Direxion Auspice Broad COM

Below is Dolphin Research's FY25 earnings call Trans for $京东 (JD.US). For the earnings analysis, see 'JD: As state subsidies faded, still bleeding?'.

Among China's three major e-comm giants—$JD.com(JD.US) was the first to report Q4. At a high level, the print roughly met expectations that had been set low.

1) As state subsidies faded, revenue growth plunged. Total revenue rose just 1.5% YoY, with growth decelerating over 13ppt QoQ.

JD had been the biggest beneficiary of state subsidies, which created a high base. As subsidies receded, the hit to JD was the most pronounced.

That said, the market had largely priced in the impact. The actual print was slightly better vs Bloomberg estimates...

The following are the minutes of the FY25Q3 earnings call for $Trip.com(TCOM.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Trip.com: Awaiting the Release of Overseas Profits." I. Review of Core Financial Information II. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. Strong Market Demand: The global tourism industry is booming, with travel enthusiasm surging. Travel demand is skyrocketing, primarily driven by the robust vitality of domestic tourism in China and the steady recovery of outbound travel. Travelers are actively exploring new destinations, seeking authentic and in-depth cultural experiences...