...August 18, 2023 This report does not constitute a rating action. HONG KONG (S&P Global Ratings) Aug. 18, 2023--JD.com's strong market position and supply chain capabilities should help the company to navigate China's soft retail environment. These strengths will support mid-to-high single-digit EBITDA growth in 2023-2024, supporting the credit profile of the China-based online retailer. JD.com's second-quarter 2023 results were moderately better than we expected. Revenue grew 8% year-over-year (or about 5% in the first half), compared with our full-year forecast of 3.6%. Notably, sales in the company's core electronics and home appliances segments (which account for about half of total revenue) increased 11% year-over-year, outperforming the flat growth in overall China. JD.com's solid supply chain capabilities helped the company to ensure product supply, and therefore customer experience, during periods of high sale. JD.com's expansion in the third-party marketplace business should enrich...
