reports
- 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.
- 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.
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...
- Pierre FerraguÊ
Ride-sharing & Delivery: Lower prices fuel accelerating volumes
Today, we are publishing the Ride-sharing & Delivery section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, Service Provider and Semicap Equipment. ...
- Jin Yoon
BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Re...
What’s new: Baidu’s reported 1Q25 results that were above consensus and our expectations driven by AI Cloud. Baidu Core ad rev growth could be impacted by the continued restructuring of AI search. AI Cloud growth could remain resilient in 2Q. We maintain our PT at USD110. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud gr...
Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91.00 (US$101.00).
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Thursday, May 22, 2025
KEY HIGHLIGHTS Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91...
- 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
- 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).
- 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...
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...
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...
- Jin Yoon
- 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
- Pierre FerraguÊ
Bible 4Q24 – Mobility & Delivery: Healthy underlying growth
Today, we are publishing the Mobility & Delivery section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Later this week we will publish sections on Memory, Semicap, Enterprise IT, PC. Ride-sharing bookings decelerated slightly but still posted robust double-digit growth, while delivery bookings a...
- Jin Yoon
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