JD.com Inc ADR

JD: XNAS (USA)

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JD.com: Lower E-Commerce Earnings Offset by Reduced New Business Losses; Valuation Intact

Chelsey Tam

Feb 2, 2026

We observed a sharp slowdown in JD’s electronics and home appliance revenue in the fourth quarter of 2025, despite JD increasing e‑commerce subsidies to offset the depletion of the national subsidy. Meanwhile, food‑delivery subsidies declined materially due to easing competition.

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JD.com Inc ADR

JD.com: Lower E-Commerce Earnings Offset by Reduced New Business Losses; Valuation Intact

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