olivLaw · US equity research
JD.com, Inc. JD
Retail-Retail Stores, NEC · SIC 5990 · Vertical: Retail-Retail Stores, NEC (SIC 5990)
JD.com is one of China's largest e-commerce companies, combining direct online retail with a third-party marketplace and its own logistics services. Its revenue for 2025 passed 1,300 billion RMB, and it is now extending its reach into Europe through the acquisition of control of CECONOMY.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, JD.com, Inc. (JD) stock was 27.73 USD (+3.05% on the day), with market capitalisation 40.6 bn USD, P/E 30.1 on diluted EPS of 0.92 USD over the last 12 months, dividend yield 3.66%, beta 0.73, 52-week range 25.19–33.77 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.3
- strong (55–70)
- Bollinger (20, 2)
- 24.91 – 27.84
- in the upper half of the band · %B 0.96 · band width 11.1%
- SMA 50 / 200
- 26.87 / 28.56
- mixed trend
- MACD (12, 26, 9)
- -0.14 / -0.34
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.2% | −1.1% | +6.3 pp | — |
| 3 months | −14.8% | −0.5% | −14.3 pp | — |
| 6 months | −9.6% | +4.4% | −14.0 pp | — |
| Year to date | −3.4% | +12.3% | −15.7 pp | — |
| 1 year | −12.9% | +13.5% | −26.4 pp | −26.6% |
| 3 years | +2.9% | +76.4% | −73.5 pp | −49.3% |
| 5 years | −64.3% | +63.7% | −127.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 6-quarter history (min 18.8, median 33.7, max 119.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 67.2 bn | 82.9 bn | 114.3 bn | 149.3 bn | 151.7 bn | 152.8 bn | 158.8 bn | 187.2 bn |
| Revenue YoY | +20.7% | +23.3% | +37.9% | +30.6% | +1.6% | +0.7% | +3.9% | +17.9% |
| Net income | -407.3 m | 1.7 bn | 7.6 bn | -701.0 m | 1.4 bn | 3.3 bn | 6.1 bn | 3.3 bn |
| Net income YoY | unavailable | unavailable | +342.7% | −109.3% | unavailable | +132.8% | +86.8% | −45.9% |
| Diluted EPS | -0.13 | 0.59 | 2.43 | -0.18 | 0.47 | 1.07 | 1.84 | 0.92 |
| Diluted EPS YoY | unavailable | unavailable | +311.9% | −107.4% | unavailable | +127.7% | +72.0% | −50.0% |
| net % | -0.6% | 2.1% | 6.6% | -0.5% | 0.9% | 2.1% | 3.9% | 1.8% |
| Free cash flow | unavailable | unavailable | unavailable | 5.8 bn | 7.6 bn | 7.8 bn | 7.2 bn | 1.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.7 bn USD
- Financial debt
- 42.8 bn USD
- Net debt
- 23.2 bn USD
- Equity
- 42.0 bn USD
- Total assets
- 99.4 bn USD
- Debt / equity
- 1.02x
- Current ratio
- 1.22x
- ROE
- 7.8%
- ROA
- 3.4%
- FCF margin
- 0.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 114.3 bn | 149.3 bn | 151.7 bn | 152.8 bn | 158.8 bn | 187.2 bn | SEC (XBRL)· 16 Apr 2026verified |
| Cost of revenue | 97.6 bn | 129.1 bn | 130.4 bn | 130.3 bn | 133.6 bn | 157.2 bn | SEC (XBRL)· 16 Apr 2026verified |
| Gross profit | 16.7 bn ≈ | 20.3 bn ≈ | 21.3 bn ≈ | 22.5 bn ≈ | 25.2 bn ≈ | 30.0 bn ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Research & development | 2.5 bn | 2.6 bn | 2.4 bn | 2.3 bn | 2.3 bn | 3.2 bn | SEC (XBRL)· 16 Apr 2026verified |
| Operating income | 1.9 bn | 650.0 m | 2.9 bn | 3.7 bn | 5.3 bn | 397.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Depreciation & amortisation | 929.9 m | 978.0 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 16 Apr 2026verified |
| EBITDA | 2.8 bn ≈ | 1.6 bn ≈ | 3.9 bn ≈ | 4.8 bn ≈ | 6.5 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Interest expense | 172.4 m | 190.0 m | 305.0 m | 406.0 m | 397.0 m | 401.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Pre-tax income | 7.8 bn | -405.0 m | 2.0 bn | 4.5 bn | 7.1 bn | 3.6 bn | SEC (XBRL)· 16 Apr 2026verified |
| Income tax | 227.1 m | 296.0 m | 605.0 m | 1.2 bn | 943.0 m | 312.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Net income | 7.6 bn | -701.0 m | 1.4 bn | 3.3 bn | 6.1 bn | 3.3 bn | SEC (XBRL)· 16 Apr 2026verified |
| Diluted EPS | 2.43 | -0.18 | 0.47 | 1.07 | 1.84 | 0.92 | SEC (XBRL)· 16 Apr 2026verified |
| Weighted average diluted shares | 3.1 bn | 3.1 bn | 3.2 bn | 3.2 bn | 3.1 bn | 3.0 bn | SEC (XBRL)· 16 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.2 bn | 11.1 bn | 11.4 bn | 10.1 bn | 14.8 bn | 19.7 bn | SEC (XBRL)· 16 Apr 2026verified |
| Receivables | 1.1 bn | 1.9 bn | 3.0 bn | 2.9 bn | 3.5 bn | 3.9 bn | SEC (XBRL)· 16 Apr 2026verified |
| Inventories | 9.0 bn | 11.9 bn | 11.3 bn | 9.6 bn | 12.2 bn | 13.6 bn | SEC (XBRL)· 16 Apr 2026verified |
| Current assets | 36.0 bn | 47.0 bn | 50.9 bn | 43.4 bn | 53.0 bn | 53.5 bn | SEC (XBRL)· 16 Apr 2026verified |
| Property, plant & equipment, net | 3.5 bn | 5.2 bn | 8.0 bn | 9.9 bn | 11.3 bn | 13.1 bn | SEC (XBRL)· 16 Apr 2026verified |
| Goodwill | 1.7 bn | 2.0 bn | 3.4 bn | 2.8 bn | 3.5 bn | 3.8 bn | SEC (XBRL)· 16 Apr 2026verified |
| Intangibles (excl. goodwill) | 990.5 m | 916.0 m | 1.3 bn | 977.0 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 16 Apr 2026verified |
| Total assets | 64.7 bn | 77.9 bn | 86.3 bn | 88.6 bn | 95.7 bn | 99.4 bn | SEC (XBRL)· 16 Apr 2026verified |
| Accounts payable | 16.4 bn | 22.0 bn | 23.3 bn | 23.4 bn | 26.4 bn | 26.9 bn | SEC (XBRL)· 16 Apr 2026verified |
| Short-term debt | — | 685.0 m | 1.8 bn | 709.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 16 Apr 2026verified |
| Long-term debt | 13.0 bn | 9.5 bn | — | — | 31.7 bn | 41.7 bn | SEC (XBRL)· 16 Apr 2026verified |
| Current liabilities | 26.7 bn | 34.8 bn | 38.6 bn | 37.4 bn | 41.0 bn | 43.8 bn | SEC (XBRL)· 16 Apr 2026verified |
| Total liabilities | 30.8 bn | 39.2 bn | 46.6 bn | 46.8 bn | 52.7 bn | 57.4 bn | SEC (XBRL)· 16 Apr 2026verified |
| Equity | 31.3 bn | 38.5 bn | 39.7 bn | 41.7 bn | 42.9 bn | 42.0 bn | SEC (XBRL)· 16 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.5 bn | 6.6 bn | 8.4 bn | 8.4 bn | 8.0 bn | 2.7 bn | SEC (XBRL)· 16 Apr 2026verified |
| Capex | — | 873.0 m | 797.0 m | 567.0 m | 733.0 m | 1.1 bn | SEC (XBRL)· 16 Apr 2026verified |
| Free cash flow | — | 5.8 bn ≈ | 7.6 bn ≈ | 7.8 bn ≈ | 7.2 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Investing cash flow | -8.9 bn | -11.7 bn | -7.8 bn | -8.4 bn | -119.0 m | 6.0 bn | SEC (XBRL)· 16 Apr 2026verified |
| Financing cash flow | 10.9 bn | 3.1 bn | 171.0 m | -818.0 m | -2.9 bn | -3.8 bn | SEC (XBRL)· 16 Apr 2026verified |
| Dividends paid | — | — | 1.9 bn | 949.0 m | 1.1 bn | 1.5 bn | SEC (XBRL)· 16 Apr 2026verified |
| Share repurchases | 47.8 m | 823.0 m | 264.0 m | 352.0 m | 3.6 bn | 3.1 bn | SEC (XBRL)· 16 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 40.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet14
- Growth80
- Quality54
- Returns76
- Valuation24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 29.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)8.76 – 29.36 (Mid 15.88)WACC 7.3% · starting FCFF 2.0 bn USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 22.0%
- Peers: EV/EBITDA0.00 – 13.40 (Mid 2.16)5 companies used · median multiple 14.7x · quartiles 5.9x – 23.9xSBH, SGU, TITN, TKLF, ULTA
- Peers: P/E4.80 – 18.92 (Mid 7.44)6 companies used · median multiple 8.1x · quartiles 5.2x – 20.6xBBWI, RENT, SBH, SGU, ULTA, WOOF
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.6% | 60 (vs peers) | 10% |
| Net margin · Quality | 1.8% | 72 (vs peers) | 6% |
| FCF conversion · Quality | 48.3% | 26 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 7.3% | 61 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 25.1% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 12.9x | 14 (vs peers) | 10% |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.2x | 35 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 30.1x | 29 (vs peers) | 10% |
| EV/EBITDA · Valuation | 35.6x | 0 (vs peers) | 10% |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 11.2% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 92.9% | 39 (on a fixed band) | 4% |
Score groups
- Balance sheet14/100 · 3/3 factors with a value
- Growth80/100 · 2/2 factors with a value
- Quality54/100 · 3/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation24/100 · 3/3 factors with a value
Memo
JD.com, Inc. (JD). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 187.2 bn USD in 2025; YoY growth 17.9%; net margin 1.8%; ROE 10.2%; net debt/EBITDA 12.9x.
The estimated value range is 4.80–18.92 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 7.44 USD, the price of 27.73 USD leaves a potential of -73.2% (value / price − 1) and a margin of safety of -272.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 1.8%
- EPS CAGR 3Y: 25.1%
- Shareholder yield (distributions): 11.2%
What contradicts it
- FCF conversion: 48.3%
- Net debt / EBITDA: 12.9x
- Interest coverage: 1.0x
- P/E (TTM): 30.1x
- EV/EBITDA: 35.6x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Retail-Retail Stores, NEC (SIC 5990) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ULTAUlta Beauty, Inc. | 28.2 bn | 24.1 | 46.1% | 9.3% | +9.7% | +23% / +55% |
| BBWIBath & Body Works, Inc. | 4.7 bn | 6.1 | — | 10.8% | −0.2% | +35% / −28% |
| SBHSally Beauty Holdings, Inc. | 1.8 bn | 10.0 | 23.5% | 5.2% | −0.4% | +21% / +99% |
| YJYunji Inc. | 1.3 bn | — | -13.5% | -42.0% | −20.8% | −27% / −62% |
| TITNTitan Machinery Inc. | 530.0 m | — | -9.7% | -2.5% | −10.2% | +22% / −1% |
| SGUStar Group, L.P. | 429.8 m | 4.9 | — | 4.6% | +1.0% | +9% / +2% |
| NAASNaaS Technology Inc. | 223.8 m | — | — | -454.5% | −38.9% | −44% / −100% |
| NEGGNewegg Commerce, Inc. | 207.4 m | — | -3.7% | -0.3% | +16.9% | −87% / −61% |
| RENTRent the Runway, Inc. | 83.1 m | 0.2 | — | 11.8% | +7.7% | −49% / −77% |
| BARKBark, Inc. | 75.2 m | — | -36.7% | -8.4% | −18.5% | −42% / −49% |
| TKLFTokyo Lifestyle Co., Ltd. | 58.0 m | 68.5 | 1.7% | 0.2% | +77.6% | −48% / −82% |
| BQBoqii Holding Limited | 10.5 m | — | -2.8% | -1.2% | −5.7% | −79% / −98% |
| INHDInno Holdings Inc. | 8.7 m | — | -7.2% | -72.7% | +221.4% | −97% / unavailable |
| RCTRedCloud Holdings plc | 2.3 m | — | — | -95.3% | +4.3% | −98% / unavailable |
| LESLLeslie’s, Inc. | 955.3 k | — | — | -21.2% | −6.6% | unavailable / unavailable |
| JDJD.com, Inc. | — | 30.1 | 10.2% | 1.8% | +17.9% | −13% / +3% |
| HITIHigh Tide Inc. | — | — | -44.0% | -8.5% | +13.7% | +8% / +85% |
| WOOFPetco Health & Wellness Company, Inc. | — | 31.1 | 2.6% | 0.5% | −2.5% | −2% / +4% |
| FLWS1 800 Flowers Com Inc | — | — | -65.4% | -9.0% | −10.8% | −17% / −68% |
1- and 3-year price returns: for JD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 41.40 Total return 49% · Per year 49% | 73.09 Total return 164% · Per year 164% | 109.97 Total return 297% · Per year 297% |
| 3 years | 42.44 Total return 53% · Per year 15% | 84.09 Total return 203% · Per year 45% | 138.59 Total return 400% · Per year 71% |
| 5 years | 43.51 Total return 57% · Per year 9% | 96.75 Total return 249% · Per year 28% | 174.66 Total return 530% · Per year 44% |
- Exit P/E± 21.02
- Net margin± 14.72
- Annual revenue growth± 11.77
- Annual dilution± 1.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (13 Aug 2026), 6-K (31 Jul 2026), 6-K (05 Jun 2026), 6-K (18 May 2026), 6-K (12 May 2026).
In brief
JD.com is one of China's largest e-commerce companies, combining direct online retail with a third-party marketplace and its own logistics services. Its revenue for 2025 passed 1,300 billion RMB, and it is now extending its reach into Europe through the acquisition of control of CECONOMY.
SWOT
Strengths
- The company's own warehouse and delivery network, covering almost all regions of China, is an advantage that is hard to replicate quickly.
- Scale allows better terms from suppliers and a large base of active customers who return frequently.
- Diversification into logistics, health, marketplace and technology services gives several sources of revenue.
Weaknesses
- Most revenues come from a single market, China, and are sensitive to domestic economic cycles.
- Labour costs and the expansion of the warehouse network raise operating expenses.
- A structure based on consolidated variable interest entities complicates operations and financing.
Opportunities
- Integrating CECONOMY could open access to European consumer electronics retail and customers outside China.
- Growth of the marketplace and services for third-party merchants could improve margins.
- Investment in artificial intelligence and data analysis could increase personalisation and efficiency.
Threats
- Intense competition in e-commerce and physical retail could lead to lost market share.
- Regulatory changes and restrictions on foreign ownership could affect the company's structure.
- A slowdown in consumption in China could reduce orders and pressure revenues.
Risks
- Managing growth and the delivery networkmedium
Expanding warehouses and delivery infrastructure into less developed areas could be costly, and order density there may be too low to run an efficient own network.
- Consumer trust and brand reputationmedium
A perception that goods are counterfeit or that service is poor, even from isolated incidents, could damage the JD brand.
- Dependence on consumption in Chinahigh
Most revenues come from retail in China, and inflation, exchange rates or an economic slowdown could reduce consumer spending.
- Risks of the CECONOMY acquisitionhigh
Completion depends on competition, foreign investment and foreign subsidies clearances. Integrating a European business could create unforeseen costs and difficulties.
- Strategic investments and impairmentmedium
Investments and acquisitions may not produce the expected results and could lead to goodwill or other asset impairment charges affecting reported results.
Investment thesis
What would need to be true (bull case)
- The company has very large revenues and a logistics network that is hard to match, giving it scale advantages in China's e-commerce market.
- Marketplace, marketing and logistics services are growing faster than direct sales, and their higher margins could support long-term profitability.
- The CECONOMY acquisition could open a new European market and could reduce dependence on consumption in China.
What would break the thesis
- Most revenues depend on consumption in China, which could slow if the economy weakens or consumer confidence falls.
- Intense competition and rising costs for personnel and infrastructure could pressure margins in the short term.
- Integrating a large European acquisition could prove harder and more costly than expected, affecting results.
What to watch
- Completion of the CECONOMY acquisition and when its results are consolidated2026
- Development of marketplace, marketing and logistics revenues relative to direct salesnext 10-K
- Trend in fulfillment and personnel costs as a share of revenuesQ1 2027
- Listing of JD Property on the Hong Kong Stock Exchange2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (13 Aug 2026), 6-K (31 Jul 2026), 6-K (05 Jun 2026), 6-K (18 May 2026), 6-K (12 May 2026).
The business
JD.com is a supply chain-based technology and service provider that operates mainly through e-commerce. Its model includes direct online retail, in which it buys products from suppliers and sells them to customers through its mobile apps and websites, and an online marketplace where third-party merchants sell products and pay commissions and service fees. The company also offers marketing, logistics and other value-added services, and total net revenues for 2025 were 1,309.1 billion RMB (187.2 billion USD) 1.
The warehouse and delivery network is a core part of the company. JD.com covers almost all counties and districts in China with over 1,600 warehouses it operates and over 2,000 cloud warehouses run by third-party owner-operators through the JD Logistics Open Warehouse Platform, with an aggregate gross floor area of over 34 million square meters as of 31 December 2025 1. It relies mainly on its own delivery infrastructure and occasionally on third-party couriers.
The legal structure is complex: operations in China are conducted through subsidiaries and consolidated variable interest entities, because legal restrictions on foreign ownership limit value-added telecommunications businesses. The company also has several subsidiaries listed or preparing to list on the Hong Kong Stock Exchange, including JD Logistics, JD Health and JD Industrials, as well as an investment in JD Technology 1.
Segments
Electronics and home appliances
This is the largest revenue category. In 2025 it generated 605.1 billion RMB, or 46.2% of total net revenues, according to the filing 1.
General merchandise
The category includes supermarket, fashion, pharmaceutical and healthcare products, furniture, household goods, industrial products, auto parts and books. In 2025 it brought in 418.7 billion RMB, or 32.0% of revenues, up from the prior year 1.
Marketplace, marketing, logistics and other services
Service revenues rose from 213.4 billion RMB in 2023 to 285.3 billion RMB in 2025. In 2025 logistics and other services generated 178.2 billion RMB, and marketplace and marketing revenues 107.1 billion RMB 1.
Market context
The company's core market is consumer retail in China, where revenues are tied to disposable income and consumer spending, internet penetration and the adoption of online shopping. The filing states that most revenues come from retail sales in China, so economic conditions in the country directly influence the company's results 1.
The company is also expanding in Europe through its takeover of CECONOMY, a European consumer electronics retailer with more than 1,000 stores in 11 countries. The transaction, which remains subject to clearances, could significantly extend the company's international presence 1.
Trends
- Expansion into European retailmixed
The CECONOMY acquisition, through which the company secured 59.8% of the share capital, was completed for a consideration of 1.3 billion EUR. If integration goes well, this could open a new source of growth with a different profile from China.
- Growth of higher-margin servicestailwind
Marketplace, marketing and logistics revenues are growing faster than direct sales, and these services generally carry higher gross margins. Continuation of this trend could support profitability.
- Labour cost pressureheadwind
Personnel costs are the largest component of fulfillment and research costs, and labour costs in China are rising. The company tries to offset this through efficiency, but pressure on operating expenses could persist.
- Regulation and macroeconomic sensitivitymixed
Product quality and consumer protection laws, foreign investment and fund transfer rules, as well as consumer spending sensitivity to inflation and unemployment, can affect demand and the company's structure. The effect depends on how policy in China evolves.
Competitive position
The Chinese e-commerce market is highly competitive. Current or potential competitors include major e-commerce companies with broad product ranges, traditional retailers moving online, online retailers focused on specific product categories, and physical stores including big-box stores that also offer a one-stop shopping experience 1.
New business models based on social media or social commerce may emerge and intensify competition. The filing does not name specific competitors with US tickers, so none are listed here, and the company notes the risk of losing market share if it does not compete effectively 1.
- Large Chinese e-commerce companies with broad product ranges
The filing describes them as current or potential competitors without naming them.
- Traditional Chinese retailers moving into online sales
Established retail companies extending their activity into online commerce.
- Online platforms specialised in product categories
Companies focused on particular product categories in China's online retail market.
- Physical stores and big-box retailers
Offline retail that also offers a one-stop shopping experience.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- China's Temu, JD.com revamp business models amid tariff headwindsNikkei Asia · 03 Nov 2026 · EN
- EU approves JD.com’s acquisition of German retail group CeconomyEuractiv · 03 Nov 2026 · EN
- JD.com wins EU approval for acquisition of CeconomyCNA (Channel NewsAsia) · 03 Nov 2026 · EN
- JD.com Unit Agrees to Pay SEC $500,000 Over ‘Sham Transactions’Bloomberg Markets · 11 Sept 2026 · EN
- JD.com’s Ceconomy deal concessions face pushback from rivals – reportYahoo Finance — News · 11 Sept 2026 · EN
- JD.com's Ceconomy concessions face criticism from rivals, sources sayCNA (Channel NewsAsia) · 10 Sept 2026 · EN
- JD.com expands physical AI in logistics with 3 million robotsAI News · 10 Sept 2026 · EN
- Why Michael Burry Is Doubling Down on JD.com StockYahoo Finance — News · 26 Aug 2026 · EN
- JD.com, Chinese state firms swoop into Hong Kong's border megaprojectNikkei Asia · 25 Aug 2026 · EN
- China interzice sprijinul pentru ancheta UE privind JD.comJuridice.ro · 24 Aug 2026 · RO
- China accuses EU of overreach regarding JD.com deal probeNikkei Asia · 20 Aug 2026 · EN
- China tells companies not to help with EU probe into JD.comEuractiv · 19 Aug 2026 · EN
- China blocks firms from aiding EU’s JD.com probe as regulatory clash deepensSouth China Morning Post — China · 19 Aug 2026 · EN
- JD.com's revenue dips, facing headwinds even as delivery price war easesNikkei Asia · 13 Aug 2026 · EN
- Chinese e-commerce giant JD.com opens buying office in KoreaKorea Times — Business · 13 Aug 2026 · EN
- Chinese e-commerce platform JD.com to directly import Korean productsKorea Times — Business · 12 Aug 2026 · EN
- JD.com-Backed Group Is Said Near to REIT IPO Filing in SingaporeBloomberg Markets · 10 Jul 2026 · EN
- „Mai devreme sau mai târziu, curierii nu vor mai fi necesari”: JD.com, unul dintre cei mai mari retaileri online din China, pregăteşte înlocuirea a 700.000 de curieri cu roboţiZiarul Financiar · 22 Jun 2026 · RO
- Alibaba, JD.com Slide After Beijing Slams Price-Cut PromotionsBloomberg Markets · 11 Jun 2026 · EN
- Comisia Europeană verifică dacă subvențiile Chinei pot afecta preluarea CECONOMY de către JD.comMoney.ro · 28 May 2026 · RO
The latest news item in our archive is from 03 Nov 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)05 Jun 2026
- Current report (foreign issuer)18 May 2026
- Current report (foreign issuer)12 May 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)16 Apr 2026
- Annual report (foreign issuer)16 Apr 2026
- Current report (foreign issuer)10 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / JD.com, Inc. · 16 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.