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>JD.com (JD) reported (14 Nov) 3Q24 results: revenue was RMB260.4bn, up 5.1% YoY (3Q23: 1.7%；2Q24: 1.2%), in line with Bloomberg consensus; nonGAAP NP was RMB13.2bn, up 24% YoY, and was 16% ahead of consensus, thanks to a 6% beat on JD Retail’s (JDR) OP aided by stronger-than-expected scale effect, and strong profitability improvement of JD Logistics (JDL).</li><li>Management highlighted an improving trend in consumption sentiment in 3Q24, driven by nationwide home appliance trade-in program and new product launches for smartphones, with YoY revenue growth of Electronics and Home Appliance (E&amp;HA) seeing sequential improvement on a MoM basis, and this trend continued in Oct.</li><li>JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth amid improving sentiment, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers, 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>

JD.com (JD) reported (14 Nov) 3Q24 results: revenue was RMB260.4bn, up 5.1% YoY (3Q23: 1.7%；2Q24: 1.2%), in line with Bloomberg consensus; nonGAAP NP was RMB13.2bn, up 24% YoY, and was 16% ahead of consensus, thanks to a 6% beat on JD Retail’s (JDR) OP aided by stronger-than-expected scale effect, and strong profitability improvement of JD Logistics (JDL).Management highlighted an improving trend in consumption sentiment in 3Q24, driven by nationwide home appliance trade-in program and new product launches for smartphones, with YoY revenue growth of Electronics and Home Appliance (E&amp;HA) seeing sequential improvement on a MoM basis, and this trend continued in Oct.JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth amid improving sentiment, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers, 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) - More Proactively Driving Growth Amid Improving Sentiment

JD.com Inc (ADR)

JD.com (JD US) - More Proactively Driving Growth Amid Improving Sentiment