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S&P Global: JD-SW Biz Improvement May Face Obstacles
2026-05-18 13:01:42 In S&P Global Ratings' view, JD-SW (09618.HK)'s strong start this year may face obstacles in the next one to two quarters, on the ground that reduced subsidies could slow retail growth, while competition in food delivery may rekindle during the upcoming peak season. As its customer base expands and shopping frequency increases, JD-SW's core retail business continues to improve. In 1Q26, the number of active customers mounted 25% YoY, while shopping frequency heightened 37% YoY. JD-SW's results for 1Q26 slightly beat forecast of S&P. Growth in general merchandise, marketplace and marketing, and logistics and other service categories accelerated from the previous quarter, achieving solid growth of 14.9-21.7%. However, momentum in electronics and home appliances weakened due to a higher base of government subsidies last year. S&P believed it may be challenging to sustain this growth momentum. As food delivery subsidies decline, user growth may slow. The strong performance in 1Q26 may partly reflect a time-lag effect from previous spending. ~ AASTOCKS Financial News Website: www.aastocks.com | |