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)

JD(JD.US/9618.HK) 4Q22 Preview: Topline Reacceleration Could Happen in C2Q23

[JD.com (JD US, SELL, TP US$48) Rating Change]: Rough Roads Ahead, DG to SELL

[JD.com (JD US) Target Price Change]: JD May Face 5bn Profit Reduction for Subsidy Campaign

Equity Bottom-Up

<ul><li>JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.</li><li>Non-GAAP net income of RMB10.0bn in 3Q22 was 38/41% ahead of our estimates/consensus, and translated into a non-GAAP net margin of 4.1% (3Q21: 2.3%), 1.1pp ahead of our forecast, driven by strict cost control amid macro headwinds.</li><li>We lowered 22-24E revenue forecast by 1.2-3.0% to account for severe-than-expected impact brought by pandemic resurgence, and slower-than-expected general merchandise revenue growth due to management’s proactive move to focus more on driving profitability expansion than scale growth.</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 announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.Non-GAAP net income of RMB10.0bn in 3Q22 was 38/41% ahead of our estimates/consensus, and translated into a non-GAAP net margin of 4.1% (3Q21: 2.3%), 1.1pp ahead of our forecast, driven by strict cost control amid macro headwinds.We lowered 22-24E revenue forecast by 1.2-3.0% to account for severe-than-expected impact brought by pandemic resurgence, and slower-than-expected general merchandise revenue growth due to management’s proactive move to focus more on driving profitability expansion than scale growth.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) – Stronger-than-expected margin expansion

JD.com Inc (ADR)

JD.com (JD US) – Stronger-than-expected margin expansion