sandalwood

US & Global: Amazon vs. Temu vs. Tiktok Shop
In Jul, thanks to Prime Day promotion, Amazon shows a strong m/m increase; Temu GMV further ramps up driven by fast growing semi-managed business.
In Jul, Temu's high-end price band (>50 USD) value mix increases noticeably likely due to a ramping-up in local warehouse GMV. Amazon >100 USD value mix increase due to higher mix in consumer electronics and home appliance during promotion.

Huazhou's Total Turnover (Legacy-Huazhu) is estimated to normalize to +23% y/y in 2Q24 vs. 1Q24’s estimation of +29% y/y on tough comps.

The company’s turnover value surged in early May, mainly driven by the strong travel demand during the May Day holiday, particularly in Tier 2 and Tier 3 & below cities, and partly benefiting from the holiday timing difference.

Sandalwood estimates Xiaomi Total Revenue y/y to accelerate in 2Q24 vs. 1Q24, above consensus.

China Revenue y/y and Cellphone revenue y/y are expected to stay strong in 2Q24. both above consensus, thanks to strong Mi 14 and Mi 13 sales during 6.18, and EV deliveries.

China Auto Insurance data indicates that Xiaomi has delivered 27,183 vehicles in 2Q24.

Xiaomi announced the start of operations at its new self-owned smartphone smart factory in Beijing, with an annual production capacity of 10 million smartphones.