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

• Market Cap: HK$408.27B
• Dividend Yield: 24.08%
• Average Volume (3M): 14.72M
• Price to Earnings (P/E): 7.9
• Beta (1Y): 1.65
• Revenue Growth: 7.67%
• EPS Growth: 90.63%
• Country: HK
• Employees: 570,895
• Sector: Consumer Cyclical
• Sector Strength: 56
• Industry: Specialty Retail
• EPS (TTM): 4.55
• Shares Outstanding: 2,865,070,000
• 10 Day Avg. Volume: 13,965,199
• 30 Day Avg. Volume: 14,724,667
• PEG Ratio: 0.70
• Price to Book (P/B): 1.46
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 12.85
• 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$186.00
• Price Target Upside: 43.30% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 77 Outperform
• Price Target: HK$147.00 ▲(13.25%Upside)

JD.com exhibits strong financial performance and a positive outlook based on the latest earnings call. Despite technical indicators showing some short-term weakness, the stock's low P/E ratio and high dividend yield highlight its potential value. Key risks include decreased cash flow and operational losses in new segments.

Positive Factors

Earnings Performance

1Q25 non-GAAP core earnings increased by 43% y/y, 23% above market expectations, on better-than-expected revenue growth and profitability in JD retail.

Market Position

JD.com is the third largest e-commerce player in China with a market share of approximately 18% in terms of GMV.

Revenue Growth

Management raised its revenue growth guidance for 2Q25F and FY25F to double-digit yoy growth, driven by a strong uplift from its trade-in programme.

Negative Factors

Food Delivery Losses

Losses from the food delivery business are estimated at c.Rmb5bn-6bn in 2Q25F, leading to a drop in JD’s overall non-GAAP NPM.

Macroeconomic Uncertainty

The macroeconomic outlook remains uncertain, contributing to a more conservative valuation of JD.com's core retail business.

Market Competition

The company's valuation is impacted by a cloudy macro-outlook and irrational market competition in new segments and lower-tier cities.

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 comprising food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, books, automobile accessories, apparel and footwear, bags, and jewelry. It also provides online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. In addition, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and provides asset management services for logistics property investors. Further, it provides integrated data, technology, business, and user management industry solutions to support the digitization of enterprises and institutions. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.

How the Company Makes Money

JD.com makes money primarily through its online retail operations. The company generates revenue by selling products directly to consumers via its e-commerce platform. A significant portion of its earnings comes from its self-operated retail business, where JD.com purchases inventory from suppliers and sells it to customers. Additionally, JD.com earns revenue from third-party marketplace services, where it allows third-party sellers to list their products on its platform in exchange for a commission on sales. JD.com also benefits from its logistics and fulfillment services, which provide supply chain solutions to both internal and external clients. Furthermore, JD.com has strategic partnerships and investments in areas such as technology, healthcare, and finance, which contribute to its overall revenue.

JD.com, Inc. Class A Financial Statement Overview

Summary

JD.com exhibits a robust financial performance with consistent revenue and profit growth, strong profitability ratios, and stable financial health. The income statement indicates significant revenue and net profit margin improvements, while the balance sheet reflects solid financial stability. Cash flow is strong but requires monitoring due to recent declines in operating cash flow.

Income Statement

JD.com has demonstrated strong revenue growth, with a 10.67% increase from 2023 to 2024 and continued growth in TTM. Net profit margins have improved significantly, indicating enhanced operational efficiency. Gross profit margin remains healthy, and both EBIT and EBITDA margins show positive trends, suggesting robust profitability.

Balance Sheet

The company's balance sheet is solid, with a favorable debt-to-equity ratio indicating manageable leverage. The equity ratio is strong, reflecting financial stability. Return on equity has improved, showcasing effective use of shareholder funds. JD.com maintains a substantial cash position, enhancing its financial flexibility.

Cash Flow

Cash flow metrics are strong, with positive free cash flow growth and a healthy operating cash flow to net income ratio, indicating efficient cash generation relative to earnings. However, a decrease in operating cash flow from 2023 to TTM may require attention.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.20T	1.16T	1.08T	1.05T	951.59B	745.80B
Gross Profit	171.82B	113.44B	159.70B	147.07B	129.07B	109.11B
EBITDA	57.82B	47.36B	42.82B	25.58B	9.61B	16.76B
Net Income	45.12B	41.36B	24.17B	10.38B	-3.56B	49.41B
Balance Sheet
Total Assets	214.33B	698.23B	628.96B	595.25B	496.51B	422.29B
Cash, Cash Equivalents and Short-Term Investments	38.28B	234.00B	190.15B	219.96B	185.33B	146.66B
Total Debt	18.56B	89.77B	68.43B	65.05B	34.14B	31.55B
Total Liabilities	130.62B	384.94B	332.58B	321.13B	249.72B	200.67B
Stockholders Equity	66.63B	239.35B	231.86B	213.37B	208.91B	187.54B
Cash Flow
Free Cash Flow	26.33B	44.28B	39.51B	35.84B	23.74B	30.09B
Operating Cash Flow	51.15B	58.09B	59.52B	57.82B	42.30B	42.54B
Investing Cash Flow	-13.05B	-871.00M	-59.54B	-54.03B	-74.25B	-57.81B
Financing Cash Flow	-20.85B	-21.00B	-5.81B	1.18B	19.50B	71.07B

JD.com, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 129.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 129.8 is above the 20-day moving average (MA) of 129.43, below the 50-day MA of 131.51, and below the 200-day MA of 140.79, indicating a neutral trend. The MACD of -1.37 indicates Negative momentum. The RSI at 49.76 is Neutral, neither overbought nor oversold. The STOCH value of 64.13 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9618	77 Outperform	HK$408.27B	7.93	19.79%	24.08%	7.67%	90.63%
Sector *	62 Neutral	$16.34B	11.01	-5.97%	3.14%	1.65%	-24.92%
MPNGF		$102.60B	17.96	23.82%	―	―	―
9988	77 Outperform	HK$2.20T	15.15	13.02%	1.74%	4.74%	73.72%
89988	73 Outperform	¥2.02T	14.96	12.97%	1.74%	5.85%	30.65%

JD.com, Inc. Class A Corporate Events

JD.com Announces 2025 Annual General Meeting Details

JD.com, Inc. has announced its upcoming Annual General Meeting (AGM) scheduled for June 20, 2025, in Beijing, China. The AGM will not feature any proposals for shareholder approval but will serve as an open forum for shareholders to discuss company affairs with management. The announcement highlights the company’s weighted voting rights structure, emphasizing the potential risks for investors. This meeting is significant for stakeholders as it provides an opportunity for direct engagement with the company’s leadership, potentially impacting investor relations and company transparency.

The most recent analyst rating on (HK:9618) stock is a Buy with a HK$150.00 price target. To see the full list of analyst forecasts on JD.com, Inc. Class A stock, see the HK:9618 Stock Forecast page.

JD.com Reports Strong Q1 2025 Financial Results

JD.com, Inc. announced its unaudited financial results for the first quarter of 2025, reporting a 15.8% increase in net revenues to RMB301.1 billion compared to the previous year. The company also saw improvements in operating and net margins, attributed to enhanced supply chain capabilities and strong user growth, which reflect JD.com’s strategic focus on long-term, high-quality growth.

The most recent analyst rating on (HK:9618) stock is a Buy with a HK$165.00 price target. To see the full list of analyst forecasts on JD.com, Inc. Class A stock, see the HK:9618 Stock Forecast page.

JD.com Sets Record Date for Annual General Meeting Participation

JD.com, Inc. has announced the record date for determining the eligibility of its shareholders to attend and vote at the upcoming annual general meeting. The record date is set for May 27, 2025, and shareholders must ensure their shares are registered by this date to participate. Holders of American depositary shares will need to instruct the Depositary on voting matters. This announcement is crucial for stakeholders to ensure their participation in the company’s governance.

JD.com Announces Board Meeting and First Quarter 2025 Results Release

JD.com, Inc. has announced that its board of directors will hold a meeting on May 13, 2025, to approve the unaudited quarterly results for the first quarter of 2025. The results will be released after the Hong Kong Stock Exchange trading hours and before the U.S. market opens. A conference call will be held later that day to discuss the financial results, providing stakeholders with insights into the company’s performance.

JD.com Files Ownership Report on Dada Nexus

JD.com, Inc. announced the filing of a Schedule 13D/A with the U.S. Securities and Exchange Commission regarding its beneficial ownership in Dada Nexus Limited. This regulatory announcement highlights JD.com’s strategic interest in Dada Nexus, potentially impacting its market positioning and stakeholder interests.