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Research Alert: Jd.com Returns To Profit In Q1 2026 On Sequential Marketing Normalization

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

JD's Q1 2026 EPADS of CNY3.54 (vs. loss per ADS of CNY1.83 in Q4 2025) met our expectation, while revenue grew 4.9% Y/Y. JD Retail returned to 1.8% Y/Y growth from a 1.7% decline in Q4 2025, supported by strong general merchandise sales, higher marketplace and marketing revenue, and resilient demand in higher-margin categories, partly offset by weaker electronics and home appliances sales. JD Logistics maintained strong growth (+29% Y/Y), supported by the integration of on-demand delivery capabilities and reclassification of certain delivery revenue from New Businesses. New Businesses revenue grew 9.1% Y/Y, supported by the expansion of JD Food Delivery and 7Fresh Kitchen. Operating margin improved sequentially to 1.2% after three quarters of losses, as gross margin improved and marketing costs normalized sequentially amid moderating promotional intensity. We remain positive on JD's growth outlook, supported by stronger product offerings, monetization of third-party merchants, and overseas expansion.

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