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<Research>Nomura: JD-SW (09618.HK) 4Q25 Results Beat; Profit Outlook Still Affected by Overseas Expansion
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JD-SW (09618.HK) reported a YoY revenue increase of 1.5% in 4Q25, beating the market consensus of 1%, Nomura released a research report saying. JD Retail's net revenue dropped by 2% YoY but still exceeded market forecast by 1.7%. Operating profit was RMB9.8 billion, 25% above market consensus.

Moreover, JD-SW anticipated that the consolidated revenue growth rate for the entire group will be higher than that of JD Retail, with an expected growth rate in the high single-digit percentage range. However, the Company's profit outlook is still affected by ongoing overseas expansion.

Related NewsHSBC Research Slashes JD-SW's TP to HKD137; New Biz Investments Drag on Earnings
Therefore, the broker kept rating at Buy on on JD.com (JD.US), and reiterated a target price of US$37.
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