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>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

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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<ul><li>JD.com is making its boldest push yet into the European market. On Thursday, the Chinese e commerce giant announced plans to acquire all outstanding shares in Germany’s CeconomyAG, the parent company of electronics retailers MediaMarkt and Saturn, in a cash offer valuing the deal at about 2.2 billion euros ($2.5 billion).</li><li>Through its wholly owned subsidiary Jingdong Holding Germany GmbH, JD.com is offering 4.60 euros per share, a 43% premium to Ceconomy’s three month volume weighted average price and 23% above its July 23 close, before news of the potential takeover emerged.</li><li>Shares rose to 4.41 euros Thursday, up 1.26%. Upon completion, Ceconomy would be privatized and delisted.</li></ul>

JD.com is making its boldest push yet into the European market. On Thursday, the Chinese e commerce giant announced plans to acquire all outstanding shares in Germany’s CeconomyAG, the parent company of electronics retailers MediaMarkt and Saturn, in a cash offer valuing the deal at about 2.2 billion euros ($2.5 billion).Through its wholly owned subsidiary Jingdong Holding Germany GmbH, JD.com is offering 4.60 euros per share, a 43% premium to Ceconomy’s three month volume weighted average price and 23% above its July 23 close, before news of the potential takeover emerged.Shares rose to 4.41 euros Thursday, up 1.26%. Upon completion, Ceconomy would be privatized and delisted.

JD.com Sets Sights on Europe as It Moves to Buy Ceconomy in $2.4 Billion Deal 

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

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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

<ul><li>Three robotics startups announced Monday they had completed funding rounds led by JD.com Inc., signaling the Chinese e-commerce giant is accelerating its push into the burgeoning, much-hyped field of embodied artificial intelligence (AI).</li><li>Embodied AI — which refers to intelligent systems with physical forms that interact with the real world, such as robots and self-driving cars — has recently become a battleground for tech firms. As JD.com is a relative latecomer, it’s making an aggressive effort to catch up with rivals like Meituan and Lenovo Group Ltd.</li><li>While supporters of the tech say it’s set to reshape industries from logistics to consumer households, others warn that the technology is a long way off mass adoption and that many firms in the space lack a viable commercial model.</li></ul>

Three robotics startups announced Monday they had completed funding rounds led by JD.com Inc., signaling the Chinese e-commerce giant is accelerating its push into the burgeoning, much-hyped field of embodied artificial intelligence (AI).Embodied AI — which refers to intelligent systems with physical forms that interact with the real world, such as robots and self-driving cars — has recently become a battleground for tech firms. As JD.com is a relative latecomer, it’s making an aggressive effort to catch up with rivals like Meituan and Lenovo Group Ltd.While supporters of the tech say it’s set to reshape industries from logistics to consumer households, others warn that the technology is a long way off mass adoption and that many firms in the space lack a viable commercial model.

JD.com Splashes Cash on Robotics AI Startups 

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.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

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) - 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 Sets Sights on Europe as It Moves to Buy Ceconomy in $2.4 Billion Deal

JD. com is making its boldest push yet into the European market. On Thursday, the Chinese e commerce giant announced plans to acquire all...

Caixin Global

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 Splashes Cash on Robotics AI Startups

Three robotics startups announced Monday they had completed funding rounds led by JD. com Inc. , signaling the Chinese e-commerce giant is...

Caixin Global

[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

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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 Sets Sights on Europe as It Moves to Buy Ceconomy in $2.4 Billion Deal

JD. com is making its boldest push yet into the European market. On Thursday, the Chinese e commerce giant announced plans to acquire all...

Caixin Global

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 Splashes Cash on Robotics AI Startups

Three robotics startups announced Monday they had completed funding rounds led by JD. com Inc. , signaling the Chinese e-commerce giant is...

Caixin Global

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