Zhi Tong Cai Jing·2025-10-17 03:06Core Viewpoint - The report from CMB International indicates that JD Group (09618, JD.US) is expected to achieve a 13% year-on-year revenue growth in Q3, reaching 294.62 billion RMB, aligning with market expectations [1] Revenue and Profit Forecast - Total revenue for Q3 is projected at 294.62 billion RMB, reflecting a 13% increase compared to the previous year, consistent with institutional expectations [1] - Adjusted net profit is anticipated to be 4.2 billion RMB, corresponding to a profit margin of 1.4%, which is an improvement from 5.1% in the same period last year and 2.1% in Q2 [1] Business Segment Performance - The retail business is expected to maintain steady growth, with a year-on-year increase of 10%, driven by double-digit growth in daily necessities, while the growth rate for electronics is slowing due to a high base effect from last year [1] - The third quarter saw an increase in the order volume for food delivery compared to Q2, with improvements in fulfillment efficiency and subsidy efficiency leading to a reduction in losses [1] Future Outlook - The company is expected to further enhance cross-selling with retail during the fourth quarter's e-commerce promotional period, potentially leading to more synergistic effects [1]