S&P Global: JD-SW Biz Improvement May Face Obstacles
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S&P Global Ratings warns that JD-SWmay face challenges in sustaining its business improvement due to reduced subsidies and intensified competition in food delivery. Despite a strong start in 1Q26 with a 25% YoY increase in active customers, growth momentum may slow as food delivery subsidies decline. Losses in new businesses narrowed, but significant losses remain. JD-SW aims to improve food delivery unit economics, but competition may lead to increased subsidies during the peak season.
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