Ge Long Hui·2025-08-16 19:57Core Viewpoint - JD.com reported a revenue increase of 22.4% year-on-year to 356.7 billion yuan in Q2 2025, outperforming both consensus expectations and Huatai's forecast of 15.0% and 15.6% growth [1] - The non-GAAP net profit attributable to shareholders was 7.4 billion yuan, a year-on-year decrease of 48.9%, but still better than consensus expectations and Huatai's forecast [1] Group 1: Financial Performance - JD Retail's total revenue reached 310.1 billion yuan in Q2 2025, a year-on-year increase of 20.6%, with operating profit of 13.9 billion yuan, up 37.9% [1] - The number of active buyers grew over 40% year-on-year, achieving double-digit growth for seven consecutive quarters [1] - Revenue from the electronics category increased by 23.4% to 179 billion yuan, while daily necessities revenue rose by 16.4% to 103.4 billion yuan [1] Group 2: Delivery and Collaboration - JD's food delivery business saw rapid development, with peak daily orders exceeding 25 million and over 1.5 million quality restaurants onboarded [2] - The management emphasized the importance of synergy between the food delivery and retail businesses, aiming to enhance core system capabilities and optimize order algorithms [2] - The cross-selling rate of new users acquired through the food delivery service has improved, benefiting categories such as supermarkets and 3C products [2] Group 3: Profit Forecast and Valuation - The company raised its non-GAAP net profit forecasts for 2025-2027 by 25.7%, 9.8%, and 7.1% to 27.8 billion, 45.5 billion, and 59 billion yuan respectively [3] - The target price based on SOTP valuation is set at $46.35 per ADS and HK$181.94 per ordinary share [3] - The current trading multiples are 13.3x, 8.1x, and 6.3x for the adjusted PE ratios for 2025-2027 [3]