reports
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
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
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Alvaro del Pozo
- Research Department
INFORME DIARIO 24 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, FERROVIAL, NEINOR, EUROPA: BAYER, PROSUS, UNICREDIT Las bolsas se alejan de máximos Toma de beneficios en mercado en la semana, provocada por las dudas sobre la decisión de la Fed de diciembre y la sobrevaloración acumulada del tecnológico estadounidense. En una semana de caídas en el STOXX 600, sólo S. Financieros se mantuvo en verde seguido por Hogar con las menores pérdidas mientras que el selloff de la IA estadounidense contagió a Tecno...
- Research Department
INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, TELEFÓNICA, UNICAJA. EUROPA: PROSUS. Nvidia, un impulso a las bolsas que se desinfla Los resultados publicados por la tecnológica disipan de momento las dudas en torno a la IA y provocó rebotes en los índices europeos superiores al 1% pero que se fueron moderando hacia el cierre del mercado con un Ibex que se quedó al borde de los 16.000 puntos. En el STOXX 600, Energía e Industriales fueron los que mayores ganancias presentaron frente a Autos...
- Research Department
INFORME DIARIO 17 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, TELEFÓNICA. EUROPA: AIRBUS, PROSUS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’25 que se publicarán en España y Europa en los próximos días. El temor a una burbuja en la IA genera volatilidad en las bolsas Tras los máximos históricos alcanzados en la semana gracias a la esperanza de una resoluci...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, COLONIAL, MERLIN, REPSOL, SANTANDER, SECTOR ELÉCTRICO, TALGO. EUROPA: ALLIANZ, PROSUS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’25 que se publicarán en España y Europa en los próximos días. Toma de beneficios en mercado Las bolsas terminaron recogiendo beneficio...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q25: Solid Revenue Growth; Investment In FD To Ease...
JD’s 3Q25 results came in above expectations. Revenue increased 15% yoy to Rmb299.1b, 2-3% above our and consensus estimates. in line with its previously guided double-digit growth. Non-GAAP operating profit slumped 98% yoy to Rmb211m, translating to a non-GAAP operating margin of 0.07%. Non-GAAP net profit fell 56% yoy to Rmb5.8b. Adjusted net margin shrank 3ppt yoy to 2%. Maintain BUY with a target price of HK$166.00 (US$46.00).
- Jin Yoon
JD 3Q25 Results: Outlook Remains Intact
What’s new: JD’s reported 3Q25 results that were above consensus and our expectations. JD Retail could continue to be supported by resiliency in general merchandise which partly offset the tougher comps from home appliances and consumer electronics. Investments in food delivery could continue to sequentially decline in 4Q. We maintain our PT at USD42. Analysts: Jin Yoon
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, November 14, 2025
Top Stories Economics | Money Supply M1 growth fell to 6.2% yoy in October, short of expectations, while M2 growth eased to 8.2% yoy. New bank loans dropped sharply to Rmb0.22t, and new TSF fell to Rmb0.81t, both below forecasts. Outstanding TSF and bank loan growth moderated to 8.5% (-0.2ppt mom) and 6.5% yoy (-0.1ppt mom) respectively, with the decline led by household loans. The numbers are not encouraging. Sector Update | Automobile China’s PV retail sales basically remained flat yoy in Oc...
- Alvaro del Pozo
JD.com Announces Third Quarter 2025 Results
JD.com Announces Third Quarter 2025 Results BEIJING, Nov. 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 September 30, 2025. Third Quarter 2025 Highlights Net revenues were RMB299.1 billion (US$142.0 billion) for the third quarter of 2025, an increase of 14.9% from the third quarter of 2024.Net income attributable to the Company’s ordinary shareholders was RMB5.3 b...
JD.com to Report Third Quarter 2025 Financial Results on November 13, ...
JD.com to Report Third Quarter 2025 Financial Results on November 13, 2025 BEIJING, Oct. 30, 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 third quarter 2025 financial results on Thursday, November 13, 2025, before the U.S. market opens. JD.com’s management will hold a conference call at 7:00 am, Eastern Time on November 13, 2025, (8:00 pm, Beijing/Hong Kong Time on November 13, 2025) to discuss the third quarter 2...
- Chris Hoare
SK Telecom (Buy, KRW 78,000, +48%) Q3 25 Quick Take: Dividend cut
Numbers were in-line with expectations, but shares fell slightly today due to the absence of dividends this quarter, implying a dividend cut for the year. Nevertheless, with the overhang on the data breach fine removed and recovery now in progress, we think SKT’s valuation is compelling for investors who can look past this year. We therefore stay Buyers with a KRW 78k price target.
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Battlefield For Instant Retail; Embedding AI Into ...
Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain OVERWEIGHT. Our top picks are Alibaba and Kuaishou.
- Pelham Smithers
PSA Macro: China Data Shows Country Desperate to Export Way Out of Pro...
Pelham Smithers notes that although there are reasons for thinking that the Chinese economy is producing “real” growth of around +5% for CY25, there are several structural problems that need to be considered and the implications for Japan.
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q25 Results Preview: Top-line Growth Moderates; Pro...
JD’s 3Q25 top-line growth remains solid and was guided to grow at low teens, moderating from 2Q25 revenue growth of 22.4% yoy, due to the high base effect last year. Management guided easing FD investment intensity in 3Q25 alongside order volume expansion. Meanwhile, 4Q25 promotions are expected to further boost cross-channel synergies between retail and food delivery. Management targets breakeven in food delivery in the medium term. Maintain BUY with a target price of HK$167.00 (US$43.00).
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, October 15, 2025
Top Stories Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite margin erosi...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Re-valuation On Shifting Dynamics Of AI Infrastructure...
Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand during Golden Week. Maintain OVERWEIGHT...
JD JD.COM INC. SPONSORED ADR CLASS A
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
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
JD JD.COM INC. SPONSORED ADR CLASS A
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
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong top-line growth and margins further hurt in 2H2...
China’s internet companies reported intact 2Q25 top-line with mixed earnings results. The key focuses are on the latest quick commerce war and AI cloud and agent development. In 2Q25, we saw meaningful AI monetisation visibility contributing to incremental top-line growth, and expect this momentum to continue into 2H25. On the profitability front, margins will remain under pressure from heightened investments to fend off the intensifying competition in on-demand delivery. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
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
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
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