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>ATAT/600754 CH: Hotel industry update - Jinjiang disclose Oct-Nov RevPAR recovered to 105% of 2019, slightly better than industry average.(+)</li>
<li>1211HK/LI/XPEV/NIO: Huawei Harmony Intelligent Mobility Alliance to establish independent stores(-)</li>
<li>ZLAB/ ARGX:  Efgartigimod failed two late stage indication trials (-)</li>
</ul>


ATAT/600754 CH: Hotel industry update - Jinjiang disclose Oct-Nov RevPAR recovered to 105% of 2019, slightly better than industry average.(+)
1211HK/LI/XPEV/NIO: Huawei Harmony Intelligent Mobility Alliance to establish independent stores(-)
ZLAB/ ARGX:  Efgartigimod failed two late stage indication trials (-)


[Blue Lotus Daily]: ATAT/600754 CH/1211 HK/LI/XPEV/NIO/ZLAB/ARGX/9995 HK/3692 HK

<ul>
<li>NIO/1211 HK：Germany ended EV subsidy, impacting Chinese makers little for now (-)</li>
<li>LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China customs export data for November (-)</li>
<li>LKNCY :  “ Thailand Luckin ” countersues Luckin Coffee  (/)</li>
</ul>


NIO/1211 HK：Germany ended EV subsidy, impacting Chinese makers little for now (-)
LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China customs export data for November (-)
LKNCY :  “ Thailand Luckin ” countersues Luckin Coffee  (/)


[Blue Lotus Daily]: NIO/1211 HK/LI/XPEV/300274 CH/300750 CH/601012 CH/JKS/ LKNCY

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 Nov 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands continued to widen MoM in Nov 2023, especially in the second half of Nov. </li></ul>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.

We summarize the Nov 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov retail sales volume data have not been released yet.Discounts at dealers for most brands continued to widen MoM in Nov 2023, especially in the second half of Nov. 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.

China Auto Sector – Year-end price war came a bit earlier in 2023

<ul><li>We summarize the Nov 2023 leading indicators as below, including 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 major cities in China.</li><li>Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. </li></ul>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.

We summarize the Nov 2023 leading indicators as below, including 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 major cities in China.Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. 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.

<ul>
<li>XPEV: XPeng G9 gaining traction in its launch in Europ (+)</li>
<li>1211.HK/3931.HK: 9 Power Battery Companies exited the market in 2023 (+)</li>
<li>JD/1810.HK/981.HK: Huawei new smartphones cases listed, prelude to new handset launch (-/+/+)</li>
</ul>


XPEV: XPeng G9 gaining traction in its launch in Europ (+)
1211.HK/3931.HK: 9 Power Battery Companies exited the market in 2023 (+)
JD/1810.HK/981.HK: Huawei new smartphones cases listed, prelude to new handset launch (-/+/+)


[Blue Lotus Daily]: XPEV/1211.HK/3931.HK/LI/JD/1810.HK

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Li Auto (LI US)

[Blue Lotus Daily]: ATAT/600754 CH/1211 HK/LI/XPEV/NIO/ZLAB/ARGX/9995 HK/3692 HK

Jinjiang's Oct-Nov RevPAR recovered to 105% of 2019, outperforming industry average. Huawei Harmony Alliance to establish independent stores....

Blue Lotus Research Institute

[Blue Lotus Daily]: NIO/1211 HK/LI/XPEV/300274 CH/300750 CH/601012 CH/JKS/ LKNCY

Germany ending EV subsidies has little immediate impact on Chinese makers. China's customs export data for November shows a decline. "Thailand...

Blue Lotus Research Institute

China Auto Sector – Year-end price war came a bit earlier in 2023

Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov...

CMB International

China Auto Sector - Nov 2023

We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

[Blue Lotus Daily]: XPEV/1211.HK/3931.HK/LI/JD/1810.HK

XPEV's XPeng G9 making progress in European launch. 9 power battery companies exited the market in 2023. Huawei's new smartphone cases listed,...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: ATAT/600754 CH/1211 HK/LI/XPEV/NIO/ZLAB/ARGX/9995 HK/3692 HK

Jinjiang's Oct-Nov RevPAR recovered to 105% of 2019, outperforming industry average. Huawei Harmony Alliance to establish independent stores....

Blue Lotus Research Institute

[Blue Lotus Daily]: NIO/1211 HK/LI/XPEV/300274 CH/300750 CH/601012 CH/JKS/ LKNCY

​Germany ending EV subsidies has little immediate impact on Chinese makers. China's customs export data for November shows a decline. "Thailand...

Blue Lotus Research Institute

China Auto Sector – Year-end price war came a bit earlier in 2023

Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov...

CMB International

China Auto Sector - Nov 2023

We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

[Blue Lotus Daily]: XPEV/1211.HK/3931.HK/LI/JD/1810.HK

​XPEV's XPeng G9 making progress in European launch. 9 power battery companies exited the market in 2023. Huawei's new smartphone cases listed,...

Blue Lotus Research Institute

Germany ending EV subsidies has little immediate impact on Chinese makers. China's customs export data for November shows a decline. "Thailand...

XPEV's XPeng G9 making progress in European launch. 9 power battery companies exited the market in 2023. Huawei's new smartphone cases listed,...