JD.com's 2026 Outlook Likely Remains Challenging -- Market Talk

Dow Jones01-14

0809 GMT - JD.com's 2026 outlook likely remains challenging, HSBC analysts say in a research note. While the continuation of China's consumer-goods trade-in policy in 2026 should support the Chinese e-commerce company's revenue, a high base of comparison and the fulfillment of some demand under last year's program will likely damp overall growth prospects, they say. JD's overall margin could improve in 2026 due to reduced losses from food delivery and more targeted spending on overseas expansion, they note. However, HSBC cuts JD's 2026 and 2027 profit forecasts by 1%-7% on more conservative margin expansion in JD Retail. JD's 4Q 2025 revenue growth likely decelerated to 2% while retail segment revenue likely fell 2%. Shares are last down 1.45% at HK$115.70. (sherry.qin@wsj.com)

 

(END) Dow Jones Newswires

January 14, 2026 03:09 ET (08:09 GMT)

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