operations, leading us to raise their estimates;</li>
<li>NetEase's &lt;Justice Mobile&gt; has experienced a decline in gross billings due to the game's lifespan, while pre-registrations for &lt;Where Winds Meet&gt; have reached a new high. We adjusted accordingly.</li>
</ul>


Bilibili's &lt;Three Kingdom: MDTX&gt; achieved excellent results on its release day, leading us to raise our AGB estimation by ~20%.
Tencent's &lt;Naruto&gt; and &lt;Fight of Golden Spatula&gt; have seen a rapid rise in player reputation due to the success of recent events and operations, leading us to raise their estimates;
NetEase's &lt;Justice Mobile&gt; has experienced a decline in gross billings due to the game's lifespan, while pre-registrations for &lt;Where Winds Meet&gt; have reached a new high. We adjusted accordingly.


<ul>
<li>
Tencent's &lt;DNF Mobile&gt; achieved ~RMB 1 billion gross billings (GB) in first week; </li>
<li>We raised NetEase's &lt;Condor Hero&gt; gross billing estimate by 10% as it will launch a major update patch in C3Q24;</li>
<li>The pre-registrations of Bilibili's new game &lt;Three Kingdom: MDTX&gt; reached 2.5 million. We maintained our RMB 3-4 billion annual gross billing (AGB) in 2025 estimate unchanged.</li>
</ul>



Tencent's &lt;DNF Mobile&gt; achieved ~RMB 1 billion gross billings (GB) in first week; 
We raised NetEase's &lt;Condor Hero&gt; gross billing estimate by 10% as it will launch a major update patch in C3Q24;
The pre-registrations of Bilibili's new game &lt;Three Kingdom: MDTX&gt; reached 2.5 million. We maintained our RMB 3-4 billion annual gross billing (AGB) in 2025 estimate unchanged.


<ul>
<li>03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)</li>
<li>700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)</li>
<li>1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)</li>
</ul>


03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)
700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)
1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)


[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

[Blue Lotus Daily - TMT Update]:700 HK/BILI US/TCOM US/3690 HK

pulls game from Chinese app stores over revenue share dispute, Bilibili's performs well, Chengdu issues vouchers to boost tourism spending.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Blue Lotus Research Institute

Online Game Monitor: June 2-16, 2024

Bilibili's Three Kingdom: MDTX excels on release day, and AGB estimation was raised by 20%. Tencent's Naruto and Fight of Golden Spatula gain...

Blue Lotus Research Institute

Online Game Monitor: May 26-June 2, 2024

The week's biggest name is Tencent's DNF Mobile reaching a historical high in Chinese mobile game launches in the first week.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:700 HK/BILI US/TCOM US/3690 HK

​ pulls game from Chinese app stores over revenue share dispute, Bilibili's performs well, Chengdu issues vouchers to boost tourism spending.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

​NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Blue Lotus Research Institute

Online Game Monitor: June 2-16, 2024

​Bilibili's Three Kingdom: MDTX excels on release day, and AGB estimation was raised by 20%. Tencent's Naruto and Fight of Golden Spatula gain...

Blue Lotus Research Institute

Online Game Monitor: May 26-June 2, 2024

The week's biggest name is Tencent's DNF Mobile reaching a historical high in Chinese mobile game launches in the first week.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

​Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

pulls game from Chinese app stores over revenue share dispute, Bilibili's performs well, Chengdu issues vouchers to boost tourism spending.

NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Bilibili's Three Kingdom: MDTX excels on release day, and AGB estimation was raised by 20%. Tencent's Naruto and Fight of Golden Spatula gain...

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...