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: Overseas Travel for National Holiday Grow Faster than Domestic Travel, Potentially Signaling the End of Consumption Downgrading (+)</li>
<li>PDD US: PDD announces another support plan for “quality merchants” (/)</li>
<li>BABA US/JD US/002352 CH: E-commerce players intensify logistics competition in Hong Kong (////-)</li>
</ul>


TCOM US: Overseas Travel for National Holiday Grow Faster than Domestic Travel, Potentially Signaling the End of Consumption Downgrading (+)
PDD US: PDD announces another support plan for “quality merchants” (/)
BABA US/JD US/002352 CH: E-commerce players intensify logistics competition in Hong Kong (////-)


[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

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>For the last three years, SHEIN has consistently mis-handled political challenges in US, UK</li>
<li>Failure to anticipate and plan for these challenges hurt sales growth and SHEIN's valuation</li>
<li>SHEIN's stuggles speak directly to management's ability to identify risks and quickly adapt</li>
</ul>


For the last three years, SHEIN has consistently mis-handled political challenges in US, UK
Failure to anticipate and plan for these challenges hurt sales growth and SHEIN's valuation
SHEIN's stuggles speak directly to management's ability to identify risks and quickly adapt


SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

Equity Bottom-Up

<ul>
<li>In H126 J&amp;T Global reported strong top-line growth of almost 40% Y/Y vs H125</li>
<li>Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement</li>
<li>Overall, a nice set of numbers from J&amp;T Global in H1, but stock isn't cheap here</li>
</ul>


In H126 J&amp;T Global reported strong top-line growth of almost 40% Y/Y vs H125
Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement
Overall, a nice set of numbers from J&amp;T Global in H1, but stock isn't cheap here


J&T Global Express H126 Results: Firing on All Cylinders (But Not Cheap)

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>BEKE US/BZ US/ATAT US/3690 HK/TCOM US:September Politburo Meeting Unusually Discusses Economic Topics, bodes well for catering and tourism consumption, Employment, and Real Estate(+)</li>
<li>2618 HK/002352 CH: JD and Alibaba reconcile, JD Logistics to launch on Taobao and Alipay to launch on JD.com (+/-)</li>
<li>NIO US: NIO Lowers Battery Swap Service Fees to Encourage Frequent Battery Swaps(-)</li>
</ul>


BEKE US/BZ US/ATAT US/3690 HK/TCOM US:September Politburo Meeting Unusually Discusses Economic Topics, bodes well for catering and tourism consumption, Employment, and Real Estate(+)
2618 HK/002352 CH: JD and Alibaba reconcile, JD Logistics to launch on Taobao and Alipay to launch on JD.com (+/-)
NIO US: NIO Lowers Battery Swap Service Fees to Encourage Frequent Battery Swaps(-)


[Blue Lotus Daily]:BEKE US/BZ US/ATAT US/3690 HK/TCOM US/2618 HK/002352 CH/NIO US/XPEV US/1211 HK

<ul>
<li>Four days into life as a publicly-traded company, SHEIN shares are down more than 21%</li>
<li>If OP margin remains depressed in FY27, it appears SHEIN is still trading ~18x forward EPS</li>
<li>However, even a modest OP margin lift next year implies a PER of just 11-14x</li>
</ul>


Four days into life as a publicly-traded company, SHEIN shares are down more than 21%
If OP margin remains depressed in FY27, it appears SHEIN is still trading ~18x forward EPS
However, even a modest OP margin lift next year implies a PER of just 11-14x


SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

S.F. Holding (002352 CH)

[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

Overseas travel for national holidays on the rise, signaling potential end to consumption downgrading. PDD announces support plan for quality...

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

After the first market session in which SHEIN's share price didn't decline vs the previous session, we're resurfacing a few recent insights...

Tracking Traffic

J&T Global Express H126 Results: Firing on All Cylinders (But Not Cheap)

Strong growth from J&T Global in H126, with overall revenue up 40% and adj EBITDA up an impressive 68%. But shares appear to be trading on 20x FY26...

Tracking Traffic

[Blue Lotus Daily]:BEKE US/BZ US/ATAT US/3690 HK/TCOM US/2618 HK/002352 CH/NIO US/XPEV US/1211 HK

Chinese companies discuss economic topics, JD and Alibaba reconcile for cross-platform launches, NIO lowers battery swap fees.

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

If a potential drop in fuel prices in FY27 lifts core margins up to around 4% next year, it appears SHEIN could be trading below 14x forward PER.

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

​Overseas travel for national holidays on the rise, signaling potential end to consumption downgrading. PDD announces support plan for quality...

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

After the first market session in which SHEIN's share price didn't decline vs the previous session, we're resurfacing a few recent insights...

Tracking Traffic

J&T Global Express H126 Results: Firing on All Cylinders (But Not Cheap)

Strong growth from J&T Global in H126, with overall revenue up 40% and adj EBITDA up an impressive 68%. But shares appear to be trading on 20x FY26...

Tracking Traffic

[Blue Lotus Daily]:BEKE US/BZ US/ATAT US/3690 HK/TCOM US/2618 HK/002352 CH/NIO US/XPEV US/1211 HK

​Chinese companies discuss economic topics, JD and Alibaba reconcile for cross-platform launches, NIO lowers battery swap fees.

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

If a potential drop in fuel prices in FY27 lifts core margins up to around 4% next year, it appears SHEIN could be trading below 14x forward PER.

Tracking Traffic

Overseas travel for national holidays on the rise, signaling potential end to consumption downgrading. PDD announces support plan for quality...

Chinese companies discuss economic topics, JD and Alibaba reconcile for cross-platform launches, NIO lowers battery swap fees.