JD 2Q25 Results: JD Retail Remains Resilient; Food Delivery to Continue to Drag Margins in the Near Term
What’s new: JD’s reported 2Q25 results that were above consensus and our expectations. JD Retail could remain resilient while food delivery could remain a meaningful drag to margins in the near term. We lower our PT from US$70 to US$42 on lowered margin outlook. Our updated PT of US$42 implies a 15.0x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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