citic securities·2026-02-02 13:11Investment Rating - The report does not explicitly provide an investment rating for the company [2] Core Insights - The report indicates that JD.com is facing significant challenges due to reduced subsidies for trade-in programs and increased competition in the Chinese market, leading to a moderate year-on-year revenue growth forecast for Q4 2025 and a substantial decline in adjusted net profit [3] - Electronic product sales are expected to decline year-on-year, partially offset by growth in daily necessities, with categories like supermarket goods, clothing, and healthcare products likely to continue double-digit growth [3] - JD.com is actively seeking new growth drivers, with a strong increase in quarterly active users driven by the expansion of its food delivery business [3] - The report anticipates growth in platform and advertising revenue for Q4 2025, supported by healthy GMV growth and improved advertising efficiency [4] - JD.com's logistics revenue is also expected to grow year-on-year, with food delivery business contributing to mid-single-digit growth [4] Summary by Relevant Sections Company Overview - JD.com is the largest direct sales e-commerce retailer in China, with over 590 million active customers, holding the largest market share in electronic product sales while expanding into daily necessities [8] - The company is experiencing rapid growth in its third-party business, which helps to expand the supply of long-tail products [8] Revenue Breakdown - JD Retail accounts for 83.0% of total revenue, while JD Logistics contributes 14.6%, and new businesses account for 1.4% [9] Stock Information - As of January 30, 2026, the stock price is $28.48, with a market capitalization of $43.12 billion and a consensus target price of $39.95 [11]