External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue.</li><li>Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in program nationwide, JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth.</li><li>Post the recent market rally, quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key to driving further upside in JD’s stock price, in our view. </li></ul><p><em>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.</em></p>

We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue.Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in program nationwide, JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth.Post the recent market rally, quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key to driving further upside in JD’s stock price, 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.

JD.com (JD US) - Expecting Inline 3Q Revenue Growth with Upside Coming from Bottom Line

JD.com Inc (ADR)

JD.com (JD US) - Expecting Inline 3Q Revenue Growth with Upside Coming from Bottom Line