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<Research>UBS: JD-SW (09618.HK) 4Q25 Revenue Slightly Beats; Focus on JD Retail Outlook
Recommend 11 Positive 10 Negative 6 |
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UBS published a research report covering JD-SW (09618.HK), which logged a 1% YoY rise in revenue for 4Q25, reaching RMB352 billion, a slight beat. The adjusted operating loss was RMB3.1 billion, in line, while the adjusted net profit reached RMB1.1 billion, surpassing market expectations, which the broker attributed to other income. Given the high base in the home appliance and 3C electronics market in 1H26, the growth outlook is challenging, and national subsidies may have brought forward demand. The broker maintained its target price for JD.com (JD.US) at USD48, with a Buy rating. JD's stock price will largely depend on management's strategy in grocery and quick commerce investment, as well as the prospects of JD Retail. AASTOCKS Financial News Website: www.aastocks.com |
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