To The Moon

$JD.com(JD)$ (JD, BUY) - 3Q25: Solid Top-line; Profit Impacted by Strategic Investments; Maintain BUY but Decreasing PT to $40JD.com delivered a mixed third quarter with revenue slightly above expectations but profit coming in softer, as the company continued to deploy capital into strategic growth areas including Food Delivery, Jingxi, and International expansion. The Tiger Research team maintains a BUY rating but lowers the price target to $40 (from $45) to reflect near-term margin pressure associated with JD’s reinvestment cycle. Total revenue grew 14.9% year-on-year to RMB299.1 billion, supported by strong performance in general merchandise, logistics, and advertising, partially offset by modest growth in electronics and home appliances. Profita

$JD.com(JD)$ (JD, BUY) - 3Q25: Solid Top-line; Profit Impacted by Strategic Investments; Maintain BUY but Decreasing PT to $40JD.com delivered a mixed third quarter with revenue slightly above expectations but profit coming in softer, as the company continued to deploy capital into strategic growth areas including Food Delivery, Jingxi, and International expansion. The Tiger Research team maintains a BUY rating but lowers the price target to $40 (from $45) to reflect near-term margin pressure associated with JD’s reinvestment cycle. Total revenue grew 14.9% year-on-year to RMB299.1 billion, supported by strong performance in general merchandise, logistics, and advertising, partially offset by modest growth in electronics and home appliances. Profita