---
title: "S&P: JD.com's expansion into new businesses may weaken its core business advantages"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/278686419.md"
description: "Rating agency Standard & Poor's pointed out that JD.com's business is gradually strengthening, especially in the department store and logistics sectors. However, losses from new businesses such as food delivery remain significant, limiting profit growth. S&P predicts that JD.com's EBITDA margin will rebound to 2.8% by 2026. However, losses from new businesses in 2025 have already accounted for 82% of the operating profit from retail and logistics businesses. With intense competition, if competition in the food delivery business intensifies, JD.com's EBITDA margin may not recover"
datetime: "2026-03-11T08:36:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278686419.md)
  - [en](https://longbridge.com/en/news/278686419.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278686419.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/278686419.md) | [English](https://longbridge.com/en/news/278686419.md)


# S&P: JD.com's expansion into new businesses may weaken its core business advantages

Rating agency Standard & Poor's stated that JD.com (09618.HK) is gradually strengthening its business. Its rapidly growing department store category and logistics operations make the company more resilient. The proposed acquisition of Germany's Ceconomy AG will also help the portfolio. However, the losses from new businesses such as food delivery remain substantial, which will limit profit growth.

S&P predicts that as JD.com is committed to reducing losses in its food delivery business by improving operational efficiency, its EBITDA profit margin will rebound to 2.8% by 2026. JD.com's EBITDA profit margin has decreased from 5.3% in 2024 to 2.2% in 2025. In 2025, losses from new businesses consumed 82% of the operating profit from retail and logistics operations.

S&P believes that achieving a turnaround will not be easy. JD.com's zero-commission merchant promotion program will end in 2025, and it remains to be seen whether merchants will continue to stay on its platform without this promotion. At the same time, competition is also very fierce: Meituan (03690.HK) and Alibaba (09988.HK) are still committed to maintaining or expanding their market share.

S&P's base case scenario assumes that competition in the food delivery business will not intensify further. If competition does intensify, JD.com's EBITDA profit margin may not recover and could even be worse than the 2025 level, as the company may increase subsidies to remain competitive

### 相關股票

- [KraneShares 2x Long JD Daily ETF (KJD.US)](https://longbridge.com/zh-HK/quote/KJD.US.md)
- [Global X E-commerce ETF (EBIZ.US)](https://longbridge.com/zh-HK/quote/EBIZ.US.md)
- [JD.com (JD.US)](https://longbridge.com/zh-HK/quote/JD.US.md)
- [SPDR S&P Retail ETF (XRT.US)](https://longbridge.com/zh-HK/quote/XRT.US.md)
- [VanEck Retail ETF (RTH.US)](https://longbridge.com/zh-HK/quote/RTH.US.md)
- [JD LOGISTICS (02618.HK)](https://longbridge.com/zh-HK/quote/02618.HK.md)
- [JD-SW (09618.HK)](https://longbridge.com/zh-HK/quote/09618.HK.md)
- [ProShares Online Retail (ONLN.US)](https://longbridge.com/zh-HK/quote/ONLN.US.md)
- [Proshares Supply Chain Logistics ETF (SUPL.US)](https://longbridge.com/zh-HK/quote/SUPL.US.md)

## 相關資訊與研究

- [Guohai Securities Sticks to Their Buy Rating for JD.com, Inc. Class A (9618)](https://longbridge.com/zh-HK/news/278332604.md)
- [Huatai Securities Keeps Their Buy Rating on JD.com, Inc. Class A (9618)](https://longbridge.com/zh-HK/news/278664490.md)
- [JD.com posts quarterly loss amid costly instant delivery battle](https://longbridge.com/zh-HK/news/277960906.md)
- [Groupon misses Q4 revenue estimates](https://longbridge.com/zh-HK/news/278611485.md)
- [JD.com Q4 earnings on deck: What to expect](https://longbridge.com/zh-HK/news/277814545.md)