Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

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>2025's Chinese New Year (CNY)  closed with a bang. Home appliances, mobile phones and general merchandises were robust.  Catering saw steady growth and box office hit a record high;</li>
<li>Domestic travel was vibrant. So was inbound overseas travel. But outbound overseas travel was in the doldrums on several unfavorable incidents involving kidnapping in Thailand and flu in Japan; </li>
<li>We predict a 65% chance of a housing resurrection post CNY.  We observe an improvement in consumer sentiment as life gradually returning to normal. </li>
</ul>


2025's Chinese New Year (CNY)  closed with a bang. Home appliances, mobile phones and general merchandises were robust.  Catering saw steady growth and box office hit a record high;
Domestic travel was vibrant. So was inbound overseas travel. But outbound overseas travel was in the doldrums on several unfavorable incidents involving kidnapping in Thailand and flu in Japan; 
We predict a 65% chance of a housing resurrection post CNY.  We observe an improvement in consumer sentiment as life gradually returning to normal. 


2025's Chinese New Year Consumption Tiltering Towards the Positive

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 Bottom-Up

<ul>
<li>In this insight we update readers on new developments affecting SHEIN, Temu, AliExpress</li>
<li>New laws and ongoing investigations are likely to raise the cost of operating in the EU</li>
<li>We expect to hear about important legal milestones in the coming weeks - stay tuned!</li>
</ul>


In this insight we update readers on new developments affecting SHEIN, Temu, AliExpress
New laws and ongoing investigations are likely to raise the cost of operating in the EU
We expect to hear about important legal milestones in the coming weeks - stay tuned!


SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>We believe Tencent's inclusion in the US DoD CMC List and removal from USTR's NML are both non-events in the long run but not in the short run;</li>
<li>Latest data in holiday travel, parcel volume and home sales painted robust start in 2025, but unstable equity market posts a looming threat;</li>
<li>NetEase's newly released games were well-received and above our expectations. New game pipeline also brightens outlook.</li>
</ul>


We believe Tencent's inclusion in the US DoD CMC List and removal from USTR's NML are both non-events in the long run but not in the short run;
Latest data in holiday travel, parcel volume and home sales painted robust start in 2025, but unstable equity market posts a looming threat;
NetEase's newly released games were well-received and above our expectations. New game pipeline also brightens outlook.


Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>ZTO US: Parcel volume remains strong in first week of Double 11 sales(+)</li>
<li>ZTO US: New single day parcel volume record achieved at start of Double 11 (+)</li>
<li>2618 HK: Cainiao delivery integrated on the JD platform. (/)</li>
</ul>


ZTO US: Parcel volume remains strong in first week of Double 11 sales(+)
ZTO US: New single day parcel volume record achieved at start of Double 11 (+)
2618 HK: Cainiao delivery integrated on the JD platform. (/)


[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

<ul>
<li>Following a year of pure low-price competition, e-commerce platforms are shifting towards providing better services to customers - the major focus of this upgrade has been logistics. </li>
<li>This shift has has manifested through (1) the opening of Taobao/Tmall's merchant back-end to JD Logistics, (2) the resurgence of O2O, and (3) algorithm weighting tilt towards higher-scoring merchants.</li>
<li>Amid this shift we prefer JD Logistics (2618 HK) followed by ZTO (ZTO US). We are most negative towards S.F. Holding (002352 CH) followed by J&amp;T Express (1519 HK).</li>
</ul>


Following a year of pure low-price competition, e-commerce platforms are shifting towards providing better services to customers - the major focus of this upgrade has been logistics. 
This shift has has manifested through (1) the opening of Taobao/Tmall's merchant back-end to JD Logistics, (2) the resurgence of O2O, and (3) algorithm weighting tilt towards higher-scoring merchants.
Amid this shift we prefer JD Logistics (2618 HK) followed by ZTO (ZTO US). We are most negative towards S.F. Holding (002352 CH) followed by J&amp;T Express (1519 HK).


Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

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)

2025's Chinese New Year Consumption Tiltering Towards the Positive

China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

In this insight we bring to readers' attention important developments affecting the Chinese direct-to-consumer retail platforms SHEIN, Temu, and...

Tracking Traffic

Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions

Tencent's impact from CML and NML are short-term. Strong service start to 2025 showed promise. NetEase's games exceed expectations with promising...

Blue Lotus Research Institute

[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

Blue Lotus Research Institute

Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2025's Chinese New Year Consumption Tiltering Towards the Positive

​China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

In this insight we bring to readers' attention important developments affecting the Chinese direct-to-consumer retail platforms SHEIN, Temu, and...

Tracking Traffic

Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions

​Tencent's impact from CML and NML are short-term. Strong service start to 2025 showed promise. NetEase's games exceed expectations with promising...

Blue Lotus Research Institute

[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

​ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

Blue Lotus Research Institute

Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

​E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Blue Lotus Research Institute

China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Tencent's impact from CML and NML are short-term. Strong service start to 2025 showed promise. NetEase's games exceed expectations with promising...

ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...