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摩根士丹利:京东集团-2025 年第二季度前瞻 - 受外卖大战影响最大
2025-07-11 02:23

JD.com, Inc. | Asia Pacific 2Q25 Preview - Most Affected by the Food Delivery War | What's Changed | | | | --- | --- | --- | | JD.com, Inc. (JD.O) | From | To | | Price Target | US$39.00 | US$28.00 | We expect JD to have invested over Rmb10bn in food delivery in 2Q25, leading to a 63% YoY decline in non-GAAP NP. However, we see no signs of cross-selling or other synergies from such an investment to the core EC business, given no meaningful JDR revenue growth acceleration QoQ or margin improvement. 2Q25 prev ...