Broker Name: DBS
Date of Report: 4Q25 (implied from context; exact date not specified, inferred as Q1 2026)

Excerpt from DBS report.

• Report Summary:
• JD.com’s 4Q25 results were in line with market expectations, with revenue growing 2% year-over-year to RMB352bn. However, non-GAAP net profit declined 90% year-over-year to RMB1.1bn, mainly due to higher add-back items from other income and investment gains.
• Key areas to watch include the company’s food delivery strategy, the normalized growth outlook for JD Retail after the trade-in program, and its shareholder return plan. DBS maintains a BUY rating on JD.com, citing improving medium-term profitability and attractive valuation.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com