$JD-SW(09618)$ announced its 3Q22 results on 18 Nov after HK market close. Revenue increased by 11% y-o-y to RMB 244 billion, in line with market expectations. Segment wise, JD retail and JD logistics revenue increased by 7% and 39%, respectively.
Non-GAAP net profit increased by 99% to RRMB 10bn, above market expectations of RMB 7bn.
As for Cash Flow, JD has outstanding cash conversion cycle results in operating cashf low greater than net profit as you see on the table and chart below.
Annual active customer accounts increased by 7% y-o-y to 589m by the end of Sep 2022.
The outperformance of earnings growth was mainly driven by better-than-expected operating efficiency of JD retail and new business.
The operating margin of JD retail increased by 1.2ppt to 5.2%, while new business operating margin turned positive in 3Q22, at 5.5%. JD is expected to continue to outperform the industry and deliver solid earnings growth in 4Q22.
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