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京东集团-2025 年第三季度展望:收入增长放缓,投资持续拖累利润率
2025-10-13 15:12

3Q25 Preview - Slower revenue growth, and investments continue to drag margins We forecast JDR's revenue growth to slow down to 10.8% YoY in 3Q25 with a higher comp base starting to kick in in late August, and its investments in FD/QC/JX continuing in 3Q25, hence, a drag on its overall margin. We believe the downside risks on both revenue growth and earnings will continue in 4Q25. 3Q25 preview: We model JDR/Group revenue to grow 10.8% and 14.3% YoY, respectively, and JDR OP to grow 15% YoY, supported by the ...