Richard Liu, Chairman of JD-SW (09618.HK) +0.900 (+0.722%) Short selling $683.61M; Ratio 30.043% (JD.US) , delivered a series of speeches on the Group's development strategy, emphasizing that all businesses are aimed at serving the supply chain, including new businesses like food delivery and hotel tourism, JPMorgan released a research report saying. As long as profitability can be achieved through the supply chain, "the catering business can even remain unprofitable indefinitely", Liu added. Therefore, it is believed that the Group will endure more losses this year, at least in 2Q to 3Q, to achieve sustained growth in the food delivery business.Related NewsCLSA: BABA-W, JD-SW Achieve Faster GMV Growth in 618 Compared to Last YrJPMorgan believed that the traffic generated by the food delivery business will convert into revenue for the entire JD ecosystem next year. In the short term, the earnings downside risk over the next 3-6 months will exert some pressure on the stock price. The broker believed that the losses in the food delivery business and the overall profitability of the Group will gradually improve within 6-12 months, with target prices for H-shares/ US stock being $165/ US$42, and rating kept at Overweight. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-20 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)