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>2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.</li><li>The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.</li><li>Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long run</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.

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long runContent 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 – 2M23 online retail sales recap

Equity Bottom-Up

<ul><li>JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.</li><li>Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.</li><li>For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.</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) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.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) – Driving for long-term healthy growth

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

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CX Daily: Where Do Fake Covid Drugs Come From?

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<li>China’s major express couriers will charge more for their services over the Lunar New Year period</li>
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Express couriers, which mainly serve e-commerce sellers, typically see a lower volume of packages over the Lunar New Year when those businesses shut down. 
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Consumers generally buy their new years goods around a month before the festival, when such firms plan for a rush.
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China’s major express couriers will charge more for their services over the Lunar New Year period

Express couriers, which mainly serve e-commerce sellers, typically see a lower volume of packages over the Lunar New Year when those businesses shut down. 


Consumers generally buy their new years goods around a month before the festival, when such firms plan for a rush.



China Couriers Hike Lunar New Year Prices as Delivery Riders Head Home

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 – 2M23 online retail sales recap

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from...

CMB International

JD.com (JD US) – Driving for long-term healthy growth

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.

CMB International

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

Five things to know about China’s latest IPO system overhaul. Police say student missing for 100 days hanged himself. China completes provincial...

Caixin Global

CX Daily: Where Do Fake Covid Drugs Come From?

In Depth: Where do fake Covid drugs come from? Local Chinese governments paid $148 billion in interest in 2022. IMF raises China’s 2023 growth...

Caixin Global

China Couriers Hike Lunar New Year Prices as Delivery Riders Head Home

China’s major express couriers will charge more for their services over the Lunar New Year period. Express couriers, which mainly serve e-commerce...

Caixin Global

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