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>With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; </li>
<li>Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;</li>
<li>We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.</li>
</ul>


With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; 
Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;
We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.


How Many Chinese Growth Equity Names Are Growing at Double Digits?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>iQIYI, Inc. reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business alongside strategic initiatives in AI-driven content creation and international expansion.</li><li>The company’s total revenue reached RMB 6.2 billion, marking an 8% sequential decline largely due to seasonality and reduced third-party content distribution.</li><li>Membership services revenue increased 2% sequentially to RMB 4.2 billion, fueled by strong performance of premium domestic dramas such as The Punishment 2, Pursuit of Jade, and How Dare You!?, which resonated with the platform’s key young female demographic.</li></ul>

iQIYI, Inc. reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business alongside strategic initiatives in AI-driven content creation and international expansion.The company’s total revenue reached RMB 6.2 billion, marking an 8% sequential decline largely due to seasonality and reduced third-party content distribution.Membership services revenue increased 2% sequentially to RMB 4.2 billion, fueled by strong performance of premium domestic dramas such as The Punishment 2, Pursuit of Jade, and How Dare You!?, which resonated with the platform’s key young female demographic.

iQIYI’s RMB 6.2 Billion Quarter: Can Membership Growth Offset Ad Weakness?

<ul><li>iQIYI Inc. reported modest sequential revenue growth in the fourth quarter of fiscal 2025, reaching RMB 6.8 billion, driven by an increase in online advertising and content distribution revenues, though membership services revenue declined slightly due to seasonality.</li><li>Non-GAAP operating income rose to RMB 143.5 million with an operating margin of 2%.</li><li>The company held RMB 4.7 billion in cash and equivalents at quarter-end, alongside a USD 636.6 million loan recorded under prepayments and other assets.</li></ul>

iQIYI Inc. reported modest sequential revenue growth in the fourth quarter of fiscal 2025, reaching RMB 6.8 billion, driven by an increase in online advertising and content distribution revenues, though membership services revenue declined slightly due to seasonality.Non-GAAP operating income rose to RMB 143.5 million with an operating margin of 2%.The company held RMB 4.7 billion in cash and equivalents at quarter-end, alongside a USD 636.6 million loan recorded under prepayments and other assets.

iQIYI: The Rise of IP Franchises and Theme Parks—A Multi-Revenue Strategy Unfolds!

<ul><li>iQIYI's third-quarter 2025 earnings call presented a snapshot of the company's performance and strategic direction, marked by a balanced view of advancements and challenges.</li><li>As a leading player in China's online video space, iQIYI's ability to produce widely appreciated content—such as the highly successful drama "The Thriving Land"—remains a significant asset.</li><li>This drama, with its universal appeal, underscores the company’s strength in long-form content that transcends cultural and temporal boundaries.</li></ul>

iQIYI's third-quarter 2025 earnings call presented a snapshot of the company's performance and strategic direction, marked by a balanced view of advancements and challenges.As a leading player in China's online video space, iQIYI's ability to produce widely appreciated content—such as the highly successful drama "The Thriving Land"—remains a significant asset.This drama, with its universal appeal, underscores the company’s strength in long-form content that transcends cultural and temporal boundaries.

iQIYI Turns Chinese Dramas Into a Global Export Powerhouse—Is This Its Breakout Advantage?

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

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Steven Holden

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Baptista Research

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Baptista Research

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Baptista Research

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