截至6月30日，京东体系人员总数约90万。 京东集团二季度收入能够继续保持加速增长，首先来自于核心零售业务上继续保持加速增长。这其中， 绝大多数品类实现加速增长，带电等核心品类优势愈发巩固，日百品类收入同比加速增长了16.4%，其 中商超品类连续6个季度保持收入同比双位数增长。而备受外界关注的包括京东外卖在内的新业务，收 入同比大幅增长了199%。 同样受益于核心零售业务和外卖等新业务的发展势头，二季度京东集团的季度活跃用户数和购物频次均 实现超过40%的同比增长，季度活跃用户数实现了连续7个季度的同比双位数增长。 8月14日，京东集团【JD.O；9618.HK】发布了2025年二季度业绩。收入为3,567亿元人民币，同比增长 22.4%，远超市场预期，也再次刷新了近三年收入增速的新纪录。 ...

京东集团第二季度净营收3,566.6亿元人民币，市场预估3,354.5亿元人民币。 第二季度调整后每ADS收 益4.97元人民币，市场预估3.78元人民币。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

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]

2025世界机器人大会近日在北京成功闭幕，这一全球瞩目的盛会吸引了来自世界各地的220家顶尖机器 人企业，共同展示了超过1500件前沿科技产品，规模刷新历史记录。作为大会的"独家全球战略合作伙 伴"，京东携手众多品牌闪耀登场，其精心打造的沉浸式互动展区成为了全场瞩目的焦点。 京东在大会上正式发布了"智能机器人产业加速计划"，宣布将在未来三年内投入超百亿资源，助力100 个机器人品牌实现销售额突破10亿，并推动智能机器人进入超百万个终端场景。这一计划通过三大核心 举措重构产业生态，旨在解决机器人商业化落地的"最后一公里"难题，提升产品交互体验，以及构建全 产业链支持体系。 "智能机器人产业加速计划"的发布引起了业界的广泛关注，被视为京东推动智能机器人行业从"技术探 索"向"规模商用"迈出的关键一步。京东将利用自身在C端用户和B端企业用户方面的全渠道网络优势， 为机器人合作伙伴提供强有力的商业化支持。 为了让前沿机器人的科技成果加速普及，京东展区还举办了首届"京东杯"机器人才艺大赛。大赛现场， 各类机器人纷纷上演才艺绝活，展现了其在文化、消费、服务等领域的商业化潜力。清飞清锋机器人与 人类书法大师一决高下，宇树机 ...

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]

一份高质量的工作，是残疾人生活更有尊严的重要前提。 李剑在跟本报记者交流中透露，在加入京东前，自己也曾去电子厂等招工单位接受了焊接等工作的面试，虽然两 只手工作没有问题，但仍屡遭拒绝，"我们内心最渴望的，是获得一个公平公正的机会，但由于一些客观因素很难 做到。每一次拒绝，对于残疾人都是一个不小的打击。" 本报（chinatimes.net.cn）记者卢晓 北京报道 司龄12年"老兵"的变化 未来将不断加大助残投入 一份稳定、高质量的工作，也离不开公司对残疾人员工的支持和帮助。 （京东阳光天使康体中心） 需要提及的是，京东的"阳光天使"团队一直在扩大。 而今年，已经是李剑在京东工作的第十二年，在他身上也发生了不小的变化。 据记者了解，能够熟练地用电脑打字和解答用户问题，是"阳光天使"团队的基本功。作为第一批"阳光天使"，李 剑当年通过每天加班加点练习打字速度，并生生把自己背成"知识库"，以第一名的成绩通过了结业考核，现在他 已经成长为带领十多名员工的团队主管。 全部由残疾人组成的"阳光天使"团队，也同样将走过第12个年头。 薪资福利是一份高质量的工作的重要衡量维度。李剑告诉记者，"阳光天使"团队的薪资水平在宿迁 ...

Core Viewpoint - The article discusses the current state of the food delivery market in China, highlighting JD's relatively low profile amidst intense competition from Meituan and Alibaba's Taobao, and emphasizes the strategic decisions made by JD's CEO Xu Ran regarding the company's approach to the market [1][4][5]. Group 1: JD's Market Position - JD has been notably quiet in the recent food delivery battle, which has raised questions about its strategy and market presence [1][2]. - Xu Ran asserts that JD will not engage in "malicious internal competition" and aims to focus on quality rather than price wars [5][6]. - The company believes that the current food delivery market is experiencing a bubble due to excessive subsidies that do not create real value [4][5]. Group 2: Competitive Landscape - Meituan's "Flash Purchase" service has reportedly penetrated JD's core categories, with daily orders reaching 18 million [6]. - Taobao has recently surpassed Meituan in daily order volume, indicating a shift in market dynamics [9][10]. - The competition is not just about order volume but also about consumer perception and trust, which JD believes it has built over time [7][10]. Group 3: Strategic Focus - JD's strategy is centered around supply chain innovation, with the launch of "Seven Fresh Kitchen" seen as a significant move in the food delivery sector [14][15]. - The company aims to differentiate itself from competitors by focusing on safety and quality rather than just low prices [14][15]. - Xu Ran emphasizes the importance of having a clear narrative and strategy that aligns with JD's strengths, rather than merely reacting to competitors' moves [11][13]. Group 4: Future Outlook - The ongoing food delivery battle is expected to be a long-term engagement, with JD needing to prepare for systemic changes brought about by competition [16]. - JD's approach is to leverage its supply chain capabilities to create a unique value proposition in the food delivery market [14][15]. - The company is focused on building a sustainable business model that prioritizes customer experience and operational efficiency [14][15].

最近互联网圈可热闹了，京东和阿里这两家老对手又"打"起来了，不过这次战场换到了外卖市场。这事儿说来挺有意思，就像两个武林高手打了十几年，突 然发现旁边有个新擂台，围观的人特别多，于是二话不说就跳上去开打了。 刘强东这次出手特别聪明，他发现现在电商生意不好做，大家都在抢流量，价格越来越贵。于是他盯上了每天有3亿人在用的外卖市场，开始和美团抢市 场！虽然这看起来是外卖生意，但也是在给自家电商拉流量。这招还真管用，半年时间京东APP的用户活跃量就涨了50%，算下来能给电商业务多带来好几 千亿的生意呢。 最搞笑的是，京东这一闹把阿里给惊醒了。要知道阿里早些年花大价钱买了饿了么，结果没玩好，现在市场份额都快被美团吃光了。而刘强东的这一招，立 刻给了马云灵感，阿里也赶紧搞了个"淘宝闪送"，想把丢掉的场子找回来。 但这场外卖竞争中，最尴尬的要数美团了。本来在外卖市场做得好好的，突然两个电商大佬跑来打架，自己又没电商业务可以还手，只能干着急。听说现在 美团也在想办法转型，开始搞即时零售了。 虽然招数一样，但打法还是有差别的。京东就像个实在的生意人，自己买配送团队，自己管理，虽然现在问题不少，商家嫌麻烦、骑手嫌累、用户嫌慢，但 ...

今年3月，京东在香港人流最稠密的旺角地区投入大型广告牌，提出"全港比价，买贵就赔"。摄/焦建 在逐渐打通物流链条后，中国内地电商巨头为抢占中国香港市场可能会有哪些新的竞争方向？又或将给当地零售市场带来哪些影响？ 文｜《财经》特派香港记者 焦建 编辑｜苏琦 中国香港的零售市场，正因中国内地电商巨头的频频入港动作变得如同天气般持续火热。 8月13日，按照中国香港海关方面正式公布的相关消息显示，京东物流旗下相关机构已成功获得香港认可经济营运商计划（HKAEO Programme）的AEO认证。 此次认证被认为标志着京东在粤港澳大湾区内的物流服务能力将迎来进一步提升。继菜鸟物流网络在香港加速布局、拼多多推出"包邮香港"政 策后，京东在港积极布局从物流到零售的脉络亦日渐清晰。 AEO全称为Authorized Economic Operator，中国内地译为"经认证的经营者"。作为世界海关组织《全球贸易安全与便利标准框架》中的核心制 度，该认证旨在通过海关与海关、海关与商界以及海关与其他政府部门的合作，促进全球供应链安全与贸易便利化，实现关企互利共赢、贸易 畅通。 中国香港的相关计划推出至今，有约90家企业获得认证，其 ...