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>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

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>TCOM US /3690 HK /ATAT US : Domestic tourism strong but outbound tourism weak during May Day holiday; strong transportation but weak accommodation.(-/+/-)</li>
<li>700 HK:  Tencent's New Mobile Game &lt;One Piece: Ambition&gt; Will Undergo Public Testing Next Week（+）</li>
<li>BABA US/JD US/PDD US/2618 HK: MOFCOM publishes commerce data for Labor Day Holiday (+/+/+/+)</li>
</ul>


TCOM US /3690 HK /ATAT US : Domestic tourism strong but outbound tourism weak during May Day holiday; strong transportation but weak accommodation.(-/+/-)
700 HK:  Tencent's New Mobile Game &lt;One Piece: Ambition&gt; Will Undergo Public Testing Next Week（+）
BABA US/JD US/PDD US/2618 HK: MOFCOM publishes commerce data for Labor Day Holiday (+/+/+/+)


[Blue Lotus Daily - TMT Update]:TCOM US /3690 HK /ATAT US/700 HK/BABA US/JD US/PDD US/2618 HK/Douyin

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

<ul>
<li>JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance  subsidies (+)</li>
<li>700 HK: Source suggested that &lt;Black Myth: Wukong&gt; will commence pre-sales on Tencent's WeGame platform on May 19th.(+)</li>
<li>SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)</li>
</ul>


JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance  subsidies (+)
700 HK: Source suggested that &lt;Black Myth: Wukong&gt; will commence pre-sales on Tencent's WeGame platform on May 19th.(+)
SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)


[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

<ul>
<li>PDD US: Temu merchants report a new round of forced price reductions (+)</li>
<li>3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)</li>
<li>Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch "Delivery in hours" Service, Directly Competing with Meituan(+/-)</li>
</ul>


PDD US: Temu merchants report a new round of forced price reductions (+)
3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)
Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch "Delivery in hours" Service, Directly Competing with Meituan(+/-)


[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

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
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JD Logistics (2618 HK)

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]:TCOM US /3690 HK /ATAT US/700 HK/BABA US/JD US/PDD US/2618 HK/Douyin

Domestic tourism strong but outbound tourism weak during 5.1 holiday; Tencent's new mobile game to undergo public testing next week; MOFCOM...

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

[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

Some cities begun to roll out “Trade Old in for New” subsidies. will commence pre-sales on Tencent's WeGame on May.SHEIN launches support for self...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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]:TCOM US /3690 HK /ATAT US/700 HK/BABA US/JD US/PDD US/2618 HK/Douyin

​Domestic tourism strong but outbound tourism weak during 5.1 holiday; Tencent's new mobile game to undergo public testing next week; MOFCOM...

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

[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

Some cities begun to roll out “Trade Old in for New” subsidies. will commence pre-sales on Tencent's WeGame on May.SHEIN launches support for self...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

​Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Blue Lotus Research Institute

Domestic tourism strong but outbound tourism weak during 5.1 holiday; Tencent's new mobile game to undergo public testing next week; MOFCOM...

Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...