China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

[JD.com, Inc (JD US, BUY, TP US$54) TP Change]: C1Q25 Review: The Good Time Is About to Pause

[JD.com, Inc (JD US, BUY, TP US$52) Earnings Review]: Market Calls for Longer-Term Growth Drivers

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>We expect JD.com to report C2Q25 revenue/adjusted operating profit growth of 16%/(63%) YoY, which is 2%/(50%) vs. cons. due to the takeout subsidies.</li>
<li>Despite the surge in new users, we remain skeptical on the ST effectiveness of food delivery (FD) cross-selling. We expect 2025 FD losses at RMB29bn.</li>
<li>We keep JD as SELL and cut TP from US$25 to US$24.</li>
</ul>


We expect JD.com to report C2Q25 revenue/adjusted operating profit growth of 16%/(63%) YoY, which is 2%/(50%) vs. cons. due to the takeout subsidies.
Despite the surge in new users, we remain skeptical on the ST effectiveness of food delivery (FD) cross-selling. We expect 2025 FD losses at RMB29bn.
We keep JD as SELL and cut TP from US$25 to US$24.


[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent

JD.com (ADR)

[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent