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 4Q25E, we anticipate JD.com (JD) to post total revenue of RMB349.2bn, up 0.6% YoY, largely in line with Bloomberg consensus, and to report non-GAAP net profit of RMB484mn, down 96% YoY, due to: 1) YoY incremental investment in food delivery (FD) business; 2) additional user subsidies for the e-commerce business to stimulate consumption amid macro headwinds, on a high base of national subsidies in 4Q24.</li><li>We are anticipating a 25% YoY decline in OP for JD Retail (JDR) to RMB7.6bn in 4Q25E, owing to incremental user subsidies.</li><li>We have baked in OP loss of RMB14.5bn for new businesses segment in 4Q25E, (3Q25: loss of RMB15.7bn), among which we are looking for a narrowed QoQ loss from FD business to RMB10.4bn, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while partially offset by sequentially higher investment in other new businesses such as Jingxi and international business.</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 4Q25E, we anticipate JD.com (JD) to post total revenue of RMB349.2bn, up 0.6% YoY, largely in line with Bloomberg consensus, and to report non-GAAP net profit of RMB484mn, down 96% YoY, due to: 1) YoY incremental investment in food delivery (FD) business; 2) additional user subsidies for the e-commerce business to stimulate consumption amid macro headwinds, on a high base of national subsidies in 4Q24.We are anticipating a 25% YoY decline in OP for JD Retail (JDR) to RMB7.6bn in 4Q25E, owing to incremental user subsidies.We have baked in OP loss of RMB14.5bn for new businesses segment in 4Q25E, (3Q25: loss of RMB15.7bn), among which we are looking for a narrowed QoQ loss from FD business to RMB10.4bn, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while partially offset by sequentially higher investment in other new businesses such as Jingxi and international business.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) - Facing High Base, but Remaining Committed to Shareholder Return

JD.com (ADR)

JD.com (JD US) - Facing High Base, but Remaining Committed to Shareholder Return