瑞银：京东集团-2025 年第一季度业绩速评 - 业绩大幅超预期，但关注管理层展望及外卖业务投资
2025-05-16 06:25
ab Global Research First Read JD.com 1Q25 results quick take: solid beat, but focus on mgmt outlook & food delivery investment Q: How did the results compare vs expectations? A: Solid beat all across. Revenue beat at Rmb301bn, +16% YoY. Adj. OP +31% (beat 11%), and adj. NP +43% YoY (beat 20%) grew stronger on share of asso profits. Positive highlights: 1) Accelerating momentum in electronics and home appliances growth; 2) accelerating general merchandise (GM) growth at +15% (benefiting from deepened SKU & n ...