reports
JD.com to Report First Quarter 2025 Financial Results on May 13, 2025
JD.com to Report First Quarter 2025 Financial Results on May 13, 2025 BEIJING, April 25, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited first quarter 2025 financial results on Tuesday, May 13, 2025, before the U.S. market opens. JD.com’s management will hold a conference call at 8:00 am, Eastern Time on May 13, 2025, (8:00 pm, Beijing/Hong Kong Time on May 13, 2025) to discuss the first quarter 2025 financial resu...
JD.com Files Its Annual Report on Form 20-F
JD.com Files Its Annual Report on Form 20-F BEIJING, April 17, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company”), a leading supply chain-based technology and service provider, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 17, 2025 U.S. Eastern Time. The annual report can be accessed on the Company’s investor relations website at The Company will provide a copy of its annual report containing the audited conso...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 1Q25 preview: Benefitting from trade-in programme; l...
JD’s 1Q25 top-line growth and earnings guidance remained unchanged at doubledigit growth, slightly better than our expectations. JD also saw strong user growth and GMV growth in 1Q25 as it is well positioned to capture the continuation of the trade-in programme. JD highlighted its minimal revenue exposure to the US, implying limited impact from the US tariffs. Maintain BUY with an unchanged target price of HK$220.00 (US$60.00).
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, April 11, 2025
KEY HIGHLIGHTS Economics Inflation March CPI fell 0.1% yoy, up from February’s 0.7% yoy dip as the latter was affected by the Chinese New Year effect. Core CPI did edge higher to 0.5% yoy compared with the average pace of 0.3% yoy over the past three months, driven by higher services inflation. PPI deflation worsened to -2.5% yoy (-0.3ppt), with declines seen in mining and quarrying as well as other raw materials. We opine that the overall pricing power of manufacturers remains weak. Sector ...
- Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Monetisation potential and trends of AI agent from the...
Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT.
A Majority of Businesses Intrigued by the Potential of AI in Achieving...
EQS Newswire / 10/03/2025 / 03:30 CET/CEST More than one in two organizations acknowledge gap in understanding how digital technology can facilitate achieving sustainability goalsHANGZHOU, CHINA - - 10 March 2025 - Over three quarters of businesses (76%) across Asia, Europe and the Middle East are intrigued by the potential of digital technologies, including AI and cloud computing in driving sustainable development, according to the latest survey report titled "Tech-Driven Sustainability Trends and Index 2024", commissioned by Alibaba Cloud, the digital technology and intelligence backbo...
- Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q24: Strong earnings beat; resilient top-line bolst...
JD’s 4Q24 results came in above expectations. Revenue increased 13% yoy to Rmb347b, 4% above our and consensus estimates, outperforming the previously lifted guidance of 9% yoy. Non-GAAP operating profit rose 34% yoy to Rmb10.5b, translating to a non-GAAP operating profit margin of 3%. Non-GAAP net profit grew 34% yoy to Rmb11.3b. Adjusted net margin jumped 1ppt yoy to 3%. Maintain BUY with a higher target price of HK$220.00 (US$60.00).
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
Greater China Daily: Friday, March 7, 2025
KEY HIGHLIGHTS Sector Automobile China auto sales rebounded in the ninth week of 2025, with a 53.8% PEV market share. BYD plans to issue 118m H-shares to raise around US$5.6b, aiming at funding the construction of overseas plants. Geely’s AI Technology Launch event introduced the "Qianli Haohan" intelligent driving system featuring a five-tier framework. With regard to US tariffs on Mexico and China, direct impacts on Chinese automakers are limited. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuy...
JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual...
JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual Dividend BEIJING, March 06, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2024 and an annual cash dividend for the year ended December 31, 2024. Fourth Quarter and Full Year 2024 Highlights Net revenues were RMB347.0 billion (US$147.5 billion) for the fourth quarter o...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Potential implications from implementation of social s...
JD and Meituan announced plans to gradually begin providing social security coverage for full-time and stable part-time riders nationwide starting 2Q25. Despite JD’s strategic implementation on zero commission and full social security coverage, we opine that this will have a limited impact on the company on competitive landscape and cost level, on the back of Meituan’s dominant market share, extensive restaurant coverage and 1P rider network scale advantages. Maintain MARKET WEIGHT.
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Alibaba Group Holding Limited and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 26 February 2025 in which we reassessed the appropriateness of the ratings in...
- Jin Yoon
NTES 4Q24 Results: Gaming Could Remain Resilient in 1Q
What’s new: NetEase’s reported 4Q24 revs that were below consensus estimates and our expectations. Gaming could remain resilient in 1Q partly driven by new titles such as Marvel Rivals and Where Winds Meet, while other segments could remain under pressure as NTES could prioritize profitability over scale in the near-term. We maintain our PT at USD120. Analysts: Jin Yoon
- Jin Yoon
BABA FY3Q25 Results: Capex to Meaningfully Increase Over the Next Thre...
What’s new: Alibaba’s reported FY3Q25 results that were above consensus and our expectations. CMR growth could continue to be supported by improvement in take rates, while AI-related cloud revs could remain resilient. The investments in cloud and AI infrastructure over the next three years could exceed what the company has spent over the past decade. We up our PT from US$100 to US$155 on improving outlook coupled with multiples rerating related to AI. Our updated PT of US$155 implies FY25E P/E o...
- Julia Pan Mengyao
- Ming San Soong
NetEase (9999 HK): 4Q24: Solid earnings beat; promising pipeline and A...
NetEase’s 4Q24 earnings were above expectations. Revenue dropped 1% yoy to Rmb26.7b, largely in line with consensus forecast. Gross profit dipped 3% yoy to Rmb16.3b, with gross margin rising 1ppt yoy to 61%. Non-GAAP operating profit grew 14% yoy to Rmb8.7b, with operating margin at 32.7%. Non-GAAP net profit rose 31.2% yoy to Rmb9.7b, beating consensus estimate. Net margin expanded 9ppt yoy to 36% in 4Q24. Maintain BUY with a higher target price of HK$200.00 (US$128.00).
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 3QFY25: CMR beat; all-in AI; capex in next th...
Alibaba’s 3QFY25 results surpassed expectations. Revenue grew 8% yoy to Rmb280.2b, in line with the street’s estimate. Non-GAAP net profit was Rmb51.1b, up 6% yoy, beating our and consensus forecasts, with net margin of 18.2%. CMR revenue growth of 9% yoy came in above expectations, propelled by the introduction of service fees, a take rate improvement and the national subsidies programme. Maintain BUY with a higher target price of HK$150.00 (US$150.00).
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
- Bella Lu Yifei
- Claire Wang Kelai
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Ziv Ang Sze Champ
Greater China Daily: Friday, February 21, 2025
KEY HIGHLIGHTS Sector Automobile China auto sales rebounded in the seventh week of 2025, but remained low compared with the previous month due to consumers’ wait-and-see sentiment amid a price war and the transitional period of product upgrade. Zeekr’s acquisition of Lynk & Co strengthens Geely’s premium EV strategy. GWM has unveiled a strategy for affordable smart driving solutions. DeepSeek is gaining traction among automakers. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay S...
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