Huatai Securities maintains a buy rating on JD.com and lowers the target price to HK$179.72.

Huatai Securities on Jingdong Group - SW released a research report stating that it is expected that the company's retail performance in the second quarter of 2025 will remain stable, with sector revenue and profit both expected to continue to grow at a double-digit rate. However, investment in new businesses such as food delivery is expected to put pressure on the group's profits. The synergies and cross-selling potential of its e-commerce business still need some time to gradually be realized, so it is recommended to continue monitoring user retention and synergies progress. Adjusting revenue forecasts for 2025/2026/2027 to 1.3/1.4/1.5 trillion RMB, and reducing the company's non-GAAP net profit attributable to shareholders for 2025/2026/2027 to 22.1/41.5/55.1 billion RMB, mainly due to higher-than-expected investment in food delivery.