JD(JD) - 2025 Q1 - Quarterly Results

Financial Performance - Net revenues for Q1 2025 were RMB301.1 billion (US$141.5 billion), a 15.8$1.5 billion), reflecting a 52.7% increase year-on-year[28] - Non-GAAP income from operations increased to RMB11.7 billion (US$1.6 billion), a 31.4$41.5 billion), a 15.8% increase from RMB260.0 billion in Q1 2024[37] - JD Retail segment revenues increased by 16.3% year-over-year to RMB263.8 billion (US$36.4 billion) in Q1 2025[35] - The company reported a total consolidated income before tax of RMB13.3 billion (US$1.8 billion) for Q1 2025, compared to RMB9.1 billion in Q1 2024[35] - JD.com reported total net revenues of RMB 301,082 million for the three months ended March 31, 2025, representing a 15.8% increase from RMB 260,049 million in the same period of 2024[51] - Net income attributable to the Company's ordinary shareholders for the same period was RMB 10,890 million, up 53.5% from RMB 7,130 million year-over-year[51] - Non-GAAP net income attributable to ordinary shareholders increased from RMB 8,899 million in Q1 2024 to RMB 12,758 million in Q1 2025, reflecting a growth of approximately 43.5%[61] Cash Flow and Liquidity - As of March 31, 2025, the company's cash and cash equivalents totaled RMB203.4 billion (US$28.0 billion), a decrease from RMB241.4 billion as of December 31, 2024[30] - For Q1 2025, the company reported a free cash flow of RMB(21,603) million (US$2,977), compared to RMB(15,476) million in Q1 2024, indicating a year-over-year decline[30] - Net cash provided by investing activities for Q1 2025 was RMB16.2 billion (US$2.2 billion), primarily from maturity of time deposits and equity investments[31] - Net cash used in financing activities for Q1 2025 was RMB7.3 billion (US$1.0 billion), mainly for repayment of borrowings and share repurchases[32] - Free cash flow for the twelve months ended March 31, 2025, was RMB37.6 billion (US$5.2 billion), down from RMB50.6 billion in the previous year[33] - Free cash flow for the three months ended March 31, 2025, was negative RMB 21,603 million, compared to negative RMB 15,476 million in the same period of 2024[55] Operational Metrics - JD Retail maintained an operating margin of 4.9$1.9 billion), a 27.0% increase from Q1 2024[27] - The operating margin for JD Retail improved to 4.9% in Q1 2025 from 4.1% in Q1 2024[35] - Non-GAAP operating margin improved from 3.4% in Q1 2024 to 3.9% in Q1 2025[59] - Non-GAAP EBITDA margin improved from 4.1% in Q1 2024 to 4.6% in Q1 2025[59] Business Developments - The company launched a food delivery business in February 2025, aiming to meet diverse user demands and enhance its ecosystem[12] - JD Health debuted several innovative medicines and achieved over 80% of medical consultations aided by AI services in Q1 2025[14] - JD Logistics expanded its international operations, launching a new air cargo route and a second warehouse in Warsaw, Poland[15] Personnel and Assets - The total personnel under the JD Ecosystem reached approximately 700,000 as of March 31, 2025[25] - JD.com’s total current assets were RMB 357,230 million as of March 31, 2025, compared to RMB 386,698 million as of December 31, 2024, indicating a decline of 7.6%[48] - The company’s total liabilities decreased to RMB 369,191 million as of March 31, 2025, down from RMB 384,937 million as of December 31, 2024, a reduction of 4.1%[49] - Total shareholders' equity as of March 31, 2025, was RMB 308,408 million, slightly down from RMB 312,813 million as of December 31, 2024[49] Inventory and Receivables - Inventory turnover days increased from 29.0 days in Q1 2024 to 32.8 days projected for Q1 2025[57] - Accounts payable turnover days increased from 51.8 days in Q1 2024 to 57.6 days projected for Q1 2025[57] - Accounts receivable turnover days are expected to rise from 5.4 days in Q1 2024 to 6.4 days in Q1 2025[57]