∞ALPHA

May 13, 2026 Benchmark raised TP to $42 from $38 Benchmark's Fawne Jiang is essentially signaling that the "investment phase" friction is finally giving way to operating leverage. By calling this a "clear earnings inflection point," the firm is betting that the worst of the margin dilution from JD's aggressive food delivery and international pushes is now in the rearview mirror. The upgrade to $42 places Benchmark on the higher end of the current Wall Street consensus, follo

More at JD Feed Revenue Growth: Net revenues reached $45.8 billion (RMB 315.7 billion), a 4.9% increase YoY. Service Pivot: Net service revenues surged by 20.6%, proving JD's successful shift toward a high-margin service model. Profitability Pressure: Net income fell to $0.7 billion (from $1.5 billion YoY) due to a one-time fine and aggressive expansion in food delivery. Operational Efficiency: JD Retail’s operating margin improved to 5.6%, highlighting better inventory and