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Brokers Expect JD-SW (09618.HK) 1Q Adj. NP to Drop 56% YoY; Focus on Food Delivery Competition and Strategy
2026-05-05 11:59:55
JD-SW (09618.HK) will announce its 1Q26 results after market close next Tue (12th). Losses from new businesses including food delivery remained above RMB10 billion during the quarter (though improving QoQ), offsetting faster growth in general merchandise. Based on a survey of 17 brokers, JD-SW's 1Q26 Non-GAAP net profit attributable to ordinary shareholders is forecast at between RMB5.2 billion and RMB6.1 billion, down 52.2% to 59.2% YoY from RMB12.758 billion in the same period last year. The median estimate is RMB5.66 billion, representing a 56% YoY decline.

M Stanley and CCBI forecast 1Q26 net profit attributable to ordinary shareholders of RMB4.333 billion and RMB4.335 billion respectively, down 60.2% YoY from RMB10.89 billion a year earlier. The 17-broker survey projects 1Q26 revenue of between RMB309.704 billion and RMB315.127 billion, up 2.9% to 4.7% YoY from RMB301.082 billion in 1Q25. The median estimate is RMB311.241 billion, up 3.4% YoY.

The market will focus on management's comments on mainland China's latest consumption trends, updates on the trade-in program, the competitive landscape in food delivery and JD-SWs strategy, progress in international business integration, growth outlook, JD Retail's margin performance, AI initiatives and monetization on the JD platform, and shareholder returns including dividends and buybacks. Faster-than-expected narrowing of food delivery losses in 1Q26 could lead to potential upward revisions to full-year adjusted net profit forecasts.
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