Strategic Analysis Report on JD.com (JD) Establishing a Cultural Tourism Development Company

Based on the above comprehensive data collection and analysis, we now provide you with an in-depth investment research report on JD.com’s establishment of a cultural tourism development company.

In January 2026, Beijing JD Cultural Tourism Development Co., Ltd. was formally established with a registered capital of RMB 100,000, and is 100% owned by Beijing Jingdong Century Trading Co., Ltd. The company’s business scope covers diverse fields such as tourism services, song and dance entertainment activities, aviation business services, experiential expansion activities and planning, organizing cultural and artistic exchange activities, etc. [1][2] This marks JD.com’s further deepening of its layout in the cultural tourism track after announcing its entry into the hotel and tourism industry in June 2025 [2].

During the 2026 New Year’s Day holiday, China’s tourism market saw a strong start. Data from the Ministry of Transport shows that the cross-regional personnel flow across the whole society exceeded 207 million person-times on the first day of the holiday, a year-on-year increase of 20.3% [3]. Driven by the “take 3 days off to get 8 days off” leave-bundling strategy, domestic hotel bookings on Fliggy surged 280% year-on-year, and per capita consumption increased by more than 30% year-on-year [3].

In terms of market size, China’s online tourism market is in a period of rapid growth. According to industry forecasts, the market size will grow from USD 105.12 billion in 2025 to USD 213.74 billion in 2030, with a compound annual growth rate (CAGR) of 15.25% [4]. This growth trend provides broad market space for JD.com’s entry into the cultural tourism sector.

Notably, the Ctrip Group currently holds over 70% of the domestic OTA (Online Travel Agency) market share, but is facing an antitrust investigation by the State Administration for Market Regulation [2]. This regulatory development has created a strategic window for new market entrants. JD.com’s increased layout in cultural tourism at this time not only targets the core pain point of cost reduction and efficiency improvement in the industry, but also attempts to seize market share by leveraging its 800 million user base and ecological synergy capabilities [2].

JD.com has built a differentiated cultural tourism service model by relying on its strong supply chain infrastructure and AI capabilities. Its “4+2” strategy includes core logics such as supply chain integration, enterprise-level service empowerment, and PLUS member ecological linkage [2]. As early as June 2025, JD.com officially announced its entry into the hotel industry with a policy of “0 commission for up to three years”, attracting nearly 50,000 hotels to settle in within two days [2], demonstrating strong platform appeal and execution capabilities.

JD.com has an active user base of over 800 million, which provides a natural traffic entry point for its cultural tourism business. By integrating cultural tourism services with existing ecological resources such as e-commerce platforms, PLUS membership systems, and JD Pay, JD.com can provide a full-chain service experience from booking to consumption.

JD.com’s logistics network covers the entire country, providing efficient delivery services such as next-day delivery and same-day delivery. This advantage can be extended to scenarios such as cultural tourism ticketing and destination distribution, providing users with a convenient one-stop service experience.

From the perspective of business structure, JD.com’s current revenue mainly comes from electronic products and home appliances (59%) and daily necessities (36.2%), while logistics and other services only account for 4.8% [0]. The expansion of cultural tourism business will significantly increase the diversification of revenue sources and reduce dependence on a single category.

According to the DCF valuation model, based on a historical average revenue growth rate of 11.6% and an EBITDA margin of 3.7%, JD.com’s intrinsic value reaches USD 473.52, representing a 1510% upside potential compared to the current stock price [0]. As a new growth engine, the cultural tourism business is expected to further enhance the company’s future revenue growth rate and profitability.

The layout of the cultural tourism business will help JD.com extend from “buying things” to “life services”, achieving full coverage of consumption scenarios. By integrating resources such as e-commerce, logistics, and finance, JD.com can reach consumers in all links before travel (equipment purchase), during travel (ticket booking, hotel check-in), and after travel (souvenir consumption), enhancing the user lifetime value.

2026 New Year’s Day cultural tourism consumption data shows that experiential consumption has become the core driving force of the market. Experiential projects with strong sense of ritual and emotional value, such as theme park fireworks shows, temple prayer ceremonies, and New Year’s Eve concerts, have seen a surge in popularity [3]. The business scope of JD.com’s cultural tourism company includes experiential expansion activities and planning, cultural and artistic exchange activities, etc., which exactly aligns with this consumption trend.

JD.com’s current P/E ratio is only 9.84x, far lower than the industry median of approximately 25.5x, indicating that the market is cautious about the company’s future growth [0]. However, considering that the company is actively expanding into new business areas, repurchased approximately USD 3 billion in shares in 2025, and has potential valuation re-rating opportunities, the current valuation has a relatively high margin of safety.

1. Re-rating of Growth Expectations
   : The successful layout of the cultural tourism business is expected to boost the market’s expectations for the company’s future growth and drive the expansion of valuation multiples.

2. Business Synergy Effects
   : The synergy between cultural tourism and e-commerce, logistics, and financial businesses will produce a 1+1>2 effect, enhancing the company’s overall profitability.

3. Antitrust Dividend
   : If the Ctrip Group’s market share declines due to the antitrust investigation, JD.com is expected to gain incremental market share, enhancing its industry status and pricing power.

Wall Street analysts remain optimistic about JD.com:

• Consensus Rating
  : Buy (70.5% of analysts give a Buy rating) [0]
• Median Target Price
  : $37.50, representing a 27.5% upside potential compared to the current price [0]
• Target Price Range
  : $32.00 - $41.00 [0]

Some analysts believe that JD.com is undervalued by as much as 46%, with a fair value of USD 54.76 calculated based on a two-stage free cash flow model [5].

The OTA market already has strong competitors such as Ctrip, Meituan, and Qunar, and JD.com, as a new entrant, needs time to build brand awareness and user habits.

The cultural tourism business involves professional capabilities such as hotel management, ticketing operations, and customer service, and JD.com needs to invest resources to build and operate teams.

Tourism consumption is relatively sensitive to the economic cycle, and economic downturns may lead to consumption downgrading, affecting the growth of the cultural tourism business.

JD.com’s establishment of a cultural tourism development company is an important extension of its “Unbounded Retail” strategy, which will open up new growth space for the company. Relying on its 800 million user base, supply chain advantages, and differentiated competition strategy, JD.com is expected to gain a foothold in the cultural tourism market.

The current P/E valuation of 9.84x is at a historical low, supported by both business diversification and share repurchases, the stock price has significant upward elasticity.

1. Revenue contribution ratio of cultural tourism business
2. Growth in the number of hotel/tourism product SKUs
3. User conversion rate and repurchase rate
4. Progress of Ctrip’s antitrust investigation
5. Q4 earnings report and performance guidance

Based on the DCF model, JD.com’s valuation range is:

• Conservative Scenario
  : $309.73 (+953%)
• Base Scenario
  : $473.52 (+1510%)
• Optimistic Scenario
  : $1,232.41 (+4090%)
• Probability-Weighted Value
  : $671.89 (+2185%) [0]

Considering the current market environment and business development prospects, it is recommended that investors pay attention to the progress of JD.com’s strategic layout in the cultural tourism sector and seize the investment opportunities brought by valuation re-rating.

[1] E-Commerce Headlines - “JD.com Lays Out New Track in Cultural Tourism: Wholly-Owned Cultural Tourism Development Company Established to Expand Diversified Business Territory” (https://m.dtm.com.cn/news/202601/174921.html)

[2] PChome - “After Ctrip Faces Antitrust Investigation, JD.com Expands Its Cultural Tourism Territory and Establishes a Cultural Tourism Company” (https://article.pchome.net/info/9749.html)

[3] National Business Daily - “2026 New Year’s Day Cultural Tourism Consumption Observation” (https://finance.sina.com.cn/roll/2026-01-03/doc-inhezqrp3602290.shtml)

[4] Mordor Intelligence - “China Online Travel Market Analysis” (https://www.mordorintelligence.com)

[5] Yahoo Finance - “Are Investors Undervaluing JD.com, Inc. (NASDAQ:JD) By 46%” (https://finance.yahoo.com/news/investors-undervaluing-jd-com-inc-140020498.html)

[6] Jinling AI - Market Data and Financial Analysis API

Report Generation Date: January 16, 2026
Data Sources: Jinling AI Financial Database, Major Financial Media, SEC Filings, Market Research Institutions