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 (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and Bloomberg consensus, driven by better-than-expected JD Retail (JDR) revenue growth and incremental logistics revenue contributed from food delivery (FD) business.</li><li>Non-GAAP NP was RMB7.4bn, down 49% YoY due to incremental investment in FD, but 38% ahead of consensus, driven by a 16% beat on JDR’s OP.</li><li>Operating loss of RMB14.8bn for new businesses was wider than our previous expectation of RMB10.6bn, owing to more aggressive-than-expected investment in FD.</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 (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and Bloomberg consensus, driven by better-than-expected JD Retail (JDR) revenue growth and incremental logistics revenue contributed from food delivery (FD) business.Non-GAAP NP was RMB7.4bn, down 49% YoY due to incremental investment in FD, but 38% ahead of consensus, driven by a 16% beat on JDR’s OP.Operating loss of RMB14.8bn for new businesses was wider than our previous expectation of RMB10.6bn, owing to more aggressive-than-expected investment in FD.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) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear

JD.com (ADR)

JD.com (JD US) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear