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Resilient growth. Net revenues for 4Q21 were Rmb275.9b an increase of 23.0% yoy. Net service revenues were Rmb41.2b, an increase of 28.3% yoy. 

JD Retail. established partnerships with Dior, LOEWE and Givenchy, three luxury brands under LVMH, through’s mini-app. This marks the first collaboration between Dior’s fashion and accessories category and an e-commerce retailer worldwide, as well as LOEWE and Givenchy’s first collaboration with a third-party e-commerce retailer in China. In addition, three watch brands TISSOT, Emporio Armani and MICHAEL KORS, and a high-end eyewear brand ZEISS opened flagship stores on Several international designer brands also launched flagship stores on during the quarter, including Ami Paris, Neil Barrett, Yuzefi, TSUBO, Études and ZESPÀ. 

Omnichannel. further promoted its omni-channel innovation project through its collaboration with over 600 stores of China Resources Vanguard (CR Vanguard), one of China’s largest retail chains. It has successfully established collaboration with more than 370 supermarkets including Walmart and Yonghui, covering over 34,000 stores. 

Valuation. is valued on an SOTP basis with target price of HK$339. The stock trades at an implied 2022F PE of 24x, which is attractive given EPS is expected to double from 2022 to 2024.

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