Goldman Sachs: Target price of HK$187 for a “buy” rating for JD Group-SW (09618)

The Zhitong Finance App learned that Goldman Sachs released a research report saying that the 22nd 618 Shopping Festival of JD (JD.US, 09618) set another sales record, and the performance exceeded this forecast (compared to Goldman Sachs's forecast, JD retail's revenue for the second quarter of 2025 increased 13% y/GMV increased 13% year over year), giving it a “buy” rating, and the target price for 12 months was 48 US dollars/187 HKD.

According to the report, JD 618 performed strongly, with a 100% year-on-year increase in trading users, far higher than the industry level. JD announced that the total number of orders reached 2.2 billion, with an average of about 11.5 million orders per day (including JD retail online+offline orders, and takeout orders with a peak of 25 million orders). Cross-selling of takeout and JD retail products performed well.

The founder and chairman of JD outlined the company's long-term strategic blueprint for domestic retail and six new businesses, including takeout, logistics, internationalization, and entry into the travel and accommodation reservation industry, and launched a three-year zero-commission strategy, but the bank expects JD to adopt a long-term progressive strategy in the field of local travel services.