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 its 1Q26 results on 12 May: revenue reached RMB315.7bn, up 4.9% YoY (4Q25: +1.5%), 2%/1% ahead of our forecast/Bloomberg consensus.</li><li>Non-GAAP net profit was RMB7.4bn, down 42% YoY due to continued investment in food delivery (FD), but ahead of our forecast/consensus of RMB5.9bn/RMB5.3bn, driven by stronger-than-expected operating profit from JD Retail (JDR), which came in 14%/18% above our forecast/consensus.</li><li>Operating loss from new businesses was RMB10.4bn in 1Q26 (vs. RMB14.8bn loss in 4Q25), in line with our estimate and 6% better than consensus, reflecting QoQ FD loss reduction broadly in line with our expectations. </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 its 1Q26 results on 12 May: revenue reached RMB315.7bn, up 4.9% YoY (4Q25: +1.5%), 2%/1% ahead of our forecast/Bloomberg consensus.Non-GAAP net profit was RMB7.4bn, down 42% YoY due to continued investment in food delivery (FD), but ahead of our forecast/consensus of RMB5.9bn/RMB5.3bn, driven by stronger-than-expected operating profit from JD Retail (JDR), which came in 14%/18% above our forecast/consensus.Operating loss from new businesses was RMB10.4bn in 1Q26 (vs. RMB14.8bn loss in 4Q25), in line with our estimate and 6% better than consensus, reflecting QoQ FD loss reduction broadly in line with our expectations. 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) - Solid Core Earnings Growth in 1Q26

JD.com (ADR)

JD.com (JD US) - Solid Core Earnings Growth in 1Q26