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CLSA Estimates JD-SW 3Q Adj. NP to Sink 67% YoY w/ New Biz Losses at High Lv
2025-11-04 11:25:18
CLSA has released a report estimating that JD-SW (09618.HK) may continue to be impacted by substantial losses in its new businesses during 3Q25.

After factoring in a slowdown in its electronics sales, a strong sales performance of daily necessities, and a robust growth in market and advertising revenues from more merchants, JD-SW's total revenue for 3Q25 is expected to increase by 14.2% YoY to RMB297.2 billion.

However, JD-SW's quarterly adjusted net profit may dive by 67% YoY to RMB4.4 billion, as new business losses from food delivery, Jingxi, and international operations may stay at a high level of RMB15 billion.

CLSA gave JD.com (JD.US) a target price of USD41, with an unchanged Outperform rating.
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