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>Macro: Central Government Focuses on Improving People's Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)</li>
<li>Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)</li>
<li>1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)</li>
</ul>


Macro: Central Government Focuses on Improving People's Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)
Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)
1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)


[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We summarize the May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - New Models to Stabilize Chinese OEMs’ Discounts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Zhejiang Sanhua Intellignt Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.</li>
<li>ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.</li>
</ul>



Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.


Zhejiang Sanhua Intelligent Controls A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)</li>
<li>LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)</li>
<li>New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)</li>
</ul>


XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)
LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)
New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)


[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

<ul>
<li>1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)</li>
<li>LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)</li>
<li>LI US: Li Auto Revises Down 2025 Production Target (+)</li>
</ul>


1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)
LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)
LI US: Li Auto Revises Down 2025 Production Target (+)


[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
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Li Auto (LI US)

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Blue Lotus Research Institute

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

Zhejiang Sanhua Intelligent Controls A/H Listing - PHIP Updates and Thoughts on A/H Premium

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

​Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Blue Lotus Research Institute

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

Zhejiang Sanhua Intelligent Controls A/H Listing - PHIP Updates and Thoughts on A/H Premium

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

​XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

​BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.