news flash·2025-07-17 06:26Core Viewpoint - Dongfang Securities maintains a "Buy" rating for JD Group with a target price of HKD 156.59, citing sustained high growth in the e-commerce sector supported by national subsidies, despite increased investment in food delivery impacting overall profit levels [1] Financial Projections - The company forecasts revenues for 2025, 2026, and 2027 to be CNY 1,289.1 billion, CNY 1,369.9 billion, and CNY 1,432.3 billion respectively [1] - Adjusted net profit attributable to the parent company is projected to be CNY 23.3 billion, CNY 43.4 billion, and CNY 50.9 billion for the same years [1] Profitability Concerns - Increased investment in food delivery services is expected to drag down overall profit levels, with a potential further decline in profit growth anticipated in the second half of the year as the base for national subsidies levels off [1]