---
title: "CICC: Raises JD Group-SW's adjusted net profit forecast for 2025 by 1.8% to RMB 27.5 billion, maintains \"Outperform Industry\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/261166981.md"
description: "CICC released a research report predicting that JD.com (09618) will see a 14% year-on-year increase in revenue for the third fiscal quarter, reaching RMB 297.1 billion (the same below), which is higher than the firm's previous expectations, corresponding to a non-GAAP net profit margin of 1.5%. CICC raised its adjusted net profit forecast for JD.com in 2025 by 1.8% to RMB 27.5 billion, while maintaining the profit forecast for 2026 at RMB 38.4 billion; it maintained an \"outperform the industry\" investment rating and a target price of $41, corresponding to an 11 times adjusted price-to-earnings ratio for 2026 and an upside potential of 28.7%; the current stock price corresponds to 12/8 times adjusted price-to-earnings ratios for 2025/2026. CICC expects that JD.com's daily sales in the third fiscal quarter will still maintain a rapid growth rate, with stable retail business profit margins and delivery performance exceeding expectations, which may drive net profit in the third fiscal quarter above previous expectations"
datetime: "2025-10-15T02:44:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/261166981.md)
  - [en](https://longbridge.com/en/news/261166981.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/261166981.md)
---

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# CICC: Raises JD Group-SW's adjusted net profit forecast for 2025 by 1.8% to RMB 27.5 billion, maintains "Outperform Industry" rating

According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report predicting that JD.com (09618, JD.US) will achieve a 14% year-on-year revenue growth in the third fiscal quarter, reaching RMB 297.1 billion, which is higher than the firm's previous expectations, corresponding to a non-GAAP net profit margin of 1.5%. CICC raised its adjusted net profit forecast for JD.com in 2025 by 1.8% to RMB 27.5 billion, while maintaining the profit forecast for 2026 at RMB 38.4 billion; it maintained an "outperform" investment rating and a target price of $41, corresponding to an 11 times adjusted price-to-earnings ratio for 2026 and a 28.7% upside potential; the current stock price corresponds to 12/8 times adjusted price-to-earnings ratios for 2025/2026.

CICC expects that JD.com's daily sales in the third fiscal quarter will continue to maintain a rapid growth rate, with stable retail business profit margins and better-than-expected delivery performance, which may drive the net profit in the third fiscal quarter to exceed previous expectations

### 相关股票

- [JD.com (JD.US)](https://longbridge.com/zh-CN/quote/JD.US.md)
- [JD-SW (09618.HK)](https://longbridge.com/zh-CN/quote/09618.HK.md)

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