To The Moon

$京东(JD)$ $京东集团-SW(09618)$  JD.com is facing a rare quarterly revenue decline (-2.9% YoY in retail) — not because consumers abandoned it, but because China’s 2024 year-end appliance subsidy rush created an impossible comp. November appliance sales plunged 19.4% YoY. As the go-to platform for subsidy redemptions, JD bears the brunt. Adjusted net profit is expected to collapse to just RMB 1bn in Q4. But the balance sheet remains strong: RMB 75bn net cash, 3.6% dividend yield, and zero debt pressure. The story isn’t broken—it’s paused. All eyes are on 2026: if Beijing expands “two new” policies (appliances + EVs), JD’s premium positioning could shine again. (One Chart to Understand below 👇)

$京东(JD)$ $京东集团-SW(09618)$  JD.com is facing a rare quarterly revenue decline (-2.9% YoY in retail) — not because consumers abandoned it, but because China’s 2024 year-end appliance subsidy rush created an impossible comp. November appliance sales plunged 19.4% YoY. As the go-to platform for subsidy redemptions, JD bears the brunt. Adjusted net profit is expected to collapse to just RMB 1bn in Q4. But the balance sheet remains strong: RMB 75bn net cash, 3.6% dividend yield, and zero debt pressure. The story isn’t broken—it’s paused. All eyes are on 2026: if Beijing expands “two new” policies (appliances + EVs), JD’s premium positioning could shine again. (One Chart to Understand below 👇)