JD.com, Inc. (JD)
NEUTRAL基本面
47
价格
$29.29
市值
-
第一部分 · 这家公司值多少
概览
JD.com is a Chinese e-commerce company that, unlike a pure marketplace, buys most of the products it sells and stocks them in its own warehouses before shipping them to customers — closer to a retailer than an online bazaar. It built a nationwide logistics network to support that model, which it now also sells as a service to other businesses, and has expanded into food delivery and instant retail more recently.
盈利方式
The core JD Retail business, by far the largest of the three reportable segments, earns money mainly by buying goods wholesale and reselling them at a markup, plus marketplace commissions and advertising from third-party merchants who list on the platform. JD Logistics earns fees from external customers using its warehouses and delivery network. New Businesses — food delivery, discount retail, overseas operations — is the smallest segment but grew the fastest in 2025.
护城河
规模效应 · 狭窄Owning a nationwide network of warehouses and delivery staff, rather than renting one from a third party, is a fixed-cost investment few competitors can match, and it has built JD's reputation for fast, reliable delivery of authentic goods. The advantage is narrower than it once was, though, as Alibaba, Pinduoduo and Meituan have all invested heavily in their own logistics and low-price competition.
需求驱动因素
中度周期性Demand follows Chinese consumer spending and the continued shift of retail online, a structural trend that has slowed but not reversed. Electronics and appliances, JD's original category, are more discretionary and cyclical than everyday consumables, so the mix of what people are buying matters as much as the overall spending level.
主要风险
- VIE corporate structure — Foreign shareholders hold their interest through contractual variable-interest-entity arrangements rather than direct ownership of the Chinese operating businesses, a structure Chinese regulators could restrict or invalidate.
- Evolving Chinese regulation — Antitrust, data-security and e-commerce rules in China have tightened in recent years and can change again with little notice, affecting how JD operates its marketplace and handles user data.
- Thin margins of the self-operated model — Buying and reselling inventory carries lower gross margins and more warehousing and obsolescence risk than a pure marketplace commission model, making profitability more sensitive to execution.
- Intense multi-front competition — JD competes against Alibaba and Pinduoduo in retail, Meituan and others in food delivery and instant retail, and is spending heavily to build share in newer businesses that are not yet as profitable as the core.
看多理由
Buyers argue that JD's self-owned logistics and reputation for authentic, reliably delivered goods give it an edge in categories like electronics where trust matters most, and that New Businesses, though still small, is growing fast enough to become a meaningful second engine.
看空理由
Sellers worry that the self-operated retail model structurally caps margins compared to marketplace-only rivals, and that heavy spending to compete in food delivery and discount retail is diluting profitability just as Chinese consumer spending growth has slowed.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$1.32T
最近12个月（截至2026/3/31）
净利润
$13.84B
最近12个月（截至2026/3/31）
自由现金流
$16.13B
股东权益合计
$110.84B
负债合计
$105.31B
流动比率
1.14
利息覆盖率
-
债务/EBITDA
8.93
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$25.37
当前价格
$29.29
安全边际
-15.4%
公允价值区间
$16.49 - $34.25
估算方法
估值指标
市盈率（P/E）
19.47
ROE
6.8%
市净率（P/B）
1.20
P/FCF
-
毛利率
9.4%
ROIC
-
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-
WACC
9.1%
ROIC − WACC
-
基本面分析标准
通过（6）
- P/B Ratio 1.20
- Positive Free Cash Flow
- Current Ratio
- Revenue Growth 5Y 11.9%
- Analyst Consensus 87% Buy
- Earnings Quality (OCF/NI) 2.60
未通过（9）
- Price CAGR 1.45%
- Gross Margin 9.4%
- CapEx intensity
- Debt/EBITDA
- DCF valuation (Unknown)
- ROE 6.2%
- Earnings Surprise avg -4.9%
- Net Margin Trend 1.5% vs 3.6%
- Piotroski F-Score 2/9
不可用（12）
- EPS data insufficient
- ROIC NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Qiangdong Liu | Founder & Chairman | 52 |
| Ms. Ran Xu CPA | CEO & Executive Director | 43 |
| Mr. Su Shan | Chief Financial Officer | 43 |
| Mr. Ruiyu Li | Senior Director of Investor Relations | - |
| Mr. Chengfeng He | Chief Compliance Officer | - |
| Ms. Pang Zhang | Chief Human Resources Officer | 37 |
| Ms. Li Yayun | Senior Vice President | 44 |
| Mr. Yanzhong Yao | President of JD Retail Appliance & Home and Senior VP | 43 |
| Mr. Sean Shibiao Zhang | Director of Investor Relations | - |
| Mr. Daxue Li | Advisor | 55 |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for JD, sourced from Markets Gazette.
- 12d agoNEGATIVEJD Slumps After First Decline in Over A Decade | The China Show | 8/14/2026
JD.com Inc. experienced a significant slump following the announcement of its first decline in over a decade. While specific figures were not detailed in the provided summary, the implication of a contraction in its business operations after a prolonged period of growth signals potential headwinds. This marks a critical turning point for the e-commerce giant, raising concerns among investors about its future growth trajectory and market position. The news suggests a potential shift in consumer spending patterns or increased competitive pressures impacting JD.com's performance.
- 7/10/2026NEUTRALJD.com-Backed Group Is Said Near to REIT IPO Filing in Singapore
A consortium, including JD.com Inc.'s asset management division and Partners Group Holding AG, is reportedly nearing a confidential filing for a Real Estate Investment Trust (REIT) IPO in Singapore. This move signals potential expansion into the Singaporean real estate market for the involved entities. While the specific REIT's assets and valuation are not yet disclosed, the involvement of JD.com suggests a strategic diversification for the e-commerce giant. Investors will be watching for details on the REIT's portfolio and the IPO's pricing to assess its investment potential.
- 6/16/2026NEUTRALJD.com Invests $4.5B In Hong Kong Expansion—When Will It See A Return?
JD.com has announced a significant investment of $4.5 billion earmarked for its expansion into Hong Kong. This strategic move aims to bolster its presence in a key Asian market, potentially unlocking new revenue streams and customer bases. However, the article raises questions about the timeline for realizing a return on this substantial capital outlay. Investors will be closely monitoring the execution of this expansion strategy and its impact on JD.com's profitability and market share in the competitive e-commerce landscape.
- 5/13/2026POSITIVEJD.Com Analyst Raises Estimates On Recovering Profitability, Earnings Inflection
JD.com Inc. shares experienced a significant rally following the release of robust Q1 financial results and an optimistic forward-looking outlook. Analysts have responded positively, with one prominent analyst raising earnings estimates, signaling a belief in the company's recovering profitability and an impending earnings inflection point. This positive sentiment is further underscored by the analyst's maintained bullish stance on JD's long-term growth trajectory. The news suggests that the e-commerce giant is successfully navigating its operational challenges and is poised for sustained value creation, making it an attractive prospect for investors.
- 5/12/2026NEUTRALJD.com's Growth Stays Hot, But Aggressive Spending Squeezes Margins
JD.com reported Q1 2026 revenue of $45.77 billion, surpassing analyst estimates. The company also posted adjusted earnings per share of $0.74, exceeding expectations. However, this growth was accompanied by aggressive spending, particularly in marketing, which led to squeezed profit margins. Investors will be watching to see if JD.com can balance its expansionary strategy with profitability in future quarters, as the increased costs may temper the positive impact of revenue growth.
- 3/16/2026NEUTRALJD.com Launches Joybuy In Europe To Take On Amazon, Alibaba Group's AliExpress And PDD Holdings' Temu
JD.com has officially launched its e-commerce platform, Joybuy, in multiple European countries. This strategic move positions JD.com to directly challenge established players like Amazon, Alibaba Group's AliExpress, and PDD Holdings' rapidly growing Temu. The expansion into Europe signifies JD.com's ambition to broaden its international footprint and capture a larger share of the global online retail market. While the launch itself is a significant operational milestone, its immediate financial impact and success against formidable competitors remain to be seen, making it a development to monitor for future performance.
via Markets Gazette