JD.com, Inc.
Consumer Discretionary · Broadline Retail
JD is the 1P/owned-logistics counterweight to $BABA's asset-light marketplace. Retail revenue ~85% of group, logistics ~12%, new businesses (Health, Industrials, Property carveout) ~3%. 2025 reorg folded JD Property + JD Industrials together; Yanwen Express acquired for cross-border lane.
4x EV/Sales - China-tech discount priced in.
- Owned 1P inventory + JDL fulfillment = structurally higher GMV quality than 3P peers; defends share in electronics/appliances
- JD Logistics now external-revenue >70%, second-largest integrated logistics in China after SF
- Subsidy program 2025 (RMB 10B "Spring Dawn") onboarding 3P merchants - closes the 3P/category gap vs $BABA + $PDD
- Buyback authorization + dividend in place; ~5% shareholder yield at current cap
- $PDD ($PDD) low-price model + Temu drained discretionary China consumer wallet 2024-2025
- China consumer sentiment soft; appliance trade-in subsidies (国补) a 2025 tailwind that normalizes 2026
- Variable interest entity (VIE) structure overhang + ADR-delisting tail risk; HK secondary listing partial hedge
- Margin compression from subsidy spend + food-delivery push (vs Meituan) burning operating cash
No major news in the last 7 days for JD - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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