CCB International released a research report forecasting that JD Group (09618, JD.US) will achieve a year-on-year revenue increase of 13% in the third quarter, reaching 294.62 billion RMB, aligning closely with market expectations. The adjusted net profit is anticipated to be 4.2 billion RMB, equating to a profit margin of 1.4%, which is an improvement compared to 5.1% in the same period last year and 2.1% in the second quarter, slightly better than previous market forecasts. The bank maintains a target price of HKD 164 / USD 40 and a “Buy” investment rating. It expects the retail business to continue its steady growth with a year-on-year increase of 10%, with daily goods categories experiencing double-digit growth. However, the growth rate of electric goods is expected to slow down due to the high base from government subsidies in the same period last year. The takeout order volume in the third quarter has surpassed that of the second quarter, with increased efficiency in execution and subsidies, leading to a narrowing of losses. This further promotes cross-selling with retail, and it is expected that there will be more synergistic effects during the upcoming major e-commerce promotions in the fourth quarter.