sandalwood

Tmall + JD+ Douyin e-commerce GMV grew +21% y/y in Oct, accelerating from Sep's +17% y/y. JD continued to outperform with +34% y/y thanks to strong Home Appliance/Apparel/Shoes & Bags/Sportswear. Sector-wise, Sportswear/Home Appliance were most resilient, while Cosmetics lagged the most.

According to China Auto Insurance data, BYD delivered 216,090 vehicles from Oct 1 to 20. Based on this data, we anticipate the total retail deliveries for Oct to be 400,000-433,000 units, further increasing and hitting a new record high.In Oct MTD, BYD accounted for ~19% of the overall passenger car market, slightly improving from Sep and reinforcing its leading position.

In Jul-24, our China Payment Cohort Data captured monthly transacting users both slowed down from the prior quarter, especially the latter with a sharp slowdown from 2Q24’s +59% to +17% y/y. As of Jul-24, our captured Luckin Coffee number of offline stores continuously slowed down to +71% y/y from Jun-24’s +76% y/y and 2Q24’s +84% y/y. It is likely a deliberate move to counter the negative effects from the previous rapid store expansion which led to a lowered average store operating effiency (source).