CITIC Securities maintains JD's “buy” rating. It expects 25Q1 revenue of 288.6 billion yuan, non-GAAP net profit of 10.7 billion yuan, and a net interest rate of 3.71%. The expansion of the national supplement policy and active operation of the Japanese 100 category are expected to drive revenue growth. In 2025, the electrified category performed positively, and the competitiveness of all categories increased. The value of short-term performance catalysts and long-term business models is promising.

CITIC Securities maintains JD's “buy” rating. It expects 25Q1 revenue of 288.6 billion yuan, non-GAAP net profit of 10.7 billion yuan, and a net interest rate of 3.71%. The expansion of the national supplement policy and active operation of the Japanese 100 category are expected to drive revenue growth. In 2025, the electrified category performed positively, and the competitiveness of all categories increased. The value of short-term performance catalysts and long-term business models is promising.