京东：调研要点-外卖业务交叉销售表现良好，聚焦用户体验优化；买入

25 November 2025 | 12:01AM HKT Equity Research JD.com Inc. (JD) Internet Trip Takeaways: Healthy cross-sell from food delivery; focusing on UE improvement; Buy | JD | 12m Price Target: $43.00 | Price: $28.93 | Upside: 48.6% | | --- | --- | --- | --- | | 9618.HK | 12m Price Target: HK$169.00 | Price: HK$112.40 | Upside: 50.4% | We hosted JD's Investor Relations team with investors in Beijing on Nov 24 as part of our China Internet Trip. Key investor focuses/topics discussed include: 1) Electronics & applianc ...