Path A · re-rating up
Path B · value trap
JD trade-in subsidy base-effect re-rating loop
2025 subsidy boom
pulls demand forward
high same-period base
electronics-heavy revenue mix
first-ever revenue decline
JD Retail RMB295.4B
vs RMB310.1B prior
multiple re-rates to ~8x
EPS beat, record margins ignored
Q3 2026 branch point
growth turns positive
report-day ~7%, five sessions ~15%
Path A: re-rating up
reacceleration + 3.6% yield
Path B: value trap
~8x treated as no floor