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<Foresight>Brokers Expect JD-SW 4Q25 Adj. NP to Drop 94%+; Focus on Food Delivery Competition/ New Biz Strategy
Recommend 4 Positive 6 Negative 4 |
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JD-SW (09618.HK) is set to announce its 4Q25 results for the period ended December 2025 after the market closes this Thursday (5th). The results are expected to be constrained by the high base conditioning of China's 'trade-in' policy for home appliances in 2024 (national subsidy reduction), losses in the food delivery business and increased user subsidies during the peak sales season by the Company's joint brands, etc.. JD-SW's4Q25 non-GAAP net profit will range from -RMB289 million to RMB1 billion, compared to RMB11.194 billion in the same period last year, according to 18 brokers' forecasts summarized by our reporters. Median was RMB615 million, down 94.6% YoY. Investors are primarily focused on several directions such as whether China's 'trade-in' policy for home appliances can bring substantial revenue growth to JD-SW's home appliances and electronics business. The loss situation and subsequent operational strategy of JD-SW's food delivery business are also under scrutiny. On the other hand, the Company officially launched the 'Ten-Billion-Yuan Supermarket' channel at the end of last month, and planned to invest over RMB20 billion in product subsidies over the next 3 years. Investors will observe the investment effort and strategic direction this year, as well as how this new business synergizes with existing segments. Meanwhile, the expansion progress of the platform's 3P merchant ecosystem and advertising monetization capabilities are also important indicators. JD-SW's specific commitments regarding dividends and buybacks are also their focus. -------------------------------------------------------- Broker│4Q25 Non-GAAP Net Profit Attributable to Shareholders Forecast (RMB)│YoY Change Huatai Securities│1 billion│-91.1% JPMorgan│967 million│-91.4% HSBC Global Research│904 million│-92% BofA Securities│900 million│-92% Jefferies│891 million│-92.1% CICC│805 million│-92.9% Daiwa│791 million│-93% CCBI│713 million│-93.7% Citi│641 million│-94.3% BOCI│588 million│-94.8% Barclays│540 million│-95.2% CMBI│484 million│-95.7% CLSA│481 million │-95.7% Goldman Sachs│423 million │-96.3% Morgan Stanley│334 million │-97% Haitong International│331 million │-97.1% Shenwan Hongyuan│216 million │-98.1% UBS│-289 million │Profit to loss Calculated based on the Company's non-GAAP profit attributable to shareholders of RMB11.294 billion for 4Q24. AASTOCKS Financial News Website: www.aastocks.com |
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