On May 13, Hong Kong-listed “JD ecosystem” stocks collectively moved higher. As of publication, JD.com was trading at HK$124.6, up 5.24%, with turnover reaching HK$1.457 billion. JD Industrials rose 10.14% to HK$15.85, while JD Logistics gained 5.47% to HK$15.80 and JD Health advanced 4.71% to HK$47.58. In the U.S. market, JD.com closed overnight at US$31.49, up 3.14%. Investor sentiment was largely driven by JD.com’s newly released results for the first quarter of 2026.

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Q1 Revenue Reaches RMB 315.7 Billion

On May 12, JD.com announced its first-quarter 2026 results. According to the financial report, the company achieved revenue of RMB 315.7 billion in the quarter, representing a year-on-year increase of 4.9%. Non-GAAP net income attributable to ordinary shareholders was RMB 7.4 billion.

The core retail business continued to be the main source of profit. In Q1 2026, JD Retail achieved operating profit of RMB 15 billion, up approximately 17% year-on-year, with operating margin improving to 5.6% from 5.1% in the same period last year. Against the backdrop of persistently intense competition in the e-commerce industry, the continued improvement in profit margin is seen as a significant reflection of enhanced supply chain efficiency, user operations, and cost control capabilities.

User Scale Maintains Steady Growth

As of Q1 2026, JD.com's annual active user accounts exceeded 740 million, and quarterly active user accounts achieved double-digit year-on-year growth for the tenth consecutive quarter. Market participants believe that against a still-cautious consumption environment, JD.com's sustained user base expansion reflects the platform's strong competitive advantages in areas such as low-price strategies, logistics fulfillment capabilities, and instant retail layouts. At the same time, user growth provides a foundation for the future expansion of advertising, instant retail, local lifestyle, and other businesses.

JD Logistics and JD Health Also Show Improved Performance

In addition to the core retail business, multiple JD.com business segments also recorded relatively rapid growth. JD Logistics saw its Q1 revenue increase 29% year-on-year, achieving its best first-quarter profit performance since going public. As the proportion of external customers continues to rise and its integrated warehousing and delivery capabilities are further leveraged, the profitability of the logistics business continues to improve. JD Industrials reported Q1 revenue of RMB 5.659 billion, up 25.3% year-on-year; JD Health's operating profit increased 70.4% year-on-year to RMB 1.825 billion. The synchronized growth of multiple business segments further reinforced market expectations for the synergies of JD.com's ecosystem.

Market Focus on Loss Reduction in Food Delivery Business

Public research reports indicate that JD.com's Q1 results exceeded market expectations, primarily benefiting from better-than-anticipated operating profit in the retail segment and accelerated loss reduction in new businesses.

The food delivery business became a key area of market focus. JD.com entered a stage of heavy investment in its food delivery business in the second quarter of last year, which created a high base for profit pressure in the same period. However, losses have now narrowed significantly on a sequential basis, raising market expectations for subsequent profit recovery.

Some institutions project that as the base normalizes in the second half of last year, JD.com's revenue growth may see sequential improvement starting from Q2 2026. If new businesses continue to reduce losses, the group's adjusted net profit may return to positive year-on-year growth.

How to Buy JD on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code (09618.HK), and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

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