JD.com, Inc. Financial and Operational Highlights Nov 2025 This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge tha ...

Risk Management - The company is continuously working on managing third-party risk, especially concerning supply chain constraints [1] - Procedures are being put in place to handle potential backlog doubling and further supply tightening [1] Client Diversification - The company has significantly diversified its client base [2] - At the beginning of the year, 85% of revenue came from a single client [2] - Currently, no single client represents more than 35% of the company's backlog, a decrease from 50% last quarter [2] - Tremendous progress is being made on the contracting side [2] Supply Chain Diversification - No single data center provider represents more than 20% of the company's 29 gigawatts of power to be delivered over the next 24 months [3] - The company is focused on diversifying both clients and suppliers [3]

Elon Musk responded in kind to Tesla Inc. investors approving his $1 trillion compensation package, making a series of extravagant predictions about what the company will be capable of in the years to come. Tesla’s humanoid robot will progress from simple tasks, like handing out bags of candy, to performing surgery with “beyond human” levels of precision, the chief executive officer said Thursday. Most Read from Bloomberg Its flagging car business — headed for a second year of shrinking sales — will aim ...

and Ford beating on earnings but lowering guidance after a fire hit operations at the manufacturing plant of their primary aluminum supplier last month. >> In fact, here to help us break down the Ford quarter, what it means for the rest of Autos is former Ford CEO Mark Fields, also a CNBC contributor. Mark, happy Friday.Thanks for being with us. >> Great to be here, Carl. Thanks.>> What a week between um the fire, which we'll get to in a second, but tariff expectations, uh Ford's comments about EVs, what do ...

US-China Trade Relations & Geopolitics - Market is more concerned about US-China trade tensions than government shutdown [1] - China is attempting to justify its actions regarding rare earth mineral restrictions by claiming the US provoked them, but this is not accurate [2] - The US views China's actions as a broader issue affecting the world, not just a bilateral problem, and is seeking a coordinated response with allies [3] - The US does not want to damage China's economy, nor does it believe China wants to damage the US economy, but the US will assert its sovereignty [5] - Rare earth export controls are seen as a sign of decoupling, but the US does not want to decouple from China [6] - High-level communication between the US and China is ongoing, and a meeting between President Trump and Xi Jinping is still planned [9][10] - The level of trust between the two leaders has prevented further escalation of the situation [11] Strategic Reshoring & Supply Chain - COVID-19 served as a test run for bringing back strategic industries [7] - 10-20% of the current investment boom is aimed at reshoring 5-7 strategic industries [7] - Strategic industries include pharmaceuticals, semiconductors, shipbuilding, steel, and rare earths [8] - The US possesses leverage over China through semiconductors, aircraft engines, and various minerals [6][7]

Core Insights - Apple Inc. is navigating the challenges posed by political pressure from the U.S. government while also managing its reliance on Chinese manufacturing [1] - CEO Tim Cook's recent visit to China highlights the company's efforts to maintain strong ties with the Chinese market amidst geopolitical tensions [1] Company Summary - The company is facing increasing scrutiny from Washington regarding its operations in China, which is critical for its supply chain and manufacturing [1] - Tim Cook's reaffirmation of Apple's commitment to China indicates the importance of the region for the company's overall strategy and revenue generation [1] Industry Context - The broader tech industry is similarly affected by the geopolitical landscape, with companies needing to balance operational efficiency in China against potential political repercussions in the U.S. [1] - The reliance on Chinese manufacturing is a common theme among major tech firms, making the industry vulnerable to shifts in political relations [1]

Cargo Theft Incident - Two truckloads of Santo tequila, valued at over $1 million, were stolen due to sophisticated supply chain infiltration [1] - The theft involved 24,000 bottles of tequila [3] - The tequila was stolen after being trucked from Mexico to Laredo, Texas, and then being loaded onto two semi-trucks destined for Pennsylvania [3] Modus Operandi - The trucking company hired by the logistics company outsourced the job to fake trucking companies with phony credentials [8] - The criminals used a "double brokering" scheme to buy time and steal the tequila [9] - The thieves manipulated the GPS to make it appear the tequila was en route to its destination [9][10] - The drivers were unaware they were participating in a crime, believing they were delivering to a legitimate location [16] Impact and Recovery - The theft impacted Santo Spirits' business, causing them to lose product and potentially lay off employees [11][12] - 11,000 bottles of the stolen tequila were recovered in a warehouse in southeast LA [26] - The second truck of tequila and the thieves were never found [26] Industry Trends and Law Enforcement - US businesses lost over $230 million in goods to physical heists and online schemes last year [13] - Cargo theft by remotely redirecting cargo has increased by 1,200% in the last four years [18] - The LAPD recovered $42.8 million worth of stolen goods in 2024 alone [25]

Core Insights - The economy is showing signs of recovery, particularly in consumer demand, with a notable improvement starting in July and August, leading into the holiday season [3][5][12] - The airline industry is experiencing a shift towards premium offerings due to increased supply and demand dynamics, with a focus on providing more choices for consumers [6][8][9] - United Airlines has made significant investments in its operations and customer experience, which has contributed to its competitive advantage and market share gains [25][36][37] Group 1: Economic Recovery - The first half of the year indicated a near-recession, but the second half shows a reacceleration in demand, particularly in consumer spending [1][3] - Economic statistics are often backward-looking, while real-time indicators suggest a stronger economy than many anticipate [4][5] - Corporate travel began to recover post-Labor Day, indicating a positive sentiment among both consumers and businesses [5][12] Group 2: Airline Industry Dynamics - The airline industry is seeing a shift towards premium services, driven by increased supply and consumer preferences [6][8] - Pricing power is returning as demand rises, with air travel prices having decreased significantly in real terms over the past 30 years [11][12] - The pricing environment is expected to align with inflation, indicating a potential for continued price increases in the future [13][14] Group 3: United Airlines' Strategy - United Airlines has focused on long-term investments, including significant aircraft orders during the pandemic, which have positioned the company favorably for future growth [35][36] - The company is actively improving customer experience through investments in technology and employee training, which enhances overall service quality [16][17] - United Airlines is gaining market share, particularly in its hub regions, as it continues to invest in customer-focused initiatives [25][27][28]

Production & Expansion - Rivian is building a \$5 billion plant in Stanton Springs to scale global production [1] - The new plant is planned to produce 400,000 units annually [2] - Production at the new plant is expected to begin in 2028 [2] EV Demand & Market - The industry anticipates a dip in EV sales starting next quarter [2] - Rivian is optimistic about EV demand beyond the short-term impact of the tax credit ending, particularly for the R2 model [3][4] - The R2 is a five-passenger SUV starting at \$45,000 [4] Supply Chain & Raw Materials - Rivian is dependent on China for heavy rare earth metal exports in the short term [7] - Rivian is developing technologies to build motors without heavy rare earth metals [8] - Rivian is focused on assessing and ensuring the health of its supply base, particularly tier 2, 3, and 4 suppliers [9][10] Government & Partnerships - Rivian has a strong relationship with the Department of Energy [12] - Rivian has a \$5.8 billion joint venture and software supply agreement with Volkswagen [13]

Financial Data and Key Metrics Changes - Prologis has $200 billion in assets across 1.3 billion square feet in 20 countries, with a development franchise averaging $4.5 billion annually [2][3] - The company has a land bank with $42 billion of investment opportunity, equating to nearly 10 years of development potential [3] - The build-to-suit activity reached a record $1.1 billion in the first half of the year, with eight new build-to-suit projects signed in the third quarter [10][11] Business Line Data and Key Metrics Changes - The leasing pipeline stood at 130 million square feet, with improvements in the conversion of new leasing proposals to signed leases, although still below historical norms [7][19] - Larger space sizes, particularly those over 250,000 square feet, have been leasing better, with strong activity noted in LATAM and Southeast U.S. markets [14][31] Market Data and Key Metrics Changes - The company noted a slowdown in leasing activity due to tariff concerns, but this has improved over the past few months, with a more positive sentiment emerging [5][6] - Vacancy rates are expected to build slightly over the next two to three quarters, with a forecasted bottoming out below 8% in the U.S. [20][24] Company Strategy and Development Direction - Prologis emphasizes a strategy focused on quality earnings and a high-quality portfolio in logistics real estate, targeting markets with significant populations and high household incomes [67] - The company is exploring new capital sources and joint ventures to expand its $65 billion in third-party assets under management [51] - The Essentials business aims to provide additional services to smaller and medium-sized enterprises, enhancing customer relationships and contributing to EBITDA [48][49] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding demand trends, noting that the impact of new supply has been more muted than expected [73] - The company anticipates a reset in occupancy and rental rates by 2026, with expectations of returning to typical growth levels thereafter [76][78] - The ongoing e-commerce growth and challenges in new supply are seen as favorable for the logistics sector [58][59] Other Important Information - Prologis is focusing on AI and data center conversion opportunities, leveraging its existing logistics buildings for future use [43][44] - The transaction market is showing signs of improvement, with a 15% increase in volume year-to-date and multiple bidders for transactions [39][40] Q&A Session Summary Question: Has tenant decision-making improved post-tariff concerns? - Yes, there has been a positive momentum in leasing activity, with improvements in the conversion of proposals to signed leases [5][6] Question: What are the trends in box sizes and market activity? - Larger spaces are leasing better, with strong activity in LATAM and Southeast U.S. markets, while Europe has also shown good build-to-suit volume [14][31] Question: How is Prologis addressing the leasing pipeline? - The company is actively working to convert deals in the pipeline, focusing on optimizing occupancy and rent change rates [19][20] Question: What is the outlook for net absorption and vacancy rates? - The company expects net absorption to be between 75 and 100 million square feet for the year, with vacancy rates projected to bottom out in the coming quarters [24][25] Question: How is the transaction market performing? - The transaction market is improving, with a 15% increase in volume year-to-date and relatively flat values guided by appraisals [39][40] Question: What are the company's plans regarding AI initiatives? - The company plans to increase spending on AI initiatives in the coming year [62] Question: How does Prologis view the future growth of the logistics sector? - The company believes growth will remain stable, supported by favorable supply and demand dynamics [58][59]