JD.com (JD) is rated a buy, offering robust cash flow and aggressive shareholder returns.JD’s integrated logistics network and AI-driven modernization underpin durable competitive advantages, with logistics revenue up 24% and R&D spending rising 37.7% in Q2.Profitability inflected sharply in Q2/26: operating income surged 426% to ¥4.5B, retail margin hit 4.6%, and free cash flow reached ¥31.8B.JD trades at single digits P/E with a 3.4% dividend yield, a $22.4B net cash position, and ongoing buybacks, providing downside protection despite China macro risks.Subscribe now
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