JD.com, Inc. Class A (HK:9618)
:9618
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JD.com, Inc. Class A
(9618)
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Rating:67Neutral
Price Target:
HK$125.00
▲(16.93% Upside)
Action:ReiteratedDate:11/27/25
JD.com's overall score of 67 is driven primarily by solid financial performance (score: 70) with consistent revenue growth and stable equity returns, and an attractive valuation (score: 85) with a low P/E ratio and decent dividend yield. However, bearish technical indicators (score: 45) reflecting a downward price trend pose a significant risk. Positive earnings call sentiment adds minor support, but investors should remain cautious of momentum weakness.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust demand and effective business strategies, enhancing JD.com's market position and long-term prospects.
Negative Factors
Free Cash Flow Decline
A sharp decline in free cash flow may limit JD.com's ability to invest in growth opportunities, potentially impacting its financial flexibility and stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Strong revenue growth indicates robust demand and effective business strategies, enhancing JD.com's market position and long-term prospects.
Read all positive factors
JD.com, Inc. Class A (9618) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$324.89B
Dividend Yield3.48%
Average Volume (3M)16.20M
Price to Earnings (P/E)14.9
Beta (1Y)1.57
Revenue Growth16.27%
EPS Growth-3.87%
CountryHK
Employees570,895
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.33
Shares Outstanding2,865,070,000
10 Day Avg. Volume12,472,613
30 Day Avg. Volume16,195,756
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.60
Price to Sales (P/S)0.33
P/FCF Ratio8.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$143.08Price Target Upside33.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)11.26
Revenue Forecast (FY)HK$1.57T
JD.com, Inc. Class A Business Overview & Revenue Model
Company Description
JD.com, Inc. provides supply chain-based technologies and services in the People's Republic of China. The company offers computers, communication, and consumer electronics products, as well as home appliances; and general merchandise products comp...
How the Company Makes Money
JD.com generates revenue primarily through its direct sales to consumers, where it takes a percentage of sales from the products it sells directly on its platform. Additionally, the company earns revenue from its marketplace operations by charging...
JD.com, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive strategic and operational narrative: strong user growth, full-year revenue growth, gross margin expansion and diversified high-margin revenue streams (advertising, services) underscore solid execution and long-term positioning. Significant investments in AI, logistics automation, international expansion and food delivery show deliberate long-term focus. However, there are meaningful near-term challenges — Q4 product and electronics weakness, continued losses in new businesses (notably food delivery), a sharp decline in free cash flow versus prior year, and some segment-level profitability pressures (JD Logistics and quarterly retail income). On balance, the company demonstrated resilient top-line trends, margin expansion at retail, improving unit economics in new businesses, and continued shareholder returns, outweighing the short-term headwinds and cash flow compression.Positive Updates
Strong User Growth and Engagement
Quarterly active customers grew ~30% year-over-year in Q4 and annual active customers exceeded 700 million in 2025; user shopping frequency surged over 40% year-over-year for the full year, and active JD Plus membership sustained double-digit growth, indicating depth and quality of user expansion.
Negative Updates
Quarterly Product Revenue and Electronics Weakness
Product revenues declined ~3% in Q4 and electronics & home appliances revenue fell ~12% in Q4 due to a high year-ago trading base (though electronics were up ~7% for the full year); Q4 retail top-line faced short-term headwinds and high-base effects.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong User Growth and Engagement
Quarterly active customers grew ~30% year-over-year in Q4 and annual active customers exceeded 700 million in 2025; user shopping frequency surged over 40% year-over-year for the full year, and active JD Plus membership sustained double-digit growth, indicating depth and quality of user expansion.
Read all positive updates
Company Guidance
Management guided that 2026 should see improving momentum with continued user growth and diversified top‑line drivers: they expect electronics/home‑appliances to remain soft in H1 from a high base but to accelerate in H2, general merchandise to sustain double‑digit growth (GM +12.1% Q4, +15.3% FY), and marketplace & marketing to keep solid growth (advertising +15% Q4, ~19% FY), while JD Retail operating profit is expected to grow in 2026 toward the company’s long‑term high‑single‑digit margin target (JD Retail margin 4.6% in 2025, +52 bps YoY; Q4 margin held at 3.2%); group gross margin improvements and AI deployment (JoyAI token invocations ~100x YoY; Jingyan 150M AAC in 2025, management expects to double that in 2026) are expected to drive efficiency, new‑business investments will be disciplined with food‑delivery investment declining from 2025 levels as unit economics improve (food delivery cut investment ~20% QoQ in Q4, new‑business revenue +201% Q4, segment loss narrowed to RMB 14.8bn), international expansion (Joybuy launch) and logistics automation (20+ LangzuTech warehouses) will continue, and shareholder returns remain active (2025 dividend USD1 per ADS, USD1.4bn total; share buybacks ~USD3bn, ~6.3% repurchased and canceled).JD.com, Inc. Class A Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.30T | 1.16T | 1.08T | 1.05T | 951.59B | 745.80B |
| Gross Profit | 145.79B | 113.44B | 95.15B | 84.06B | 70.01B | 60.41B |
| EBITDA | 27.54B | 48.47B | 37.20B | 25.58B | 9.61B | 16.76B |
| Net Income | 32.20B | 41.36B | 24.17B | 10.38B | -3.56B | 49.41B |
Balance Sheet | ||||||
| Total Assets | 713.53B | 698.23B | 628.96B | 595.25B | 496.51B | 422.29B |
| Cash, Cash Equivalents and Short-Term Investments | 198.27B | 234.00B | 190.15B | 219.96B | 185.33B | 146.66B |
| Total Debt | 112.09B | 89.77B | 68.43B | 65.05B | 34.14B | 31.55B |
| Total Liabilities | 409.11B | 384.94B | 332.58B | 321.13B | 249.72B | 200.67B |
| Stockholders Equity | 231.93B | 239.35B | 231.86B | 213.37B | 208.91B | 187.54B |
Cash Flow | ||||||
| Free Cash Flow | 9.10B | 44.28B | 39.51B | 35.84B | 23.74B | 31.63B |
| Operating Cash Flow | 23.00B | 58.09B | 59.52B | 57.82B | 42.30B | 42.54B |
| Investing Cash Flow | 11.82B | -871.00M | -59.54B | -54.03B | -74.25B | -57.81B |
| Financing Cash Flow | -14.51B | -21.00B | -5.81B | 1.18B | 19.50B | 71.07B |
JD.com, Inc. Class A Technical Analysis
Positive
106.90
Price Trends
109.11
Positive
112.28
Negative
119.98
Negative
Market Momentum
1.37
Negative
54.74
Neutral
71.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9618, the sentiment is Positive. The current price of 106.9 is below the 20-day moving average (MA) of 110.35, below the 50-day MA of 109.11, and below the 200-day MA of 119.98, indicating a neutral trend. The MACD of 1.37 indicates Negative momentum. The RSI at 54.74 is Neutral, neither overbought nor oversold. The STOCH value of 71.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9618.
JD.com, Inc. Class A Risk Analysis
JD.com, Inc. Class A disclosed 111 risk factors in its most recent earnings report. JD.com, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JD.com, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$1.99T | 36.89 | 12.42% | 1.34% | 4.89% | 50.48% | |
68 Neutral | HK$495.52B | -24.78 | -13.46% | ― | 11.91% | -106.71% | |
67 Neutral | HK$324.89B | 14.92 | 8.57% | 3.48% | 16.27% | -3.87% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
HK:9618
JD.com, Inc. Class A
111.90
-14.50
-11.47%
HK:3690
Meituan
80.25
-54.05
-40.25%
HK:9988
Alibaba Group Holding Ltd.
118.50
18.87
18.94%
JD.com, Inc. Class A Corporate Events
JD.com Cancels US$3 Billion Share Buyback, Cutting Share Count by 6.3%
Jan 8, 2026
JD.com, Inc. announced that in 2025 it repurchased approximately 183.2 million Class A ordinary shares, equivalent to 91.6 million ADSs, for a total consideration of around US$3.0 billion, representing about 6.3% of its total ordinary shares outst...
JD.com Spins Off Jingdong Industrials with Hong Kong Listing
Dec 11, 2025
JD.com, Inc. announced the successful spin-off and separate listing of its subsidiary, Jingdong Industrials, Inc., on the Main Board of the Hong Kong Stock Exchange. The listing, which commenced on December 11, 2025, allows JD.com to maintain a co...
JD.com Announces Regulatory Filing on Tuniu Ownership
Dec 8, 2025
JD.com, Inc. has announced the filing of a Schedule 13D/A with the U.S. Securities and Exchange Commission regarding its beneficial ownership in Tuniu Corporation. This regulatory announcement highlights JD.com’s strategic interest in Tuniu,...
JD Logistics Appoints Zhenhui Wang as New CEO
Nov 13, 2025
JD Logistics, a subsidiary of JD.com, has appointed Zhenhui Wang as its new CEO, effective November 13, 2025. Wang, who has held various significant roles within JD Group and JD Logistics, succeeds Wei Hu, who will take on new responsibilities wit...
JD.com Reports Strong Q3 2025 Revenue Growth Amidst Declining Net Income
Nov 13, 2025
JD.com announced its unaudited financial results for the third quarter of 2025, reporting net revenues of RMB299.1 billion, a 14.9% increase from the previous year. Despite a decline in net income attributable to shareholders, the company saw stro...
JD.com to Announce Q3 2025 Financial Results on November 13
Oct 30, 2025
JD.com, Inc. announced that its board of directors will meet on November 13, 2025, to approve the company’s unaudited financial results for the third quarter ending September 30, 2025. The results will be released after trading hours in Hong...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.