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.

Thematic (Sector/Industry)

<ul><li>For this year’s 618 shopping festival, per Syntun data, overall industry GMV growth recovered to 14.8% YoY (2022 618: 8.2%), driven by the recovery in growth of horizontal e-commerce platforms (from 0.7% YoY in 2022 to 5.4% in 2023), which we attribute to the efforts spent to drive for consumer engagement improvement, and by the increase in penetration of live streaming e-commerce.</li><li>GMV generated from live streaming e-commerce channel during 618 shopping festival was up 27.6% YoY in this year’s sales promotion.</li><li>Although the growth was still faster than overall industry average, it slowed from 124% YoY compared to 2022, which likely indicates a marginal easing of competition that it brought to traditional horizontal e-commerce platforms. </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 this year’s 618 shopping festival, per Syntun data, overall industry GMV growth recovered to 14.8% YoY (2022 618: 8.2%), driven by the recovery in growth of horizontal e-commerce platforms (from 0.7% YoY in 2022 to 5.4% in 2023), which we attribute to the efforts spent to drive for consumer engagement improvement, and by the increase in penetration of live streaming e-commerce.GMV generated from live streaming e-commerce channel during 618 shopping festival was up 27.6% YoY in this year’s sales promotion.Although the growth was still faster than overall industry average, it slowed from 124% YoY compared to 2022, which likely indicates a marginal easing of competition that it brought to traditional horizontal e-commerce platforms. 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.

China Internet – Trends observed from this year’s 618 shopping festival

<ul><li>Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.</li><li>In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.</li><li>We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. </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.

Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. 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.

China Internet – May online retail sales recap

<ul><li>With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.</li><li>Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.</li><li>The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. </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.

With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. 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.

China Internet – April online retail sales recap

<ul><li>With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.</li><li>Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.</li><li>Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, 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.

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, 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.

China Internet – March online retail sales recap

<ul><li>2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.</li><li>The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.</li><li>Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long run</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.

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long runContent 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.

China Internet – 2M23 online retail sales recap

China

JD.com is a Chinese e-commerce company and a supply chain-based technology and service provider. It offers a wide range of products through its online retail platform, including electronics, general merchandise, and fresh food, complemented by its logistics and digital health services. Headquartered in Beijing, China, the company was founded in 1998.

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JD.com (9618 HK)

China Internet – Trends observed from this year’s 618 shopping festival

GMV generated from live streaming e-commerce channel during 618 shopping festival was up 27.6% YoY in this year’s sales promotion.

CMB International

China Internet – May online retail sales recap

We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover

CMB International

China Internet – April online retail sales recap

Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery...

CMB International

China Internet – March online retail sales recap

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV...

CMB International

China Internet – 2M23 online retail sales recap

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from...

CMB International

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