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.

Equity Bottom-Up

<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

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>We expect JD to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov't subsidies.</li>
<li>We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins. </li>
<li>We keep JD as the TOP BUY and raise TP from US$52to US$ 60.</li>
</ul>


We expect JD to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov't subsidies.
We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins. 
We keep JD as the TOP BUY and raise TP from US$52to US$ 60.


[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This Insight analyses <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.</li>
<li>
Bearish strategies dominate trading activity, outnumbering bullish ones by more than 3:1, with long volatility structures and calendar/diagonal spreads being prevalent.</li>
<li>
Long tail events: Several strategies follow a pattern of minimal upfront cost (0.1% premium), targeting a significant payout in case of large price movements within a short timeframe. </li>
</ul>


This Insight analyses JD.com (9618 HK) option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.

Bearish strategies dominate trading activity, outnumbering bullish ones by more than 3:1, with long volatility structures and calendar/diagonal spreads being prevalent.

Long tail events: Several strategies follow a pattern of minimal upfront cost (0.1% premium), targeting a significant payout in case of large price movements within a short timeframe. 


JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

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) - 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, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

JD is expected to report strong growth in revenue and net income for Q1 2025, with further catalysts expected in Q2 2025 and beyond. Analysts...

Blue Lotus Research Institute

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

JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades

Analysis of JD.com option strategies on HK Exchange: Bearish strategies dominate, long tail events with minimal upfront cost target significant...

Gaudenz Schneider

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

​JD is expected to report strong growth in revenue and net income for Q1 2025, with further catalysts expected in Q2 2025 and beyond. Analysts...

Blue Lotus Research Institute

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

JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades

​Analysis of JD.com option strategies on HK Exchange: Bearish strategies dominate, long tail events with minimal upfront cost target significant...

Gaudenz Schneider

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

JD is expected to report strong growth in revenue and net income for Q1 2025, with further catalysts expected in Q2 2025 and beyond. Analysts...

Analysis of JD.com option strategies on HK Exchange: Bearish strategies dominate, long tail events with minimal upfront cost target significant...