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<Foresight>Brokers Expect Food Delivery War to Sink JD-SW's 2Q Adj. NP by 66%
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JD-SW (09618.HK) (JD.US) is set to announce its 2Q25 results this Thursday (14th).

While the company could benefit from China's trade-in programs and shopping festival promotions, its aggressive foray into the food delivery sector with substantial subsidies led to a food delivery war among Chinese e-commerce platforms.

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According to the forecasts from 20 brokers as summarized by our reporters, JD-SW's 2Q25 non-GAAP net profit attributable to ordinary shareholders is expected to range from RMB4.32 billion to RMB6.081 billion, down 58-70.1% YoY from RMB14.46 billion in the same period last year. The median of RMB4.953 billion also represents a YoY slump of 65.7%.

Broker│Forecasted 2Q25 Non-GAAP NP Attributable to Ordinary Shareholders (RMB)│YoY Change
Orient Securities | 6.081 billion | -57.9%
Nomura | 5.789 billion | -60%
HSBC Global Research | 5.634 billion | -61%
SPDB International | 5.6 billion | -61.3%
UBS | 5.597 billion | -61.3%
JPMorgan | 5.539 billion | -61.5%
CLSA | 5.425 billion | -62.5%
BofA Securities | 5.4 billion | -62.7%
Morgan Stanley | 5.304 billion | -63.3%
BOCI | 5.026 billion | -65.2%
BOCOMI│4.88 billion│-66.3%
Citi│4.675 billion│-67.7%
CMBI│4.6 billion│-68.2%
Jefferies│4.6 billion│-68.2%
CCBI│4.513 billion│-68.8%
Huatai Securities│4.4 billion│-69.6%
Haitong International│4.356 billion│-69.9%
CICC│4.338 billion│-70%
Shenwan Hongyuan│4.32 billion│-70.1%
Barclays│4.32 billion│-70.1%

Calculated on JD-SW's 2Q24 non-GAAP net profit attributable to ordinary shareholders of RMB14.46 billion.

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