External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.</li><li>In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.</li><li>We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – May online retail sales recap

<ul><li>With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.</li><li>Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.</li><li>The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – April online retail sales recap

Equity Bottom-Up

<ul><li>JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.</li><li>NonGAAP net income was RMB7.6bn, ahead of our estimates/consensus at RMB5.4/5.3bn, and translated into a non-GAAP net margin of 3.1% (1Q22: 1.7%), 0.9pp ahead of our forecast, driven by better-than-expected gross margin aided by business transition of supermarket category, and more controlled than expected sales and marketing spending.</li><li>JD announced that current CEO Lei XU will retire from his positions and CFO Sandy XU will take over the CEO role.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.NonGAAP net income was RMB7.6bn, ahead of our estimates/consensus at RMB5.4/5.3bn, and translated into a non-GAAP net margin of 3.1% (1Q22: 1.7%), 0.9pp ahead of our forecast, driven by better-than-expected gross margin aided by business transition of supermarket category, and more controlled than expected sales and marketing spending.JD announced that current CEO Lei XU will retire from his positions and CFO Sandy XU will take over the CEO role.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) – Focusing on driving healthy and quality growth

<ul><li>With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.</li><li>Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.</li><li>Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – March online retail sales recap

<ul><li>JD.com (JD) is entering into a year of business transition.</li><li>It is enhancing supply chain capabilities, driving more engagement from third-party merchants, and diversifying product offerings to drive for consumer and merchant base expansion and long-term development of third-party business.</li><li>The newly announced adjustment of organizational structure (link) could lead to better business agility and better third-party (3P) business operating environment in the medium term, but is likely to bring additional headwind to revenue growth in the near term. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) is entering into a year of business transition.It is enhancing supply chain capabilities, driving more engagement from third-party merchants, and diversifying product offerings to drive for consumer and merchant base expansion and long-term development of third-party business.The newly announced adjustment of organizational structure (link) could lead to better business agility and better third-party (3P) business operating environment in the medium term, but is likely to bring additional headwind to revenue growth in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) – Entering into a year of business transition

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

China Internet – May online retail sales recap

We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover

CMB International

China Internet – April online retail sales recap

Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery...

CMB International

JD.com (JD US) – Focusing on driving healthy and quality growth

JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.

CMB International

China Internet – March online retail sales recap

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV...

CMB International

JD.com (JD US) – Entering into a year of business transition

JD.com (JD) is entering into a year of business transition. It is enhancing supply chain capabilities, driving more engagement from third-party...

CMB International

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