JD.com (JD US & 9618 HK) First Take: 1Q26 result confirms earnings reset

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JD.com (JD US & 9618 HK) First Take: 1Q26 result confirms earnings reset

Asia Pacific Equity Research

12 May 2026

JD.com (JD US & 9618 HK)

First Take: 1Q26 result confirms earnings reset

Our first take: JD's 1Q26 print converts our OW view from a "show-me" Head of China Equity Research

set-up into a confirmed earnings reset and validates the variant perception and Co-Head of Asia TMT

we framed in our April note. JD delivered Rmb7.4bn of adj NI, beating Research

our model by 24% and consensus by 38%, but the composition matters Alex Yao AC

more than the magnitude: JD Retail expanded operating margin to a record (86 21) 6106 6505

alex.yao@jpmorgan.com

5.6% on just +1.8% revenue growth, service revenue accelerated to SAC Registration Number: S1730523020001

+20.6% YoY in a structural mix shift toward high-margin marketplace and Nancy Liu

take-rate streams, and mgmt explicitly confirmed that food delivery losses (86 21) 6106 6343

narrowed substantially on a sequential basis. We believe consensus has not nancy.liu@jpmorgan.com

yet priced this trajectory, as the shares still trade at only 8x 2027E SAC Registration Number: S1730524090001

earnings, and the print establishes the three conditions: durable retail J.P. Morgan Securities (China) Company Limited

margins, a credible path to narrowing new-business drag, and accelerating

high-margin service take-rate, that we expect to drive double-digit JD, JD US

consensus upgrades and a multiple re-rating over the coming quarters. Overweight

Price: $30.53

Key positives 11 May 2026

Price Target: $38.00

• Better-than-expected margin. Group-level adj operating profit came in PT End Date: 31 Dec 2026

at Rmb5.6bn, 177% ahead of JPMe, with adj OPM of 1.8% ahead of

JPMe/Bloomberg consensus estimates of 0.7%/0.8%.