京东：Driving healthy core business earnings growth amid high base in 2026-20260306

6 Mar 2026 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) JD.com (JD US) - Driving Driving healthy core business earnings growth amid high base in 2026 JD.com (JD) reported (5 Mar) 4Q25 results: revenue was RMB352.3bn, up 1.5% YoY (3Q25: 14.9%), 1% ahead of both our forecast and Bloomberg consensus. Non-GAAP NP was RMB1.1bn, down 90% YoY due to investment in food delivery (FD) and high base, but ahead of our forecast and consensus at RMB0.5bn, driven by the beat on JDR's ...