京东集团：考察要点- 差异化供给驱动策略，盈利能力持续改善；季度至今表现稳健

We hosted JD's Investor Relations team on Mar 23 in Beijing as part of our China Internet Trip. Key investor focuses/topics discussed include: 1) Solid JD Retail outlook with healthy quarter-to-date trends, where the company continues to expect to deliver mid-single-digit revenue and operating profit growth in 2026, and sees 1Q QTD business trending healthily into March, while noting 2Q26 will face tougher year-on-year comps. On profitability, the company continues to expect higher JD Retail profits (mid-si ...