JD.com, Inc. Financial and Operational Highlights Aug 2025 Disclaimer The following document has been prepared by JD.com, Inc. ("JD" or the "Company") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, o ...

专题：聚焦2025年第二季度美股财报 责任编辑：刘明亮 ...

Core Insights - JD.com reported a total revenue of 356.7 billion yuan for Q2 2025, representing a year-on-year growth of 22.4% [1] - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the same period last year [1] - The diluted earnings per American Depositary Share were 4.15 yuan, compared to 8.19 yuan in the previous year [1] Business Segment Performance - JD Retail's revenue grew by 20.6% year-on-year, reaching 310.1 billion yuan [1] - Revenue from electronics and home appliances increased by 23.4% and 16.4%, amounting to 178.98 billion yuan and 103.43 billion yuan respectively [1] - New business segments, including food delivery, saw explosive growth with revenues of 13.85 billion yuan, up 198.8% from 4.64 billion yuan in the same quarter last year [1] Expenditure Insights - Fulfillment expenses rose from 17.2 billion yuan to 22.1 billion yuan during the reporting period [1] - Marketing expenses more than doubled, increasing from 11.9 billion yuan to 27 billion yuan, accounting for 7.6% of total revenue [1]

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]

Core Viewpoint - Dongfeng Motor Group Co., Ltd. and JD Group have officially signed a strategic cooperation agreement to establish a comprehensive strategic partnership focusing on three core areas: vehicle marketing and after-sales service ecosystem, procurement and supply chain, and smart logistics [1] Group 1 - The partnership aims to deepen cooperation in vehicle marketing and after-sales service ecosystem [1] - The collaboration will also focus on procurement and supply chain management [1] - Smart logistics is identified as a key area for further cooperation [1] Group 2 - Both companies will explore innovations in digital technology [1] - Brand communication is another potential area for collaboration [1] - The partnership will also look into opportunities in overseas markets [1]

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 ...