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

• Market Cap: HK$394.77B
• Dividend Yield: 3.15%
• Average Volume (3M): 16.20M
• Price to Earnings (P/E): 8.9
• Beta (1Y): 1.67
• Revenue Growth: 14.18%
• EPS Growth: 32.25%
• Country: HK
• Employees: 570,895
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 2.71
• 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$165.77
• Price Target Upside: 33.15% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 17
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: HK$141.00 ▲(13.25% Upside)

JD.com's strong revenue growth and attractive valuation are significant positives, supported by robust earnings call highlights. However, technical indicators suggest bearish momentum, and financial performance is impacted by increased leverage and declining cash flow. These factors result in a balanced overall outlook.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion and market leadership.

User Growth and Engagement

Significant user growth and engagement enhance JD.com's competitive position, increasing customer retention and potential revenue per user.

JD Retail Profitability

Improved profitability in core retail operations reflects operational efficiency and effective cost management, bolstering long-term financial health.

Negative Factors

Non-GAAP Net Income Decline

Declining net income due to new investments may strain financial resources, impacting short-term profitability and cash reserves.

Impact on Cash Flow

Significant decline in free cash flow limits JD.com's ability to fund new initiatives and manage debt, posing a risk to financial stability.

Margin Pressure from New Businesses

Investments in new businesses are compressing margins, which could affect overall profitability and require careful management to ensure returns.

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	1.27T	1.16T	1.08T	1.05T	951.59B	745.80B
Gross Profit	182.53B	113.44B	159.70B	147.07B	70.01B	109.11B
EBITDA	44.85B	47.36B	42.82B	25.58B	9.61B	16.76B
Net Income	38.65B	41.36B	24.17B	10.38B	-3.56B	49.41B
Balance Sheet
Total Assets	706.94B	698.23B	628.96B	595.25B	496.51B	422.29B
Cash, Cash Equivalents and Short-Term Investments	213.84B	234.00B	190.15B	219.96B	185.33B	146.66B
Total Debt	100.79B	89.77B	68.43B	65.05B	34.14B	31.55B
Total Liabilities	409.65B	384.94B	332.58B	321.13B	249.72B	200.67B
Stockholders Equity	227.16B	239.35B	231.86B	213.37B	208.91B	187.54B
Cash Flow
Free Cash Flow	8.16B	44.28B	39.51B	35.84B	23.74B	31.63B
Operating Cash Flow	24.82B	58.09B	59.52B	57.82B	42.30B	42.54B
Investing Cash Flow	33.70B	-871.00M	-59.54B	-54.03B	-74.25B	-57.81B
Financing Cash Flow	-24.32B	-21.00B	-5.81B	1.18B	19.50B	71.07B

JD.com, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 124.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 124.5 is below the 20-day moving average (MA) of 127.26, below the 50-day MA of 129.24, and below the 200-day MA of 136.31, indicating a bearish trend. The MACD of -1.62 indicates Positive momentum. The RSI at 43.62 is Neutral, neither overbought nor oversold. The STOCH value of 33.79 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3690	74 Outperform	$623.38B	19.35	17.12%	―	17.67%	33.74%
9988	74 Outperform	HK$3.04T	18.46	15.15%	1.20%	5.08%	127.82%
9618	70 Outperform	HK$394.77B	8.95	17.17%	3.15%	14.18%	32.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

JD.com, Inc. Class A Corporate Events

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.

The most recent analyst rating on (HK:9618) stock is a Buy with a HK$146.00 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 Launches Takeover Bid for CECONOMY AG

JD.com has announced a voluntary public takeover offer for CECONOMY AG, the parent company of European consumer electronics retailers MediaMarkt and Saturn. The offer, priced at EUR 4.60 per share, is subject to regulatory clearances and aims to strengthen JD.com’s position in the European market. The takeover will be financed through a combination of acquisition loans and JD.com’s cash reserves, with the acceptance period running from September 1 to November 10, 2025. This strategic move highlights JD.com’s efforts to expand its global footprint and enhance its influence in the consumer electronics sector.

The most recent analyst rating on (HK:9618) stock is a Buy with a HK$137.00 price target. To see the full list of analyst forecasts on JD.com, Inc. Class A stock, see the HK:9618 Stock Forecast page.