Investment Rating - The investment rating for JD Group is "Buy" with a target price set at 131.8 HKD, maintaining the rating for the next six months [7]. Core Insights - JD Group reported a revenue of 301.1 billion CNY for Q1 2025, exceeding market expectations with a year-on-year growth of 15.8%. Product revenue was 242.3 billion CNY, up 16.2%, while service revenue reached 58.8 billion CNY, growing by 14.0% [1]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,295.1 billion CNY, 1,392.6 billion CNY, and 1,478.1 billion CNY respectively, reflecting a growth of 11.8%, 10.0%, and 5.6% year-on-year [6]. - JD's logistics segment saw a revenue of 46.9 billion CNY in Q1 2025, with a year-on-year increase of 11.5%, although operating profit decreased by 35.3% [3]. - The launch of JD's food delivery service in February 2025 has rapidly expanded, covering 126 cities and achieving nearly 20 million orders [4]. Summary by Sections Financial Performance - In Q1 2025, JD Group's Non-GAAP net profit attributable to ordinary shareholders was 12.8 billion CNY, marking a 43.8% increase year-on-year, with a Non-GAAP net profit margin of 4.2% [1]. - The retail segment achieved a revenue of 263.8 billion CNY, a 16.3% increase, with operating profit of 12.8 billion CNY, up 37.8% [2]. Business Expansion - JD's logistics has expanded internationally, opening new routes and warehouses to enhance supply chain services for both Chinese and European businesses [3]. - The company is actively pursuing a 200 billion CNY plan to convert exports to domestic sales, aiming to create a new supply of affordable goods [2]. Shareholder Returns - JD Group has initiated a share repurchase program with a maximum of 5 billion USD, having repurchased approximately 8.07 million A shares in Q1 2025, totaling around 1.5 billion USD [5].
京东集团-SW：25Q1业绩点评：营收突破3000亿元超预期，新业务外送生态初显锋芒-20250517