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/TCOM: Tourism: Local government will issue RMB600mn travel consumption subsidies during CNY(+)</li>
<li>9995 HK/BGNE/9926 HK/1801 HK/1877 HK:The National Medical Insurance Administration issued new regulations on the initial price of newly launched drugs to protect the independent pricing of innovative drugs.(/)</li>
<li>300750 SZ：Porsche's new Taycan doubles cruising range, uses CATL Shenxing battery(+)</li>
</ul>


ATAT/TCOM: Tourism: Local government will issue RMB600mn travel consumption subsidies during CNY(+)
9995 HK/BGNE/9926 HK/1801 HK/1877 HK:The National Medical Insurance Administration issued new regulations on the initial price of newly launched drugs to protect the independent pricing of innovative drugs.(/)
300750 SZ：Porsche's new Taycan doubles cruising range, uses CATL Shenxing battery(+)


[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

<ul>
<li>LKNCY: Luckin Coffee further raised subsidy to franchisees in winter season(-)</li>
<li>XPEV/LI/NIO/1211 HK:Deliveries of new energy vehicles generally continued to pick up in the last three days of January, except for NIO(+/+/-/+)</li>
<li>300750 CH: EVE's large cylindrical battery in production, increasing the threat to CATL a little bit(-)</li>
</ul>


LKNCY: Luckin Coffee further raised subsidy to franchisees in winter season(-)
XPEV/LI/NIO/1211 HK:Deliveries of new energy vehicles generally continued to pick up in the last three days of January, except for NIO(+/+/-/+)
300750 CH: EVE's large cylindrical battery in production, increasing the threat to CATL a little bit(-)


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

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 Jan 2024 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.</li><li>The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). </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 Jan 2024 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). 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.

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

<ul><li>We summarize the Jan 2024 leading indicators as below, including the 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 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</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 Jan 2024 leading indicators as below, including the 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 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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.

Auto - Moderate Leading Indicators May Result in Mild Recovery After CNY

<ul>
<li>BIDU/1810 HK: Samsung plans to configure Baidu Ernie large language model into Galaxy S24 (+/-)</li>
<li>1211 HK/LI/XPEV/NIO: EV Deliveries for the Fourth Week of 2024 Show Continued Recovery Across the Board(+)</li>
<li>ATAT/TCOM/3690 HK: Tourism: Traveling trips beat expectation in the first four days of “Spring Move”(+)</li>
</ul>


BIDU/1810 HK: Samsung plans to configure Baidu Ernie large language model into Galaxy S24 (+/-)
1211 HK/LI/XPEV/NIO: EV Deliveries for the Fourth Week of 2024 Show Continued Recovery Across the Board(+)
ATAT/TCOM/3690 HK: Tourism: Traveling trips beat expectation in the first four days of “Spring Move”(+)


[Blue Lotus Daily]:BIDU/1810 HK/BZ/300750 SZ/1211 HK/LI/XPEV/NIO/TCOM/ATAT/3690 HK

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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

NIO (NIO US)

[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Blue Lotus Research Institute

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

Luckin Coffee increases subsidies to franchisees during winter season; Deliveries of new energy vehicles rise, except for NIO;EVE's large...

Blue Lotus Research Institute

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

Discounts at dealers usually narrow after the CNY amid more new model launches, which did not occur in 2022 and 2023, as price war outweighed new...

CMB International

Auto - Moderate Leading Indicators May Result in Mild Recovery After CNY

We summarize the Jan 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

[Blue Lotus Daily]:BIDU/1810 HK/BZ/300750 SZ/1211 HK/LI/XPEV/NIO/TCOM/ATAT/3690 HK

Samsung plans to integrate Baidu's language model into Galaxy S24; EV deliveries show recovery; and travel trips exceed expectations during the...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

​Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Blue Lotus Research Institute

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

​Luckin Coffee increases subsidies to franchisees during winter season; Deliveries of new energy vehicles rise, except for NIO;EVE's large...

Blue Lotus Research Institute

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

Discounts at dealers usually narrow after the CNY amid more new model launches, which did not occur in 2022 and 2023, as price war outweighed new...

CMB International

Auto - Moderate Leading Indicators May Result in Mild Recovery After CNY

We summarize the Jan 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

[Blue Lotus Daily]:BIDU/1810 HK/BZ/300750 SZ/1211 HK/LI/XPEV/NIO/TCOM/ATAT/3690 HK

​Samsung plans to integrate Baidu's language model into Galaxy S24; EV deliveries show recovery; and travel trips exceed expectations during the...

Blue Lotus Research Institute

Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Luckin Coffee increases subsidies to franchisees during winter season; Deliveries of new energy vehicles rise, except for NIO;EVE's large...

Samsung plans to integrate Baidu's language model into Galaxy S24; EV deliveries show recovery; and travel trips exceed expectations during the...