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/981 HK/AAPL US: Xiaomi’s Africa smartphone sales outgrow market in 2Q24 (+/+/-)</li>
<li>XPEV US:Xpeng Motors' revenue in the second quarter was in line with our expectations, and its losses were greater than our expectations(/)</li>
<li>1211 HK/1810 HK/XPEV US/NIO US/LI US:In the 33rd week of 2024, the delivery of new energy vehicles by Xiaomi fluctuated, Leapmotor and Li were strong, and NIO remained weak  (/////////)</li>
</ul>


1810 HK/981 HK/AAPL US: Xiaomi’s Africa smartphone sales outgrow market in 2Q24 (+/+/-)
XPEV US:Xpeng Motors' revenue in the second quarter was in line with our expectations, and its losses were greater than our expectations(/)
1211 HK/1810 HK/XPEV US/NIO US/LI US:In the 33rd week of 2024, the delivery of new energy vehicles by Xiaomi fluctuated, Leapmotor and Li were strong, and NIO remained weak  (/////////)


[Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK

<ul>
<li>ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)</li>
<li>BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)</li>
<li>BEKE US:House prices continued to decline in July . (-)</li>
</ul>


ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)
BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)
BEKE US:House prices continued to decline in July . (-)


[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The retail deliveries of NEV (new energy vehicle) increased by 37% YoY in July.</li>
<li>One of Alibaba’s supermarket chains, Freshippo, will sell its OEM goods, on Lazada.</li>
<li>Tencent will formally start the game, Arena Breakout: Infinite, in August.</li>
</ul>


The retail deliveries of NEV (new energy vehicle) increased by 37% YoY in July.
One of Alibaba’s supermarket chains, Freshippo, will sell its OEM goods, on Lazada.
Tencent will formally start the game, Arena Breakout: Infinite, in August.


China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

<ul>
<li>981 HK/1347 HK: Semiconductor export growth remained robust in July (+/+)</li>
<li>1211 HK/LI US/NIO US/1810 HK/XPEV US: 2024 week 31 EV makers started to bifurate .(/////////)</li>
<li>1810 HK: Xiaomi’s smartphone unit volume sales in Japan grow triple-digit y-o-y in 2Q24 (+)</li>
</ul>


981 HK/1347 HK: Semiconductor export growth remained robust in July (+/+)
1211 HK/LI US/NIO US/1810 HK/XPEV US: 2024 week 31 EV makers started to bifurate .(/////////)
1810 HK: Xiaomi’s smartphone unit volume sales in Japan grow triple-digit y-o-y in 2Q24 (+)


[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

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 Jul 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 cities in China.</li><li>The following data reflect samestore metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</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 Jul 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 cities in China.The following data reflect samestore metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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 - Resilient Leading Indicators During Off-Peak Time

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]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK

Xiaomi's smartphone sales in Africa outperform market, Xpeng Motors' Q2 revenue meets but losses exceed expectations, new energy vehicle...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Blue Lotus Research Institute

China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

The retail deliveries of NEV increased by 37% YoY in July. Freshippo will sell its OEM goods on Lazada. Tencent will formally start the game...

Ming Lu

[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...

Blue Lotus Research Institute

Auto - Resilient Leading Indicators During Off-Peak Time

We summarize the Jul 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK

​Xiaomi's smartphone sales in Africa outperform market, Xpeng Motors' Q2 revenue meets but losses exceed expectations, new energy vehicle...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

​Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Blue Lotus Research Institute

China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

The retail deliveries of NEV increased by 37% YoY in July. Freshippo will sell its OEM goods on Lazada. Tencent will formally start the game...

Ming Lu

[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

​Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...

Blue Lotus Research Institute

Auto - Resilient Leading Indicators During Off-Peak Time

We summarize the Jul 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Xiaomi's smartphone sales in Africa outperform market, Xpeng Motors' Q2 revenue meets but losses exceed expectations, new energy vehicle...

Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...