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>1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)</li>
<li>ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)</li>
<li>Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao</li>
</ul>


1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)
ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)
Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao


[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

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

<ul>
<li>700 HK:&lt;DnF Mobile&gt; officially launched today, with good first-day performance.（+）</li>
<li>JD US/AAPL US/1810 HK: iPhone prices cut by 20%+ for 6.18 shopping festival (+/-/-)</li>
<li>JD US/2618 HK/BABA US/PDD US/VIPS US: JD begins cracking down on “big enterprise disease” through layoffs and stricter corporate culture (+/+/-/-/-)</li>
</ul>


700 HK:&lt;DnF Mobile&gt; officially launched today, with good first-day performance.（+）
JD US/AAPL US/1810 HK: iPhone prices cut by 20%+ for 6.18 shopping festival (+/-/-)
JD US/2618 HK/BABA US/PDD US/VIPS US: JD begins cracking down on “big enterprise disease” through layoffs and stricter corporate culture (+/+/-/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

Equity Bottom-Up

<ul>
<li>H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125</li>
<li>We believe higher fuel costs and a change in revenue mix explain margin compression</li>
<li>SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting</li>
</ul>


H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125
We believe higher fuel costs and a change in revenue mix explain margin compression
SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting


SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

China

JD Logistics is a technology-driven supply chain solutions and logistics services provider, offering warehousing, distribution, and express and freight delivery. It serves various industries including fast-moving consumer goods, apparel, and automotive. The company is headquartered in Beijing, China, and was founded in 2007.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JD Logistics (2618 HK)

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

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]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...

Blue Lotus Research Institute

SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

SF Holding's H126 results were uninspiring, with Revenue climbing 6% but margins falling vs H125. We believe high fuel costs and changing sales mix...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

​EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

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]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

​New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...

Blue Lotus Research Institute

SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

SF Holding's H126 results were uninspiring, with Revenue climbing 6% but margins falling vs H125. We believe high fuel costs and changing sales mix...

Tracking Traffic

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...