not vested
JD delivered strong 1Q results with 96% and 62% y/y growth in GMV and sales, respectively, surpassing expectations.
Its GMV growth outpaced both Alibaba's 40% and the broader industry's 41% growth.
The growth was mostly driven by JD Mall which saw organic GMV rise 94% y/y versus 84% the previous quarter.
JD Mall also surpassed Tmall's organic 62% GMV growth.
JD is leveraging off its core market by branching out into several strategic high-growth consumer sectors.
New initiatives include O2O services, cross-border e-commerce, internet finance, key verticals (auto, travel) and more recently online pharmaceutical sales.
Significantly, excluding these new investments, JD Mall achieved breakeven in 1Q.
Source: UBS