08:20 AM EST, 11/14/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our target price of USD37 (up from USD36) is 5.6x 2026 EV/EBITDA (three-year mean: 6.8x), which reflects higher business risks from increased investments in new businesses. We forecast revenue to grow 14% in 2025, led by JD's expansion into food delivery, and 5% in 2026. In e-commerce, increased value-for-money products, China's expanded home appliance trade-in program, and government subsidies for electronics purchases will support revenue growth, in our view. We project softer net margin of 1.9% in 2025 (2024: 3.6%), before rising to 2.3% in 2026. As JD ramps up food delivery spending, we expect upfront investments to weigh on near-term margins. Positively, we view the stabilization in new businesses operating losses at around -100% of the segment's revenue in Q3 2025 as a positive development, as it signals that the segment is progressing toward a critical scale for loss reductions. We lift our 2025/2026 EPADS forecasts to CNY16.59/CNY21.98 (from CNY11.11/CNY18.44), factoring in a better margin outlook.