JD.com, Inc. Class A (9618) AI Stock Analysis

• Market Cap: HK$394.77B
• Dividend Yield: 3.43%
• Average Volume (3M): 16.20M
• Price to Earnings (P/E): 8.9
• Beta (1Y): 1.67
• Revenue Growth: 16.27%
• EPS Growth: -3.87%
• Country: HK
• Employees: 570,895
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 2.05
• Shares Outstanding: 2,981,000,000
• 10 Day Avg. Volume: 12,472,613
• 30 Day Avg. Volume: 16,195,756
• PEG Ratio: 0.12
• Price to Book (P/B): 1.60
• Price to Sales (P/S): 0.33
• P/FCF Ratio: 8.62
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$163.36
• Price Target Upside: 42.92% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 22
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: HK$129.00 ▲(12.86% Upside)

JD.com's overall stock score is driven by strong financial performance and positive earnings call sentiment, highlighting robust revenue growth and strategic initiatives. The valuation is attractive, indicating potential undervaluation. However, technical analysis suggests bearish momentum, which tempers the overall score.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand and effective business strategies, enhancing JD.com's market position and long-term prospects.

User Base Expansion

Significant user base growth enhances JD.com's platform value and potential for cross-selling, supporting sustained revenue and market share expansion.

AI Strategy

Investment in AI technology positions JD.com to improve operational efficiency and customer experience, fostering long-term competitive advantages.

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.

Food Delivery Losses

Continued losses in the food delivery segment could strain JD.com's resources and delay profitability, affecting overall financial health.

Increased Leverage

Higher leverage increases financial risk and interest obligations, potentially impacting JD.com's ability to manage economic downturns or invest in growth.

JD.com, Inc. Class A Business Overview & Revenue Model

Company Description

JD.com, Inc. Class A (9618) is a leading Chinese e-commerce company that operates a comprehensive online retail platform. It primarily focuses on a wide range of products including electronics, apparel, home goods, and groceries. JD.com offers both direct sales, where it sells products directly to consumers, and a marketplace model that allows third-party sellers to list their products on its platform. The company is also heavily invested in logistics and technology, ensuring efficient delivery services and enhancing customer experience.

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 third-party sellers fees for listing their products and a commission on sales made through the platform. JD.com also capitalizes on its logistics services, offering fulfillment and delivery services to other businesses, which contributes to its earnings. Strategic partnerships with various brands and technology companies further bolster its revenue streams by enhancing product offerings and expanding market reach.

JD.com, Inc. Class A Financial Statement Overview

Summary

JD.com shows strong revenue growth and operational efficiency, with stable margins and a solid return on equity. However, increased leverage and a sharp decline in free cash flow growth pose potential risks. The company needs to manage its cash flow effectively to sustain growth and maintain financial stability.

Income Statement

JD.com has demonstrated consistent revenue growth, with a TTM revenue growth rate of 5.44%. The gross profit margin has improved to 14.43% in the TTM period, indicating better cost management. However, the net profit margin has slightly decreased to 3.06% from 3.57% in the previous year, suggesting some pressure on profitability. The EBIT and EBITDA margins are stable, reflecting operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.44 in the TTM period, indicating a higher leverage compared to previous years. However, the return on equity remains strong at 16.63%, showcasing effective use of equity to generate profits. The equity ratio is stable, suggesting a balanced capital structure.

Cash Flow

JD.com experienced a significant decline in free cash flow growth by 76.15% in the TTM period, which could impact future investments. The operating cash flow to net income ratio is at 0.16, indicating moderate cash generation relative to net income. The free cash flow to net income ratio is healthy at 0.67, reflecting good cash conversion.

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	124.07B	113.44B	95.15B	84.06B	70.01B	60.41B
EBITDA	35.12B	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

• Technical Analysis Sentiment: Negative
• Last Price: 114.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9618, the sentiment is Negative. The current price of 114.3 is below the 20-day moving average (MA) of 114.91, below the 50-day MA of 123.55, and below the 200-day MA of 132.15, indicating a bearish trend. The MACD of -2.12 indicates Negative momentum. The RSI at 39.04 is Neutral, neither overbought nor oversold. The STOCH value of 19.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9618.

JD.com, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9618	74 Outperform	HK$394.77B	8.95	13.71%	3.43%	16.27%	-3.87%
3690	74 Outperform	$594.96B	―	-1.32%	―	11.91%	-106.71%
9988	71 Outperform	HK$3.04T	18.46	12.42%	1.30%	4.89%	50.48%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

JD.com, Inc. Class A Corporate Events

JD Logistics Appoints Zhenhui Wang as New CEO

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 within JD Group. This leadership change is expected to strengthen JD Logistics’ operations and strategic positioning in the logistics industry.

JD.com Reports Strong Q3 2025 Revenue Growth Amidst Declining Net Income

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 strong growth in user base and shopping frequency, with over 700 million annual active customers. JD Retail experienced an 11.4% revenue increase, and JD Food Delivery showed improved unit economics, contributing to the company’s long-term growth potential.

JD.com to Announce Q3 2025 Financial Results on November 13

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 Kong and before the U.S. market opens. A conference call will be held to discuss the financial results, accessible to interested parties via pre-registration. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction.