JD Group-SW's first-quarter performance expectations are as follows: As of April 20, 2026, based on Chuangyang ESG's quarterly performance forecast data, revenue is projected to be between 3095.00 and 3126.00 billion yuan, representing a year-over-year increase of 2.8% to 3.8%. Adjusted net profit is forecasted to be in the range of 51.00 to 59.47 billion yuan, indicating a year-over-year change of -60.0% to -53.4%. Attention will be on whether subsequent financial report data can exceed expectations. Chuangyang ESG's Hong Kong stock quarterly performance forecast data will assist investors in evaluating the company's results.
Regarding the latest sell-side perspective, Guosheng Securities notes that JD Group-SW's Q4 2025 financial report showed revenue reaching 352.3 billion yuan, a 1.5% increase year-over-year. Within this, revenue from JD Retail, JD Logistics, and New Businesses was 301.9 billion yuan, 63.5 billion yuan, and 14.1 billion yuan respectively, with year-over-year changes of -1.7%, +21.9%, and +200.9%. Product revenue and service revenue were 273.0 billion yuan and 79.3 billion yuan, changing by -2.8% and +20.1% year-over-year, respectively. The total consolidated operating loss for the quarter was 5.8 billion yuan, with non-GAAP net profit attributable to the parent company at 1.1 billion yuan, resulting in a net profit margin of approximately 0.3%.
User numbers and purchase frequency have increased. The daily necessities and general merchandise category accounted for over 40% of product revenue, marking the fifth consecutive quarter of double-digit growth. Within service revenue, platform and advertising revenue grew by 15.0% year-over-year. Losses in the food delivery business narrowed by 20% compared to the previous quarter, with a market share target increased to 30%. The Joybuy overseas business is progressing smoothly, and the JoyAI large language model is empowering over 2,000 business scenarios.
A breakdown by business segment is as follows: 1) JD Retail: Revenue of 301.9 billion yuan, down 1.7% year-over-year, with an operating profit margin of 3.2%. 2) JD Logistics: Revenue of 63.5 billion yuan, up 21.9% year-over-year, with an operating profit margin of 3.0%. 3) New Businesses: Revenue of 14.1 billion yuan, up 200.9% year-over-year, with an operating profit margin of -105.1%. 4) Daily Necessities & General Merchandise Category: Revenue grew 15.3% year-over-year, accounting for over 40% of product revenue, achieving double-digit growth for five consecutive quarters. 5) Food Delivery Business: Losses narrowed by 20% quarter-over-quarter, with a market share target raised to 30%. 6) Joybuy: The European online retail business has commenced trial operations in multiple countries and is scheduled for an official launch in March 2026. 7) JoyAI: The large language model has been deeply integrated into over 2,000 business scenarios within JD.
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