PHILADELPHIA, Jan. 7, 2026 /PRNewswire/ -- National plaintiffs' law firm Berger Montague PC advises shareholders of Uber Technologies, Inc. (NYSE: UBER) ("Uber" or the "Company") about an investigation into Uber's Board of Directors (the "Board") for potential breaches of fiduciary duties owed to the Company and its shareholders, including whether the Board failed to exercise appropriate oversight and governance in connection with rider safety and driver's background checks. Shareholders of UBER may learn ...

Key Takeaways JD is expanding food delivery beyond core e-commerce to capture on-demand retail and deepen user engagement.JD's strategy uses supply-chain control and food safety to stand out in China's delivery market.JD faces pressure to balance rapid expansion with costs as rivals like Alibaba and Grab intensify competition.JD.com's (JD) food delivery segment represents a strategic expansion beyond traditional e-commerce, positioning the company to capture on-demand retail opportunities while deepening cu ...

Summary of Key Points from J.P. Morgan's China Credit 2026 Outlook Industry Overview - **China Credit Market**: The report emphasizes a selective approach to investing in China credits, highlighting a spectrum of risk from high-quality TMT (Technology, Media, and Telecommunications) companies to solid SOEs (State-Owned Enterprises) and struggling property firms [1][5][10]. Core Insights Economic Outlook - **2025 Growth**: The Chinese economy is projected to grow approximately 5% year-on-year in 2025, supported by strong exports and fiscal expansion despite high U.S. tariffs [5][10]. - **2026 Forecast**: A slowdown to 4.4% growth is anticipated in 2026 due to weaker exports and consumption, with real estate investment expected to contract by 10% [5][11]. China TMT Sector - **Top Picks**: J.P. Morgan recommends Alibaba '35s/'54s and Weibo '30s as top picks due to their solid balance sheets and improving fundamentals [1][5][66]. - **Investment Cycle**: TMT companies are in a heavy investment cycle focusing on AI and new initiatives like food delivery, with Alibaba aggressively expanding its market share [29][30]. - **Competitive Landscape**: Intense competition in food delivery is noted, particularly with Alibaba's expansion impacting Meituan's profitability [30][68]. China SOE Sector - **Defensive Exposure**: China National Chemical is recommended for defensive exposure, with strong demand expected to absorb any potential spread widening from U.S. sanctions [5][66]. - **Spread Compression**: SOE credits have seen significant spread compression, with the JACI China single-A Corporate Index tightening to a 10-year low [78][79]. China Property Sector - **Cautious Sentiment**: The property market remains fragile, with Vanke's bond extension raising concerns. Longfor is the only company rated as Overweight due to its solid balance sheet and transformation to a rental model [1][5][66]. - **Market Risks**: Investor sentiment is expected to remain weak, and banks may tighten funding to private developers [5][66]. Additional Important Insights - **Technical Support**: The report notes that technical factors are supportive of China credits, with limited supply expected to continue into 2026 [5][15]. - **Valuation Trends**: China credits have experienced strong compression, with the JACI China IG Corp Index tightening significantly over the past year [15][16]. - **Funding Strategies**: TMT companies are exploring alternative funding channels, including exchangeable bonds and CNH bonds, to leverage lower costs and increased demand [44][66]. Conclusion - **Investment Strategy**: The report advocates for a selective investment strategy in China credits, focusing on high-quality TMT names and defensive SOEs while remaining cautious in the property sector due to ongoing risks and market fragility [1][5][66].

Summary of Meituan's Conference Call Company Overview - **Company**: Meituan (3690.HK) - **Industry**: E-commerce and Food Delivery Key Points and Arguments Competitive Landscape and Unit Economics - Meituan is confident in achieving long-term EBIT of Rmb1 per order by maintaining a unit economics advantage over peers, driven by: 1. Higher commission revenue per order from increased Average Order Value (AOV) 2. Lower subsidy rates due to a higher-quality user mix 3. Reduced delivery costs per order from greater order density and improved algorithms - The rider cost advantage has narrowed due to increased competition and volume growth during the subsidy war [5][6] Order Volume Growth Projections - Goldman Sachs forecasts a 10% growth in order volume for Q4 2025 and 6% for FY 2026, anticipating a gradual reduction in subsidies post-Singles Day festival [5][6] Instashopping Growth Outlook - Instashopping maintains leading market share in order volume and Gross Transaction Value (GTV), with a projected order volume growth of 31% for Q4 2025, despite a sequentially larger operating loss of -Rmb1.6 billion due to investments for user experience enhancement [5][6] In-store Competition and Margin Trajectory - The in-store segment faces evolving competition, leading to a decline in EBIT margins due to slower liquor demand and reduced spending from fast food chains [6] - Long-term EBIT margin for the in-store, hotel, and travel (IHT) segment is expected to stabilize at 30-35% [6] Overseas Expansion and New Initiatives - Meituan plans to prioritize resource allocation for overseas expansion in Kuwait, UAE, and Brazil, while maintaining investment levels for new initiatives in FY 2026 [6] - Forecasted losses for Keeta's expansion are projected at -Rmb3.9 billion for Q4 2025 and -Rmb8.0 billion for FY 2026 [6] Price Target and Investment Rating - Goldman Sachs maintains a "Buy" rating on Meituan with a 12-month price target of HK$120, indicating a potential upside of 20.5% from the current price of HK$99.55 [12][15] Important but Overlooked Content - Key downside risks include: - Increased competition affecting growth and profit turnaround - Labor cost inflation and operational efficiencies - Food safety concerns and stricter regulations - Higher-than-expected investments in Keeta [8][14] Financial Projections - Group revenue is projected to grow from Rmb337.6 billion in 2023 to Rmb408.1 billion in 2026, with an expected adjusted EBIT margin recovery over the next few years [11][15] Conclusion - Meituan is positioned to leverage its competitive advantages in the food delivery and e-commerce sectors, with a focus on maintaining unit economics and expanding into new markets while managing risks associated with competition and operational costs.

Meituan (3690.HK) 3Q25 Review Summary Company Overview - **Company**: Meituan (3690.HK) - **Market Cap**: HK$639.4 billion / $82.1 billion - **Enterprise Value**: HK$464.2 billion / $59.6 billion - **Current Price**: HK$102.50 - **Target Price**: HK$120.00 - **Upside Potential**: 17.1% [7][3] Key Financial Highlights - **3Q25 Adjusted Operating Loss**: -Rmb17.5 billion (better than expected vs. GSe of -Rmb18.8 billion) [1] - **Food Delivery and Instashopping Losses**: Estimated at -Rmb19 billion [1] - **New Initiatives Loss**: -Rmb1.3 billion (better than GSe/VA of -Rmb2.3 billion) [1] - **Expected 4Q Losses**: Substantial food delivery losses anticipated, but a rebound expected in 1Q26 due to CNY seasonality [1] - **3Q On-Demand Losses**: Peaked, with narrower losses expected for 4Q25E/1Q26E [1] Market Position and Competitive Landscape - **Market Share**: Meituan maintains leading GTV market share with higher AOV orders [1] - **Comparison with Competitors**: Meituan's losses per order are -Rmb2.6 compared to Alibaba's -Rmb5.2 [1] - **Competition**: Increased competition from Douyin and Amap affecting in-store, hotel, and travel margins [1] Strategic Insights - **Path to Profitability**: Increased visibility for international business, with Keeta turning profitable in Hong Kong [1] - **User Subsidies**: Focus on protecting high-quality users to support higher ROI and lifetime value [19] - **Investment in New Initiatives**: Continued investment in Instashopping and overseas expansion, with expected losses in the short term [30] Future Outlook - **Revenue Growth Forecast**: - **2024**: Rmb337,591.8 million - **2025E**: Rmb366,000.0 million - **2026E**: Rmb408,093.2 million - **2027E**: Rmb451,767.9 million [7] - **EBITDA Forecast**: - **2024**: Rmb49,119.6 million - **2025E**: -Rmb13,207.4 million - **2026E**: Rmb20,824.3 million - **2027E**: Rmb53,882.2 million [7] Risks and Challenges - **Competition Risks**: Potential for prolonged losses from competitors like Alibaba, which could suppress Meituan's margins [21] - **Market Dynamics**: Shift from capital-driven competition to efficiency-driven competition expected [29] - **Regulatory Risks**: Food safety concerns and stricter regulations could impact operations [30] Valuation Scenarios - **Base Case Valuation**: HK$120 per share, reflecting a more fragmented long-term landscape with reduced market share [25] - **Bull Case Valuation**: HK$152 per share, assuming continued leadership and ability to capture high-quality users [20] - **Bear Case Valuation**: HK$77 per share, if competition significantly impacts margins and growth [21] Conclusion - Despite near-term profitability challenges, Meituan's leadership in local services and potential for recovery in food delivery and Instashopping positions it favorably for future growth. The company maintains a Buy rating based on its strategic initiatives and market position [26]

Meituan (3690.HK) 3Q25 Earnings Call Summary Company Overview - **Company**: Meituan (3690.HK) - **Industry**: E-commerce and local services in China Key Financial Highlights - **Adjusted Operating Loss**: Rmb -17.5 billion, better than Goldman Sachs estimate (GSe) of Rmb -18.8 billion [1] - **Core Local Commerce (CLC) Loss**: Rmb -14.1 billion, above GSe of Rmb -15.1 billion but below Visible Alpha consensus of Rmb -13.1 billion [1] - **New Initiatives Loss**: Rmb -1.3 billion, better than both GSe and Visible Alpha consensus (GSe: Rmb -2.3 billion) [1] - **3Q25 Net Revenue**: Rmb 95.488 billion, a 2% increase year-over-year [16] - **Adjusted EBITDA**: Rmb -14.842 billion, a decline of 202% year-over-year [16] Competitive Landscape - **Food Delivery Competition**: Intensity has decreased post-Singles' Day festival, with Meituan regaining market share [8] - **Long-term Competition Outlook**: Expected to shift from capital-driven to efficiency-driven, focusing on high-quality orders and fast delivery [8] - **Instashopping Losses**: Anticipated to widen in 4Q due to increased investment in user experience and supply-side operations [9] Segment Performance - **Core Local Commerce**: Revenue declined by 3% year-over-year, with a significant loss in adjusted EBIT margin [19] - **Food Delivery**: Estimated losses of Rmb -20 billion, compared to Alibaba's Rmb -36 billion [7] - **In-store, Hotel & Travel (IHT)**: EBIT margin fell to around 28%, with growth moderating to high-teens percentage [7] - **New Initiatives**: Revenue growth of 16% to Rmb 28.0 billion, driven by grocery retail and overseas expansion [7] Technology and AI Initiatives - **AI Strategies**: Development of AI models and chatbots to enhance user experience and support local services [11] International Expansion - **Keeta**: Achieved profitability in Hong Kong ahead of schedule, with plans to expand into the Middle East and Brazil [12] Future Outlook - **4Q25 Expectations**: Anticipated narrowing of losses, with a focus on improving average order value (AOV) and managing competition [19] - **Long-term Growth Drivers**: Expected recovery in profits over 2026-27, supported by AI applications and new market entries [14] Risks - **Key Risks Identified**: Increased competition, labor cost inflation, and food safety concerns [15] Investment Recommendation - **Rating**: Buy with a 12-month price target of HK$139, indicating a potential upside of 35.6% from the current price of HK$102.50 [19]

JD.com, Inc. 3Q25 Preview Summary Company Overview - **Company**: JD.com, Inc. (JD.O, JD US) - **Industry**: China Internet and Other Services - **Market Cap**: US$50,068 million - **Current Stock Price**: US$31.85 - **Price Target**: US$28.00, implying an 11x 2025e non-GAAP P/E [5][7][19] Key Financial Metrics - **3Q25 Revenue Growth**: Forecasted at 10.8% YoY for JD Retail (JDR) and 14.3% for the group [2] - **Operating Profit Growth**: Expected to grow 15% YoY for JDR [2] - **Non-GAAP Net Profit**: Projected to decline 65% YoY to Rmb4.5 billion, with a non-GAAP net profit margin (NPM) of 1.55% [2] - **4Q25 Revenue Growth**: Expected to slow further to 5.6% for JDR and 8.5% for the group [4] Investment and Margin Outlook - **Continued Investments**: JD is expected to maintain investments in Food Delivery (FD), Quick-Commerce (QC), and Jingxi, which will continue to impact margins negatively [2][4] - **Margin Pressure**: Non-GAAP NPM is forecasted to decline to 1.45% in 4Q25 from 3.25% in 4Q24 due to ongoing investments and competitive pressures [4] Market Dynamics - **High Base Effect**: Revenue growth in the smartphone, electronics, and home appliances categories has started to slow down, with August showing only 11% YoY growth compared to 23% in July [3] - **Trade-in Program Impact**: The trade-in program initiated in late August 2024 is expected to support revenue but may not offset losses from new business ventures [2][3] Competitive Landscape - **Intense Competition**: The e-commerce sector is expected to remain competitive, as indicated by JD's early Double 11 promotion this year [4] - **Consumer Sentiment**: There is a need for improved consumer sentiment to support revenue growth and margin recovery [23] Risks and Ratings - **Rating**: Maintain Equal-weight (EW) rating due to downside risks from revenue slowdown and earnings uncertainties [5][23] - **Valuation Methodology**: Discounted Cash Flow (DCF) with a 13% WACC and 3% terminal growth rate [13][34] Summary of Financial Estimates - **2025 Revenue**: Projected at Rmb1,331.7 billion [32] - **2025 Non-GAAP Net Income**: Estimated at Rmb30.2 billion [33] - **Active Customers**: Expected to grow to 671 million by 2025 [30] Conclusion - JD.com is facing a challenging environment with slowing revenue growth, ongoing investments impacting margins, and intense competition in the e-commerce sector. The company’s future performance will heavily depend on consumer sentiment and the effectiveness of its strategic initiatives.

Meituan (3690 HK) Conference Call Summary Company Overview - **Company**: Meituan (3690 HK) - **Sector**: IT Services - **Market Cap**: HKD 573.63 billion (USD 73.7 billion) [7][15] Key Industry Insights - **Food Delivery (FD) Losses**: Expected to peak in Q3 2025 and narrow significantly by Q4 2025. However, increased investment intensity in the market may lead to higher near-term losses [2][11]. - **Competition**: Key competitor Alibaba is focusing on retaining its quick commerce market share, which may prolong the timeline for Meituan's FD to return to profitability [2][4]. Financial Performance and Projections - **3Q25 Expectations**: - Core Local Commerce (CLC) revenue projected to decline by 2% year-over-year (yoy) with operating losses widening to RMB 16 billion. - Food Delivery operating loss forecasted at RMB 20 billion, translating to RMB 2.9 loss per order [5][11]. - **Revenue Growth**: New initiatives revenue expected to grow by 18% yoy, but operating losses are anticipated to widen to RMB 2.35 billion [5]. Market Share and Competitive Position - **Rider Metrics**: - Market share of total rider app sessions increased to 54.9% in September from 53.5% in August [3][19]. - Market share of rider capacity rose to 66.7% in September [3][22]. - **Merchant Metrics**: - Market share of total sessions in quick commerce merchant apps stabilized at 55.5% [3][26]. - Daily Active Users (DAU) market share in merchant apps remained stable at 48.6% [3][28]. Strategic Advantages - **Merchant Coverage**: Meituan has a deep understanding of its 14.5 million annual active merchants, with direct business development teams enhancing responsiveness to merchant needs [4]. - **Technology Adoption**: The implementation of a restaurant management system improves operational efficiency, aiding in order preparation and distribution [4]. - **Membership Upgrades**: Continuous enhancements to membership offerings are expected to yield long-term benefits [4]. Risks and Challenges - **Intensified Competition**: Risks from competitors such as Alibaba, Douyin, and JD may impact market share and profitability [4][33]. - **Investment Impact**: Aggressive investments could pressure margins, and a potential consumption slowdown may further complicate recovery [33]. Valuation and Target Price - **Target Price Adjustment**: Target price reduced from HKD 125 to HKD 114, reflecting a 9.9% upside from the current share price of HKD 103.70 [7][33]. - **Earnings Projections**: Adjusted EPS estimates for 2025 show a significant decline to -1.62 from a previous estimate of -0.27 [8][32]. Conclusion - Meituan maintains a "Buy" rating despite challenges, with expectations of long-term benefits from its strategic investments and competitive positioning in the food delivery and quick commerce sectors [4][33].

Core Insights - The African market has faced significant challenges over the past few years, including currency volatility, high inflation rates, and supply chain disruptions, which have impacted online retail operations [1][2] - Recent improvements in currency stability have led to increased supply from Chinese manufacturers, boosting consumer confidence and easing operational challenges for online retailers [3][4] - The ongoing trade war between China and the US has indirectly benefited African online retailers by increasing the availability of goods from Chinese suppliers [4] Market Focus - The company operates in nine African markets, focusing on e-commerce for physical goods targeted at the middle class, defined as individuals earning between $400 and $500 per month [6][9] - The competitive landscape in South Africa is challenging, with established players like Takealot and international platforms, leading the company to exit the South African market [8][10] - The company has a dominant position in eight of the nine markets it operates in, having tailored its business model to the specific purchasing power of these regions [9][10] Competitive Landscape - Increased competition is anticipated in markets like Nigeria, particularly from non-resident platforms such as Temu and Shein, which have begun to establish a presence [11][12] - Despite the competition, the company believes it can maintain its market position by adapting to local conditions, indicating that financial resources alone do not guarantee success in these markets [12]

Core Insights - JD.com's accelerating user growth is a significant driver for its core Retail business and New Businesses like Food Delivery, leading to a 20.6% growth in Retail revenue and a 199% increase in the new business segment in Q2 2025 [1][4] User Growth and Engagement - The 618 Grand Promotion marked a pivotal moment for JD, with 2.2 billion orders and over 100% year-over-year growth in purchasing users, while quarterly active customers (QAC) grew over 40% [2][9] - JD Plus members demonstrated strong loyalty, with shopping frequency increasing by over 50%, indicating a willingness to spend more frequently [2][9] Food Delivery as a Growth Driver - Food Delivery is becoming increasingly important for JD, with high-frequency use enhancing engagement and supporting Retail spending [3][4] - The company is investing in logistics and technology, including the launch of JoyExpress in Saudi Arabia and plans to double overseas warehouses by 2025 to maintain this momentum [3] Competitive Landscape - Alibaba has rapidly expanded its user engagement through Taobao Instant Commerce, achieving 300 million monthly active consumers by August 2025, a 200% increase since April [5] - PDD Holdings has also seen strong user growth through Pinduoduo and Temu, often surpassing JD in attracting incremental users, particularly in lower-income and international segments [6] Financial Performance and Valuation - JD.com's shares have gained 1.3% year-to-date, underperforming the Zacks Retail and Wholesale sector's rise of 8.6% and the Zacks Internet-Commerce industry's growth of 12.2% [7] - The company is trading at a forward 12-month price-to-earnings ratio of 10.35X, significantly lower than the industry's 24.7X, and carries a Value Score of A [10] - The Zacks Consensus Estimate for JD's earnings is $2.72 per share for 2025, reflecting a year-over-year decline of 36.15%, with a projected growth of 31.74% to $3.58 per share in 2026 [13]