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

Equity Bottom-Up

<ul>
<li>We expect JD.com to report C2Q25 revenue/adjusted operating profit growth of 16%/(63%) YoY, which is 2%/(50%) vs. cons. due to the takeout subsidies.</li>
<li>Despite the surge in new users, we remain skeptical on the ST effectiveness of food delivery (FD) cross-selling. We expect 2025 FD losses at RMB29bn.</li>
<li>We keep JD as SELL and cut TP from US$25 to US$24.</li>
</ul>


We expect JD.com to report C2Q25 revenue/adjusted operating profit growth of 16%/(63%) YoY, which is 2%/(50%) vs. cons. due to the takeout subsidies.
Despite the surge in new users, we remain skeptical on the ST effectiveness of food delivery (FD) cross-selling. We expect 2025 FD losses at RMB29bn.
We keep JD as SELL and cut TP from US$25 to US$24.


[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent

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.

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <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> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads continue to enjoy popularity. Plus, an out of the money butterfly at near zero premium demonstrates a creative application of this popular option combination.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, JD.com (9618 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads continue to enjoy popularity. Plus, an out of the money butterfly at near zero premium demonstrates a creative application of this popular option combination.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


JD.com (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>In the first quarter of 2025, JD.com reported strong financial and operational performance, indicating a positive start to the year.</li><li>The company's total revenues increased by 16% year-over-year, showing accelerated growth compared to the previous quarter.</li><li>This growth was broad-based, with electronics and home appliances revenue up by 17% and general merchandise revenue rising by 15%, demonstrating the strength of JD.com's diversified product range and supply chain capabilities.</li></ul>

In the first quarter of 2025, JD.com reported strong financial and operational performance, indicating a positive start to the year.The company's total revenues increased by 16% year-over-year, showing accelerated growth compared to the previous quarter.This growth was broad-based, with electronics and home appliances revenue up by 17% and general merchandise revenue rising by 15%, demonstrating the strength of JD.com's diversified product range and supply chain capabilities.

JD.com: AI Expansion into On-Demand Retail & Food Delivery Is An Interesting New Development!

<ul>
<li>
Discover sophisticated, live, multi-leg options strategies on <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>, executed over the period from 4 June to 10 June on the HKEX</li>
<li>
Highlights: A range of noteworthy strategies, including a deep in-the-money, three-months Diagonal Call Spread and an ultra-low-cost, one-week Calendar Put Spread, highlighting diverse approaches to capitalize on market movements.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Discover sophisticated, live, multi-leg options strategies on JD.com (9618 HK), executed over the period from 4 June to 10 June on the HKEX

Highlights: A range of noteworthy strategies, including a deep in-the-money, three-months Diagonal Call Spread and an ultra-low-cost, one-week Calendar Put Spread, highlighting diverse approaches to capitalize on market movements.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


JD.com (9618 HK): Top Trades and Strategic Insights from HKEX Options Trading

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 (9618 HK)

[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent

JD.com expected to report revenue growth of 16% YoY in Q2 2025, but doubts remain on the effectiveness of food delivery cross-selling. Analysts...

Blue Lotus Research Institute

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 (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment

Article highlights various multi-leg option strategies traded in JD.com (9618 HK) over the past five trading days, including an out-of-the-money...

Gaudenz Schneider

JD.com: AI Expansion into On-Demand Retail & Food Delivery Is An Interesting New Development!

In the first quarter of 2025, JD.com reported strong financial and operational performance, indicating a positive start to the year. The company's...

Baptista Research

JD.com (9618 HK): Top Trades and Strategic Insights from HKEX Options Trading

Discover live, multi-leg options strategies on JD.com, including Diagonal Spreads and one-day Butterflies, offering insights into market sentiment...

Gaudenz Schneider

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent

​JD.com expected to report revenue growth of 16% YoY in Q2 2025, but doubts remain on the effectiveness of food delivery cross-selling. Analysts...

Blue Lotus Research Institute

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 (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment

​Article highlights various multi-leg option strategies traded in JD.com (9618 HK) over the past five trading days, including an out-of-the-money...

Gaudenz Schneider

JD.com: AI Expansion into On-Demand Retail & Food Delivery Is An Interesting New Development!

In the first quarter of 2025, JD.com reported strong financial and operational performance, indicating a positive start to the year. The company's...

Baptista Research

JD.com (9618 HK): Top Trades and Strategic Insights from HKEX Options Trading

​Discover live, multi-leg options strategies on JD.com, including Diagonal Spreads and one-day Butterflies, offering insights into market sentiment...

Gaudenz Schneider

JD.com expected to report revenue growth of 16% YoY in Q2 2025, but doubts remain on the effectiveness of food delivery cross-selling. Analysts...

Article highlights various multi-leg option strategies traded in JD.com (9618 HK) over the past five trading days, including an out-of-the-money...

Discover live, multi-leg options strategies on JD.com, including Diagonal Spreads and one-day Butterflies, offering insights into market sentiment...