CLSA has maintained its HK$21 target price for JD Industrials (07618), reiterating an "Outperform" rating. The company reported a 17.4% year-over-year revenue increase to RMB 24 billion for last year, meeting expectations. Gross merchandise volume (GMV) rose 16.5% annually to RMB 33.5 billion, while gross profit margin expanded by 1.2 percentage points to 17.4%, primarily driven by enhanced upstream direct procurement and economies of scale. Net profit margin under International Financial Reporting Standards stood at 4.7%. The firm highlighted that strong growth momentum from key clients and AI-driven operational efficiency improvements are expected to accelerate revenue growth in fiscal years 2026 and 2027. Key factors for long-term profitability include fulfillment optimization, high-margin products, and overseas expansion.