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>PDD/SHEIN/AMZN: U.S. CBP suspends customs brokers handling cross-border parcels for Temu and SHEIN (-/-/+)</li>
<li>BABA US/JD US/PDD US/3690 HK:The upcoming regulatory policies on internet platform fees should not be overly negatively interpreted(///////)</li>
<li>BABA US/JD US/3690 HK/1810 HK:Beijing Follows up with Subsidies for Replacing Old Appliances with New Ones, but National Subsidies Are Still Lacking(+/+/+/+)</li>
</ul>


PDD/SHEIN/AMZN: U.S. CBP suspends customs brokers handling cross-border parcels for Temu and SHEIN (-/-/+)
BABA US/JD US/PDD US/3690 HK:The upcoming regulatory policies on internet platform fees should not be overly negatively interpreted(///////)
BABA US/JD US/3690 HK/1810 HK:Beijing Follows up with Subsidies for Replacing Old Appliances with New Ones, but National Subsidies Are Still Lacking(+/+/+/+)


[Blue Lotus Daily - TMT Update]:PDD/SHEIN/AMZN/BABA US/JD US/3690 HK/1810 HK/700 HK/MNSO US

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Miniso (MNSO) reported C1Q24 revenue in-line with our estimate/consensus. Non-GAAP NI beat our estimate/consensus by 4.2%/2.6%, mainly due to better gross margin from IP sales.</li>
<li>Company cited pressure on profits in C2Q24 due to store expansion, yet we still believe MNSO can maintain an OPM of 20% for entire 2024</li>
<li>We maintain a BUY rating on the stock and maintain TP at US$34/ADS</li>
</ul>


Miniso (MNSO) reported C1Q24 revenue in-line with our estimate/consensus. Non-GAAP NI beat our estimate/consensus by 4.2%/2.6%, mainly due to better gross margin from IP sales.
Company cited pressure on profits in C2Q24 due to store expansion, yet we still believe MNSO can maintain an OPM of 20% for entire 2024
We maintain a BUY rating on the stock and maintain TP at US$34/ADS


[Miniso Group (MNSO US, BUY, TP US$34) Earnings Review]: No News Is Good News…Maintain BUY

<ul>
<li>700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)</li>
<li>3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)</li>
<li>BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）</li>
</ul>


700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)
3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)
BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）


[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

<ul>
<li>We expect Miniso’s revenue for C1Q/2Q24 to be 1.0%/2.7% higher than consensus due to adequate inventory and strong sales of the Chiikawa series. </li>
<li>We believe Miniso has found a new competency in quickly turning around IP sales through economies of scale in supply chain and store network.</li>
<li>We maintain the stock as BUY and raise our TP by US$3 to US$34/ADS.</li>
</ul>


We expect Miniso’s revenue for C1Q/2Q24 to be 1.0%/2.7% higher than consensus due to adequate inventory and strong sales of the Chiikawa series. 
We believe Miniso has found a new competency in quickly turning around IP sales through economies of scale in supply chain and store network.
We maintain the stock as BUY and raise our TP by US$3 to US$34/ADS.


[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

<ul>
<li>XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）</li>
<li>3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）</li>
<li>1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）</li>
</ul>


XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）
3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）
1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）


[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

China

MINISO Group Holding is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable.

Price Gauge
52-week Range	0.00 - 0.00
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Miniso (MNSO US)

[Blue Lotus Daily - TMT Update]:PDD/SHEIN/AMZN/BABA US/JD US/3690 HK/1810 HK/700 HK/MNSO US

US CBP suspends customs brokers for Temu and SHEIN; upcoming regulatory policies on internet platform fees should not be overly negative; Beijing...

Blue Lotus Research Institute

[Miniso Group (MNSO US, BUY, TP US$34) Earnings Review]: No News Is Good News…Maintain BUY

Miniso (MNSO) meets revenue expectations in Q1 but beats non-GAAP net income estimates, citing pressure on profits in Q2 from store expansion....

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

Miniso's revenue expected to exceed consensus in C1Q/2Q24 due to strong Chiikawa series sales and efficient IP sales strategy, prompting a BUY...

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:PDD/SHEIN/AMZN/BABA US/JD US/3690 HK/1810 HK/700 HK/MNSO US

​US CBP suspends customs brokers for Temu and SHEIN; upcoming regulatory policies on internet platform fees should not be overly negative; Beijing...

Blue Lotus Research Institute

[Miniso Group (MNSO US, BUY, TP US$34) Earnings Review]: No News Is Good News…Maintain BUY

​Miniso (MNSO) meets revenue expectations in Q1 but beats non-GAAP net income estimates, citing pressure on profits in Q2 from store expansion....

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

​Miniso's revenue expected to exceed consensus in C1Q/2Q24 due to strong Chiikawa series sales and efficient IP sales strategy, prompting a BUY...

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

​Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

US CBP suspends customs brokers for Temu and SHEIN; upcoming regulatory policies on internet platform fees should not be overly negative; Beijing...

Miniso (MNSO) meets revenue expectations in Q1 but beats non-GAAP net income estimates, citing pressure on profits in Q2 from store expansion....

Miniso's revenue expected to exceed consensus in C1Q/2Q24 due to strong Chiikawa series sales and efficient IP sales strategy, prompting a BUY...

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...