JD.com rises nearly 6%; Goldman Sachs believes its differentiated advantages are underestimated by the market

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JD.com rose 5.6%, trading at $26.90. On March 6, Goldman Sachs released a research report stating that, despite a slight year-over-year decline in JD Retail’s revenue in Q4 due to the high base effect of government subsidies for old-for-new vehicle exchanges, advertising revenue grew strongly, food delivery losses continued to narrow, and combined with the management’s cautiously optimistic guidance for 2026, all exceeded market expectations. Goldman Sachs said that JD.com is an undervalued differentiated company, with leading retail scale, a unique “self-operated online direct sales + platform” model, and industry-leading self-built warehousing and supply chain capabilities. The company’s 2026 guidance is positive, with single-digit growth in retail, logistics revenue increasing by over 20%, faster profit growth, and combined with accelerated AI deployment and new business investments, providing clear support and a safety margin for valuation with resilient profitability.

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