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<Foresight>Brokers Predict JD-SW 3Q Adj. NP to Slump 67% YoY; Focus on Instant Retail/ Delivery Subsidy Guidance
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JD-SW (09618.HK) is set to announce its 3Q25 results next Thursday (13th). Despite China's trade-in policy incentives, JD-SW's aggressive expansion in the food delivery sector, substantial subsidy measures, and investment in its overseas businesses this year, along with the earlier "delivery war" among Chinese e-commerce platforms, are expected to lead to substantial losses in its new business segment. Major Chinese instant retail platforms, however, made a commitment to regulate promotional activities and resist unfair competition in early August, raising market expectations for subsequent loss "mitigation". According to the forecasts from 16 brokers as summarized by our reporters, JD-SW's 3Q25 non-GAAP net profit attributable to ordinary shareholders is expected to range from RMB3.35 billion to RMB5 billion, down 62.1-74.8% YoY from RMB13.2 billion in the same period last year. The median of RMB4.353 billion also marks a YoY slump of 67%. Investors will be eyeing JD-SW's new business investments, the progress of loss reduction, instant retail business losses, operational strategies, the expansion of Jingxi and overseas retail, the acquisition progress of users in lower-tier cities, and operational guidance. Broker│3Q25 Non-GAAP NP Attributable to Ordinary Shareholders (RMB)│YoY Change JPMorgan│5 billion│-62.1% HSBC Global Research│4.751 billion│-64% Morgan Stanley│4.624 billion│-65% Jefferies│4.5 billion│-65.9% CMBI│4.4 billion│-66.7% CLSA│4.392 billion│-66.7% Nomura│4.361billion│-67% CICC│4.344 billion│-67.1% CCBI│4.33 billion│-67.2% CMSI│4.3 billion│-67.4% BOCOMI│4.221 billion│-68% Haitong International│4.206 billion│-68.1% Huatai Securities│4.2 billion│-68.2 BOCI│4.562 billion│-65.4% Goldman Sachs│3.789 billion│-71.3% Shenwan Hongyuan│3.35 billion│-74.6% Calculated based on JD-SW's 3Q24 non-GAAP net profit attributable to ordinary shareholders of RMB13.2 billion. AAStocks Financial News |
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