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>For 1Q25E, we anticipate that JD.com (JD) has inked total revenue of RMB291.9bn, up 12.2% YoY, driven by the nationwide implementation of the subsidy program, and this could be 1% better than Bloomberg consensus.</li><li>We are also looking for 21% YoY growth in non-GAAP net profit for JD, also 1% better than consensus, which translates into 3.7% non-GAAP NPM (+0.3ppts YoY).</li><li>Compared to industry peers, JD is less exposed to the potential rise in tariffs given more limited revenue exposure to the US market, and it is betterpositioned to benefit from the nationwide trade-in and subsidy program given greater GMV exposure to electronics and home appliance categories, 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>

For 1Q25E, we anticipate that JD.com (JD) has inked total revenue of RMB291.9bn, up 12.2% YoY, driven by the nationwide implementation of the subsidy program, and this could be 1% better than Bloomberg consensus.We are also looking for 21% YoY growth in non-GAAP net profit for JD, also 1% better than consensus, which translates into 3.7% non-GAAP NPM (+0.3ppts YoY).Compared to industry peers, JD is less exposed to the potential rise in tariffs given more limited revenue exposure to the US market, and it is betterpositioned to benefit from the nationwide trade-in and subsidy program given greater GMV exposure to electronics and home appliance categories, 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 Solid Revenue and Earnings Growth

JD.com Inc (ADR)

JD.com (JD US) - Expecting Solid Revenue and Earnings Growth