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.

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<ul><li>For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net profit of RMB4.4bn, down 67% YoY due to incremental investment in food delivery business, but better than consensus at RMB3.7bn.</li><li>We are looking for 17% YoY growth in OP for JD Retail (JDR) in 3Q25E, and our OP forecast is 5% better than consensus, driven by solid revenue growth and OPM expansion aided by the scale effect and increase in revenue contribution from high-margin services revenue.</li><li>We have baked in OP loss of RMB14.7bn for new businesses segment in 3Q25E (2Q25: loss of RMB14.8bn), among which we are looking for a slightly narrowed QoQ loss from food delivery (FD) business, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while offset by sequentially increased investment in other new businesses such as Jingxi. </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.

For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net profit of RMB4.4bn, down 67% YoY due to incremental investment in food delivery business, but better than consensus at RMB3.7bn.We are looking for 17% YoY growth in OP for JD Retail (JDR) in 3Q25E, and our OP forecast is 5% better than consensus, driven by solid revenue growth and OPM expansion aided by the scale effect and increase in revenue contribution from high-margin services revenue.We have baked in OP loss of RMB14.7bn for new businesses segment in 3Q25E (2Q25: loss of RMB14.8bn), among which we are looking for a slightly narrowed QoQ loss from food delivery (FD) business, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while offset by sequentially increased investment in other new businesses such as Jingxi. 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.

JD.com (JD US) - Core JD Retail Earnings Growth Likely Better than Expectation

<ul><li>JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and Bloomberg consensus, driven by better-than-expected JD Retail (JDR) revenue growth and incremental logistics revenue contributed from food delivery (FD) business.</li><li>Non-GAAP NP was RMB7.4bn, down 49% YoY due to incremental investment in FD, but 38% ahead of consensus, driven by a 16% beat on JDR’s OP.</li><li>Operating loss of RMB14.8bn for new businesses was wider than our previous expectation of RMB10.6bn, owing to more aggressive-than-expected investment in FD.</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.

JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and Bloomberg consensus, driven by better-than-expected JD Retail (JDR) revenue growth and incremental logistics revenue contributed from food delivery (FD) business.Non-GAAP NP was RMB7.4bn, down 49% YoY due to incremental investment in FD, but 38% ahead of consensus, driven by a 16% beat on JDR’s OP.Operating loss of RMB14.8bn for new businesses was wider than our previous expectation of RMB10.6bn, owing to more aggressive-than-expected investment in FD.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.

JD.com (JD US) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear

<ul><li>For 2Q25E, we anticipate JD.com (JD) to ink total revenue of RMB337.4bn, up 15.8% YoY, 2% better than Bloomberg consensus.</li><li>However, with the stepping up in investment of food delivery (FD) business to drive for user growth and shopping frequency improvement, which we have baked in c. RMB10bn impact on net profit, we are forecasting non-GAAP net profit of RMB4.6bn, representing a 68% YoY decline.</li><li>JD has observed strong growth in daily active users for the main app, and an early-stage increase in cross-selling from FD users to some categories of JD Retail, such as daily necessities and home cleaning. </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.

For 2Q25E, we anticipate JD.com (JD) to ink total revenue of RMB337.4bn, up 15.8% YoY, 2% better than Bloomberg consensus.However, with the stepping up in investment of food delivery (FD) business to drive for user growth and shopping frequency improvement, which we have baked in c. RMB10bn impact on net profit, we are forecasting non-GAAP net profit of RMB4.6bn, representing a 68% YoY decline.JD has observed strong growth in daily active users for the main app, and an early-stage increase in cross-selling from FD users to some categories of JD Retail, such as daily necessities and home cleaning. 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.

JD.com (JD US) - Increasing Investment in Food Delivery Weighs on Profit

<ul><li>JD.com (JD) reported (13 May) 1Q25 results: revenue was RMB301.1bn, up 15.8% YoY (1Q24: 7.0% ； 4Q24: 13.4%), 3/4% ahead of our forecast/ Bloomberg consensus estimates.</li><li>Non-GAAP net profit was RMB12.8bn, up 43% YoY, and was 18/23% ahead of our forecast/consensus, driven by a 20% beat on JD Retail’s (JDR) OP aided by both better-than-expected revenue growth and GPM expansion, as well as more optimized than expected marketing spending amid the backdrop of “National Subsidy”.</li><li>Leveraging solid earnings growth of JDR, JD is escalating its investment in the food delivery (FD) business to drive for national expansion, and it targets for better user stickiness and more cross-selling opportunities among high quality user base in the long term through the investment. </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.

JD.com (JD) reported (13 May) 1Q25 results: revenue was RMB301.1bn, up 15.8% YoY (1Q24: 7.0% ； 4Q24: 13.4%), 3/4% ahead of our forecast/ Bloomberg consensus estimates.Non-GAAP net profit was RMB12.8bn, up 43% YoY, and was 18/23% ahead of our forecast/consensus, driven by a 20% beat on JD Retail’s (JDR) OP aided by both better-than-expected revenue growth and GPM expansion, as well as more optimized than expected marketing spending amid the backdrop of “National Subsidy”.Leveraging solid earnings growth of JDR, JD is escalating its investment in the food delivery (FD) business to drive for national expansion, and it targets for better user stickiness and more cross-selling opportunities among high quality user base in the long term through the investment. 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.

JD.com (JD US) - Escalating Investment to Drive for Food Delivery Business Expansion

<ul><li>For 1Q25E, we anticipate that JD.com (JD) has inked total revenue of RMB291.9bn, up 12.2% YoY, driven by the nationwide implementation of the subsidy program, and this could be 1% better than Bloomberg consensus.</li><li>We are also looking for 21% YoY growth in non-GAAP net profit for JD, also 1% better than consensus, which translates into 3.7% non-GAAP NPM (+0.3ppts YoY).</li><li>Compared to industry peers, JD is less exposed to the potential rise in tariffs given more limited revenue exposure to the US market, and it is betterpositioned to benefit from the nationwide trade-in and subsidy program given greater GMV exposure to electronics and home appliance categories, in our view. </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.

For 1Q25E, we anticipate that JD.com (JD) has inked total revenue of RMB291.9bn, up 12.2% YoY, driven by the nationwide implementation of the subsidy program, and this could be 1% better than Bloomberg consensus.We are also looking for 21% YoY growth in non-GAAP net profit for JD, also 1% better than consensus, which translates into 3.7% non-GAAP NPM (+0.3ppts YoY).Compared to industry peers, JD is less exposed to the potential rise in tariffs given more limited revenue exposure to the US market, and it is betterpositioned to benefit from the nationwide trade-in and subsidy program given greater GMV exposure to electronics and home appliance categories, in our view. 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.

JD.com (JD US) - Expecting Solid Revenue and Earnings Growth

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

JD.com (JD US) - Core JD Retail Earnings Growth Likely Better than Expectation

For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net...

CMB International

JD.com (JD US) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear

JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and...

CMB International

JD.com (JD US) - Increasing Investment in Food Delivery Weighs on Profit

For 2Q25E, we anticipate JD.com (JD) to ink total revenue of RMB337.4bn, up 15.8% YoY, 2% better than Bloomberg consensus.

CMB International

JD.com (JD US) - Escalating Investment to Drive for Food Delivery Business Expansion

JD.com (JD) reported (13 May) 1Q25 results: revenue was RMB301.1bn, up 15.8% YoY (1Q24: 7.0% ； 4Q24: 13.4%), 3/4% ahead of our forecast/ Bloomberg...

CMB International

JD.com (JD US) - Expecting Solid Revenue and Earnings Growth

For 1Q25E, we anticipate that JD.com (JD) has inked total revenue of RMB291.9bn, up 12.2% YoY, driven by the nationwide implementation of the...

CMB International

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