Overview Key strengths Key risks The largest online direct retailer in China. Highly fragmented and competitive retail market in China. Well-regarded national logistics network. A sluggish property sector in China will weigh on demand for electronics and home appliances. Conservative financial policy. Low EBITDA margin compared to retail peers. Strong liquidity with good access to capital markets. We anticipate JD.com's revenue growth will slow to 3.6% in 2023, down from 9.9% in 2022. Causes of slower growth include poor consumer confidence, lower demand for electronics and home appliances (which account for about half of JD.com's total revenue) amid weakness in China's real estate market, as well as stiff competition from short-form video platforms that are gaining share in broader e-commerce.
