External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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BYD (1211 HK) And JD.com (9618 HK) Lead Expected Swings as 27% of HSI Reports Before Month-End

Equity Bottom-Up

<ul><li>For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net profit of RMB4.4bn, down 67% YoY due to incremental investment in food delivery business, but better than consensus at RMB3.7bn.</li><li>We are looking for 17% YoY growth in OP for JD Retail (JDR) in 3Q25E, and our OP forecast is 5% better than consensus, driven by solid revenue growth and OPM expansion aided by the scale effect and increase in revenue contribution from high-margin services revenue.</li><li>We have baked in OP loss of RMB14.7bn for new businesses segment in 3Q25E (2Q25: loss of RMB14.8bn), among which we are looking for a slightly narrowed QoQ loss from food delivery (FD) business, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while offset by sequentially increased investment in other new businesses such as Jingxi. </li></ul><p><em>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.</em></p>

For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net profit of RMB4.4bn, down 67% YoY due to incremental investment in food delivery business, but better than consensus at RMB3.7bn.We are looking for 17% YoY growth in OP for JD Retail (JDR) in 3Q25E, and our OP forecast is 5% better than consensus, driven by solid revenue growth and OPM expansion aided by the scale effect and increase in revenue contribution from high-margin services revenue.We have baked in OP loss of RMB14.7bn for new businesses segment in 3Q25E (2Q25: loss of RMB14.8bn), among which we are looking for a slightly narrowed QoQ loss from food delivery (FD) business, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while offset by sequentially increased investment in other new businesses such as Jingxi. 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) - Core JD Retail Earnings Growth Likely Better than Expectation

JD.com (ADR)

JD.com (JD US) - Core JD Retail Earnings Growth Likely Better than Expectation