Want to see HK:9618 full AI Analyst Report?
Top Page
JD.com, Inc. Class A
(9618)
Select Model
Select Model
Rating:67Neutral
Price Target:
HK$120.00
▲(8.60% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by solid financial durability (strong free cash flow and moderate leverage) and a constructive earnings outlook focused on margin expansion and H2 reacceleration. These strengths are partially offset by weak technical momentum and recent fundamental pressure reflected in the sharp TTM revenue decline and thinner margins.
Positive Factors
Strong Cash Generation
Strong free cash flow and substantial liquidity improve JD’s ability to fund logistics, technology and international expansion while supporting dividends and buybacks without relying heavily on external financing.
Negative Factors
Retail Revenue Pressure
The core retail business remains exposed to weak category demand, high prior-year comparisons and component price increases. Persistent top-line pressure could limit scale benefits and make future margin gains harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Strong free cash flow and substantial liquidity improve JD’s ability to fund logistics, technology and international expansion while supporting dividends and buybacks without relying heavily on external financing.
Read all positive factors
JD.com, Inc. Class A (9618) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$296.52B
Dividend Yield3.61%
Average Volume (3M)9.94M
Price to Earnings (P/E)17.2
Beta (1Y)1.52
Revenue Growth7.53%
EPS Growth-57.52%
CountryHK
Employees776,682
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)5.39
Shares Outstanding2,475,500,500
10 Day Avg. Volume7,902,396
30 Day Avg. Volume9,937,506
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.27
Price to Sales (P/S)0.22
P/FCF Ratio59.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$151.09Price Target Upside36.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)12.78
Revenue Forecast (FY)HK$1.57T
JD.com, Inc. Class A Business Overview & Revenue Model
Company Description
JD.com, Inc., a company founded in Beijing, People's Republic of China, in 2006, specializes in delivering technology and services driven by its extensive supply chain. The firm offers a wide range of products, including electronics such as comput...
How the Company Makes Money
JD.com primarily makes money through a mix of retail sales, marketplace and advertising services, and logistics/supply-chain services.
1) Retail (direct/first-party) product sales
- JD buys inventory from brands and distributors, sells products d...
JD.com, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized a clear pivot toward profitability with strong margin expansion, improved free cash flow and meaningful operational milestones (JD Retail margin records, logistics growth, >50% loss reduction in food delivery). These positive outcomes outweighed near-term top-line softness (total revenues down 2.9%, JD Retail revenue down 4.7%) and ongoing investments in new businesses and R&D. Management signaled confidence in a H2 top-line reacceleration and continued disciplined capital allocation, supporting an overall constructive outlook.Positive Updates
Strong Consolidated Profitability Expansion
Non-GAAP net income attributable to ordinary shareholders rose 20.8% year-on-year to RMB 8.9 billion in Q2 2026; non-GAAP net margin expanded by 0.5 percentage points to 2.6%, with management calling Q2 a definitive turning point for profitability.
Negative Updates
Total Revenue Decline
Total revenues declined 2.9% year-on-year to RMB 346 billion in Q2 2026, driven by temporary category headwinds (electronics/home appliances) and high prior-year comparables.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Consolidated Profitability Expansion
Non-GAAP net income attributable to ordinary shareholders rose 20.8% year-on-year to RMB 8.9 billion in Q2 2026; non-GAAP net margin expanded by 0.5 percentage points to 2.6%, with management calling Q2 a definitive turning point for profitability.
Read all positive updates
Company Guidance
Management guided that the company expects top‑line reacceleration in H2 2026 with JD Retail “turning point” in Q3 and returning to positive revenue growth as the high trade‑in comparison fades and electronics/home‑appliance momentum reaccelerates; they reiterated a long‑term high single‑digit JD Retail margin target while forecasting near‑term margin upside from supply‑chain efficiency (Q2 JD Retail revenue RMB295bn, -4.7% YoY; gross margin 18.5%, +1.3pp YoY; non‑GAAP operating profit RMB13.5bn; operating margin 4.6%, +7bps). At the group level management expects continued profit expansion (Q2 total revenue RMB346bn, -2.9% YoY; consolidated gross margin 17.1%, +1.2pp; consolidated non‑GAAP net income RMB8.9bn, +20.8% YoY; net margin 2.6%, +0.5pp) and further narrowing of New Businesses losses (Q2 New Businesses revenue RMB7.3bn; operating loss narrowed to RMB9.9bn; JD Food Delivery losses cut >50% YoY in Q2). They expect accelerating advertising/marketplace monetization (marketplace & marketing revenues +8.3% YoY; service revenues +6.8% YoY; logistics & other service revenues +5.9% YoY), improved JD Logistics scale and profitability (Q2 JD Logistics revenue ~RMB64.1bn, +24.3% YoY; non‑GAAP operating income RMB2.3bn, operating margin 3.5%), stronger cash generation (LTM free cash flow RMB31bn vs RMB10bn year‑ago; cash, restricted cash and short‑term investments RMB235bn at end‑Q2) and continued shareholder returns (H1 buybacks 69.9m Class A shares / 34.9m ADS for USD1bn, ~2.5% of shares; ~USD1bn remaining under the USD5bn program), all while keeping disciplined, ROI‑driven investment (R&D up, Joybuy revenues doubled in two quarters, JDL thousands of UGVs across >20 provinces) to support H2 revenue recovery and ongoing margin expansion.JD.com, Inc. Class A Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31T | 1.28T | 1.16T | 1.08T | 1.05T | 951.59B |
| Gross Profit | 191.31B | 203.40B | 113.44B | 95.15B | 84.06B | 70.01B |
| EBITDA | 26.62B | 36.64B | 48.47B | 37.20B | 25.58B | 9.61B |
| Net Income | 14.79B | 19.12B | 41.36B | 24.17B | 10.38B | -3.56B |
Balance Sheet | ||||||
| Total Assets | 725.41B | 695.50B | 698.23B | 628.96B | 595.25B | 496.51B |
| Cash, Cash Equivalents and Short-Term Investments | 221.66B | 225.47B | 234.00B | 190.15B | 219.96B | 185.33B |
| Total Debt | 105.31B | 107.15B | 89.77B | 68.43B | 65.05B | 34.14B |
| Total Liabilities | 443.03B | 401.59B | 384.94B | 332.58B | 321.13B | 249.72B |
| Stockholders Equity | 219.12B | 225.14B | 239.35B | 231.86B | 213.37B | 208.91B |
Cash Flow | ||||||
| Free Cash Flow | 31.70B | 4.81B | 44.28B | 39.51B | 35.84B | 23.74B |
| Operating Cash Flow | 51.12B | 18.99B | 58.09B | 59.52B | 57.82B | 42.30B |
| Investing Cash Flow | -40.01B | 41.83B | -871.00M | -59.54B | -54.03B | -74.25B |
| Financing Cash Flow | -32.33B | -26.73B | -21.00B | -5.81B | 1.18B | 19.50B |
JD.com, Inc. Class A Technical Analysis
Negative
110.50
Price Trends
115.79
Negative
115.92
Negative
111.94
Negative
Market Momentum
-2.76
Positive
39.73
Neutral
33.75
Neutral
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 110.5 is below the 20-day moving average (MA) of 112.43, below the 50-day MA of 115.79, and below the 200-day MA of 111.94, indicating a bearish trend. The MACD of -2.76 indicates Positive momentum. The RSI at 39.73 is Neutral, neither overbought nor oversold. The STOCH value of 33.75 is Neutral, 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 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 3 New Risks
1.
JD Logistics may need to raise more capital, which could dilute our equity stake or impose debt service obligations on JD Logistics, if such capital is available at all. Q4, 2023
2.
Our business is subject to complex and evolving Chinese and international laws and regulations regarding data privacy and cybersecurity. Q4, 2023
3.
A severe or prolonged slowdown in the Chinese or global economy could materially and adversely affect our business and financial condition. Q4, 2023
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 |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$296.52B | 17.24 | 6.63% | 3.61% | 7.53% | -57.52% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$1.38B | -8.15 | -3.70% | ― | 11.90% | 25.23% | |
52 Neutral | HK$2.18T | 24.21 | 7.04% | 0.94% | 8.06% | -48.95% | |
48 Neutral | HK$494.37B | -10.96 | -24.10% | ― | 9.80% | -230.88% | |
47 Neutral | HK$22.67B | 16.14 | 14.11% | 7.06% | 30.79% | -44.14% | |
41 Neutral | HK$758.47M | -0.08 | 21.77% | 3.96% | -28.44% | 42.64% |
* Consumer Cyclical Sector Average
HK:9618
JD.com, Inc. Class A
108.60
-18.88
-14.81%
HK:3690
Meituan
77.80
-23.90
-23.50%
HK:0493
GOME Retail Holdings
0.01
-0.01
-50.00%
HK:9896
MINISO Group Holding Ltd.
18.48
-29.87
-61.78%
HK:9988
Alibaba Group Holding Ltd.
109.50
-32.04
-22.64%
HK:9991
Baozun, Inc. Class A
7.50
-2.66
-26.18%
JD.com, Inc. Class A Corporate Events
JD.com Sets August 13 Board Meeting and Global Call for 2026 Interim Results
Jul 31, 2026
JD.com has scheduled a board meeting for Thursday, August 13, 2026, to approve its unaudited financial results for the three and six months ended June 30, 2026. The company plans to release its 2026 interim results announcement on the Hong Kong St...
JD.com Sets 2026 AGM as Discussion-Only Forum for Registered Shareholders
Jun 5, 2026
JD.com, Inc. has announced that it will hold its annual general meeting on June 29, 2026, in Beijing, with the session designated as an open forum for shareholders of record to discuss company affairs with management. No proposals will be put to a...
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.