...March 7, 2024 This report does not constitute a rating action. HONG KONG (S&P Global Ratings) March 7, 2024--JD.com is managing to grow volumes in a tough market, without sacrificing margins. This credit strength remains intact despite heated competition in China's e-commerce sector. JD.com's (A-/Stable/--) revenue rose 3.6% in the fourth quarter of 2023, ahead of our expectation of 0.7%. The headline growth was driven by the electronics and home appliance product segment. The online retailer rolled out multiple initiatives focusing on price competitiveness, expansion of product offering, and better purchase experience. These helped to enhance user experience and supported market share gain. The company reported that momentum in user engagement continued into the first two months of 2024. JD.com's EBITDA margin is expanding faster than its revenue. The retailer played on its strength in supply-chain efficiencies and merchant relationship to lower product cost, and subsequently pass on the...
