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)

Equity Bottom-Up

<ul><li>JD.com (JD) reported (13 May) 1Q25 results: revenue was RMB301.1bn, up 15.8% YoY (1Q24: 7.0% ； 4Q24: 13.4%), 3/4% ahead of our forecast/ Bloomberg consensus estimates.</li><li>Non-GAAP net profit was RMB12.8bn, up 43% YoY, and was 18/23% ahead of our forecast/consensus, driven by a 20% beat on JD Retail’s (JDR) OP aided by both better-than-expected revenue growth and GPM expansion, as well as more optimized than expected marketing spending amid the backdrop of “National Subsidy”.</li><li>Leveraging solid earnings growth of JDR, JD is escalating its investment in the food delivery (FD) business to drive for national expansion, and it targets for better user stickiness and more cross-selling opportunities among high quality user base in the long term through the investment. </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>

JD.com (JD) reported (13 May) 1Q25 results: revenue was RMB301.1bn, up 15.8% YoY (1Q24: 7.0% ； 4Q24: 13.4%), 3/4% ahead of our forecast/ Bloomberg consensus estimates.Non-GAAP net profit was RMB12.8bn, up 43% YoY, and was 18/23% ahead of our forecast/consensus, driven by a 20% beat on JD Retail’s (JDR) OP aided by both better-than-expected revenue growth and GPM expansion, as well as more optimized than expected marketing spending amid the backdrop of “National Subsidy”.Leveraging solid earnings growth of JDR, JD is escalating its investment in the food delivery (FD) business to drive for national expansion, and it targets for better user stickiness and more cross-selling opportunities among high quality user base in the long term through the investment. 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) - Escalating Investment to Drive for Food Delivery Business Expansion

JD.com (ADR)

JD.com (JD US) - Escalating Investment to Drive for Food Delivery Business Expansion