JINGDONG Industrials, Inc.

7618.HK · Consumer Cyclical · Internet Retail · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.91B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.16T USD

15 years of cash the shareholders can take out, and the equity left at year 15

Profit is over 3× the larger of EPV and FCFF

FCFF

1.60B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

721.87B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.37B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

165.00×

the ratio the screener ranks by

Margin of Safety

+99.4%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.91B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)836.51M USD
+②Net Cash Today2.07B USD
+③Growth Value0 USD
=Value2.91B USD

EPV of the Operations (NOPAT over WACC)

836.51M USD

Net cash today

+2.07B USD

Growth Value

0 USD

Value

2.91B USD

①EPV (Earnings Power Value)

836.51M USD

②Net Cash Today

2.07B USD

③Growth Value

0 USD

Market value

Market Cap4.37B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-50.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.16T USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE1.65T USD
+②Equity at Year 15, Today507.23B USD
=Value2.16T USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.65T USD

②Equity at Year 15, Today

507.23B USD

Market value

Market Cap4.37B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+99.8%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.60B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 1.60B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap4.37B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-172.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.50%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 21.69M USDPretax Income 352.73M USD= 6.15%

The tax the interest saves.

Interest Expense =EBIT 352.75M USD−Pretax Income 352.73M USD= 20.60K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 20.60K USDTotal Debt 1.07M USD×(1 − Tax Rate for WACC 6.15%)= 1.80%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.07M USDMarket Cap + Total Debt 4.37B USD + 1.07M USD= 0.02%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.98%×Cost of Equity 10.50%+Debt Weight 0.02%×Cost of Debt 1.80%= 10.50%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 2.75B USD − Total Liabilities 1.15B USD = Book Value Today 1.60B USD

Total Debt 1.07M USD − Cash and Short-Term Investments 2.07B USD = Net Debt Today -2.07B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes2,687,570,231 / 2,687,570,231
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-1.2%at least -10.0%passes(298.95M USD − 331.05M USD) ÷ 2.75B USD
Price to bookMarket Cap ÷ Book Value Today2.73×at most 3×passes4.37B USD ÷ 1.60B USD
Operating marginOperating Income ÷ Revenue3.8%above 10.0%does not pass129.38M USD ÷ 3.43B USD
Revenue growthRevenue ÷ Revenue a Year Before − 122.5%above 10.0%passes3.43B USD / 2.80B USD
Net cash(Cash − Total Debt) ÷ Market Cap20.3%above -30%passes(889.51M USD − 1.07M USD) ÷ 4.37B USD
Operating efficiencyOperating Income ÷ Gross Profit21.7%above 25.0%does not pass129.38M USD ÷ 596.30M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

12.64 HKD

Enterprise value

19.55B HKD

the provider's own figure

EV / EBITDA

20.12×

Price / book

2.51×

the provider's book

Price / earnings

28.70×

Return on equity

39.1%

the provider's figure, not this page's

Profit margin

9.3%

Revenue growth

27.4%

Analyst target, mean

20.20 HKD

Analysts

6

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

2.03B2.44B2.80B3.43B

Gross profit

365.28M394.18M454.46M596.30M

Operating income

102.12M82.08M129.47M129.38M

EBITDA

operating income before depreciation and amortisation

-166.21M25.01M123.32M355.28M

Pretax income

-171.41M22.59M121.06M352.73M

Net income

-182.45M675.92K104.46M331.05M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

12.59M65.41M129.40M146.97M

R&D

49.58M41.58M39.68M43.92M
Balance sheet, year end (USD)2022202320242025

Total assets

1.19B1.70B2.01B2.75B

Total liabilities

1.30B1.75B1.94B1.15B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

-107.73M-48.24M66.80M1.60B

Total debt

809.84M1.06B1.05B1.07M

Cash and equivalents

1.77M773.07M1.15B889.51M

Net PP&E

fixed assets after depreciation

2.69M1.87M1.79M2.94M

Working capital

current assets less current liabilities

-288.08M-216.98M-83.16M1.45B
Cash flow (USD)2022202320242025

Operating cash flow

283.97M194.22M177.81M298.95M

Capital expenditure

paid out, so below zero

-734.03K-684.23K-872.47K-1.24M

Depreciation and amortisation

5.15M2.37M2.24M2.52M

Free cash flow

operating cash flow plus capital expenditure

283.23M193.53M176.94M297.71M