JD.COM, INC [(JD-HK, 09618), JD-US, JD)]

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JD.COM, INC [(JD-HK, 09618), JD-US, JD)]

07/04/2025 08:50 am MYT

This week, i Capital updates on JD.com, Inc (JD) following the release of its 2024 results. To recap, JD is the largest retailer in China by revenue and a leading supply chain-based technology and service provider with around 650 mln active users. JD holds majority stakes in 2 HK-listed subsidiaries, namely JD Logistics and JD Healthcare. Subscribers who bought JD upon our Jan 2024 write-up on the Company are sitting atop a hefty return of 77.87%.

2024 results

The Company’s full-year revenue grew by 6.8% YoY. JD Retail realised over RMB 1 trillion in revenue for the first time in company history. Gross profit margin improved by 1.2 percentage points to 15.9% thanks to the steady growth of JD’s 3P platform business and higher operational efficiency overall. On top of that, the earlier-than-usual celebration of Chinese New Year in 2025 gave 4Q24 top line growth a boost. The accumulated good fortune of the year yielded JD a YoY growth of 13.4% versus the 3.6% YoY it recorded in 4Q23. The Company declared a final dividend of US$ 0.50/share.

Trade-in programme tailwind

Being the largest home appliance retailer in China with a market share

Note from Publisher

According to the World Economic Forum’s Global Gender Gap Report 2024, Malaysia ranked last in gender equality among 9 ASEAN countries and 114th out of 146 countries globally. Myanmar was excluded due to unavailability of data. Malaysia’s low ranking stems primarily from poor performance in the Economic Participation & Opportunity and Political Empowerment sub-indexes.

In 2023, Malaysia’s female labour force participation rate stood at 56.2%, substantially lower than the male rate of 82.3%. This is despite Malaysia achieving perfect gender parity in Educational Attainment, indicating that many educated women remain outside the workforce—a significant loss of talent for the country. To address this gap, the Malaysian government should intensify efforts to empower women socially and economically, thereby leveraging a broader talent pool to drive national progress.

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