Daiwa has released a research report predicting JD-SW (09618.HK) -1.500 (-1.278%) Short selling $120.79M; Ratio 26.883% 's 4Q25 revenue growth to have slowed to 1% YoY and JD Retail's revenue to have declined by 3% YoY, given the weak performance in home appliance sales caused by the suspension of subsidies and a high base in the same period of the previous fiscal year.That said, Daiwa still believes that JD-SW can achieve its full-year target of double-digit YoY growth in group-level earnings, while JD Retail is likely to record a YoY increase of 20% in earnings. It also expects JD-SW's non-GAAP net profit for the last quarter to have reached RMB791 million, with new business losses trimmed by RMB1 billion QoQ.Related NewsHSBC Research Reiterates Buy on JD-SW w/ TP HKD144; Rev. & Earnings Likely to Have Bottomed Out Last QtrIn light of the expected low home appliance revenue, however, Daiwa had to have its 2026 EPS forecast for JD-SW cut by 5%. The broker reiterated a Buy rating on JD-SW, with a target price reduced from HKD176 to HKD171.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-01-14 12:25.)