JD.com (JD), 9618 HK; 02 (Mar 23 - Dec 26)

[winston]

not vested

JD-SW Officially Enters Tourism Sector, Offering Max. 3 Yrs Zero Commission for Merchants

JD-SW (09618.HK) announced its official entry into the tourism industry, and said that the tourism market has been increasingly prosperous in recent years, simultaneously generating more diverse demands.

JD-SW aimed to provide supply chain services to the hotel industry through new channels, optimize supply chain costs, seize growth opportunities and promote healthy and sustainable development of the hotel industry.

Hotel merchants participating in the 'JD Hotel PLUS Membership Program' will enjoy up to 3 years of zero commission, JD-SW added.

JD-SW hoped to help the hotel industry reduce operating costs, thereby releasing more resources to focus on service quality and experience renewal.

JD-SW has over 800 million high-spending power users nationwide, and cooperates with over 30,000 large enterprises and 8 million SMEs, with a high overlap with the main customer group of 4-star-and-above hotels, potentially bringing richer and more diverse high-potential passenger flow.

The high-frequency consumption of massive users has spawned more consumption demands such as travel, JD-SW added.

Richard Liu declared that the goal of entering the hotel and travel industry is to optimize the supply chain, reduce industry costs to one-third of the original level, and provide new solutions for the supply chain in fields such as hotels and catering.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

JD.com billionaire unveils turnaround plan after five-year slump

JD’s future growth should all be about leveraging a battle-tested logistics network in areas like meal delivery, where it’s making headway despite initial losses.

In March, JD made an aggressive entry into China’s US$80 billion-plus ($102.73 billion) food delivery market, a long-dormant arena controlled by Meituan and Alibaba Group Holding’s Ele.me.

Liu personally handed out takeouts to customers during a publicity stunt, gave away 10 billion yuan ($1.79 billion) in user subsidies, and promised above-industry benefits for his army of 100,000 delivery riders.

About 40% of JD’s new food-delivery users have since converted into e-commerce customers.

Roll out its e-commerce platform in Europe in 2026, after three years of building infrastructure there.

Three-year membership program that waives commissions for hotels.

Source: Bloomberg

https://www.theedgesingapore.com/news/g ... year-slump

[winston]

JD.com founder bets on stablecoins to cut cross-border e-commerce transaction costs

These tokens are poised to become a major cross-border payment tool.

JD.com intends to secure stablecoin licences across key currency markets globally … to reduce cross-border transaction costs by 90 per cent.

Liu also said international expansion was a priority for JD.com, which expects to launch operations in Europe next year.

Unlike the cross-border e-commerce operations of Temu and Shein, Liu said JD.com will build up local teams, sourcing and distribution in overseas markets. JD.com aims to bring 1,000 Chinese brands to global markets within five years.

JD.com’s app already covers hotel and airline reservations, ticket purchases and train bookings.

The company faces strong competition in the online travel market, where popular players include Trip.com and Fliggy – a unit of Alibaba Group Holding.

In its mainland delivery operations, JD.com has recruited more than 120,000 full-time riders within just three-and-a-half months. He projected the company’s total workforce to number around 900,000 by the end of the second quarter.

Source: SCMP

https://www.scmp.com/tech/big-tech/arti ... pe=section

[behappyalways]

JD.com billionaire unveils turnaround plan after five-year slump
https://www.theedgesingapore.com/news/g ... year-slump

[winston]

not vested

JD.com billionaire’s viral stunt reignites China’s food-delivery feud

In just a few months, JD, China’s largest online retailer by revenue, amassed 25 million daily takeout orders across 350 cities, capturing more than half the volume of Alibaba Group Holding’s Ele.me, the runner-up to market leader Meituan.

Liu is now turning to an old playbook: charging restaurants no commission, generous hiring bonuses for 100,000 new full-time riders, plus a 10 billion yuan (S$1.8 billion) discounting campaign for consumers.

During its flagship shopping festival this month, JD sold coffee and bubble tea for as cheap as 1.68 yuan.

JD’s takeout business could generate as much as 18 billion yuan in annualised losses, wiping out 36 per cent of its parent’s operating profit for 2025.

Source: Bloomberg

https://www.businesstimes.com.sg/intern ... ivery-feud

[winston]

not vested

<Research>Citi Expects JD-SW (09618.HK) to Lose RMB8+ per Food Delivery Order, Cuts Profit Forecasts

JD-SW (09618.HK), (JD.US) will announce its 2Q25 results in mid-August, according to a research report issued by Citi Research.

Due to the better-than-expected performance of 2025 “618 Shopping Festival” and the rapid expansion of its food delivery business, the broker raised its revenue/ non-GAAP net profit forecasts by +1.4%/ -50% each, with an estimated loss of more than RMB8 for each food delivery order, dragging the Group's net profit down by 68% YoY to RMB4.7 billion.

Revenue is expected to grow by 15.3% YoY to RMB336 billion, which is higher than the market consensus of RMB330.6 billion, with non-GAAP net profit being RMB4.68 billion.

Citi Research adjusted its 2025-2027 forecasts, raising its revenue forecasts by 0.4% and lowering its non-GAAP net profit forecasts by 43%/ 38.3%/ 32.1%, reflecting losses in the food delivery business offsetting profit growth in the retail business, and suspended rating.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

<Research>CLSA Keeps Rating at Outperform for JD.com (JD.US), Expects Strong Rev. Growth

CLSA released a research report predicting that JD-SW (09618.HK) (JD.US) 2Q25 revenue will hike by 15.9% YoY to RMB338 billion, primarily benefiting from the strong performance at the "618" shopping festival.

Driven by trade-in subsidy policies and traffic growth, sales of electronics and general merchandise are expected to achieve double-digit incline.

Adjusted EBIT for 2Q25 is also estimated to decline by 66% YoY to RMB4 billion, mainly due to potential losses from new businesses such as food delivery, which may expand to RMB10 billion.

Related News: JPM Likes JD LOGISTICS (02618.HK) on Stable Growth w/ Rating Kept at Overweight/ TP $16

CLSA lowered its 2025/ 2026 adjusted net profit forecasts for JD-SW by 41%/ 21% each, and dropped its target price for JD-SW's US stock from US$45 to US$41, with rating kept at Outperform.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

JD.com (9618 HK)

2Q25: Revenue Beat; Viable Cross-selling From FD but Margin Under Pressure

JD’s 2Q25 results came in above expectations.

Revenue increased 22% yoy to Rmb356.7b, 6% above our and consensus estimates.

Non-GAAP operating profit slumped 90% yoy to Rmb1.1b, translating to a non-GAAP operating margin of 0.3%.

Non-GAAP net profit was down 49% yoy to Rmb7.4b.

Adjusted net margin shrank 3ppt yoy to 2%.

Maintain BUY with a higher target price of HK$166.00 (US$42.00).

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

<Hindsight>Latest TPs, Ratings, Views on JD-SW (09618.HK) after Earnings Release

This website summarizes investment ratings and target prices for JD-SW (09618.HK) from five brokers:

Brokers| Ratings | Target Prices
Jefferies | Buy | HK$233
Daiwa | Buy | HK$191
Goldman Sachs | Buy | HK$187
HSBC Global Research | Buy | HK$156
Bernstein | Outperform | HK$150
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Related NewsJD-SW 2Q Non-GAAP Net Income Sinks 48.9% to RMB7.39B, Beating Estimate

Brokers| Ratings | Target Prices
Jefferies | Buy | US$60
UBS | Buy | US$50
Daiwa | Buy | US$49
Goldman Sachs | Buy | US$48
Nomura | Buy | US$45
Citi | Buy | US$42 -> US$44
CLSA | Outperform | US$41
BOCI | Buy | US$41
HSBC Global Research | Buy | US$40
Berstein | Outperform | US$39
Morgan Stanley | Equal-weight | US$21
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Brokers| Viewpoints

Jefferies | 2Q revenue, net profit, and electronics and appliance revenue growth beat forecast

UBS | 2Q core performance was strong, with a record high retail profit margin of 4.5%, topping expectations

Daiwa | 2Q losses widened amid competition from new businesses, while retail profit margins remained stable

Goldman Sachs | 2Q core performance was strong, with retail profit exceeding expectations, with focus on food delivery investments

Nomura | 2Q operating profit missed expectations

Citigroup | 2Q revenue and net profit beat, with retail profit margin rising to 4.5%

CLSA | 2Q revenue growth beat, but earnings growth fell short of expectations

BOCI | Shiny 2Q results

HSBC Global Research | 2Q results beat, with comments on increased investment in the food delivery market

JPMorgan| 2Q results beat, but new food delivery recorded huge losses

Bernstein | Food delivery nearly wiped out the group's non-GAAP operating profit

Morgan Stanley | 2Q results missed operating profit expectations

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

JD.com (9618 HK / JD US) 3Q25 preview – Teens topline growth intact with improving JD retail OPM

Maintain 3Q revenue growth estimate of 13% y/y, with JD retail to record 11% revenue growth, in-line with market consensus

Expect 3Q25 non-GAAP net profit to decline c.67% y/y, with food delivery to see narrowed sequential loss (RMB10bn+ vs 2Q's RMB13bn) and JD retail op margin to improve to 5.5% (vs 5.2%/4.5% in 3Q24/2Q25)

Unchanged FY25/26 adj. net profit estimate of RMB31.0bn/43.7bn respectively (-35%/+41% y/y).

Maintain BUY on sustaining market share gain in e-commerce, riding on the tailwind of stimulus policies.

Last TP at HKD164/USD42

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=28112