Core Insights - JD Group reported a strong revenue growth of 22.4% year-on-year for Q2 2025, reaching 356.7 billion RMB (approximately 49.8 billion USD), surpassing market expectations and setting a new record for growth in the past three years [1] - The core retail business of JD Group continued to accelerate, with significant growth in most product categories, particularly in daily necessities and fresh food, which saw a 16.4% increase in revenue [1] - The service revenue experienced a notable increase of 29.1%, while the new business segment, particularly JD's food delivery service, saw a dramatic growth of 199% year-on-year [1] User Engagement and Performance - The number of active users and shopping frequency on JD's platform increased by over 40% year-on-year, marking the seventh consecutive quarter of double-digit growth in active users [1] - JD's retail revenue grew by 20.6% year-on-year, with an operating profit margin of 4.5%, the highest recorded for any major promotional quarter in the company's history [1] Future Outlook - JD's food delivery business is developing healthily, with growth in order volume, merchant numbers, and full-time rider recruitment, effectively collaborating with JD's retail and other existing businesses to achieve initial strategic goals [2] - The company aims to focus on user experience, cost, and efficiency while maintaining the core retail business as the foundation of its operations, alongside ongoing investments in new growth areas [2]

Core Insights - The real estate industry is undergoing a critical transformation from "scale-driven" to "integration-enabled" as highlighted in the 2025 Boao Real Estate Forum, focusing on collaboration among state-owned enterprises (SOEs), private enterprises, and technology companies [1][6] Group 1: Subject Collaboration - The core of industrial integration is breaking down barriers between entities, leveraging the resource integration capabilities of SOEs, market sensitivity of private enterprises, and technological innovation from tech firms to create a complementary ecosystem [1][3] - Private enterprises are seen as pioneers in market-oriented reforms, driving upgrades in the real estate sector through technology and management innovations, while SOEs provide stability through asset scale and policy alignment [3][4] - The logistics real estate practices of JD Group demonstrate the resilience of private enterprises, with over 60% of foreign trade revenue coming from a model that combines self-use warehouses and external leasing [3][4] Group 2: Track Integration - The new value in real estate lies in cross-industry "function reconstruction," transforming residential properties into "smart nodes" and industrial parks into "supply chain hubs" [6][7] - Current real estate valuation logic has shifted from "cost price" to "cash flow," emphasizing the importance of content density in cultural tourism real estate projects [6][7] - The collaboration between technology and services, as exemplified by Poly Developments' partnership with Huawei, illustrates the shift from simple hardware additions to creating interconnected ecosystems for health management [6][7]

每经AI快讯，据湖北发布，8月14日，东风汽车集团有限公司与京东集团正式签署战略合作协议，建立 全面战略合作关系。双方将围绕整车营销与售后服务生态、采购及供应链、智慧物流三大核心领域展开 深化合作，同时探索数字化技术、品牌传播、海外市场等潜在领域的创新突破。 ...

Core Viewpoint - The strategic cooperation between BYD Commercial Vehicles and JD Auto aims to enhance the application of new energy commercial vehicles across various scenarios, leveraging both companies' strengths in technology and market reach [1][3]. Group 1: Strategic Cooperation - On August 12, BYD Commercial Vehicles and JD Auto signed a strategic cooperation agreement in Shenzhen, marking a significant partnership in the commercial vehicle sector [1]. - BYD's General Manager, Tian Chunlong, highlighted the rapid electrification of commercial vehicles, with penetration rates increasing from single digits to double digits [3]. - JD Auto's Senior Vice President, Wang Peina, emphasized the company's growth in government and enterprise business platforms, planning to promote BYD's commercial vehicles in sectors like energy and tobacco [3]. Group 2: Product and Market Development - BYD aims to leverage its unique "three electric one core" technology to expand its product matrix and meet market demands [3]. - The collaboration will also explore product entry, platform recommendations, and employee purchase programs to enhance the overall service and product offering [3]. - Both companies are committed to creating greater value for users and the commercial vehicle industry in China through this partnership [3].

新浪科技讯 8月14日下午消息，京东集团发布了2025年二季度业绩。财报显示，该集团市场营销费用呈 现显著增长。报告期内，公司营销支出达到人民币270亿元（约合38亿美元），较上年同期的119亿元大 幅攀升127.6%。京东在财报中解释称，"该增加主要是由于用于新业务推广活动的支出增加。" 此外，京东的履约开支由2024年第二季度的人民币172亿元增加28.6%至2025年第二季度的人民币221亿 元。据悉，履约开支主要包括采购、仓储、配送、客户服务及支付处理开支。对此，京东表示，"公司 持续优化履约能力並加大人力投入以提升用戶体验。" 责任编辑：刘万里 SF014 ...

经济观察网8月14日，京东集团在港交所公告，第二季度收入为3567亿元，同比增加22.4%；归属于公 司普通股股东净利润为62亿元，上年同期126亿元。 ...

JD.com Announces Second Quarter and Interim 2025 Results BEIJING, Aug. 14, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the "Company" or " JD.com"), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three and six months ended June 30, 2025. Second Quarter 2025 Highlights "In the second quarter, we saw robust growth in user traffic, quarterly active customers, and user shopping frequ ...

Announcement Information [Company Information and Announcement Statement](index=1&type=section&id=Company%20Information%20and%20Announcement%20Statement) JD.com, Inc. discloses unaudited Q2 and interim 2025 results, operating with a dual-class share structure where ADSs represent Class A ordinary shares - JD.com, Inc. announced its unaudited results for Q2 and interim 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The company operates with a dual-class share structure: **Class A ordinary shares** (1 vote/share), **Class B ordinary shares** (20 votes/share), and **ADSs** (represent two Class A ordinary shares)[1](index=1&type=chunk) [Q2 and Interim 2025 Earnings Announcement](index=1&type=section&id=Q2%20and%20Interim%202025%20Earnings%20Announcement) This announcement formally releases JD Group's unaudited Q2 and interim 2025 results, signed by Chairman Richard Qiangdong Liu - Announcement of unaudited results for the three and six months ended June 30, 2025[3](index=3&type=chunk) - Mr. Richard Qiangdong Liu, Chairman of the Board, signed this announcement and listed board members[3](index=3&type=chunk) Performance Highlights [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO Xu Ran highlighted significant user growth and record retail operating margin, while CFO Sandy Xu noted strong revenue growth and improved retail gross margin - CEO Ms. Xu Ran reported significant growth in user traffic, quarterly active users, and purchase frequency in Q2, with core JD Retail revenue increasing by **20.6%** and operating margin reaching **4.5%**, a record high for a major promotion quarter[7](index=7&type=chunk) - CFO Mr. Sandy Xu stated that total group revenue increased by **22.4%** year-over-year, with core retail gross margin growing for **13 consecutive quarters** and operating margin steadily rising[10](index=10&type=chunk) - JD Waimai (delivery) business developed healthily, forming effective synergy with JD Retail and other existing businesses, achieving initial strategic goals[7](index=7&type=chunk) [Q2 2025 Key Financial Highlights](index=2&type=section&id=Q2%202025%20Key%20Financial%20Highlights) JD Group's Q2 2025 total revenue grew 22.4% to RMB 356.7 billion, but net income attributable to ordinary shareholders declined 2025 Q2 Key Financial Data | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | Notes | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | 356.7 | 291.4 | +22.4% | | | **Net Income Attributable to Ordinary Shareholders** | 6.2 | 12.6 | -50.8% | | | **Non-GAAP Net Income Attributable to Ordinary Shareholders** | 7.4 | 14.5 | -48.9% | | | **Diluted Earnings Per ADS** | 4.15 | 8.19 | -49.3% | | | **Non-GAAP Diluted Earnings Per ADS** | 4.97 | 9.36 | -46.9% | | | **JD Retail Revenue** | 310.1 | 257.072 | +20.6% | | | **JD Retail Operating Income** | 13.9 | 10.1 | +37.6% | | | **JD Retail Operating Margin** | 4.5% | 3.9% | +0.6% | Record high for major promotion quarter | [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) JD repurchased $1.5 billion in shares by June 30, 2025, under its $5 billion program, with $3.5 billion remaining - As of June 30, 2025, the company repurchased approximately **80.7 million Class A ordinary shares** (**40.4 million ADSs**), totaling approximately **$1.5 billion**[10](index=10&type=chunk) - Repurchased shares accounted for **2.8%** of ordinary shares outstanding as of December 31, 2024[10](index=10&type=chunk)[12](index=12&type=chunk) - **$3.5 billion** remains under the share repurchase program (up to $5 billion, valid until August 2027)[10](index=10&type=chunk) Business Development [JD Retail](index=3&type=section&id=JD%20Retail) JD Retail drove new product sales and trend categories through customized offerings and the "Accelerated Upgrade Program," expanding JD MALL - JD Super (supermarket) launched customized products across 6 categories (packaging, IP, gift boxes, craftsmanship, functions, and raw materials) to offer differentiated shopping experiences and help brands avoid homogenization[11](index=11&type=chunk) - Launched the 3C Digital "Accelerated Upgrade Program" to support new product sales and increase support for trend categories like **AI glasses** and **embodied intelligent robots**[11](index=11&type=chunk) - In Q2 2025, JD MALL opened new stores in multiple cities including Beijing, Shenzhen, Nanjing, Wuhan, and Taiyuan, with a cumulative total of **24 stores** by the end of June, providing immersive, digital shopping experiences integrating online and offline[11](index=11&type=chunk) [JD Logistics](index=4&type=section&id=JD%20Logistics) JD Logistics expanded its "Global Supply Chain Network" with new overseas warehouses and launched "JoyExpress" in Saudi Arabia, scaling its "Smart Wolf" system - JD Logistics accelerated its "Global Supply Chain Network" initiative, opening new overseas warehouses in multiple countries in the first half of the year, with over **130 bonded, direct mail, and overseas warehouses** by June 30, 2025, totaling over **1.3 million square meters** of managed area, covering **23 countries and regions**[13](index=13&type=chunk) - Launched its self-operated express delivery brand **"JoyExpress"** in Saudi Arabia, forming a complete logistics network from warehousing and sorting to last-mile delivery, upgrading its localized overseas operations[13](index=13&type=chunk) - The self-developed efficient intelligent warehousing solution **"Smart Wolf"** system has been scaled nationwide, integrating core components like handling robots and flying ladder robots, achieving high-density storage and significantly improving warehouse operational efficiency[14](index=14&type=chunk) [JD Health](index=5&type=section&id=JD%20Health) JD Health solidified its "first platform for exclusive new and specialty drug launches" by selling innovative weight-loss and anti-influenza drugs online - JD Health solidified its "first platform for exclusive new and specialty drug launches" advantage, successfully selling Innovent Biologics' weight-loss innovative drug **Xinermai®** and Qingfeng Pharmaceutical's domestic anti-influenza new drug **Yisuda®** online[15](index=15&type=chunk) [New Businesses](index=5&type=section&id=New%20Businesses) JD Waimai achieved significant growth during JD 618, forming synergies, while 7Fresh Kitchen launched in July 2025 - JD Waimai business developed healthily, with daily orders exceeding **25 million** during JD 618, over **1.5 million quality merchants** onboarded, and the full-time rider force surpassing **150,000**[16](index=16&type=chunk) - JD Waimai is deeply integrated into the overall JD ecosystem, leveraging synergistic value with existing businesses on the user, fulfillment, and supply sides[16](index=16&type=chunk) - Launched **7Fresh Kitchen** in July 2025, innovating the catering delivery market supply chain through a "dish partner model"[16](index=16&type=chunk) [Environmental, Social, and Governance](index=5&type=section&id=Environmental%2C%20Social%2C%20and%20Governance) JD's ecosystem employed approximately 900,000 people by June 30, 2025, with human resource expenditure reaching RMB 136 billion - As of June 30, 2025, the total number of personnel within the JD ecosystem was approximately **900,000** (including part-time, interns, and personnel from affiliated companies)[17](index=17&type=chunk) - Total human resource expenditure within the JD ecosystem for the twelve months ended June 30, 2025, reached **RMB 136 billion**[17](index=17&type=chunk) Financial Analysis [Q2 2025 Consolidated Financial Results](index=6&type=section&id=Q2%202025%20Consolidated%20Financial%20Results) JD Group's Q2 2025 total revenue grew 22.4% to RMB 356.7 billion, but increased expenses led to an operating loss [Revenue](index=6&type=section&id=Revenue) In Q2 2025, JD Group's total revenue increased by 22.4% to RMB 356.7 billion, driven by growth in both product and service revenues 2025 Q2 Revenue Composition | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | | :--- | :--- | :--- | :--- | | **Total Revenue** | 356.7 | 291.4 | 22.4% | | Product Revenue | 282.414 | 233.908 | 20.7% | | Service Revenue | 74.246 | 57.489 | 29.1% | [Cost of Revenues](index=6&type=section&id=Cost%20of%20Revenues) In Q2 2025, cost of revenues increased by 22.2% to RMB 300 billion, largely in line with revenue growth 2025 Q2 Cost of Revenues | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | | :--- | :--- | :--- | :--- | | Cost of Revenues | 300 | 245.5 | 22.2% | [Fulfillment Expenses](index=6&type=section&id=Fulfillment%20Expenses) Fulfillment expenses increased by 28.6% to RMB 22.1 billion, rising to 6.2% of revenue due to enhanced capabilities 2025 Q2 Fulfillment Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fulfillment Expenses | 22.1 | 17.2 | 28.6% | 6.2% | 5.9% | - Fulfillment expenses increased primarily due to the company's continuous optimization of fulfillment capabilities and increased human resource investment to enhance user experience[19](index=19&type=chunk) [Marketing Expenses](index=6&type=section&id=Marketing%20Expenses) Marketing expenses surged by 127.6% to RMB 27 billion, increasing to 7.6% of revenue, primarily due to new business promotion activities 2025 Q2 Marketing Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Marketing Expenses | 27 | 11.9 | 127.6% | 7.6% | 4.1% | - Marketing expenses significantly increased primarily due to higher spending on new business promotion activities[19](index=19&type=chunk) [Research and Development Expenses](index=6&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses increased by 25.7% to RMB 5.3 billion, with its percentage of revenue slightly rising to 1.5% 2025 Q2 Research and Development Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 5.3 | 4.2 | 25.7% | 1.5% | 1.4% | [General and Administrative Expenses](index=6&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by 53.2% to RMB 3.3 billion, rising to 0.9% of revenue, mainly due to higher share-based compensation 2025 Q2 General and Administrative Expenses | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Growth | % of Revenue (2025 Q2) | % of Revenue (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 3.3 | 2.1 | 53.2% | 0.9% | 0.7% | - General and administrative expenses increased primarily due to higher share-based compensation expenses[20](index=20&type=chunk) [Operating Income/(Loss) and Non-GAAP Operating Income](index=6&type=section&id=Operating%20Income%2F(Loss)%20and%20Non-GAAP%20Operating%20Income) The company reported an operating loss of RMB 0.9 billion in Q2 2025, with non-GAAP operating income also declining due to new business investments 2025 Q2 Operating Income/(Loss) | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Income/(Loss) | (0.9) | 10.5 | From profit to loss | | Operating Margin | -0.2% | 3.6% | -3.8% | | Non-GAAP Operating Income | 0.9 | 11.6 | -92.2% | | Non-GAAP Operating Margin | 0.3% | 4.0% | -3.7% | | JD Retail Operating Income | 13.9 | 10.1 | +37.6% | | JD Retail Operating Margin | 4.5% | 3.9% | +0.6% | - Operating income decreased primarily due to increased strategic investments in new businesses[20](index=20&type=chunk) [Non-GAAP EBITDA](index=7&type=section&id=Non-GAAP%20EBITDA) Non-GAAP EBITDA significantly decreased to RMB 3 billion in Q2 2025, with the EBITDA margin falling from 4.6% to 0.8% 2025 Q2 Non-GAAP EBITDA | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Non-GAAP EBITDA | 3 | 13.5 | -77.8% | | Non-GAAP EBITDA Margin | 0.8% | 4.6% | -3.8% | [Net Income Attributable to Ordinary Shareholders and Non-GAAP Net Income Attributable to Ordinary Shareholders](index=7&type=section&id=Net%20Income%20Attributable%20to%20Ordinary%20Shareholders%20and%20Non-GAAP%20Net%20Income%20Attributable%20to%20Ordinary%20Shareholders) Both GAAP and Non-GAAP net income attributable to ordinary shareholders significantly decreased in Q2 2025, with lower net income margins 2025 Q2 Net Income Attributable to Ordinary Shareholders | Indicator | 2025 Q2 (RMB billion) | 2024 Q2 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Ordinary Shareholders | 6.2 | 12.6 | -50.8% | | Net Income Margin | 1.7% | 4.3% | -2.6% | | Non-GAAP Net Income Attributable to Ordinary Shareholders | 7.4 | 14.5 | -48.9% | | Non-GAAP Net Income Margin | 2.1% | 5.0% | -2.9% | [Diluted Earnings Per Share and Non-GAAP Diluted Earnings Per Share](index=7&type=section&id=Diluted%20Earnings%20Per%20Share%20and%20Non-GAAP%20Diluted%20Earnings%20Per%20Share) In Q2 2025, both GAAP and Non-GAAP diluted earnings per ADS significantly decreased compared to the prior year 2025 Q2 Diluted Earnings Per ADS | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Diluted Earnings Per ADS | 4.15 | 8.19 | -49.3% | | Non-GAAP Diluted Earnings Per ADS | 4.97 | 9.36 | -46.9% | [Cash Flow and Working Capital](index=7&type=section&id=Cash%20Flow%20and%20Working%20Capital) Total cash and investments were RMB 223.4 billion by June 30, 2025, but Q2 free cash flow significantly decreased, with mixed cash flows from investing and financing [Cash Flow for the Three Months Ended June 30, 2025](index=7&type=section&id=Cash%20Flow%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025) Q2 2025 operating cash flow was RMB 24.409 billion, but free cash flow significantly decreased, with investing activities generating net inflow 2025 Q2 Cash Flow | Indicator | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 24,409 | 50,738 | -51.9% | | Free Cash Flow | 22,018 | 49,555 | -55.6% | | Net Cash Generated from Investing Activities | 8,218 | (38,527) | From outflow to inflow | | Net Cash Used in Financing Activities | (12,439) | (8,969) | -38.7% | - Net cash inflow from investing activities primarily included net cash received from maturities of time deposits and wealth management products[26](index=26&type=chunk) - Net cash outflow from financing activities primarily included cash paid for dividends, repurchases of ordinary shares, and acquisitions of additional equity in non-wholly owned subsidiaries[26](index=26&type=chunk) [Cash Flow for the Twelve Months Ended June 30, 2025](index=8&type=section&id=Cash%20Flow%20for%20the%20Twelve%20Months%20Ended%20June%2030%2C%202025) For the twelve months ended June 30, 2025, free cash flow significantly decreased to RMB 10.076 billion Free Cash Flow for the Twelve Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 24,819 | 74,040 | -66.5% | | Free Cash Flow | 10,076 | 55,642 | -81.9% | [Segment Results](index=8&type=section&id=Segment%20Results) JD Group's three segments, JD Retail, JD Logistics, and New Businesses, showed varied revenue growth and operating margin performance in Q2 2025 [Segment Revenue and Operating Income](index=9&type=section&id=Segment%20Revenue%20and%20Operating%20Income) JD Retail revenue grew 20.6% with improved margin, while New Businesses saw high revenue growth but expanded losses in Q2 2025 2025 Q2 Segment Revenue and Operating Income | Segment | 2025 Q2 Revenue (RMB million) | 2024 Q2 Revenue (RMB million) | Revenue YoY Change | 2025 Q2 Operating Income (RMB million) | 2024 Q2 Operating Income (RMB million) | Operating Margin (2025 Q2) | Operating Margin (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | JD Retail | 310,075 | 257,072 | 20.6% | 13,939 | 10,108 | 4.5% | 3.9% | | JD Logistics | 51,564 | 44,207 | 16.6% | 1,958 | 2,183 | 3.8% | 4.9% | | New Businesses | 13,852 | 4,636 | 198.8% | (14,777) | (695) | (106.7)% | (15.0)% | - New businesses' operating loss significantly expanded, primarily reflecting increased strategic investments in new businesses[20](index=20&type=chunk) [Revenue Composition](index=11&type=section&id=Revenue%20Composition) Q2 2025 saw growth in product revenue from electronics and general merchandise, alongside strong increases in service revenue 2025 Q2 Revenue Composition | Revenue Category | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Electronics and Home Appliances Product Revenue | 178,982 | 145,061 | 23.4% | | General Merchandise Product Revenue | 103,432 | 88,847 | 16.4% | | **Total Product Revenue** | **282,414** | **233,908** | **20.7%** | | Platform and Advertising Services Revenue | 28,507 | 23,425 | 21.7% | | Logistics and Other Services Revenue | 45,739 | 34,064 | 34.3% | | **Total Service Revenue** | **74,246** | **57,489** | **29.1%** | | **Total Revenue** | **356,660** | **291,397** | **22.4%** | [Supplemental Financial Information and Business Metrics](index=24&type=section&id=Supplemental%20Financial%20Information%20and%20Business%20Metrics) Trailing twelve-month operating and free cash flows significantly decreased by Q2 2025, while inventory and receivables turnover days increased Trailing Twelve-Month Cash Flow and Turnover Days | Indicator | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Cash Flow — TTM (RMB billion) | 74.0 | 52.8 | 58.1 | 51.1 | 24.8 | | Free Cash Flow — TTM (RMB billion) | 55.6 | 33.6 | 43.7 | 37.6 | 10.1 | | Inventory Turnover Days — TTM | 29.8 | 30.4 | 31.5 | 32.8 | 34.1 | | Accounts Payable Turnover Days — TTM | 57.0 | 57.5 | 58.6 | 57.6 | 59.0 | | Accounts Receivable Turnover Days — TTM | 5.7 | 5.8 | 5.9 | 6.4 | 7.4 | Supplemental Information [Definitions of Non-GAAP Measures](index=13&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section defines Non-GAAP metrics used by JD Group to assess core operating performance by excluding non-cash or non-recurring items - Non-GAAP operating income excludes share-based compensation expenses, amortization of intangible assets, impact of business cooperation arrangements, gains from sale of development properties, and impairment of goodwill/long-lived assets[37](index=37&type=chunk) - Free cash flow is defined as net cash generated from operating activities, adjusted for the impact of consumer credit receivables and capital expenditures[37](index=37&type=chunk) - Non-GAAP measures aim to exclude non-cash or non-recurring items to provide a more meaningful period-to-period comparison and view of core operating results[38](index=38&type=chunk)[39](index=39&type=chunk) [Reconciliations of GAAP to Non-GAAP Results](index=25&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Results) This section reconciles GAAP to Non-GAAP operating income, EBITDA, and net income, detailing adjustments for non-cash and non-recurring items 2025 Q2 GAAP to Non-GAAP Operating Income Reconciliation | Indicator | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | | :--- | :--- | :--- | | Operating Income/(Loss) (GAAP) | (859) | 10,501 | | Add: Share-based compensation expenses | 1,657 | 666 | | Add: Amortization of intangible assets | 253 | 316 | | Add: Impact of business cooperation arrangements | 69 | 113 | | Less: Gains from sale of development properties | (224) | — | | **Non-GAAP Operating Income** | **896** | **11,596** | | Non-GAAP Operating Margin | 0.3% | 4.0% | 2025 Q2 GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders Reconciliation | Indicator | 2025 Q2 (RMB million) | 2024 Q2 (RMB million) | | :--- | :--- | :--- | | Net Income Attributable to Ordinary Shareholders (GAAP) | 6,178 | 12,644 | | Add: Share-based compensation expenses | 1,578 | 549 | | Add: Amortization of intangible assets | 169 | 151 | | Add/(Reversal of): Adjustments for equity method investments | (185) | 211 | | Add: Impairment of goodwill, long-lived assets and investments | 178 | 1,102 | | (Reversal of)/Add: Fair value change of long-term investments | (531) | (104) | | Less: Gains from sale of development properties | (168) | — | | Less: Gains from disposal of investments and others | (30) | (208) | | Add: Impact of business cooperation arrangements | 69 | 113 | | Add/(Reversal of): Income tax impact of Non-GAAP adjustments | 136 | 2 | | **Non-GAAP Net Income Attributable to Ordinary Shareholders** | **7,394** | **14,460** | | Non-GAAP Net Income Margin | 2.1% | 5.0% | [Reconciliations of GAAP to IFRS](index=27&type=section&id=Reconciliations%20of%20GAAP%20to%20IFRS) This section reconciles JD Group's condensed consolidated statements from GAAP to IFRS, with Deloitte Touche Tohmatsu providing limited assurance [Assurance Engagement Statement](index=27&type=section&id=Assurance%20Engagement%20Statement) Deloitte Touche Tohmatsu performed a limited assurance engagement on the GAAP to IFRS reconciliation, finding no material inaccuracies - Deloitte Touche Tohmatsu performed a limited assurance engagement on the GAAP to IFRS reconciliation[54](index=54&type=chunk) - The engagement found no matters suggesting the reconciliation was arithmetically inaccurate or failed to reflect accounting policy differences in all material respects[57](index=57&type=chunk)[58](index=58&type=chunk) [Condensed Consolidated Statements of Operations Reconciliation](index=29&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20Reconciliation) This section details the GAAP to IFRS reconciliation for consolidated statements of operations, highlighting differences in financial instruments and lease accounting Condensed Consolidated Statements of Operations GAAP to IFRS Reconciliation for the Six Months Ended June 30, 2025 | Indicator | GAAP Amount (RMB million) | Total IFRS Adjustments (RMB million) | IFRS Amount (RMB million) | | :--- | :--- | :--- | :--- | | Cost of Revenues | (553,254) | — | (553,254) | | Fulfillment Expenses | (41,882) | 877 | (41,007) | | Marketing Expenses | (37,556) | 2 | (37,554) | | Research and Development Expenses | (9,920) | 4 | (9,916) | | General and Administrative Expenses | (5,680) | 5 | (5,675) | | Gains from sale of development properties | 224 | (123) | 101 | | Operating Income | 9,674 | 763 | 10,437 | | Share of results of equity method investments | 3,402 | (270) | 3,132 | | Interest expense | (1,243) | (1,152) | (2,395) | | Other, net | 8,208 | 546 | 8,772 | | Fair value change of preference shares | — | (4) | (4) | | Profit before income tax | 20,041 | (99) | 19,942 | | Income tax (expense)/benefit | (2,053) | 164 | (1,889) | | Net Income | 17,988 | 65 | 18,053 | | Net Income Attributable to JD.com, Inc. ordinary shareholders | 17,068 | 17 | 17,085 | [Condensed Consolidated Balance Sheets Reconciliation](index=31&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20Reconciliation) This section lists the GAAP to IFRS reconciliation for consolidated balance sheets, focusing on asset, liability, and equity impacts from accounting differences Condensed Consolidated Balance Sheets GAAP to IFRS Reconciliation as of June 30, 2025 | Indicator | GAAP Amount (RMB million) | Total IFRS Adjustments (RMB million) | IFRS Amount (RMB million) | | :--- | :--- | :--- | :--- | | Property, equipment and software, net | 87,160 | (2,135) | 85,025 | | Land use rights, net | 37,173 | (1,155) | 36,018 | | Operating lease right-of-use assets | 27,454 | (1,305) | 26,149 | | Equity investments | 48,225 | (20,581) | 27,644 | | Available-for-sale securities and other investments | 61,397 | (1,906) | 59,491 | | Financial assets at fair value through profit or loss | — | 31,876 | 31,876 | | Financial assets at fair value through other comprehensive income | — | 237 | 237 | | Deferred tax assets | 2,881 | (228) | 2,653 | | **Total Assets** | **706,939** | **4,803** | **711,742** | | Accrued expenses and other liabilities | 45,481 | 3,785 | 49,266 | | Financial liabilities at fair value through profit or loss | — | 22,563 | 22,563 | | Unsecured senior notes | 24,712 | (2,604) | 22,108 | | Deferred tax liabilities | 8,388 | 582 | 8,970 | | **Total Liabilities** | **409,650** | **24,326** | **433,976** | | Total equity attributable to JD.com, Inc. shareholders | 227,160 | (7,810) | 219,350 | | Non-controlling interests | 70,129 | (11,719) | 58,410 | | **Total Equity** | **297,289** | **(19,529)** | **277,760** | [Reconciliation Notes](index=33&type=section&id=Reconciliation%20Notes) This section explains seven key GAAP to IFRS reconciliation differences, including financial instruments, fair value investments, lease accounting, and convertible notes - Financial instruments with special attributes: GAAP accounts for them as mezzanine equity or non-controlling interests, while IFRS classifies them as financial liabilities due to the unconditional right to avoid delivering cash[65](index=65&type=chunk) - Investments measured at fair value: GAAP uses cost less impairment for investments without readily determinable fair value, while IFRS classifies them as financial assets at fair value through profit or loss or OCI[66](index=66&type=chunk) - Lease accounting: GAAP records right-of-use asset amortization and interest expense together as lease expense, while IFRS amortizes right-of-use assets on a straight-line basis and measures interest expense at amortized cost separately[67](index=67&type=chunk) - Convertible preference notes: GAAP accounts for them entirely as debt, while IFRS treats them as hybrid instruments, separating and fair valuing embedded derivatives[70](index=70&type=chunk) - Investment in JD Technology: GAAP treats it as a common control transaction, while IFRS accounts for it as an acquisition of additional equity in an investee, with different accounting for redemption term modifications and fair value changes[72](index=72&type=chunk) Other Information [Conference Call Information](index=12&type=section&id=Conference%20Call%20Information) JD management will host a conference call on August 14, 2025, at 8:00 AM ET to discuss Q2 and interim financial results - The conference call will be held on **August 14, 2025, at 8:00 AM ET** (**8:00 PM Beijing/Hong Kong Time**)[35](index=35&type=chunk) - Pre-registration links and a telephone replay service are available, with the replay accessible for one week until August 21, 2025[35](index=35&type=chunk) [About JD.com](index=12&type=section&id=About%20JD.com) JD.com is a leading supply chain-based technology and service enterprise, offering "Retail as a Service" solutions to enhance industry productivity - JD.com is a leading supply chain-based technology and service enterprise[36](index=36&type=chunk) - The company offers **"Retail as a Service"** solutions, opening up its technology and infrastructure to enhance productivity and innovation across various industries[36](index=36&type=chunk) [Forward-Looking Statements](index=15&type=section&id=Forward-Looking%20Statements) This announcement contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995, involving inherent risks and uncertainties - This announcement contains forward-looking statements made under the **"safe harbor"** provisions of the U.S. Private Securities Litigation Reform Act of 1995[41](index=41&type=chunk) - Forward-looking statements concern business prospects, strategies, and operational plans, involving inherent risks and uncertainties that could cause actual results to differ materially from expectations[41](index=41&type=chunk) - The company undertakes no obligation to update any forward-looking statements, unless required by applicable law[41](index=41&type=chunk) [Contact Information](index=14&type=section&id=Contact%20Information) This section provides contact details for JD Group's investor relations and media inquiries for further information - Investor Relations contact: Shiyao Zhang, Phone: **+86 (10) 8912-6804**, Email: **IR@JD.com**[40](index=40&type=chunk) - Media contact: Phone: **+86 (10) 8911-6155**, Email: **Press@JD.com**[40](index=40&type=chunk)

Core Insights - JD.com reported a robust 22.4% year-on-year revenue growth for Q2 2025, reaching RMB 356.7 billion (US$ 49.8 billion) [10][16] - The company's core JD Retail business achieved a 20.6% year-on-year revenue growth, with an operating margin of 4.5%, marking a historic high [3][23] - JD Food Delivery showed significant growth, with daily order volume exceeding 25 million during the JD 618 Grand Promotion [14] Financial Performance - Net income attributable to ordinary shareholders for Q2 2025 was RMB 6.2 billion (US$ 0.9 billion), down from RMB 12.6 billion in Q2 2024 [10][25] - Non-GAAP net income attributable to ordinary shareholders was RMB 7.4 billion (US$ 1.0 billion) for Q2 2025, compared to RMB 14.5 billion for Q2 2024 [10][25] - Diluted net income per ADS was RMB 4.15 (US$ 0.58) for Q2 2025, a decrease from RMB 8.19 in Q2 2024 [10][26] Business Segments - JD Retail generated net revenues of RMB 310.1 billion (US$ 43.3 billion) in Q2 2025, with an income from operations of RMB 13.9 billion (US$ 1.9 billion) [10][23] - JD Logistics reported net revenues of RMB 51.6 billion (US$ 7.2 billion) for Q2 2025, reflecting a 16.6% year-on-year increase [32] - New Businesses, including JD Food Delivery, saw a remarkable 198.8% year-on-year revenue growth in Q2 2025 [32] Cost and Expenses - Cost of revenues increased by 22.2% to RMB 300.0 billion (US$ 41.9 billion) for Q2 2025 [17] - Fulfillment expenses rose by 28.6% to RMB 22.1 billion (US$ 3.1 billion) for Q2 2025, representing 6.2% of net revenues [18] - Marketing expenses surged by 127.6% to RMB 27.0 billion (US$ 3.8 billion) for Q2 2025, accounting for 7.6% of net revenues [19] Share Repurchase Program - The company repurchased approximately 80.7 million Class A ordinary shares for about US$ 1.5 billion during the first half of 2025 [4][5] - As of the announcement date, the remaining amount under the share repurchase program was US$ 3.5 billion [4] Strategic Initiatives - JD.com launched the "One Step Ahead – Accelerated Upgrade Program" for 3C electronics to enhance user experience and drive sales [7] - JD Logistics expanded its global warehousing capabilities, opening new warehouses in multiple countries, including the US and UK [11] - JD Health strengthened its position as an online marketplace for new and specialty medicine launches in China [13]

Group 1 - The core initiative is the launch of maternal and infant consumption vouchers by the government of Wangcheng District in collaboration with JD Supermarket, aimed at supporting families with childcare expenses [1] - The vouchers will be available for use on over 30,000 products from more than 700 brands, covering eight categories including milk powder, diapers, and maternity products, with a 10% discount on the actual payment amount [1] - Since the beginning of 2024, JD Supermarket has partnered with 80 brands, helping 4.93 million families save 300 million yuan on childcare expenses [1] Group 2 - JD Supermarket has introduced a 28-day fresh delivery service for milk powder, ensuring that products reach consumers within 28 days from the production date, addressing the demand for freshness and nutrition among parenting families [2] - The company plans to continue collaborating with local governments and maternal and infant brands to provide comprehensive support for parenting families, promoting a healthy development environment for the industry and contributing to long-term population balance [2]