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>For 3Q26E, we expect JD.com (JD) to report total revenue of RMB308.1bn, up 3.0% YoY and broadly in line with Bloomberg consensus, and non-GAAP net profit of RMB8.0bn, up 38% YoY, driven by narrowing losses in the food delivery (FD) business.</li><li>We estimate the operating loss for the new businesses segment will narrow to RMB9.5bn in 3Q26E (2Q26: RMB9.9bn).</li><li>Within this segment, we expect the FD operating loss to narrow further QoQ to RMB5.7bn (2Q26: RMB6.1bn). </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 3Q26E, we expect JD.com (JD) to report total revenue of RMB308.1bn, up 3.0% YoY and broadly in line with Bloomberg consensus, and non-GAAP net profit of RMB8.0bn, up 38% YoY, driven by narrowing losses in the food delivery (FD) business.We estimate the operating loss for the new businesses segment will narrow to RMB9.5bn in 3Q26E (2Q26: RMB9.9bn).Within this segment, we expect the FD operating loss to narrow further QoQ to RMB5.7bn (2Q26: RMB6.1bn). 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) - Short-term headwind persists

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

TSE Tokyo Price Index TOPIX / Equity Derivatives

<ul><li>A cross-country study on the post earning announcement drift effect.</li><li>We explore the use of various options-implied analytics to systematically view returns around earnings announcements.  </li><li>Options-Implied Analytics can provide empowering information to better inform investment decisions.</li></ul>

A cross-country study on the post earning announcement drift effect.We explore the use of various options-implied analytics to systematically view returns around earnings announcements.  Options-Implied Analytics can provide empowering information to better inform investment decisions.

EQD | A Systematic Look at the Post Earnings Announcement Drift Across Asia

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>JD.com’s second quarter of 2026 results showed a steady operational performance amid challenging macroeconomic and industry conditions, delivering a mix of positives and areas for cautious observation.</li><li>Revenues declined slightly by 2.9% year-over-year to RMB 346 billion, primarily due to headwinds in the electronics and home appliances categories.</li><li>This segment faced pressure from a high comparison base linked to last year’s trade-in program and upstream raw material cost increases.</li></ul>

JD.com’s second quarter of 2026 results showed a steady operational performance amid challenging macroeconomic and industry conditions, delivering a mix of positives and areas for cautious observation.Revenues declined slightly by 2.9% year-over-year to RMB 346 billion, primarily due to headwinds in the electronics and home appliances categories.This segment faced pressure from a high comparison base linked to last year’s trade-in program and upstream raw material cost increases.

JD.com, Inc. Class A - JD.com's Joybuy Expansion — Could Europe Become the Next Big Growth Lever?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/jd-com-inc-class-a">JD.com</a>'s primary competitive advantage is its vast, self-operated logistics network, which ensures high-quality service and fast delivery, differentiating it from asset-light competitors.</li>
 <li>The company faces intense and escalating competition from rivals like Alibaba and PDD Holdings, leading to pressure on pricing, margins, and market share.</li>
 <li>Future growth is contingent on successfully navigating the complex regulatory environments in both China and internationally, while expanding into lower-tier Chinese cities and new business segments like healthcare and cloud services.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
JD.com's primary competitive advantage is its vast, self-operated logistics network, which ensures high-quality service and fast delivery, differentiating it from asset-light competitors.
  The company faces intense and escalating competition from rivals like Alibaba and PDD Holdings, leading to pressure on pricing, margins, and market share.
  Future growth is contingent on successfully navigating the complex regulatory environments in both China and internationally, while expanding into lower-tier Chinese cities and new business segments like healthcare and cloud services.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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) - Short-term headwind persists

For 3Q26E, we expect JD.com (JD) to report total revenue of RMB308.1bn, up 3.0% YoY and broadly in line with Bloomberg consensus, and non-GAAP net...

CMB International

EQD | A Systematic Look at the Post Earnings Announcement Drift Across Asia

We leverage a few analytics from NewMark Risk's proprietary Options Implied Analytics library to enhance common strategies to trade earnings...

Nicholas Pezolano

JD.com, Inc. Class A - JD.com's Joybuy Expansion — Could Europe Become the Next Big Growth Lever?

JD.com’s second quarter of 2026 results showed a steady operational performance amid challenging macroeconomic and industry conditions, delivering...

Baptista Research

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Primer: JD.com (9618 HK) - Aug 2026

JD.com's primary competitive advantage is its vast, self-operated logistics network, which ensures high-quality service and fast delivery,...

αSK Primers

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