14 November 2025 | 6:29AM HKT Equity Research JD.com (JD/9618.HK) & JD Logistics (2618.HK): 3Q25 First Take: Strong JD Retail core powering new growth investments; Buy JD reported solid revenue growth (+15% yoy, +1%/+2% above GSe/VA consensus) and record-high JD Retail margin of 5.9% (vs. GSe of 5.2%), while new business losses came in wider than expected with losses of -Rmb15.7bn due to overseas/Jingxi (vs. GSe of Rmb-13.9bn, with narrower food delivery losses qoq). Despite the slowdown in electronics & ap ...