$JD-SW(09618.HK)

Here is the summary of the executive remarks during the conference’s call:

(Bright-spots) Despite bottom-line pressure, management highlighted solid operational momentum. Active users surpassed 700 million in Q4, and while electronics sales fell 2.8%, service revenue jumped 20.1%. This reflect JD’s shift from a traditional retailer to a higher-margin supply chain service provider which management expects to benefit margins by late 2026.

JD also declared a $0.50 dividend and reaffirmed the remaining $2 billion share buyback signaling confidence that the stock is undervalued.

However, management remains cautious on China’s consumption outlook and is prioritising disciplined investment and efficiency in coming 2026.