Loading…
Chinese e-commerce retailer known for own warehousing/delivery logistics, selling electronics, general merchandise and groceries.
Chinese e-commerce retailer known for own warehousing/delivery logistics, selling electronics, general merchandise and groceries.
Buys goods and resells them itself, earning a thin retail margin, while third-party merchants pay commissions and advertising fees to sell on its platform, a higher-margin part. Its own delivery network is also rented to outside shippers through JD Logistics, listed separately in 2021. It entered food delivery in 2025.
In one line: China's Amazon (retail + logistics).
Moat: narrow (installed base, scale, distribution). Self-built nationwide warehousing/delivery network gives reliable fulfilment that rivals often outsource.
Headquarters: Beijing, China · Founded: 1998 · Employees: 776,682
Size Jd-sw (9618.HK) is a Hong Kong Consumer Discretionary company (Internet Retail) with a market value of $34.8B, the 45th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$113.30 on 6 Nov 2026.
Performance Over six months the shares fell 4.8%, against -2.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 7 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +21.7%); the operating margin is 0.2% (peer median 6.6%).
Valuation It trades at 9.2× forward earnings against a peer median of 28.1× (cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.2 points below its cost of capital (10.1% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.47T | HK$1.42T | HK$1.26T | HK$1.20T | HK$1.22T |
| Revenue growth | — | +13% | +5% | -1% | — |
| Gross profit | HK$242B | HK$226B | HK$198B | HK$175B | HK$169B |
| EBITDA | HK$14.6B | HK$13.6B | HK$52.0B | HK$39.4B | HK$29.5B |
| Net income | HK$16.8B | HK$21.3B | HK$44.8B | HK$26.7B | HK$12.1B |
| Free cash flow | HK$36.7B | HK$5.64B | HK$48.7B | HK$49.2B | HK$46.7B |
| Capital expenditure | HK$21.5B | HK$15.4B | HK$15.0B | HK$22.1B | HK$26.6B |
| Total debt | HK$122B | HK$119B | HK$95.5B | HK$75.3B | HK$73.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jd-sw 9618.HK | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
| PDD Holdings Inc. Sponsored ADR PDD | $117B | -16% | +14% | 22% | 7.5× | n/a |
| Meituan-w 3690.HK | $63.3B | -5% | +10% | -12% | 303.1× | n/a |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9618.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | +4.6% | 3rd highest of 7 |
| 6-month return | -4.8% | -2.9% | 3rd lowest of 7 |
| Distance from 52-week high | -15.6% | -37.6% | 3rd highest of 7 |
| Revenue growth (TTM) | +7.5% | +21.7% | 3rd lowest of 7 |
| Operating margin | 0.2% | 6.6% | 2nd lowest of 7 |
| Forward P/E | 9.2× | 28.1× | cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 14.4% | 13.7% | 3rd least demanding of 5 |
| Growth delivered (Del g) | +11.1% | +25.6% | 2nd lowest of 5 |
| Hurdle (Req g minus delivered) | +3.3 pp | -11.4 pp | 3rd least demanding of 5 |
| ROIC minus cost of capital | -9.2 pp | +14.5 pp | 2nd lowest of 7 |
| Net debt / EBITDA | -10.3× | 1.1× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jd-sw 9618.HK | Hong Kong | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% | +11.1% |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 55.9× | n/a | n/a |
| Sea Limited Sponsored ADR SE | United States | $49.1B | -13% | +43% | 8% | 18.0× | 11.7% | +39.3% |
| eBay EBAY | United States | $53.5B | +14% | +15% | 21% | 18.4× | 15.4% | +4.6% |
| MercadoLibre MELI | United States | $76.6B | -8% | +46% | 8% | 32.0× | 11.9% | +48.7% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |