1015 GMT - JD.com's 4Q retail revenue growth likely slowed on a high base effect and lack of government stimulus, Nomura analysts Jialong Shi and Rachel Guo say in a note. They project JD Retail's 4Q revenue to have declined 2.6% on year, while operating profit likely fell 19% on increased spending on promotions to offset reduced government trade-in funding. While the e-commerce company is expected to stay in the quick commerce segment, where losses likely narrowed on quarter in 4Q, its investment strategy has shifted to a more conservative approach from a focus on growth. JD appears to be reallocating the savings to new initiatives, including value-for-money and European Union-focused e-commerce services, they add. Nomura maintains its buy call and US$37.00 target price on JD.com's ADRs, which closed at US$29.88. (jason.chau@wsj.com)

(END) Dow Jones Newswires

January 14, 2026 05:15 ET (10:15 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.