Investment Rating - The report maintains a "Buy" rating for JD Group [1] Core Insights - The company's revenue and profit exceeded expectations, with a revenue of 356.66 billion yuan in Q2 2025, representing a year-on-year growth of 22.4%. However, the Non-GAAP net profit was 7.39 billion yuan, a decline of 48.91% year-on-year, resulting in an adjusted net profit margin of 2.07% compared to 4.96% in the same period of 2024 [12][27] - The supermarket category continues to recover, and service and 3P business growth exceeded expectations, with product sales revenue reaching 282.41 billion yuan, up 20.7% year-on-year, and service and other income at 74.25 billion yuan, up 29.1% year-on-year [15][19] - The company is focusing on enhancing user engagement and expanding its PLUS membership, which is expected to drive further growth in electronic products and home appliances [18][19] Summary by Sections Revenue and Profit Performance - In Q2 2025, JD Group's total revenue was 356.66 billion yuan, a 22.4% increase year-on-year, while Non-GAAP net profit was 7.39 billion yuan, down 48.91% year-on-year [12][27] Business Segment Growth - The electronic products and home appliances segment generated 178.98 billion yuan, growing 23.4% year-on-year, while daily necessities revenue was 103.43 billion yuan, up 16.4% year-on-year [18] - Platform and advertising service revenue reached 28.51 billion yuan, a 21.7% increase, and logistics and other service revenue was 45.74 billion yuan, up 34.3% year-on-year [19] Cost and Efficiency - The company's operating costs were 300.02 billion yuan, a 22.2% increase year-on-year, with a gross margin of 15.9%, up 0.1 percentage points year-on-year [22] - Fulfillment expenses rose 28.6% to 22.15 billion yuan, with a fulfillment expense ratio of 6.2%, an increase of 0.3 percentage points [22] Earnings Forecast and Investment Rating - The EPS (Non-GAAP) forecast for 2025-2027 has been adjusted to 9.0, 12.8, and 15.7 yuan, respectively, with corresponding PE ratios of 12.7, 8.9, and 7.2 times [27]

在推出外卖业务之前，新业务（主要包括达达、京东产发、京喜及海外业务）收入连续多个季度同比出现下滑。 外卖业务为京东带来的变化在最新一季财报中有所体现。5月13日，京东（9618.HK）发布了2025年一季度业绩。 第一季度京东收入为3011亿元，同比增长15.8%，增速创近三年来最高。归属于普通股股东的净利润为109亿元，同比增长52.7%。 具体到细分业务，京东零售一季度收入为2638.5亿元，同比增长16.3%。其中电子产品及家用电器品类收入同比增长17.1%，日百品类收入同比增长14.9%。 京东表示，一季度活跃用户数实现了连续6个季度同比双位数增长，增速超过20%。第三方商家成交用户数和订单量保持同比双位数增长。 此外，京东在4月宣布推出2000亿出口转内销扶持计划，未来一年内，将大规模采购不低于2000亿元出口转内销商品。截至4月底，已有上万家企业与京东采 销进入到实质性采购洽谈阶段。 外卖业务所属的新业务一季度收入为57.5亿元，同比增长18.1%，去年一季度新业务收入同比下滑19.2%。在推出外卖业务之前，新业务（主要包括达达、京 东产发、京喜及海外业务）收入连续多个季度同比出现下滑。外卖业务属 ...

Investment Rating - The investment rating for JD Group is "Buy" with a target price set at HKD 157.2, maintaining the rating for the next six months [5]. Core Views - JD Group's Q4 2024 performance exceeded expectations with a revenue of CNY 347 billion, a year-on-year increase of 13.4%, driven by strong growth in both product and service revenues [1]. - The company has shown significant profit improvement, with a Non-GAAP net profit of CNY 11.3 billion in Q4 2024, reflecting a 34.5% year-on-year growth [1]. - The report highlights the successful execution of the share repurchase plan, with approximately 255 million shares repurchased, totaling around USD 3.6 billion, and a new plan to repurchase up to USD 5 billion in shares over the next 36 months [1]. - The report emphasizes the positive impact of government subsidies and the optimization of product categories, which are expected to drive sustainable growth in market share and order volume [4]. Summary by Sections Financial Performance - In Q4 2024, JD Group achieved a total revenue of CNY 347 billion, with product revenue at CNY 281 billion and service revenue at CNY 66 billion, marking year-on-year growths of 14.0% and 10.8% respectively [1]. - The annual revenue for 2024 reached CNY 1,158.8 billion, a 6.8% increase from the previous year, with a Non-GAAP net profit of CNY 47.8 billion, up 35.8% year-on-year [1]. Retail Segment - JD Retail's revenue for Q4 2024 was CNY 307.1 billion, a 14.7% increase, with operating profit rising by 44.7% to CNY 10 billion [2]. - The electronics and home appliances category saw a revenue increase of 15.8% to CNY 174.1 billion, benefiting from the "trade-in" policy and service upgrades [2]. - Daily necessities revenue grew by 11.1% to CNY 106.8 billion, with third-party merchant orders increasing by over 14.7% [2]. Logistics Segment - JD Logistics reported a revenue of CNY 52.1 billion in Q4 2024, a 10.4% increase, with operating profit rising by 37.1% to CNY 1.8 billion [3]. - The collaboration with Taobao and Tmall logistics systems has enhanced external customer revenue, which now accounts for 69.6% of total revenue [3]. - The international expansion of logistics services is accelerating, with a significant increase in self-operated overseas warehouse space [3]. Future Outlook - Revenue projections for JD Group from 2025 to 2027 are adjusted to CNY 1,251 billion, CNY 1,331.2 billion, and CNY 1,409.5 billion, reflecting year-on-year growth rates of 8.0%, 6.4%, and 5.9% respectively [4]. - The Non-GAAP net profit forecasts for the same period are set at CNY 51.9 billion, CNY 57.4 billion, and CNY 62.8 billion, indicating a positive growth trajectory [4].

Investment Rating - The investment rating for JD Group is "Buy" with a target price set at 157.2 HKD, maintaining the rating for the next six months [5]. Core Insights - JD Group reported a strong performance in Q4 2024, with revenue reaching 347 billion CNY, a year-on-year increase of 13.4%, surpassing Bloomberg's consensus expectations. The company's Non-GAAP net profit for the same quarter was 11.3 billion CNY, reflecting a 34.5% increase year-on-year [1][4]. - The retail segment of JD Group saw revenue of 307.1 billion CNY in Q4 2024, up 14.7% year-on-year, driven by the optimization of product categories and enhanced service capabilities [2]. - JD Logistics achieved revenue of 52.1 billion CNY in Q4 2024, a 10.4% increase year-on-year, with a notable focus on international expansion and operational efficiency [3]. Summary by Sections Financial Performance - In Q4 2024, JD Group's total revenue was 347 billion CNY, with product revenue at 281 billion CNY and service revenue at 66 billion CNY, marking increases of 14.0% and 10.8% respectively [1]. - For the full year 2024, total revenue reached 1,158.8 billion CNY, a 6.8% increase, while Non-GAAP net profit was 47.8 billion CNY, up 35.8% year-on-year [1]. Retail Segment - JD Retail's revenue in Q4 2024 was 307.1 billion CNY, with a 14.7% year-on-year growth. The operating profit was 10 billion CNY, reflecting a 44.7% increase [2]. - The electronics and home appliances category generated 174.1 billion CNY, a 15.8% increase, benefiting from the "trade-in" policy and service upgrades [2]. Logistics Segment - JD Logistics reported revenue of 52.1 billion CNY in Q4 2024, with a 10.4% year-on-year growth and an operating profit of 1.8 billion CNY, up 37.1% [3]. - The company is expanding its international logistics capabilities, with a focus on enhancing service offerings globally [3]. Shareholder Returns - JD Group has been actively repurchasing shares, completing a buyback of approximately 255 million A shares, representing 8.1% of the shares outstanding as of the end of 2023, with a total expenditure of about 3.6 billion USD [1].

Investment Rating - The investment rating for JD Group is "Buy" with a target price set at HKD 157.2, maintaining the rating for the next six months [5]. Core Views - JD Group's Q4 2024 performance exceeded expectations, with revenue reaching CNY 347 billion, a year-on-year increase of 13.4%. The company also reported a significant increase in net profit, with Non-GAAP net profit rising by 34.5% to CNY 11.3 billion [1][4]. - The report highlights the positive impact of government subsidies and the optimization of product categories, which are expected to drive sustainable growth in market share and order volume [2][4]. - JD Logistics is expanding its international presence and enhancing operational efficiency, with revenue growth of 10.4% in Q4 2024, indicating a strong performance in both domestic and international markets [3][4]. Summary by Sections Financial Performance - In Q4 2024, JD Group achieved total revenue of CNY 347 billion, with product revenue at CNY 281 billion and service revenue at CNY 66 billion, reflecting year-on-year growth of 14.0% and 10.8% respectively [1]. - For the full year 2024, total revenue was CNY 1,158.8 billion, a 6.8% increase, with Non-GAAP net profit reaching CNY 47.8 billion, up 35.8% [1]. Retail Segment - JD Retail's revenue for Q4 2024 was CNY 307.1 billion, a 14.7% increase, with operating profit rising by 44.7% to CNY 10 billion [2]. - The electronics and home appliances category saw a revenue increase of 15.8%, driven by the "trade-in" policy and service upgrades [2]. Logistics Segment - JD Logistics reported Q4 2024 revenue of CNY 52.1 billion, a 10.4% increase, with operating profit growing by 37.1% to CNY 1.8 billion [3]. - The company is expanding its logistics capabilities internationally, with a focus on enhancing service offerings for overseas clients [3]. Shareholder Returns - JD Group has completed a share buyback of approximately 255 million A shares, totaling around USD 3.6 billion, and has initiated a new buyback plan of up to USD 5 billion over the next 36 months [1][4].