JD.com’s Q4 Revenue to Drop for First Time Since 2022 — Blame Last Year’s Subsidy Binge
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 👇)
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