Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li>Delivery /: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War</li><li>Environment /In Depth: Why ‘Green Tides’ Keep Rolling Into East China</li><li>Drugmakers /In Depth: Disputed Sinovac Chairman Struggles to Retain Control Amid Multibillion-Dollar Dividend Payouts</li></ul>

Delivery /: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy WarEnvironment /In Depth: Why ‘Green Tides’ Keep Rolling Into East ChinaDrugmakers /In Depth: Disputed Sinovac Chairman Struggles to Retain Control Amid Multibillion-Dollar Dividend Payouts

CX Daily: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War 

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>Macro Update: NDRC Reiterates Incremental Policies Are in Preparation (+)</li>
<li>LI US: Li Auto Announces Free Charging and Road Rescue Services for May Holiday(-)</li>
<li>MNSO US/601933 CH:Yonghui Superstores 1Q25 Revenue and Net Profit Decline 19% and 80% YoY(-/-)</li>
</ul>


Macro Update: NDRC Reiterates Incremental Policies Are in Preparation (+)
LI US: Li Auto Announces Free Charging and Road Rescue Services for May Holiday(-)
MNSO US/601933 CH:Yonghui Superstores 1Q25 Revenue and Net Profit Decline 19% and 80% YoY(-/-)


[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> committed to expanding in the U.S. with plans in place to mitigate the impact of U.S. tariffs on Chinese goods via its diversified supply chain strategy.</li>
<li>Key investor concern: Slower store expansion in Mainland China in 2025 may temper near-term sales and profit growth. Capital intensive overseas expansion could dilute potential returns.</li>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">Miniso (MNSO US)</a>’s accelerating shift toward higher-margin IP co-branded lifestyle products—a strategy poised to sustain double-digit revenue growth, makes it an attractive investment play in the lifestyle retail space.</li>
</ul>



MINISO Group Holding (9896 HK) committed to expanding in the U.S. with plans in place to mitigate the impact of U.S. tariffs on Chinese goods via its diversified supply chain strategy.
Key investor concern: Slower store expansion in Mainland China in 2025 may temper near-term sales and profit growth. Capital intensive overseas expansion could dilute potential returns.

Miniso (MNSO US)’s accelerating shift toward higher-margin IP co-branded lifestyle products—a strategy poised to sustain double-digit revenue growth, makes it an attractive investment play in the lifestyle retail space.


Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

<ul>
<li>China's economic data continued to be mixed. The on-again-off-again patter is here to stay. PBOC's stated policy to follow the US means Trumponomics's next read is critical to China, too;</li>
<li>Whether it is positive or negative to our sector depends on whether the view is half full or half empty. Stimulus will increasingly become irrelevant;</li>
<li>China EV posted strong numbers which cannot be explained by trade-in subsidy alone. Earning flash of Xiaomi, LI and Zeekr. </li>
</ul>


China's economic data continued to be mixed. The on-again-off-again patter is here to stay. PBOC's stated policy to follow the US means Trumponomics's next read is critical to China, too;
Whether it is positive or negative to our sector depends on whether the view is half full or half empty. Stimulus will increasingly become irrelevant;
China EV posted strong numbers which cannot be explained by trade-in subsidy alone. Earning flash of Xiaomi, LI and Zeekr. 


[Blue Lotus China New Consumer Weekly, 12/52] Choice of the Less Evil Between Trumponomics' Outcomes

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>One key element was the linking of consumption to the wealth effect</li>
<li>Continuation of targeted support for certain vulnerable sections of society</li>
<li>Tactical changes as well as structural ones to support consumption longer-term</li>
</ul>


One key element was the linking of consumption to the wealth effect
Continuation of targeted support for certain vulnerable sections of society
Tactical changes as well as structural ones to support consumption longer-term


China Consumption Plan: How Special Is This “Special Plan”?

China

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

Price Gauge
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Miniso (MNSO US)

CX Daily: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War

Delivery /: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War Environment /In Depth: Why ‘Green Tides’ Keep Rolling Into East...

Caixin Global

[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

NDRC is preparing incremental policies, Li Auto offers free services for May holiday, Yonghui Superstores sees decline in revenue and profit.

Blue Lotus Research Institute

Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

Miniso presents compelling relative value versus Pop Mart (9992 HK) ’s premium valuation. Expect this valuation gap to narrow as investors gain...

Devi Subhakesan

[Blue Lotus China New Consumer Weekly, 12/52] Choice of the Less Evil Between Trumponomics' Outcomes

China's economic data remains mixed, with PBOC closely following US policy. Stimulus may become irrelevant as China's EV sector sees strong growth...

Blue Lotus Research Institute

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War

Delivery /: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War Environment /In Depth: Why ‘Green Tides’ Keep Rolling Into East...

Caixin Global

[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

​NDRC is preparing incremental policies, Li Auto offers free services for May holiday, Yonghui Superstores sees decline in revenue and profit.

Blue Lotus Research Institute

Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

Miniso presents compelling relative value versus Pop Mart (9992 HK) ’s premium valuation. Expect this valuation gap to narrow as investors gain...

Devi Subhakesan

[Blue Lotus China New Consumer Weekly, 12/52] Choice of the Less Evil Between Trumponomics' Outcomes

​China's economic data remains mixed, with PBOC closely following US policy. Stimulus may become irrelevant as China's EV sector sees strong growth...

Blue Lotus Research Institute

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

NDRC is preparing incremental policies, Li Auto offers free services for May holiday, Yonghui Superstores sees decline in revenue and profit.

China's economic data remains mixed, with PBOC closely following US policy. Stimulus may become irrelevant as China's EV sector sees strong growth...