On August 14, JD-SW fell 7.4% in regular trading, trading at HK$112.8/share, with turnover of HK$197 million. The decline follows the company's Q2 earnings release on August 13, which showed revenue falling 2.9% year-over-year to RMB 346.4 billion.

The key concern weighing on shares is a sharp 11.8% decline in electronics and home appliance revenue, the company's core merchandise category, dragging total product revenue down 5.4% to RMB 267.1 billion. Despite revenue headwinds, profitability improved significantly: non-GAAP net income rose 20.3% to RMB 8.9 billion, beating analyst estimates of RMB 5.61 per ADS with actual results of RMB 6.29. Operating profit swung to RMB 4.5 billion from a loss of RMB 900 million a year earlier, aided by food delivery losses narrowing over 50% year-over-year. Management noted that the high base effect from last year's government subsidy programs on electronics will ease starting Q3, with retail revenue expected to return to positive growth.

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