Citi says JD.com poised for growth in 2025

Investing.com — JD (NASDAQ:JD).com’s leadership in China’s 2025 national trade-in programs is set to boost its growth, with Citi maintaining a “buy” rating on the stock and setting a price target of $51. The brokerage also initiated a 90-day positive catalyst watch, citing potential upside for the e-commerce giant.

JD launched the 2025 trade-in initiative on Jan. 1, covering over 200 product subcategories and reaching more than 90% of counties and rural areas. The program offers discounts of up to 20% on energy-efficient appliances and subsidies of up to 2,000 yuan per item.

Citi highlighted JD’s robust supply chain, omni-channel strategy, and partnerships with major provinces like Hubei, Jiangsu, and Hunan. These factors position JD as a preferred partner for local governments, driving stronger-than-expected gross merchandise value and revenue growth in the first half of 2025.

JD’s pivotal role in boosting consumption was underscored by Premier Li Qiang during a site visit to a JD appliance flagship store. The government plans to expand subsidies and trade-in programs in 2025 to further stimulate spending and support industrial upgrades.

Citi expects JD to benefit from these initiatives, projecting better-than-expected growth that could lead to a positive reaction in its share price.