Morgan Stanley forecasted that JD-SW (09618.HK) -0.600 (-0.472%) Short selling $692.85M; Ratio 30.827% 's 3Q25 retail business/ overall group revenue to grow by 10.8%/ 14.3% YoY each. Of which, operating profit of the retail business is expected to rise by 15% YoY, driven by the trade-in program.As for 4Q25, the broker projected growth in retail business/ overall group revenue to further slow to 5.6%/ 8.5% respectively, due to a higher base. Although the Group's investment in the food delivery business, instant retail and the Jingxi platform is expected to be lower than that in the previous two quarters, such investments will continue to drag down profit margins.Related NewsDaiwa Predicts JD LOGISTICS' Acquisition of JD-SW's On-Demand Delivery Biz to Have Minor Impact on EarningsTherefore, Morgan Stanley kept its target price for JD-SW's US stock at US$28 and rating at Equalweight, as slowing revenue and profit uncertainty may pose downside risks.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-14 16:25.)