Chinese Concept Stocks | JD.com Sets Mid-Term Goals for Its Food Delivery Business Amidst Growing GMV

On May 13th, Eastern Time (Tuesday), the US stock market indices showed mixed performance. The S&P 500 Index rose by 0.72%, closing at 5886.55 points; the Dow Jones Index fell by 0.64%, closing at 42140.43 points; and the Nasdaq Index rose by 1.61%, closing at 19010.08 points.

On May 12th, the Nasdaq Golden Dragon China Index increased by 5.40%.

Regarding popular Chinese stocks, Taiwan Semiconductor Manufacturing Company (TSMC) rose by 3.74%, JD.com increased by 3.33%, Pinduoduo rose by 2.64%, Bilibili fell by 2.44%, Nio decreased by 1.79%, XPeng Motors fell by 1.71%, Alibaba decreased by 0.71%, NetEase fell by 0.39%, and Baidu decreased by 0.20%.

Consecutive Increasing Chinese Stocks: Jin Xuan Group rose by 1.18% for 9 consecutive days, with an overall increase of 8.86% during the period. Melco Resorts & Entertainment saw a rise of 0.48% for 8 consecutive days, with a total increase of 24.85% during the period. Zhong Bi Energy increased by 3.43% for 8 consecutive days, with a cumulative rise of 24.67% during the period. Zhong Jin Ke rose by 1.86% for 6 consecutive days, with an increase of 17.38% during the period. Taihe Cheng Medical increased by 6.22% for 6 consecutive days, with a cumulative rise of 29.04% during the period. Xing Hui Yun Yin saw a rise of 14.55% for 6 consecutive days, with a total increase of 43.60% during the period.

Consecutive Decreasing Chinese Stocks: HUTCHMED fell by 5.60% for 6 consecutive days, with an overall decrease of 13.10% during the period. Mengyun Hologram fell by 6.54% for 4 consecutive days, with a cumulative decrease of 13.26% during the period. Bawang Tea Ji fell by 10.88% for 3 consecutive days, with a total decrease of 15.82% during the period. Ascentage Pharma fell by 0.66% for 3 consecutive days, with an overall decrease of 4.45% during the period. Kuke Music fell by 2.55% for 3 consecutive days, with a cumulative decrease of 6.87% during the period. Yiqi Education Technology fell by 1.55% for 3 consecutive days, with a total decrease of 10.38% during the period. 9F Inc. fell by 4.29% for 3 consecutive days, with a cumulative decrease of 15.19% during the period. Hui Bao fell by 0.36% for 3 consecutive days, with a total decrease of 1.43% during the period. Jian Zhi Education fell by 11.09% for 3 consecutive days, with a cumulative decrease of 29.63% during the period. An Gao Meng fell by 6.22% for 3 consecutive days, with a total decrease of 9.18% during the period.

JD.com Response to Mid-term Goals of Food Delivery Business: On May 13th, during JD.com's Q1 earnings call, CEO Xu Ran addressed the mid-term goals for the food delivery business, stating that JD.com is currently focusing more on user and merchant experience, as well as business scale and ROI. Xu highlighted that the food delivery business can generate significant synergies with JD.com's existing core businesses, aiming to enhance the overall ecosystem's synergy effect and operational capacity in the medium to long term, providing momentum for long-term healthy growth.

JD.com's GMV in 2024 is around 4.5 trillion yuan: With the 618 shopping festival approaching, the GMV scale of e-commerce platforms has attracted attention recently. According to internal sources at JD.com, despite industry differences in GMV metrics, JD.com's GMV in 2024 is expected to be around 4.5 trillion yuan. Based on JD.com's financial report, the last disclosed GMV in 2020 was 2.6125 trillion yuan, with growth rates of 26.2% in 2021 and 5.6% in 2022. This implies that JD.com's GMV in 2022 was approximately 3.3155 trillion yuan. Estimating growth rates in subsequent years, the GMV in 2024 should be between 4.2-4.6 trillion yuan. According to previous reports, the GMV of Tao Tian Group, Pinduoduo, and Douyin in 2024 is expected to be 8 trillion yuan, 5.2 trillion yuan, and 3.34 trillion yuan, respectively. JD.com currently remains among the top three internet e-commerce platforms.

BeiGene: Q1 2025 Net Loss of 94.503 million yuan: BeiGene announced a Q1 2025 revenue of 8.048 billion yuan, marking a year-on-year increase of 50.2%. The net loss for the quarter was 94.503 million yuan, compared to a net loss of 1.908 billion yuan in the same period last year.

Zhongsheng Pharma: Ideal Phase II Clinical Trial Results of Enoxaparin Granules: Zhongsheng Pharma announced that its subsidiary, Zhongsheng Ruichuang, has independently developed Enoxaparin Granules (ZSP1273 granules) for the treatment of uncomplicated influenza A patients aged 2-17. The phase II clinical trial has recently received top-line analysis data, showing positive efficacy and good safety among participants aged 2-17. The trial included 72 participants divided into three age groups, with high-dose and low-dose groups. The median flu symptom relief time was 31.72 hours, and the median fever relief time was 24.07 hours. Stratified analysis showed similar relief times across age groups. No serious adverse events were reported, and no trial discontinuations or withdrawals due to treatment-emergent adverse events occurred.

Huya: Q1 2025 Non-GAAP Net Profit of 24 Million yuan: Huya announced its Q1 2025 financial results, with total revenue reaching 1.51 billion yuan. Revenue from game-related services, advertising, and other businesses grew by 52.1% year-on-year to 370 million yuan. The non-GAAP net profit attributable to Huya for the quarter was 24 million yuan. In terms of user data, Huya's mobile MAU (monthly active users) reached 83.4 million, with 4.4 million paying users in Q1 2025.

Tencent Music: Q1 2025 Net Profit Increased by 201.8% Year-on-Year: Tencent Music announced that its total revenue for Q1 2025 was 7.36 billion yuan, marking an 8.7% year-on-year growth. Online music subscription revenue reached 4.22 billion yuan, up 16.6% year-on-year. The number of paying users for online music reached 123 million, showing an 8.3% growth year-on-year. The net profit attributable to company equity holders was 4.29 billion yuan, up by 201.8% year-on-year. The non-IFRS net profit attributable to company equity holders was 2.12 billion yuan, representing a 24.6% increase year-on-year.

Tencent Music Q1 2025 Revenue of 7.36 billion yuan, Up by 8.7% Year-on-Year: Tencent Music's Q1 2025 revenue was 7.36 billion yuan, compared to last year's 6.768 billion yuan, marking an 8.7% increase year-on-year.

JD Group: Q1 2025 Net Profit of 10.9 Billion yuan: JD Group announced its Q1 2025 revenue of 301.1 billion yuan, reflecting a 15.8% increase compared to Q1 2024. Operating profit for the quarter was 10.5 billion yuan, compared to 7.7 billion yuan in Q1 2024. The net profit attributable to common stockholders was 10.9 billion yuan, compared to 7.1 billion yuan in Q1 2024. The non-GAAP net profit attributable to common stockholders was 12.8 billion yuan, compared to 8.9 billion yuan in Q1 2024. The diluted earnings per American depositary share were 7.19 yuan, compared to 4.53 yuan in Q1 2024.

TSMC Approves a Capital Budget of Approximately $15.2 Billion for Advanced Process Capacity Construction: On May 13th, TSMC held a board meeting and approved the Q1 2025 business report and financial statements. The first-quarter consolidated revenue was about NT$839.25 billion, with a net profit of approximately NT$361.56 billion and earnings per share of NT$13.94. The board also approved a cash dividend per share of NT$5 for Q1 2025. To address long-term capacity planning based on market demand forecasts and technology development blueprints, TSMC approved a capital budget of approximately USD 15.248 billion, including advanced process capacity construction, advanced packaging, mature and/or specialty process capacity construction, plant construction, and facility engineering. TSMC also approved the sale of company machinery and equipment to a subsidiary, VSMC, with an estimated total price of USD 71 million to USD 73 million.

JD Logistics: Q1 2025 Revenue of 46.967 billion yuan, Up by 11.5% Year-on-Year: JD Logistics announced its Q1 2025 revenue of 46.967 billion yuan, reflecting an 11.5% year-on-year increase. Gross profit was 3.387 billion yuan, up by 4.8% year-on-year. The period profit was 611 million yuan, representing an 89.5% increase year-on-year. The non-IFRS period profit was 751 million yuan, up by 13.4% year-on-year. The non-IFRS EBITDA for the period was 3.756 billion yuan, marking a 2.9% year-on-year increase.

Ant Group Attends Shanghai Jiao Tong University Computer College Establishment Ceremony and Signs Strategic Cooperation: On May 11th, the establishment ceremony of the Shanghai Jiao Tong University Computer College (Cyberspace Security College, Cryptography College) was held at the Minhang campus, with Ant Group invited as a strategic cooperation enterprise. During the ceremony, the Computer College signed strategic cooperation agreements with Ant Group and others. In December 2024, Shanghai Jiao Tong University and Ant Group jointly established the "AI and Security Joint Research Center," focusing on key technology breakthroughs in the AI era, deep cooperation in cultivating innovative talents, and promoting the research and application of cutting-edge technologies. At the ceremony, Professor Wu Fan, Executive Vice Dean of the Computer College, and Yu Feng, Vice President of Ant Group's Platform Technology Division, signed a strategic cooperation agreement. Both parties will collaborate on the "Emerging Parallel Computing" talent project, oriented towards industry needs, through a "dual mentorship + project embedded" training model, building a deep collaboration innovation ecosystem between academia and industry. The project aims to achieve dual empowerment in technology breakthroughs and talent cultivation, recruiting outstanding research talents to conduct joint research projects on "Emerging Parallel Computing," facilitating the implementation and transformation of research achievements, and promoting industry development.

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