JD.com and Li Auto Jointly Build Full Lifecycle Services: ROIC Capital Efficiency Improvement Potential Calculation Report

On December 23, 2025, JD Auto announced that Li Auto Official Mall officially settled on the JD platform, and Li Auto Official Flagship Store opened simultaneously, fully covering hot products from Li Auto Mall. This is the first exclusive cooperation between Li Auto Mall and a third-party e-commerce platform, marking the official launch of deep cooperation in the full lifecycle service field [1][2].

• Li Auto Official Mall exclusively settles on JD Auto platform
• Covers full lifecycle services including auto supplies, after-sales services, and “delivery and installation integration” for charging piles
• JD Auto’s new energy vehicle product sales increased by 120% YoY in 2025, becoming an important online sales channel [1][2]

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Indicator	Value
Revenue	11,588.1 billion yuan
Net Profit	354.3 billion yuan
Free Cash Flow	442.8 billion yuan
ROE (Return on Equity)	16.63%
Net Profit Margin	3.06%
Current Closing Price (2025-12-26)	$29.40
Market Capitalization	417.2 billion USD

Aggressive accounting policies, low depreciation/capital expenditure ratio, limited upside potential for reported earnings [0].

Indicator	Value
Revenue	1,445.5 billion yuan
Net Profit	57.3 billion yuan
Free Cash Flow	82.0 billion yuan
ROE (Return on Equity)	6.43%
Net Profit Margin	3.63%
Current Closing Price (2025-12-26)	$17.44
Market Capitalization	176.0 billion USD

Neutral accounting policies, no sustained extreme situations [0].

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= Shareholders' Equity (213 billion yuan) + Debt (78 billion yuan) - Cash (192 billion yuan)
= 99 billion yuan

Considering Li Auto holds a large cash reserve (94.2 billion yuan), total assets minus cash is used as a more conservative operating capital base:

= Total Assets (213.6 billion yuan) - Cash (94.2 billion yuan)
= 119.4 billion yuan

Using NOPAT (Net Operating Profit After Tax) method:

Company	NOPAT	Invested Capital	Current ROIC
JD.com	20.775 billion yuan	99 billion yuan	20.98%
Li Auto	3.075 billion yuan	119.4 billion yuan	2.58%

Note: Assume corporate income tax rate is 25%

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Based on JD Auto’s layout in new energy field and Li Auto’s full lifecycle service strategy, the synergy effects are estimated as follows:

Synergy Item	Estimated Scale
JD.com New Auto Category Revenue	15 billion yuan/year
JD.com Gross Margin Increase	~0.8 percentage points
JD.com Logistics Cost Savings	3 billion yuan/year
Li Auto Marketing Cost Savings	5 billion yuan/year
Li Auto After-sales Service Revenue Increase	2.5 billion yuan/year
Customer Full Lifecycle Value Increase	8 billion yuan/year

Contributor	Estimated Profit Contribution
JD.com	2.559 billion yuan/year
Li Auto	3.191 billion yuan/year
Total	5.750 billion yuan/year

Investor	Investment Amount
JD.com	5 billion yuan (supply chain, warehousing, platform construction)
Li Auto	2 billion yuan (system integration, service network)
Total	7 billion yuan

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##5. ROIC Improvement Potential Calculation

###5.1 ROIC Improvement Magnitude

Company	Current ROIC	Improvement Magnitude	Predicted ROIC	Improvement Rate
JD.com	20.98%	+2.58pp	23.56%	+12.3%
Li Auto	2.58%	+2.67pp	5.25%	+103.6%

• JD.com’s ROIC is expected to increase from20.98% to 23.56%, up about12.3%
• Li Auto’s ROIC improvement is more significant, rising from 2.58% to 5.25%, an increase of over 100%

###5.2 Investment Return Analysis

Indicator	Value	Evaluation
Static Payback Period	1.2 years	Fast recovery
Incremental Investment ROI	82.1%	High return
5-year Cumulative Return	410.7%	Excellent

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##6. WACC and EVA Analysis

###6.1 Weighted Average Cost of Capital (WACC)

Company	Estimated WACC	Evaluation
JD.com	8.5%	Low capital cost
Li Auto	10.2%	High capital cost (growth enterprise)

###6.2 Economic Value Added (EVA) Changes

Company	EVA Before Cooperation	EVA After Cooperation	EVA Increment
JD.com	12.355 billion yuan	14.914 billion yuan	+2.559 billion yuan
Li Auto	-9.098 billion yuan	-5.907 billion yuan	+3.191 billion yuan

Both parties’ EVA improved significantly. JD.com continues to create positive EVA, while Li Auto’s negative EVA gap narrowed sharply, and capital allocation efficiency improved明显.

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##7. Sensitivity Analysis

###7.1 Synergy Scale Sensitivity

Scenario	Synergy Coefficient	JD.com ROIC	Li Auto ROIC	Payback Period
Pessimistic	0.6x	22.53%	4.18%	2.0 years
Baseline	1.0x	23.56%	5.25%	1.2 years
Optimistic	1.4x	24.60%	6.32%	0.9 years

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##8. Risk Tips

1. Execution Risk:
   Synergy realization highly depends on both parties’ execution capability and market environment changes
2. Industry Risk:
   Intense competition in new energy vehicle industry, continuous pressure on profit margins
3. Integration Risk:
   Need to pay attention to management challenges and channel conflicts during cooperation
4. Consumer Habit Risk:
   Cultivation of consumers’ online car buying habits still takes time
5. Policy Risk:
   Changes in auto industry policies may affect cooperation results

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##9. Core Conclusions and Investment Recommendations

###9.1 Capital Efficiency Improvement Potential

Same as Section5.1 table

###9.2 Investment Return Prospects

• **Static Payback Period:**1.2 years (fast recovery)
• **5-year Cumulative Return:**410.7% (excellent)
• **Incremental Investment ROI:**82.1% (high return)

###9.3 Overall Evaluation

The full lifecycle service cooperation between JD.com and Li Auto is expected to significantly improve both parties’ capital efficiency through supply chain integration, customer resource sharing and channel synergy. From ROIC perspective, the cooperation has good investment return prospects:

• JD.com:
  Mainly driven by auto category revenue growth and logistics cost savings, ROIC improvement is steady
• Li Auto:
  Core increments come from marketing cost savings and after-sales service revenue increase, with huge ROIC improvement potential

It is recommended that investors continue to关注 the actual implementation of synergy effects and the cooperation progress of both parties in the new energy vehicle after-market field.

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[0] Jinling AI Financial Database (company financial data, ROIC analysis)

[1] Ebrun - “Liu Qiangdong secures big order from Li Auto” (https://m.ebrun.com/632222.html)

[2] Pingwest - “JD Auto ecosystem welcomes heavyweight partner Li Auto Official Mall exclusively settles in” (https://www.pingwest.com/a/310130)

[3] Sohu Auto - “Li Auto Official Mall exclusively settles in JD Auto Brand Official Flagship Store officially opens” (https://m.sohu.com/a/968494874_362042)