Xin Lang Cai Jing·2026-02-04 12:20Core Viewpoint - JD Group is expected to report a mixed performance in Q4 2025, with revenue forecasts ranging from 271.55 to 383.10 billion yuan, reflecting a year-on-year change of -21.7% to 10.4% [1][6][8] - The net profit is projected to be between -1.20 to 21.08 billion yuan, with a year-on-year change of -112.2% to 114.0% [1][6][8] - Adjusted net profit is anticipated to be between 0.15 to 3.58 billion yuan, showing a year-on-year change of -98.7% to -68.3% [1][6][8] Revenue Forecast - The revenue forecast for JD Group in Q4 2025 is between 271.55 billion and 383.10 billion yuan, with a significant range indicating uncertainty in performance [1][6][8] - Specific predictions include a revenue of 350.80 billion yuan, representing a 1.1% increase year-on-year [2][8] Profitability Insights - The expected net profit range indicates a potential loss, with estimates showing a drastic decline compared to the previous year [1][6][8] - Non-GAAP net profit is expected to be negatively impacted by declining retail profits and investments in new business ventures [2][9] Business Segment Analysis - Retail business revenue is projected to reach 298.13 billion yuan, down 2.91% year-on-year, with significant declines in the sales of electronic products [3][9] - New business losses are expected to narrow, with improvements in user experience (UE) and healthy growth in order volume for the food delivery segment [4][9] Future Outlook - The company anticipates a recovery in profits in 2026, driven by improvements in the food delivery business and manageable losses in JD's new ventures [4][11] - The implementation of national subsidy policies in 2026 is expected to enhance retail demand, particularly for home appliances and digital products [11]