Strong user base growth■ JD reported 2Q21 revenue of Rmb254bn, up 26.2% yoy, in line. Non-GAAP net profit was Rmb4.94bn, down 16.8% yoy, below our expectation because of higher losses from JD Logistics and new business initiatives, and no Covid-related benefits.■ Management expects JD Retail's full year OPM to be stable yoy.■ We expect continuous […]

Read more of this post