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>Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)</li>
<li>1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)</li>
<li>2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)</li>
</ul>


Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)
1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)
2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)


[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>For segments we cover -- express, containers, tourism -- 2023 was challenging</li>
<li>In this note we highlight each segment's key trends and themes from 2023</li>
<li>We conclude with a look at 2023 share performance and a peak into 2024</li>
</ul>


For segments we cover -- express, containers, tourism -- 2023 was challenging
In this note we highlight each segment's key trends and themes from 2023
We conclude with a look at 2023 share performance and a peak into 2024


Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)</li>
<li>700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)</li>
<li>BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)</li>
</ul>


BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)
700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)
BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

Equity Bottom-Up

<ul>
<li>For the first time in a while, ZTO reported a solid increase in Adj EBITDA in Q2 (+20%)</li>
<li>But the company also lowered parcel volume guidance range for FY26, to a range of 6-10%</li>
<li>After solid 9.6% growth in H126, new volume guidance implies H226 growth could fall to 0%</li>
</ul>


For the first time in a while, ZTO reported a solid increase in Adj EBITDA in Q2 (+20%)
But the company also lowered parcel volume guidance range for FY26, to a range of 6-10%
After solid 9.6% growth in H126, new volume guidance implies H226 growth could fall to 0%


ZTO Express Q226: Adj EBITDA Increased on Higher ASP, but FY26 Guidance Cut Spooked Investors

China/Asia TMT

Shawn Yang

<ul>
<li>ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)</li>
<li>HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)</li>
<li>3690. HK : Keeta expands into Hong Kong Island (-)</li>
</ul>


ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)
HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)
3690. HK : Keeta expands into Hong Kong Island (-)


China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

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
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S.F. Holding (002352 CH)

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Blue Lotus Research Institute

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

ZTO Express Q226: Adj EBITDA Increased on Higher ASP, but FY26 Guidance Cut Spooked Investors

On Tuesday August 18 ZTO reported better Q226 results, but management also used the opportunity to lower FY26 parcel volume guidance, spooking...

Tracking Traffic

China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

ZTO/002352.CH/BABA/PDD: Parcel volume data suggests continued consumption rebound (+);HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

​Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Blue Lotus Research Institute

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

​Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

ZTO Express Q226: Adj EBITDA Increased on Higher ASP, but FY26 Guidance Cut Spooked Investors

On Tuesday August 18 ZTO reported better Q226 results, but management also used the opportunity to lower FY26 parcel volume guidance, spooking...

Tracking Traffic

China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

ZTO/002352.CH/BABA/PDD: Parcel volume data suggests continued consumption rebound (+);HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi...

Blue Lotus Research Institute

Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...