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>1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)</li>
<li>1211 HK:The foundation laying ceremony for BYD's passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)</li>
<li>1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)</li>
</ul>


1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)
1211 HK:The foundation laying ceremony for BYD's passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)
1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)


[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

<ul>
<li>Macro Update: NDRC Reiterates Incremental Policies Are in Preparation (+)</li>
<li>LI US: Li Auto Announces Free Charging and Road Rescue Services for May Holiday(-)</li>
<li>MNSO US/601933 CH:Yonghui Superstores 1Q25 Revenue and Net Profit Decline 19% and 80% YoY(-/-)</li>
</ul>


Macro Update: NDRC Reiterates Incremental Policies Are in Preparation (+)
LI US: Li Auto Announces Free Charging and Road Rescue Services for May Holiday(-)
MNSO US/601933 CH:Yonghui Superstores 1Q25 Revenue and Net Profit Decline 19% and 80% YoY(-/-)


[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

<ul>
<li>XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)</li>
<li>1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)</li>
<li>Macro: Shanghai slightly enhances support measures for catering businesses (/)</li>
</ul>


XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)
1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)
Macro: Shanghai slightly enhances support measures for catering businesses (/)


[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/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>In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.</li><li>Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). </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>

In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). 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 - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> is looking to raise around US$450m via a primary placement in Hong Kong.</li>
<li>The shares haven’t done much this year or ever since they were listed.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
The shares haven’t done much this year or ever since they were listed.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

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.

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Li Auto (LI US)

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

NDRC is preparing incremental policies, Li Auto offers free services for May holiday, Yonghui Superstores sees decline in revenue and profit.

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model

CMB International

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

​Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

​NDRC is preparing incremental policies, Li Auto offers free services for May holiday, Yonghui Superstores sees decline in revenue and profit.

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

​XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model

CMB International

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

NDRC is preparing incremental policies, Li Auto offers free services for May holiday, Yonghui Superstores sees decline in revenue and profit.

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.