Sign in

    Lydia Ling

    Director of Equity Research in the Consumer sector at Citigroup Inc.

    Lydia Ling is a Director of Equity Research in the Consumer sector at Citigroup Inc., specializing in analysis and coverage of major listed firms such as GreenTree Hospitality. She maintains coverage on 12 stocks, consistently delivering a strong analytical track record with a 65.52% success rate and an average rating of 3.78 stars as evaluated on TipRanks. Ling has built her career at Citi, where she is recognized for her effective calls on consumer sector companies, and has played a key role in shaping client investment strategies. She holds professional credentials consistent with director-level responsibilities, reflecting deep expertise in equity research and financial analysis.

    Lydia Ling's questions to RLX Technology (RLX) leadership

    Lydia Ling's questions to RLX Technology (RLX) leadership • Q2 2025

    Question

    Lydia Ling of Citigroup Inc. inquired about the impact of tightening overseas regulations on non-compliant products and RLX's business. She also asked for an update on the organic growth of the overseas business in Q2, the progress of international expansion, and the outlook for the second half of 2025 and beyond.

    Answer

    Sam Tsang, Head of Capital Markets, explained that clearer global regulations are creating tangible benefits for compliant companies like RLX by reducing the gray market. He noted that despite a decline in China's overall export data, RLX achieved moderate year-over-year organic growth in its overseas business, gaining market share in Asia. The recent acquisition in Europe significantly contributed to revenue. For the second half of 2025, the focus will be on strengthening distribution in Asia and Europe, with plans for further expansion in early 2026.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to RLX Technology (RLX) leadership • Q1 2025

    Question

    Lydia Ling of Citi inquired about the progress of RLX Technology's overseas expansion, including plans for new market entry, and asked for an assessment of the potential impact from evolving global regulations.

    Answer

    Chao Lu, Chief Financial Officer, explained that RLX is taking a prudent approach to new market expansion, pausing plans for 1-2 quarters to evaluate ongoing regulatory shifts. He noted that stricter rules in Asia are clarifying the market, while disposable bans in Europe and Oceania are driving innovation. Mr. Lu emphasized that RLX's in-house product development capabilities position it to adapt quickly and ensure long-term, compliant growth.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to RLX Technology (RLX) leadership • Q4 2024

    Question

    Lydia Ling from Citigroup asked for details on RLX's 2025 overseas expansion plan and growth targets, insights on industry product evolution, and the company's strategy for addressing regulatory uncertainties in international markets.

    Answer

    Sam Tsang, Head of Capital Markets, stated that RLX plans to expand into more countries in Asia Pacific and Europe in the second half of 2025, pending market stability. He noted the industry's innovation cycle is shifting from disposable products to high-power, high-volume formats, a trend expected to stabilize by late 2025. On regulation, Tsang acknowledged increasing stringency in Southeast Asia and disposable bans in Europe. He emphasized RLX's proactive approach to adapt its product portfolio, manage inventory, and collaborate with partners to maintain compliance and strengthen its competitive position.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to RLX Technology (RLX) leadership • Q3 2024

    Question

    Lydia Ling from Citi inquired about RLX Technology's overseas expansion plans for 2025 and its strategy for driving organic growth and gaining market share in countries where it already operates.

    Answer

    Sam Tsang, Head of Capital Markets, explained that RLX is considering entering countries in the EMEA region and Central America in 2025, contingent on regulatory stability. For existing markets, he stated that organic growth will be driven by developing optimal product portfolios, such as large-volume cartridge products to counter disposable bans, and executing targeted route-to-market strategies to capture share as the category expands.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to RLX Technology (RLX) leadership • Q2 2024

    Question

    Lydia Ling from Citigroup Inc. inquired about RLX Technology's overseas expansion, asking about the primary challenges, specific regional targets for the second half of 2024, and growth strategies for markets already entered.

    Answer

    Sam Tsang, Head of Capital Markets, identified regulatory uncertainty, such as potential disposable product bans, and the challenge of adapting to local consumer preferences as the main hurdles. He stated that the company will continue focusing on Asia before expanding to other continents. For existing markets, the strategy is to increase product availability and point-of-sale penetration through modern trade channels like convenience stores and specialty vape shops.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2025

    Question

    Lydia Ling of Citi inquired about the recent RevPAR trends, particularly for the third quarter to date and the summer holiday period, and asked for an updated outlook on the full-year RevPAR.

    Answer

    Management stated that while overall demand has not fully recovered to last year's levels, summer leisure travel shows resilience. They expect RevPAR pressure in Q3 to ease compared to Q2, with the year-on-year decline narrowing. For the full year, the RevPAR recovery rate is showing gradual improvement. The company will maintain a balanced strategy between occupancy (OCC) and average daily rate (ADR) to enhance profitability and navigate market cycles.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2025

    Question

    Lydia Ling of Citi inquired about the recent RevPAR trends for the third quarter to date, particularly during the summer holiday season, and asked for an updated outlook on the full-year RevPAR performance.

    Answer

    CEO Wang Haijun (via moderator) explained that while overall demand has not returned to last year's levels, resilient summer leisure travel is expected to ease RevPAR pressure in Q3 compared to Q2. The year-over-year decline in RevPAR recovery is anticipated to narrow, with the full-year recovery rate showing gradual improvement. Atour will maintain a balanced strategy between Occupancy (OCC) and Average Daily Rate (ADR) to enhance profitability and navigate market cycles.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership • Q1 2025

    Question

    Lydia Ling of Citigroup requested an update on the progress of Atour's upscale brands and asked for more details on the strategy for new products in both the upper-scale and mid-scale segments.

    Answer

    Founder, Chairman and CEO Haijun Wang announced the flagship upscale hotel in Shenzhen will officially open on May 28th. For the upper mid-scale segment, he stated the Atour Series 3 and Series 4 products will coexist to broaden franchisee and consumer choice. In the mid-scale segment, he detailed the upgrade of Atour Light 3.0 to version 3.3, which features comprehensive enhancements and modular designs to accelerate the brand's expansion towards its 1,000-hotel goal.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership • Q4 2024

    Question

    Lydia Ling of Citigroup followed up on profitability, asking for guidance on the margin trend for 2025 for both the consolidated business and the retail segment specifically.

    Answer

    CEO Haijun Wang explained that the 2024 adjusted net profit margin was approximately 18%. For 2025, he anticipates the consolidated adjusted net profit margin will remain 'relatively stable' as cost optimizations are expected to offset the structural impact of the growing retail business. The retail business's operating profit margin, which was in the low double-digits in 2024, is expected to remain at a similar level in 2025 due to sustained marketing investments.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership • Q3 2024

    Question

    Lydia Ling asked for an update on the signing and opening plans for Atour 4.0 and Atour Life 3.0, and questioned the potential impact on blended RevPAR from the growing mix of the mid-end Atour Life brand.

    Answer

    CEO Haijun Wang reported strong progress, with over 60 Atour 4.0 hotels in the pipeline and Atour Life 3.0 expected to exceed 100 operating hotels by year-end. While acknowledging the structural impact on group RevPAR, he stated that the company will mitigate this through continuous product upgrades and renovations to drive healthy growth and enhance competitiveness.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2024

    Question

    Lydia Ling from Citi questioned the drivers behind the retail business's solid momentum, asked for the latest revenue guidance for the segment, and inquired about the product pipeline and expected operating margin.

    Answer

    Founder, Chairman and CEO Haijun Wang attributed the success to a focus on 'Deep Sleep' scenarios and iterative product development, such as the new Deep Sleep thermal regulating comforter. He stated that full-year 2024 retail revenue is now expected to double year-over-year. He also confirmed that the retail operating margin is expected to be maintained in the double-digits, supported by a gross margin of 51% in Q2.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to H World Group (HTHT) leadership

    Lydia Ling's questions to H World Group (HTHT) leadership • Q2 2025

    Question

    Lydia Ling of Citi inquired about the recent deceleration in store expansion, franchisee sentiment amid the current macro environment, and any adjustments to new opening plans. She also asked about the outlook for further cost optimization and the full-year margin trend at the group level.

    Answer

    Jason Chen, Head of IR, translated the response, affirming the company's commitment to a high-quality growth strategy with stricter standards for new signings to ensure franchisee profitability and product quality, which will maintain a healthy opening pace. Regarding margins, Q2's 11.3% adjusted EBITDA growth was attributed to the asset-light shift, supply chain cost optimizations, increased CRS contribution, and rental reductions. While some investments are planned for H2, the long-term outlook is for stable to gradual margin improvement driven by the growing asset-light business.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to H World Group (HTHT) leadership • Q1 2025

    Question

    Lydia Ling of Citi asked about the future strategy for the Legacy-DH business, specifically plans to improve profitability via its asset-light transformation. She also inquired about the competitive landscape in the limited-service segment and the reason for the sequential decline in the hotel pipeline.

    Answer

    CSO Jihong He confirmed that improving DH profitability is a priority through continued asset-light transactions and overhead cost reductions, noting Q1 results were impacted by ongoing restructuring. CEO Hui Jin addressed the pipeline, stating that franchisee sentiment remains stable due to declining rental costs and H World's operational efficiencies, which help maintain franchisee returns despite industry supply pressures.

    Ask Fintool Equity Research AI

    Lydia Ling's questions to H World Group (HTHT) leadership • Q1 2025

    Question

    Lydia Ling of Citigroup asked about the future strategy for the Legacy-DH business to improve profitability, particularly regarding the asset-light transformation. She also inquired about the current competitive landscape and the reasons for the sequential decline in the hotel pipeline.

    Answer

    CSO Jihong He explained that improving DH profitability is a top priority, driven by ongoing asset-light transactions and overhead cost reductions, with full effects expected over time. CEO Jin Hui addressed the industry supply, stating that while pressure exists, H World's operational efficiency, supply chain management, and loyalty program ensure franchisee sentiment remains stable and healthy, mitigating competitive pressures.

    Ask Fintool Equity Research AI