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 PRESS RELEASE

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...

 PRESS RELEASE

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
  • Jin Yoon

BIDU 1Q25 Preview: Slightly Lowering BIDU Core Ad Estimates

What’s New: We nudge down our 1Q25 Baidu Core ad rev estimates partly to reflect the gradual recovery in ads amid challenging macro and lack of meaningful monetization in gen-AI search. Analysts: Jin Yoon

 PRESS RELEASE

Bilibili Inc. to Hold Annual General Meeting on June 20, 2025

Bilibili Inc. to Hold Annual General Meeting on June 20, 2025 SHANGHAI, April 11, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today published a circular (the “AGM Circular”) to provide shareholders with information on the proposals that will be put forward at the Company’s annual general meeting of the shareholders (the “AGM”) for shareholders’ approval and a notice of the AGM (the “AGM Notice”). The AGM will be held at Building 3, Guozheng Center, No. 485 ...

Julia Pan Mengyao ... (+2)
  • 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 ... (+10)
  • 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
  • Jin Yoon

JD 1Q25 Preview: Estimates Remain Intact

What’s New: We maintain our 1Q25 top and bottom-line estimates as overall business could trend largely in-line with our expectations. Analysts: Jin Yoon

 PRESS RELEASE

Bilibili Publishes 2024 Environmental, Social and Governance Report

Bilibili Publishes 2024 Environmental, Social and Governance Report SHANGHAI, April 09, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it has published its 2024 Environmental, Social and Governance ("ESG") Report, available on the Company’s investor relations website at . The initiatives and achievements outlined in the report demonstrate Bilibili’s long-standing dedication to creating social value and sustainable development that benefits...

Julia Pan Mengyao ... (+2)
  • 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 ...

 PRESS RELEASE

Bilibili Inc. Files Its 2024 Annual Report on Form 20-F

Bilibili Inc. Files Its 2024 Annual Report on Form 20-F SHANGHAI, March 25, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (the “Company” or “Bilibili”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, 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 (“SEC”) on March 25, 2025. The annual report in electronic format is accessible on the Company’s investor relations website at as well as on the SEC’s website. For those who prefer hard copi...

Julia Pan Mengyao ... (+2)
  • 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.

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

PDD Holdings (PDD US): 4Q24: Earnings largely in line; revenue miss on...

PDD’s 4Q24 results were below expectations. Revenue increased 24% yoy to Rmb110.6b, missing consensus estimates by 5%, dampened by softer-than-expected online ad revenue growth. Non-GAAP net profit grew 17% yoy to Rmb29.9b, 4% above consensus estimate. Non-GAAP net margin shrank 2ppt to 27%. Looking ahead, PDD expects its top-line growth to continue being impacted by its merchant support strategy and profitability should remain under pressure. Maintain BUY. Target price: US$140.00.

Bella Lu Yifei ... (+12)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Colin Lee
  • Gigi Cheuk
  • Greater China Research Team
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Kate Luang
  • Ken Lee
  • Kenny Yong Hui Lim
  • Ming San Soong
  • Sunny Chen

Greater China Daily: Friday, March 21, 2025

KEY HIGHLIGHTS Results AAC Technologies (2018 HK/BUY/HK$52.05/Target: HK$57.70) AAC’s 2H24’s earnings grew 114% yoy which exceeded expectations, thanks to a solid beat in the precision mechanics business, although this was partially offset by weaker margins from the optics and MEMs businesses. Nevertheless, we continue to expect solid revenue growth and margin expansion in 2025, driven by increasing exposure from the automotive acoustics business and edge AI-related components. Upgrade to BUY ...

Jin Yoon
  • Jin Yoon

PDD 4Q24 Results: Investments in High Quality Development Remains a Fo...

What’s new: PDD’s reported 4Q24 results that were below consensus and our expectations. PDD remains committed to investing in its high quality development initiatives for 2025 – which could further drag margins in the near-term. We maintain our PT at USD150. Analysts: Jin Yoon

Jin Yoon
  • Jin Yoon

BZ 4Q24 Results: Outlook Remains Intact

What’s new: BZ’s reported 4Q24 revs that were largely in-line with consensus and our expectations. Guidance implies sequential recovery in recruitment demand. Outlook including user growth and non-GAAP operating profit target for FY25 remains intact. We up our PT from USD20 to USD25 on improving demand environment. Our updated PT of USD25 implies 23.6x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon

Pierre FerraguÊ
  • 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...

 PRESS RELEASE

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
  • Jin Yoon

JD 4Q24 Results: Top Line Growth to Accelerate in 2025

What’s new: JD’s reported 4Q24 revs that were above consensus and our expectations. Top line growth could accelerate, while group-level margins could remain stable YoY in FY25. We maintain our PT at USD70. Analysts: Jin Yoon

Julia Pan Mengyao ... (+2)
  • 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 ... (+6)
  • 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...

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