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    Ellie Jiang

    Research Analyst at Macquarie

    Ellie Jiang is the Head of Asia Internet & Software at Macquarie, specializing in equity research on leading Chinese and Asia-based technology and internet companies such as Tencent Music Entertainment Group (TME), PDD Holdings (PDD), and JD.com. In recent analyst coverage, she has issued price targets and ratings on these companies, with data on performance tracked by platforms like MarketBeat, although exact ROI and success rate metrics are not publicly disclosed. Jiang has advanced through roles including Research Analyst, Senior Research Analyst/VP, and Associate Director since joining Macquarie in 2022, reflecting a rapid career trajectory within their Asia equity research division. While specific securities licenses and registrations are not publicly confirmed, her senior analyst role and published research suggest compliance with regional industry credentials and regulatory standards.

    Ellie Jiang's questions to Tencent Music Entertainment (TME) leadership

    Ellie Jiang's questions to Tencent Music Entertainment (TME) leadership • Q2 2025

    Question

    Ellie Jiang from Macquarie Group inquired about TME's long-term positioning, the expected evolution of its revenue mix, and its ultimate role in the entertainment value chain.

    Answer

    A moderator for management reiterated the 'one body, two wings' strategy (platform + content). They expect online music (subscriptions and ads) to remain the core revenue and profit driver, with advertising projected to grow faster than subscriptions. While social entertainment has stabilized, new initiatives like offline performances, the fan economy, long-form audio, and international expansion are seen as future growth accelerators.

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    Ellie Jiang's questions to Tencent Music Entertainment (TME) leadership • Q2 2025

    Question

    Ellie Jiang from Macquarie Group asked about Tencent Music's long-term positioning, including the expected evolution of its revenue mix and its role in the broader entertainment value chain.

    Answer

    Management reiterated their 'one body, two wings' strategy (platform plus content). They stated that online music will remain the core source of revenue and profit, with advertising revenue expected to grow even faster. While social entertainment revenue has stabilized, new drivers like offline performances and the fan economy will contribute to growth. The focus remains on the existing model while exploring new areas like long-form audio and international expansion.

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    Ellie Jiang's questions to Tencent Music Entertainment (TME) leadership • Q1 2025

    Question

    Ellie Jiang of Macquarie inquired about the progress of the SVIP program, asking for key operating metrics, user retention data, and the long-term potential for ARPPU expansion.

    Answer

    An executive expressed satisfaction with SVIP's progress, highlighting that both its penetration ratio and ARPPU show strong growth momentum. They confirmed that SVIP is a primary driver of overall ARPPU growth and that both paying users and ARPPU saw sequential growth in the quarter. However, specific retention metrics were not provided.

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    Ellie Jiang's questions to Trip.com Group (TCOM) leadership

    Ellie Jiang's questions to Trip.com Group (TCOM) leadership • Q1 2025

    Question

    Ellie Jiang from Macquarie asked about the current domestic competitive landscape, changes in competition from rivals' membership programs, and the impact on Trip.com's business.

    Answer

    CEO Jane Sun characterized the domestic market competition as rationalized, with Trip.com focusing on its core strengths. She emphasized the company's strong loyalty program for consumers and its ability to help partners differentiate customers. Sun highlighted that 80% of revenue comes from existing customers, underscoring the success of their membership strategy.

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    Ellie Jiang's questions to Trip.com Group (TCOM) leadership • Q2 2024

    Question

    Ellie Jiang of Macquarie inquired about the opportunities in the China inbound travel market, the company's strategy to capture this market, and the revenue contribution of inbound travel to the Trip.com brand.

    Answer

    CFO Xiaofan Wang identified inbound travel as a significant, RMB 1 trillion opportunity, noting that China is actively addressing entry barriers for foreign visitors. She stated that Trip.com is well-positioned with its one-stop app, with inbound bookings growing about 200% year-over-year and now contributing over 25% to the Trip.com brand's overall business.

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    Ellie Jiang's questions to Alibaba Group Holding (BABA) leadership

    Ellie Jiang's questions to Alibaba Group Holding (BABA) leadership • Q1 2025

    Question

    Ellie Jiang asked about the impact of macro softness on the cloud business mix and questioned the key drivers behind the GMV reacceleration for Taobao and Tmall, as well as trends in product return rates.

    Answer

    CEO Eddie Wu countered the idea of soft demand, stating enterprise AI budgets are significantly higher this year. He attributed GMV growth to strategic investments in user experience and supply chain optimization. CFO Toby Xu added that while return rates are an industry trend, Alibaba's is slightly below average and a good return experience is improving customer retention and Net Promoter Scores.

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