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Jin Yoon
  • Jin Yoon

JD 2Q25 Results: JD Retail Remains Resilient; Food Delivery to Continu...

What’s new: JD’s reported 2Q25 results that were above consensus and our expectations. JD Retail could remain resilient while food delivery could remain a meaningful drag to margins in the near term. We lower our PT from US$70 to US$42 on lowered margin outlook. Our updated PT of US$42 implies a 15.0x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

JD.com (9618 HK): 2Q25: Revenue beat; viable cross-selling from FD but...

JD’s 2Q25 results came in above expectations. Revenue increased 22% yoy to Rmb356.7b, 6% above our and consensus estimates. Non-GAAP operating profit slumped 90% yoy to Rmb1.1b, translating to a non-GAAP operating margin of 0.3%. Non-GAAP net profit was down 49% yoy to Rmb7.4b. Adjusted net margin shrank 3ppt yoy to 2%. Maintain BUY with a higher target price of HK$166.00 (US$42.00).

Bella Lu Yifei ... (+11)
  • Bella Lu Yifei
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Greater China Research Team
  • Jieqi Liu
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Ken Lee
  • Ming San Soong
  • Roy Chen Chengzhi

Greater China Daily: Friday, August 15, 2025

KEY HIGHLIGHTS Sector Automobile China’s PEV yoy sales growth turned negative (at -0.5%) during the week. BYD and Li Auto posted a yoy sales decline. We expect EV sales to recover from September with the launch of new models and interest subsidies for auto loans. Lithium carbonate prices rebounded to >Rmb80,000/tonne due to better supply discipline. We upgrade Ganfeng Lithium from HOLD to BUY thanks to lithium price recovery. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu. Results ...

Adrian Loh Tzum Yung ... (+17)
  • Adrian Loh Tzum Yung
  • Alden Gabriel Lam
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Damon Shen
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Ming San Soong
  • Roy Chen Chengzhi
  • Tanapon Cholkadidamrongkul

Regional Morning Meeting Notes: Friday, August 15, 2025

GREATER CHINA Sector Automobile Weekly: Yoy growth of China’s PEV sales turns negative; lithium price recovers. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Geely Auto (175 HK/BUY/HK$18.95/Target: HK$42.00) 2Q25: Core earnings surge 93% yoy, in line; raise target price to HK$42.00. Maintain BUY. Hysan Development (14 HK/BUY/HK$15.67/Target: HK$17.84) ...

 PRESS RELEASE

JD.com Announces Second Quarter and Interim 2025 Results

JD.com Announces Second Quarter and Interim 2025 Results BEIJING, Aug. 14, 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 and six months ended June 30, 2025. Second Quarter 2025 Highlights Net revenues were RMB356.7 billion (US$149.8 billion) for the second quarter of 2025, an increase of 22.4% from the second quarter of 2024.Net income attributable to the Company’s ordinary shareh...

 PRESS RELEASE

JD.com to Report Second Quarter and Interim 2025 Financial Results on ...

JD.com to Report Second Quarter and Interim 2025 Financial Results on August 14, 2025 BEIJING, July 31, 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 financial results for the three months and six months ended June 30, 2025 on Thursday, August 14, 2025, before the U.S. market opens. JD.com’s management will hold a conference call at 8:00 am, Eastern Time on August 14, 2025, (8:00 pm, Beijing/Hong Kong Time on A...

 PRESS RELEASE

JD.com Announces Decision to Make a Voluntary Public Takeover Offer an...

JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY BEIJING, July 30, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading Europea...

Bella Lu Yifei ... (+4)
  • Bella Lu Yifei
  • Julia Pan Mengyao
  • Ken Lee
  • Ming San Soong

Greater China Daily: Friday, July 11, 2025

KEY HIGHLIGHTS Sector Automobile: Weekly: PV sales down 30% wow as promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update JD.com (9618 HK/BUY/HK$123.60/Target: HK$158.00): 2Q25 preview: Intact top-line growth; expecting margin erosion on FD investment. TRADERS’ CORNER Longfor Group Holdings Limited (960 HK): Trading Buy range: HK$10.24-10.38 China Tobacco International (HK) Company Limited (6055 HK): Trading Buy range: HK$32.70-32.90

Anas Fitri Bin Ahmad ... (+14)
  • Anas Fitri Bin Ahmad
  • Audrey Celia
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Jo Yee Ng
  • Julia Pan Mengyao
  • Ken Lee
  • Lester Siew
  • Llelleythan Tan Tan
  • Ming San Soong
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Friday, July 11, 2025

GREATER CHINA Sector Automobile: Weekly: PV sales down 30% wow as promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update JD.com (9618 HK/BUY/HK$123.60/Target: HK$158.00): 2Q25 preview: Intact top-line growth; expecting margin erosion on FD investment. INDONESIA Update Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,720/Target: Rp6,000): We expect 2Q25 results to remain strong; double-digit guidance remains intact. MALAYSIA Sector Plantation: Inventory continues t...

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

JD.com (9618 HK): 2Q25 Preview: Intact Top-line Growth; Expecting Marg...

JD’s 2Q25 top-line guidance remains unchanged at double-digit growth, in line with 1Q25 revenue growth of 15.8% yoy, slightly better than our expectations. JD expects an FD loss of Rmb10b in 2Q25 and investment to further ramp up in 3Q25 due to the peak season and intense competition. Given the solid growth in the core commerce business, the company remains confident about achieving double-digit top-line growth in 2025. Maintain BUY with a lower target price of HK$158.00 (US$40.00).

Jin Yoon
  • Jin Yoon

JD 2Q25 Preview: Revs Outlook Intact; Margins Could Meaningfully Drag ...

What’s New: We maintain our 2Q25 top-line estimates but lower our margin outlook for 2Q25 to 4Q25 as food delivery investments could meaningfully drag group-level profitability. Analysts: Jin Yoon

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

China Internet: 618 Festival – Evolving consumer trends and continued ...

The national subsidies programme continued to reinforce the consumption trend of “value-based substitution” during the 618 festival. While the share of online vs offline spending remained stable, emerging channels are creating new growth opportunities. We believe the consumption momentum will be shaped by: a) impact from the temporary suspension of the national subsidies programme in five provinces, and b) changes in the food delivery competitive landscape. Maintain MARKET WEIGHT.

Carol Dou Xiao Qin ... (+12)
  • Carol Dou Xiao Qin
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jack Lai Yuan Khai
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kate Luang
  • Lester Siew
  • Ming San Soong
  • Sunny Chen
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Thursday, June 19, 2025

GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

China Internet: JD’s new initiative in on-demand delivery is reshaping...

Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.

 PRESS RELEASE

JD.com to Hold Annual General Meeting on June 20, 2025

JD.com to Hold Annual General Meeting on June 20, 2025 BEIJING, May 28, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it will hold its annual general meeting of shareholders (the “AGM”) at Building A, No. 18 Kechuang 11 Street, Yizhuang Economic and Technological Development Zone, Daxing District, Beijing 101111, People’s Republic of China, on June 20, 2025 at 3:00 p.m. (Hong Kong time). No proposal will be submitted for...

Jin Yoon
  • Jin Yoon

JD 1Q25 Results: JD Retail Could Remain Resilient in 2Q and FY25

What’s new: JD’s reported 1Q25 results that were above consensus and our expectations. JD Retail could remain resilient where segment revs could grow by double-digit YoY in 2Q and FY25. The improvement in JD Retail margins could be partly offset by continued investments in food delivery. We maintain our PT at USD70. Analysts: Jin Yoon

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

JD.com (9618 HK): 1Q25: Strong earnings beat; intact 2025 outlook; vag...

JD’s 1Q25 results came in above expectations. Revenue increased 16% yoy to Rmb301b, 3-4% above our and consensus estimates, in line with its previously guided double-digit growth. Non-GAAP operating profit rose 31% yoy to Rmb11.7b, translating to a non-GAAP operating profit margin of 3.9%. Non-GAAP net profit grew 43% yoy to Rmb12.8b. Adjusted net margin jumped 1ppt yoy to 4%. Maintain BUY with a lower target price of HK$185.00 (US$49.00).

Anas Fitri Bin Ahmad ... (+16)
  • Anas Fitri Bin Ahmad
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Chong Lee Len
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kong Ho Meng
  • Lester Siew
  • Llelleythan Tan Tan
  • Ming San Soong
  • Roy Chen Chengzhi
  • Tanapon Cholkadidamrongkul
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn

Regional Morning Notes - Wednesday, May 14, 2025

GREATER CHINA Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00): 1Q25: Strong earnings beat; intact 2025 outlook; vague visibility on food delivery. JD Logistics, Inc (2618 HK/BUY/HK$12.24/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. Tencent Music Entertainment Group (1698 HK/BUY/HK$54.50/Target: HK$68.00): 1Q25: Solid earnings beat; encouraging margin outlook in 2025. INDONESIA Update Trimegah Bangun Persada (NCKL IJ/BUY/Rp670/Tar...

Greater China Research Team ... (+4)
  • Greater China Research Team
  • Julia Pan Mengyao
  • Ming San Soong
  • Roy Chen Chengzhi

Greater China Daily: Tuesday, May 14, 2025

KEY HIGHLIGHTS Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00) JD’s 1Q25 results came in above expectations. Revenue increased 16% yoy to Rmb301b, 3-4% above our and consensus estimates, in line with its previously guided double-digit growth. Non-GAAP operating profit rose 31% yoy to Rmb11.7b, translating to a non-GAAP operating profit margin of 3.9%. Non-GAAP net profit grew 43% yoy to Rmb12.8b. Adjusted net margin jumped 1ppt yoy to 4%. Maintain BUY with a lower target price of HK$1...

 PRESS RELEASE

JD.com Announces First Quarter 2025 Results

JD.com Announces First Quarter 2025 Results BEIJING, May 13, 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 ended March 31, 2025. First Quarter 2025 Highlights Net revenues were RMB301.1 billion (US$141.5 billion) for the first quarter of 2025, an increase of 15.8% from the first quarter of 2024.Income from operations was RMB10.5 billion (US$1.5 billion) for the first quarte...

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