BofA Securities issued a research report stating that JD LOGISTICS (02618) delivered better-than-expected results for the fourth quarter of last year, driven by a decline in operating expenses. The firm reiterated its "Buy" rating with a target price of HK$15. Management expressed optimism regarding the outlook for fiscal year 2026, guiding for revenue growth of 20% to 25% and non-IFRS net profit growth of 25% to 30%. Achieving these targets would imply a 15% to 20% upside to current profit forecasts, exceeding the assumptions of even the most optimistic investors by approximately 10% to 15%. This would equate to a forecasted price-to-earnings ratio of below 7 times for fiscal year 2026.

JD LOGISTICS reported a non-IFRS net profit of 2.35 billion yuan for the fourth quarter, a 6% year-on-year increase that was 4% higher than the firm's forecast. Revenue and gross profit grew by 22% and 17% year-on-year, respectively, meeting expectations. Revenue from JD.com surged 68% year-on-year, benefiting from the consolidation of food delivery and on-demand delivery businesses. Revenue from external supply chain logistics increased by 3%, though growth in the customer base was partially offset by a 6% decline in average revenue per customer. Expenditures for sales and marketing, research and development, and general administration were 8% to 13% lower than the firm's projections.