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>For 4Q24E, we anticipate that JD.com (JD) has inked total revenue of RMB334.6bn, up 9.3% YoY, 3% better than Bloomberg consensus, driven by: 1) the nationwide implementation of home appliance trade-in program; 2) JD’s greater than industry average GMV exposure in home appliance category; and 3) JD’s strong supply chain capability of first-party (1P) business.</li><li>We are also looking for 13.2% YoY growth in non-GAAP net profit for JD, 16% better than consensus, aided by likely better than market expected gross margin expansion and more optimized sales and marketing cost saving from the trade-in program and relatively stable industry competitive landscape.</li><li>We maintain our view that JD is better-positioned than peers to benefit from the nationwide trade-in program in the short term, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers in the long term, in our view. </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 4Q24E, we anticipate that JD.com (JD) has inked total revenue of RMB334.6bn, up 9.3% YoY, 3% better than Bloomberg consensus, driven by: 1) the nationwide implementation of home appliance trade-in program; 2) JD’s greater than industry average GMV exposure in home appliance category; and 3) JD’s strong supply chain capability of first-party (1P) business.We are also looking for 13.2% YoY growth in non-GAAP net profit for JD, 16% better than consensus, aided by likely better than market expected gross margin expansion and more optimized sales and marketing cost saving from the trade-in program and relatively stable industry competitive landscape.We maintain our view that JD is better-positioned than peers to benefit from the nationwide trade-in program in the short term, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers in the long term, 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.

JD.com (JD US) - Expecting Solid 4Q24 Results Driven by Home Appliance Trade-In Program

JD.com Inc (ADR)

JD.com (JD US) - Expecting Solid 4Q24 Results Driven by Home Appliance Trade-In Program