JD 4Q25 First Take. Overall, results were steady after broad estimate cuts by the market.

1) With state subsidies fading, group revenue growth slowed sharply to 1.5%, roughly in line with Bloomberg consensus at 1%. The main drag was a 12% YoY decline in electronics and appliances, broadly in line with market expectations.

General merchandise rose 12% YoY and services revenue grew 20% YoY, providing a cushion. Across business lines, top-line growth broadly matched sell-side expectations.

2) Profit was weaker both absolutely and relatively. Adj. OP swung to a loss of RMB 3.1bn, the first since 2017 and worse than the heavy food-delivery investment in 2Q–3Q. As state subsidies faded, Core Mall OP fell 2.5% YoY to RMB 9.8bn, down from RMB 13–15bn per quarter during the subsidy boom.

While food-delivery losses narrowed, rising investment in Jingxi and overseas pushed new businesses to a loss of RMB 14.8bn. The QoQ decline was limited.

Versus expectations, Core Mall profit beat, though slightly down YoY. Loss narrowing in new businesses lagged, likely due to ongoing food-delivery subsidies to sustain volumes despite low visibility, and possibly higher Intl spend. Please join the call for detail. $JD.com(JD.US) $JD-SW(09618.HK)