In "The Big Banks," China International Capital Corporation: JD.com's performance in the last quarter meets expectations, rating "Buy."

Bank of China International published a research report stating that JD-SW (09618.HK) performed as expected in the fourth quarter of last year, with total revenue growing 2% year-on-year, while product revenue decreased by 3% year-on-year; service revenue increased by 20% year-on-year. The bank noted that the adjusted net profit of RMB 1.1 billion exceeded market expectations, but was mainly contributed by RMB 3.4 billion in other income.

The bank believes that the company will firmly enhance its core capabilities by 2026, focusing more efficiently on the expansion of three new businesses and accelerating AI empowerment. The optimization of user experience (UE) brought about by progressive commercialization and refined operations, along with cross-selling with core JD retail, will be a key focus for the takeaway business in 2026.

The bank maintains its target price for JD (JD.US) at $34, with a rating of "Buy."