Broadline Retail

JD-SW

Today’s Key News Recap

NVDA

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0519 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced on social media that, at the request of leaders of Qatar, Saudi Arabia and the UAE, the planned strike on Iran set for the 19th has been postponed. He said the US and Iran are in 'serious talks', while the three Gulf states fear an escalation could hit their own energy infrastructure. He also stressed that US forces remain on alert, warning that if talks collapse, a full-scale offensive would follow.This move keeps a window open for diplomacy while applying military pressure on Tehran. In the near term, it eases risks around Middle East oil prices and shipping, supporting global energy markets and risk appetite. Over the longer run, US-Iran rifts are unlikely to be resolved...

NVIDIA

JD-SWR

JD.com

TENCENT

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Tencent Holdings Limited

Tencent

Tencent HK SDR 10to1

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Destiny Tech100

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Baidu HK SDR 10to1

Baidu

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Oracle

JD HK SDR 10to1

ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D

JD 618 Kicks Off Low-Price Deals; Tencent Speeds Up AI Monetization | Daily News Recap

Hot topic

As Dolphin Research had warned, consumption pressure in Q2 is significant, and April data confirmed a clear slowdown. Retail sales came in notably weaker.Overall retail sales rose just 0.2% YoY. Our estimate for online physical goods is also 0.2% YoY, marking the weakest month since 2022.However, this poor print was not a surprise. After the Feb. peak season, retail momentum had already faded in Mar.Mar–Jun last year was when state subsidies were most supportive. Leading local players such as JD have guided that Q2 e-commerce growth will deteriorate vs. Q1...

China Apr retail sales: Q2 under pressure?

Financial Analysis

Below is Dolphin Research's recap of $JD.com(JD.US) FY26 Q1 earnings call. For our earnings take, see 'State subsidies fading, JD's earnings power intact'.I. Core financial highlights review1) Shareholder returns: In Q1, JD repurchased approx. 44.5 mn ordinary shares (equivalent to 22.3 mn ADS) for $631 mn, about 1.6% of shares outstanding. Remaining buyback authorization stands at $1.4 bn through Aug 2027. For 2025, the cash dividend is $1 per ADS (~$1.4 bn)...

JD (Trans): Q2 3C & Appliances Under Greater Pressure; Margins Set to Improve Further

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$JD.com(JD.US) released its Q1 2026 results on May 12. Takeaway: growth has bottomed and is recovering, with profits ahead of expectations. Total revenue was RMB 315.7bn (+~5% YoY), improving from +1.5% in the prior quarter and slightly above market expectations.This confirms a gradual rebound in the e-comm biz. Group Adj. OP was RMB 5.6bn, still roughly halved YoY but the highest quarterly profit since the food-delivery price war kicked off in Q2, and well above Bloomberg consensus of RMB 2.6bn...

JD LOGISTICS

JD: Earnings Power Intact as state subsidies fade

Alibaba

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$Alibaba(BABA.US) released its last-quarter FY26 results pre-mkt on May 13. As widely expected, headline performance was weak this quarter.The main drag was aggressive Lunar New Year promos and 'cash burn', which pushed group profit below even last Q3's peak during the food-delivery price war. The cloud biz also lacked any standout prints, failing to offset the shortfall.From an expectations perspective, the print landed within the range of updated sell-side estimates, albeit at the low end. So it was not a negative surprise. Specifically, 1) CMR growth appeared soft...

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Alibaba HK SDR 5to1

BABA: E-comm Steps Back, AI Takes Lead; Cash Burn Not a Concern

JD 1Q26 First Take: a brief note first, with a fuller review to follow when time permits. Overall, results beat market expectations and align with prior guidance that performance has bottomed and is turning up.At the headline level, revenue growth reaccelerated to ~5%, ahead of the 3.4% consensus. Adj. OP came in at RMB 5.6bn; with a sharp reduction in food-delivery losses, profit improved markedly vs. Q2–Q4 2025, though it was still down by more than half YoY.By segment, core Mall revenue growth recovered to 1.8%. Within that, appliances and electronics revenue fell nearly 9% YoY as state subsidies faded, while general merchandise and 3P services posted solid growth, driving a slightly better-than-expected recovery for the Mall segment.Mall profit materially beat as well, returning to growth at +16.5% YoY vs. Bloomberg cons. expecting a decline. Despite opex rising ~11% YoY, the key driver was a significant GPM expansion of 180bps.Beyond mix shifts, JD likely secured better supplier terms, partially offsetting the drag from lower state subsidies.Other businesses, including food delivery, posted a loss of ~RMB 10.4bn this quarter, narrowing by ~RMB 4.5bn QoQ. This clearly reflects sharply lower losses after JD largely exited head-on competition in food delivery.With Mall profitability beating, food delivery losses narrowing as expected, and logistics performing well, JD delivered a solid quarter. That said, the rebound had been well telegraphed, so the surprise vs. expectations is limited.$JD.com(JD.US) $JD-SW(09618.HK)<figure class="image"></figure>

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0512 | Dolphin Research Focus — Macro/Industry. The BLS will release Apr CPI at 20:30 Beijing time on Tue, with the street expecting 3.7%–3.8% YoY and 0.6% MoM, as core inflation is supported by rents and oil.The print is a key input for the Fed's Jun FOMC. A beat would curb rate-cut odds and lift UST yields, pressuring global risk assets near term. A miss would likely revive easing trades, benefiting growth and HK tech...

Deutsche Bank AG

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Tencent Music

Amazon

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Kuaishou HK SDR 5to1

Kuaishou to spin off 'Kling' for a standalone listing; Tencent holds the line on social | Daily News Recap

GOOGL

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0511 | Dolphin Research Watch: 🐬 Macro/Industry update. U.S. President Trump will pay a state visit to China on May 13–15, the first by a U.S. president in nine years.This leader-level diplomacy sets the strategic tone and should help manage differences and stabilize U.S.-China relations. It adds certainty globally; watch trade and tech engagement for near-term catalysts and long-term impacts on asset prices.2) Iran-U.S. talks have deteriorated, with Iran demanding that oil sanctions be lifted within 30 days and asserting control over the Strait of Hormuz. Trump called this 'completely unacceptable'...

Alphabet

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US Global Sea to Sky Cargo ETF

GOOGL issues JPY bonds to fuel the AI race; BABA integrates Qwen with Taobao to double down on smart shopping | Daily News Recap

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Apr 2 | Dolphin Research focus: Stock 1, $Oracle(ORCL.US). Reports suggest Related Digital is advancing approx $16 bn in project financing for Oracle's AI data center build, mainly for hyperscale compute campuses such as 'Stargate'.Oracle's cloud &amp; AI capex plan through 2026 exceeds $50 bn. FCF has turned negative, leaving it reliant on external funding and compute contracts with OpenAI, etc...

Globalstar

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KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Direxion Daily AMZN Bull 2X Shares

GraniteShares 2x Short TSLA Daily ETF

Direxion Auspice Broad COM

Boeing

ORCL mass layoffs; BABA rolls out next-gen Qwen LLM | Daily News Recap

Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

PDD: Has the Maverick Gone Mediocre?---

JD.com Q1 Earnings: Revenue Up 4.9%, Net Profit Down 53% as New Business Segment Suffers Massive Losses

JD Announces 618 Starts May 30, Offers Up to 50% Off and Full AI Integration

JHC Japan City Partners with JD's Jingzao to Launch Over 1,000 Products

JD.com Announces Global First Auction of Simulated Robots on May 22

JD.com Launches 618: Unveils AI Medical Devices, Sets 3-Year Sales Target at 20 Billion

JD Announces AI R&D Investment Growth Over 200%, Jingyan Users Near 80 Million

JD.com 2026 Q1 Earnings: Food Delivery Business Shifts to Asset-Light Model, Losses Narrow Significantly

JD.com and Mastercard Sign Strategic Cooperation Agreement in Beijing

Jingdong Shanghai HQ Construction Site Scaffolding Tilts, Main Structure Unaffected

JD.com and Mastercard Sign Strategic Cooperation Agreement

JD Fresh Seafood Base Unveiled in Weihai, 'Live Delivery' Service Launching for 618

Four Former Executives of Original Jexin Consumer Finance Banned from Banking, Tianjin JD Consumer Finance Warned on Compliance After Rebranding

US Approves Chinese Firms to Buy Nvidia H200; Search Volume Surges on JD.com

Nomura Raises JD.com US Stock Target Price to $41, Maintains Buy Rating

JD.com Launches Apple Product Promotion, iPhone Discount Up to 3,100 RMB

DAH SING SECURITIES MAINTAINS BUY RATING ON JD.COM AND RAISES 2026 EARNINGS FORECAST BY 10%

Barclays Raises JD.com Price Target to $43

Susquehanna raises JD.com target price to $35 from $30

CMBI and DBS Maintain Buy Rating on JD.com and Set Price Targets

Brokers Provide Investment Ratings and Target Prices for JD Logistics

HINSANG GROUP

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PASHUN INT RTS

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ZHONGKE GROUP

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Pinned News

置顶新闻

JD-SW  Launches 618 "Low-price Hot Sale" Campaign, Fully Upgrades Double Compensation Service

JD.com, Inc. (09618.HK, JD.US) Q1 2026 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q4 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q3 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q2 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q1 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Fourth Quarter and Full Year 2024 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q3 2024 Earnings Conference Call

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JD-SWannounced its 618 shopping festival starting May 30, featuring discounts up to 50% and a new 'Low-price Hot Sale' campaign. The event includes an 'Online RMB2 Store' and upgraded 'Double Compensation for Higher Price' service. JD's European brand Joybuy will also participate, offering extensive logistics support. Additionally, JD plans to enhance AI integration across various sectors, with a 200% increase in AI R&D investment this year, launching AI-driven services during the festival.

- JD-SW announced its 618 shopping festival will start at 8 pm on May 30, featuring discounts up to 50% and new campaigns like "Low-price Hot Sale."  
- The event will include exclusive offers such as an "Online RMB2 Store" and promotions for new products at RMB1.  
- JD is also enhancing its AI capabilities in multiple sectors and increasing its investment in AI by over 200%, with significant applications planned for logistics during the festival.

AASTOCKS News

Global X E-commerce ETF

SPDR S&P Retail ETF

VanEck Retail ETF

ProShares Online Retail

Amplify Online Retail ETF

KraneShares 2x Long JD Daily ETF

JD HEALTH

JD HEALTH-R

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JD.com will launch its AI-integrated 618 Grand Promotion on May 30 at 8 p.m., offering discounts of up to 50% across various product categories. This marks the company's first promotion fully utilizing AI in its consumer-facing features and operations.

- JD.com will launch its 618 Grand Promotion at 8 p.m. on May 30, 2026.  
- The event will fully integrate AI across consumer-facing features and operations, offering discounts of up to 50% on various products.  
- This promotion marks a significant step for JD.com in enhancing its sales strategy through technology.

PUBT

JD.com kicks off AI-integrated 618 Grand Promotion with discounts up to 50%

JD's 618 campaign will officially start at 8pm on May 30 and run until June 21. Eric Qi, Head of Platform Operations, announced continuous auction events during the preheating period, including the world's first simulation robot auction on May 22.

- The press conference for the JD 618 launch in 2026 announced that the campaign starts at 8 PM on May 30 and runs until June 21.  
- Eric Qi of JD-SW highlighted that there will be continuous auction events leading up to the launch, including the world's first simulation robot auction this Friday.  
- As of May 18, JD-SW's short selling was reported at $153.34 million with a ratio of 29.833%.

JD 618 Campaign to Kick Off at 8pm on May 30

S&P Global Ratings warns that JD-SWmay face challenges in sustaining its business improvement due to reduced subsidies and intensified competition in food delivery. Despite a strong start in 1Q26 with a 25% YoY increase in active customers, growth momentum may slow as food delivery subsidies decline. Losses in new businesses narrowed, but significant losses remain. JD-SW aims to improve food delivery unit economics, but competition may lead to increased subsidies during the peak season.

- S&P Global Ratings indicates that JD-SW may face growth challenges in the next one to two quarters due to reduced subsidies and increased food delivery competition.  
- In 1Q26, JD-SW's active customer base grew by 25% YoY, and shopping frequency increased by 37% YoY, although momentum in electronics weakened.  
- The firm expects difficulties in sustaining growth as food delivery subsidies decrease and competition intensifies during the summer peak season, necessitating precise subsidy deployment to control losses.

S&P Global

S&P Global: JD-SW Biz Improvement May Face Obstacles

S&P Global Ratings highlighted potential challenges for JD.com in sustaining growth, noting that while the company's core retail business exceeded expectations in Q1, a reduction in promotional activities could slow growth and user acquisition. Increased competition in the food delivery sector may also pose risks, prompting S&P to recommend more targeted promotions in that area.

CoinLive

S&P Global Ratings Highlights Challenges for JD.com in Maintaining Growth

JD.com has partnered with Mastercard to enhance global payment infrastructure and develop AI-powered commerce tools. This alliance aims to bolster JD.com's international business and digital retail capabilities. Currently trading at $32.01, JD.com is 22% below the analyst price target and is considered undervalued. The stock has seen a 6.2% increase over the past week, but its one-year return is down 1.3%. Investors should monitor the impact of this partnership on JD.com's long-term position in cross-border e-commerce.

- JD.com has partnered with Mastercard to enhance its global payment infrastructure and develop AI-powered commerce tools.  
- This alliance aims to bolster JD.com's international business and digital retail capabilities, as indicated by a recent 6.2% stock price increase over the past week.  
- The partnership may significantly impact JD.com's long-term strategy in cross-border e-commerce and digital payments while highlighting the need to monitor profit margins and execution costs.

Simplywall

Mastercard

JD.com Mastercard Alliance Adds New Angle To Undervalued Stock Story

Nomura has maintained a Buy rating for JD.com, Inc. Class A, setting a price target of HK$159.90. The stock closed at HK$130.10, with an analyst consensus rating of Strong Buy and an average price target of HK$147.92, indicating a 13.70% upside. DBS also reaffirmed a Buy rating with a target of HK$141.00.

- Nomura analyst maintained a Buy rating on JD.com, Inc. Class A and set a price target of HK$ 159.90 on May 14.  
- As of the previous day, JD.com's shares closed at HK$ 130.10, with the analyst consensus reflecting a Strong Buy and an average price target of HK$ 147.92, indicating a 13.70% upside.  
- DBS also reaffirmed a Buy rating with a price target of HK$ 141.00 in a report released on May 13.

Tip Ranks

Nomura

Nomura Holdings, Inc.

Nomura Sticks to Its Buy Rating for JD.com, Inc. Class A (9618)