0923 GMT - Chinese e-commerce platforms could suffer a profit hit due to competition in the food-delivery space, Goldman Sachs analysts say in a commentary. On a 12-month horizon, GS expects absolute food delivery investment and losses to peak in the quarter ending September, which could create an inflection point for e-commerce stocks sometime over 2H. It adds that the market has largely factored in expectations of sharply weaker profit for JD.com in 2Q, and that new user growth offers some upside. The analysts reiterate their buy rating on PDD Holdings, which they say isn't participating directly in the food-delivery battle. They maintain a buy rating on Alibaba Group despite the company's recent significant investments in on-demand delivery likely weighing on its e-commerce segment. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

July 04, 2025 05:23 ET (09:23 GMT)

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