Soochow Securities·2025-08-21 15:35Investment Rating - The report maintains a "Buy" rating for JD Group [1] Core Insights - The company's revenue and profit exceeded expectations, with a revenue of 356.66 billion yuan in Q2 2025, representing a year-on-year growth of 22.4%. However, the Non-GAAP net profit was 7.39 billion yuan, a decline of 48.91% year-on-year, resulting in an adjusted net profit margin of 2.07% compared to 4.96% in the same period of 2024 [12][27] - The supermarket category continues to recover, and service and 3P business growth exceeded expectations, with product sales revenue reaching 282.41 billion yuan, up 20.7% year-on-year, and service and other income at 74.25 billion yuan, up 29.1% year-on-year [15][19] - The company is focusing on enhancing user engagement and expanding its PLUS membership, which is expected to drive further growth in electronic products and home appliances [18][19] Summary by Sections Revenue and Profit Performance - In Q2 2025, JD Group's total revenue was 356.66 billion yuan, a 22.4% increase year-on-year, while Non-GAAP net profit was 7.39 billion yuan, down 48.91% year-on-year [12][27] Business Segment Growth - The electronic products and home appliances segment generated 178.98 billion yuan, growing 23.4% year-on-year, while daily necessities revenue was 103.43 billion yuan, up 16.4% year-on-year [18] - Platform and advertising service revenue reached 28.51 billion yuan, a 21.7% increase, and logistics and other service revenue was 45.74 billion yuan, up 34.3% year-on-year [19] Cost and Efficiency - The company's operating costs were 300.02 billion yuan, a 22.2% increase year-on-year, with a gross margin of 15.9%, up 0.1 percentage points year-on-year [22] - Fulfillment expenses rose 28.6% to 22.15 billion yuan, with a fulfillment expense ratio of 6.2%, an increase of 0.3 percentage points [22] Earnings Forecast and Investment Rating - The EPS (Non-GAAP) forecast for 2025-2027 has been adjusted to 9.0, 12.8, and 15.7 yuan, respectively, with corresponding PE ratios of 12.7, 8.9, and 7.2 times [27]