[S&P: JD.com May Face Growth Momentum Challenges in the Coming Quarters] According to a report by Jinse Finance on May 18, S&P Global Ratings stated in a report that JD.com (09618.HK) may face challenges in maintaining growth momentum in the coming quarters. The company's core retail business achieved growth in the first quarter, driven by an expanded user base and increased shopping frequency, with overall performance exceeding S&P's expectations. However, S&P analysts believe that JD.com's plan to reduce promotional activities may lead to a slowdown in retail growth, and user growth may also decelerate. They added that competition in the food delivery industry could intensify again during the upcoming peak season. S&P noted that JD.com may need to conduct more targeted promotional activities in the food delivery sector to manage the resulting losses.