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09618
JD-SW
HKD
114.000-1.500
(-1.30%)
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News
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4.5
01:32 AMaastocksHSI Declines by 108 Points; BABA-W Struggles; Chip Sector Remains Strong
US Market Performance: The DJIA and S&P 500 reached new highs, while Hong Kong stocks opened lower, with the HSI down 108 points (0.4%) and other indices also showing declines.
Tech Sector Movements: Major tech stocks like TENCENT and BABA-W opened lower, with significant short selling activity reported for both, while some chip stocks like SMIC and HUA HONG SEMI saw slight gains.
Xiaomi's New Launch: Lei Jun announced that the new generation XIAOMI-W will feature LiDAR technology and is expected to launch in April, with the stock opening flat.
Auto Stocks Update: Various auto stocks, including BYD, XPENG, and NIO, opened lower, with LEAPMOTOR raising RMB3 billion through domestic shares but also seeing a decline in its share price.
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5.0
01-06aastocksEli Lilly Reduces Mounjaro Weight-Loss Drug Price in China by Approximately 70%
Price Reduction: Eli Lilly has significantly reduced the price of its weight-loss drug Mounjaro in China to RMB599, down from RMB1,758 since its market launch last year.
Market Platforms: The new price is available on JD-SW and is even lower on BABA-W when purchased with coupons, indicating competitive pricing strategies in the Chinese market.
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6.5
01-05aastocksCiti Reduces JD.com (JD.US) Price Target to USD 37 and Lowers Earnings Outlook Due to Tough Comparison Base
Citi's Forecast Adjustment: Citi has lowered its forecasts for JD-SW (09618.HK) due to a significant decline in home appliance sales, with expectations of further drops in December sales.
Profit Forecast Cuts: The adjusted net profit forecast for JD-SW for 4Q25 and the full year 2025 has been cut to RMB1.9 billion and RMB27.8 billion, respectively, reflecting revenue declines and high marketing expenses.
Target Price Reduction: Citi has reduced JD.com (JD.US)'s target price from USD44 to USD37 while maintaining a Buy rating, indicating limited recent catalysts for growth.
Market Context: The report highlights the challenging retail environment, particularly in the home appliance sector, as indicated by November sales data from the National Bureau of Statistics.
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4.5
01-02aastocksHSI Rises 559 Points at Midday, Driven by Technology Stocks; Chip Concepts Under Speculation
Hong Kong Stock Market Performance: The Hong Kong bourse had a strong start to the new year, with the HSI rising 559 points (2.2%) to close at 26,189, driven by the AI chip boom and a new high for CNH since May 2023.
BIREN TECH Debut: Domestic GPU manufacturer BIREN TECH debuted on the Hong Kong stock market, closing at HK$33.8, a 72.4% increase from its listing price of HK$19.6, with a peak of HK$42.88 and a turnover of HK$4.655 billion.
Tech Stocks Rally: Several tech stocks saw significant gains, including HUA HONG SEMI (+9.9%), SMIC (+4.9%), and BIDU-SW (+7.5%), alongside other robotics and major tech companies like TENCENT and BABA-W, which also experienced increases.
Short Selling Activity: The report highlighted notable short selling activities across various stocks, with significant ratios observed in companies like BIDU-SW (33.006%) and NTES-S (28.988%), indicating market volatility and investor sentiment.
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4.5
01-02aastocksHSI Rises Over 450 Points on First Trading Day of the Year, Surpassing 26,000; BIREN TECH Has Strong Debut; HUA HONG SEMI Jumps Nearly 10%
Hong Kong Stock Market Performance: The Hong Kong stock market opened 2026 positively, with the HSI rising 454 points to 26,085, marking a nearly 1.8% increase and a turnover of HKD44.891 billion.
BIREN TECH Debut: BIREN TECH, Hong Kong's first China-made GPU stock, debuted at HKD35.7, an 82% increase from its listing price, and traded at HKD37.2, nearly 90% higher, with a turnover of HKD3.488 billion.
Tech Stocks Surge: Major tech stocks like BIDU-SW, TENCENT, and BABA-W saw significant gains, with BIDU-SW rising 8.365% and TENCENT increasing by 3.172%, contributing to a positive trend in the tech sector.
LI AUTO-W Growth: LI AUTO-W's stock spiked 6.5% following a report of 44,200 vehicle deliveries in December 2025, a 33% increase from the previous month, indicating strong demand in the automotive sector.
Money Flow
Over the past 66 trading days, overall net money flow is 379.01M, with retail investors contributing -3.25M and major investors adding 328.29M.
Net Buy $ Volume
Net Sell $ Volume
Citi
Buy
downgrade
$44 -> $37
2026-01-05
New
Reason
Citi lowered its forecasts for JD-SW due to a steeper decline in home appliance sales indicated by November sales data from the National Bureau of Statistics, with expectations of further drops in December. This adjustment reflects weaker-than-expected retail sales for 4Q25 and a challenging comparison base anticipated in 1H26, despite the extension of the trade-in program. Citi also cut its adjusted net profit forecast for JD-SW, citing declines in revenue and gross margins, along with high sales and marketing expenses during the Double 11 promotion period. Despite reducing the target price from USD44 to USD37, Citi maintained a Buy rating, indicating that while the outlook is cautious, they still see potential in the stock.
Citi
Buy
Price Target
$44 -> $37
2026-01-05
downgrade
New
Citi lowered its forecasts for JD-SW due to a steeper decline in home appliance sales indicated by November sales data from the National Bureau of Statistics, with expectations of further drops in December. This adjustment reflects weaker-than-expected retail sales for 4Q25 and a challenging comparison base anticipated in 1H26, despite the extension of the trade-in program. Citi also cut its adjusted net profit forecast for JD-SW, citing declines in revenue and gross margins, along with high sales and marketing expenses during the Double 11 promotion period. Despite reducing the target price from USD44 to USD37, Citi maintained a Buy rating, indicating that while the outlook is cautious, they still see potential in the stock.
Citi Research
downgrade
$144
2025-12-31
Reason
Citi Research's analyst rating is influenced by the belief that the continuation of the trade-in policy will positively impact e-commerce platforms by helping to mitigate the effects of a high base in the first half of 2026. Despite the first batch of subsidies being lower in amount and scope compared to the previous year, the report suggests that the policy can still enhance consumer sentiment. However, the analysts also note that the limited scale of the new subsidies and the higher base may restrict the overall benefits for JD-SW and other platforms, leading to a cautious outlook.
Citi Research
Price Target
$144
2025-12-31
downgrade
Citi Research's analyst rating is influenced by the belief that the continuation of the trade-in policy will positively impact e-commerce platforms by helping to mitigate the effects of a high base in the first half of 2026. Despite the first batch of subsidies being lower in amount and scope compared to the previous year, the report suggests that the policy can still enhance consumer sentiment. However, the analysts also note that the limited scale of the new subsidies and the higher base may restrict the overall benefits for JD-SW and other platforms, leading to a cautious outlook.
HSBC Research
downgrade
$144
2025-12-31
Reason
The analyst rating from JPMorgan is based on a lowered revenue growth forecast for JD-SW (09618.HK) for 4Q25, which has been adjusted from a year-over-year increase of 6% to just 1%. This revision is attributed to weak home appliance sales observed in October and November, which are not expected to recover in December. JPMorgan estimates that sales of electronics and home appliances for JD-SW will decline by more than 10% year-over-year, leading them to doubt that JD Retail's revenue growth will surpass the overall industry growth in online physical goods sales.
HSBC Research
Price Target
$144
2025-12-31
downgrade
The analyst rating from JPMorgan is based on a lowered revenue growth forecast for JD-SW (09618.HK) for 4Q25, which has been adjusted from a year-over-year increase of 6% to just 1%. This revision is attributed to weak home appliance sales observed in October and November, which are not expected to recover in December. JPMorgan estimates that sales of electronics and home appliances for JD-SW will decline by more than 10% year-over-year, leading them to doubt that JD Retail's revenue growth will surpass the overall industry growth in online physical goods sales.
Nomura
Buy
downgrade
$150 -> $144
2025-11-24
Reason
The analyst rating from Nomura is a Buy for JD-SW (09618.HK), despite the reduction in forecasts for revenue and EPS for FY25/26. The reasons for the rating include the acknowledgment of JD Retail's current challenges, such as a slowdown in revenue growth and declining profit margins, as well as headwinds like high base effects, reduced trade-in subsidies, and advanced consumption of electronic goods. The target price was lowered from HKD150 to HKD144 to reflect these challenges, but the overall rating remains positive, indicating confidence in the company's long-term potential despite short-term difficulties.
Nomura
Buy
Price Target
$150 -> $144
2025-11-24
downgrade
The analyst rating from Nomura is a Buy for JD-SW (09618.HK), despite the reduction in forecasts for revenue and EPS for FY25/26. The reasons for the rating include the acknowledgment of JD Retail's current challenges, such as a slowdown in revenue growth and declining profit margins, as well as headwinds like high base effects, reduced trade-in subsidies, and advanced consumption of electronic goods. The target price was lowered from HKD150 to HKD144 to reflect these challenges, but the overall rating remains positive, indicating confidence in the company's long-term potential despite short-term difficulties.
CMSI
maintain
2025-11-17
Reason
The analyst rating for JD-SW (09618.HK) was maintained as Overweight despite a deteriorating outlook for JD Retail's margins and a deeper-than-expected operating loss from new businesses. The broker lowered its non-GAAP net profit forecasts for FY2025 and FY2026 and reduced the target prices for both US and H-shares. However, the strong growth in daily necessities and ad services revenue, along with contributions from JD Food Delivery, contributed to the decision to keep the Overweight rating, indicating a belief in the company's long-term potential despite short-term challenges.
CMSI
Price Target
2025-11-17
maintain
The analyst rating for JD-SW (09618.HK) was maintained as Overweight despite a deteriorating outlook for JD Retail's margins and a deeper-than-expected operating loss from new businesses. The broker lowered its non-GAAP net profit forecasts for FY2025 and FY2026 and reduced the target prices for both US and H-shares. However, the strong growth in daily necessities and ad services revenue, along with contributions from JD Food Delivery, contributed to the decision to keep the Overweight rating, indicating a belief in the company's long-term potential despite short-term challenges.
Nomura
Nomura
maintain
$43
2025-11-14
Reason
The analyst rating for JD-SW (09618.HK) is "Buy" based on several key factors highlighted in the report by Nomura. The reasons for this rating include:
1. Strong Revenue Growth: JD's 3Q25 results showed a revenue increase of 15% year-over-year to RMB299 billion, which exceeded market expectations by 2%.
2. Profit Performance: Despite increased investments in the food delivery business, JD's non-GAAP net profit significantly surpassed market expectations, primarily due to the robust performance of JD Retail.
3. Growth in New Business Segment: The new business segment, particularly JD Food Delivery, reported a revenue increase of 214% year-over-year, reaching RMB15.6 billion, indicating strong growth potential.
4. Target Price Maintenance: Nomura maintained its target price for JD-SW's US stock at US$43, reflecting confidence in the company's future performance.
Overall, the combination of strong revenue growth, better-than-expected profit performance, and significant growth in new business segments contributed to the positive analyst rating.
Nomura
Price Target
$43
2025-11-14
maintain
The analyst rating for JD-SW (09618.HK) is "Buy" based on several key factors highlighted in the report by Nomura. The reasons for this rating include:
1. Strong Revenue Growth: JD's 3Q25 results showed a revenue increase of 15% year-over-year to RMB299 billion, which exceeded market expectations by 2%.
2. Profit Performance: Despite increased investments in the food delivery business, JD's non-GAAP net profit significantly surpassed market expectations, primarily due to the robust performance of JD Retail.
3. Growth in New Business Segment: The new business segment, particularly JD Food Delivery, reported a revenue increase of 214% year-over-year, reaching RMB15.6 billion, indicating strong growth potential.
4. Target Price Maintenance: Nomura maintained its target price for JD-SW's US stock at US$43, reflecting confidence in the company's future performance.
Overall, the combination of strong revenue growth, better-than-expected profit performance, and significant growth in new business segments contributed to the positive analyst rating.
M Stanley
M Stanley
downgrade
2025-11-12
Reason
The analyst rating from Citi Research appears to be influenced by the positive performance metrics reported by JD-SW during the 2025 Double 11 shopping festival. Key highlights include a record high GMV, a 40% increase in the number of buyers, and a 60% growth in order volume. Additionally, the strong sales performance of AI-related digital electronic products and a significant surge in food delivery service orders further support a favorable outlook. The anticipation of management's insights on these results and the 4Q25 outlook also contributes to the positive sentiment. However, it's important to note that M Stanley has downgraded JD.com to Underweight, citing concerns over the aftereffects of trade-in subsidies, which may reflect a more cautious view in the broader context.
M Stanley
Price Target
2025-11-12
downgrade
The analyst rating from Citi Research appears to be influenced by the positive performance metrics reported by JD-SW during the 2025 Double 11 shopping festival. Key highlights include a record high GMV, a 40% increase in the number of buyers, and a 60% growth in order volume. Additionally, the strong sales performance of AI-related digital electronic products and a significant surge in food delivery service orders further support a favorable outlook. The anticipation of management's insights on these results and the 4Q25 outlook also contributes to the positive sentiment. However, it's important to note that M Stanley has downgraded JD.com to Underweight, citing concerns over the aftereffects of trade-in subsidies, which may reflect a more cautious view in the broader context.
UOB Kay Hian
Buy
maintain
$166 -> $167
2025-10-15
Reason
UOB Kay Hian maintained a Buy rating for JD-SW due to the expectation of steady revenue growth in 3Q25, despite a projected slowdown in the growth rate. The firm noted that management guidance indicates a reduction in investment intensity in the food delivery business, while order volume is expected to increase. Additionally, the anticipated Double Eleven promotional activities in 4Q25 are expected to enhance cross-channel synergy between retail and delivery services, further supporting the company's growth outlook. The target price was mildly raised from HKD166 to HKD167, reflecting confidence in JD-SW's performance.
UOB Kay Hian
Buy
Price Target
$166 -> $167
2025-10-15
maintain
UOB Kay Hian maintained a Buy rating for JD-SW due to the expectation of steady revenue growth in 3Q25, despite a projected slowdown in the growth rate. The firm noted that management guidance indicates a reduction in investment intensity in the food delivery business, while order volume is expected to increase. Additionally, the anticipated Double Eleven promotional activities in 4Q25 are expected to enhance cross-channel synergy between retail and delivery services, further supporting the company's growth outlook. The target price was mildly raised from HKD166 to HKD167, reflecting confidence in JD-SW's performance.
Daiwa
Daiwa
Buy
maintain
$191 -> $205
2025-10-14
Reason
Daiwa's analyst rating for JD-SW (09618.HK) is based on several key factors:
1. Rational Approach to Investments: The expectation that JD-SW will adopt a more rational approach to food delivery investments in 3Q25, following a peak in 2Q25, suggests a strategic shift that could lead to improved financial performance.
2. Optimism about Operating Profit Margin: Daiwa expressed optimism regarding the operating profit margin (OPM) of JD Retail and JD Group in 3Q25, indicating confidence in the company's ability to manage costs and enhance profitability.
3. Projected Growth in Operating Profit: The anticipated 17% year-over-year growth in JD Retail's operating profit to RMB13.6 billion in 3Q25, which is expected to outpace revenue growth, reinforces the positive outlook.
4. Improvement in Net Profit: The forecasted increase in the group's net profit to RMB4.2 billion for 3Q25, driven by improvements in JD Retail's OPM, further supports the Buy rating.
5. Target Price Increase: The increase in the 12-month target price from HKD191 to HKD205 reflects Daiwa's confidence in the company's future performance.
Overall, these factors contribute to Daiwa's reaffirmation of a Buy rating for JD-SW, highlighting expectations of improved profitability and strategic management of investments.
Daiwa
Buy
Price Target
$191 -> $205
2025-10-14
maintain
Daiwa's analyst rating for JD-SW (09618.HK) is based on several key factors:
1. Rational Approach to Investments: The expectation that JD-SW will adopt a more rational approach to food delivery investments in 3Q25, following a peak in 2Q25, suggests a strategic shift that could lead to improved financial performance.
2. Optimism about Operating Profit Margin: Daiwa expressed optimism regarding the operating profit margin (OPM) of JD Retail and JD Group in 3Q25, indicating confidence in the company's ability to manage costs and enhance profitability.
3. Projected Growth in Operating Profit: The anticipated 17% year-over-year growth in JD Retail's operating profit to RMB13.6 billion in 3Q25, which is expected to outpace revenue growth, reinforces the positive outlook.
4. Improvement in Net Profit: The forecasted increase in the group's net profit to RMB4.2 billion for 3Q25, driven by improvements in JD Retail's OPM, further supports the Buy rating.
5. Target Price Increase: The increase in the 12-month target price from HKD191 to HKD205 reflects Daiwa's confidence in the company's future performance.
Overall, these factors contribute to Daiwa's reaffirmation of a Buy rating for JD-SW, highlighting expectations of improved profitability and strategic management of investments.
Haitong International
Haitong International
maintain
$167
2025-08-22
Reason
The analyst rating for JD-SW (09618.HK) is kept at "Outperform" due to several factors highlighted in the article. The company experienced a significant revenue increase of 22.4% year-over-year in 2Q25, marking its highest growth rate in three years. Additionally, there was a slight improvement in the gross profit margin, which reflects enhanced operational efficiency, and the retail gross profit margin has shown consistent growth over 13 consecutive quarters. Despite a substantial decline in non-GAAP net profit primarily attributed to investments in the food delivery business, the broker anticipates an increase in order volume and believes that the peak season for food delivery in 3Q25 could lead to improved performance. Although the profit forecasts for 2025-2027 were lowered, the overall positive outlook on revenue growth and operational improvements supports the "Outperform" rating.
Haitong International
Price Target
$167
2025-08-22
maintain
The analyst rating for JD-SW (09618.HK) is kept at "Outperform" due to several factors highlighted in the article. The company experienced a significant revenue increase of 22.4% year-over-year in 2Q25, marking its highest growth rate in three years. Additionally, there was a slight improvement in the gross profit margin, which reflects enhanced operational efficiency, and the retail gross profit margin has shown consistent growth over 13 consecutive quarters. Despite a substantial decline in non-GAAP net profit primarily attributed to investments in the food delivery business, the broker anticipates an increase in order volume and believes that the peak season for food delivery in 3Q25 could lead to improved performance. Although the profit forecasts for 2025-2027 were lowered, the overall positive outlook on revenue growth and operational improvements supports the "Outperform" rating.
Valuation Metrics
Forward PE
5Y Average PE
21.27
Current PE
9.49
Overvalued PE
37.57
Undervalued PE
4.97
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
14.14
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
26.19
Undervalued EV/EBITDA
2.10
Forward PS
N/A
5Y Average PS
0.45
Current PS
0.00
Overvalued PS
0.66
Undervalued PS
0.24
Financials
Annual
Quarterly
N/A
Total Revenue
N/A
Operating Profit
N/A
EPS - Diluted
N/A
Gross Profit Margin - %
N/A
Net Margin - %
Trading Trends
Daily
Monthly
No data
Short Selling
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