2024-05-16 10:15Financial Performance - Net revenues for Q1 2024 were RMB260.0 billion (US$136.0 billion), representing a 7.0% increase from Q1 2023[2] - Non-GAAP EBITDA increased by 13.6% to RMB10.8 billion (US$1.5 billion) for Q1 2024, with a margin of 4.1% compared to 3.9% in Q1 2023[8] - Diluted net income per ADS rose by 15.3% to RMB4.53 (US$0.63) for Q1 2024, while non-GAAP diluted net income per ADS increased by 18.7% to RMB5.65 (US$0.78)[9] - Net income attributable to the Company's ordinary shareholders increased by 13.9% to RMB7.1 billion (US$1.0 billion) for Q1 2024, compared to RMB6.3 billion for Q1 2023[31] - Non-GAAP net income attributable to the Company's ordinary shareholders rose by 17.2% to RMB8.9 billion (US$1.2 billion) for Q1 2024, compared to RMB7.6 billion for Q1 2023[37] - Total net revenues for Q1 2024 were RMB260.0 billion (US$36.0 billion), up from RMB243.0 billion for Q1 2023[31] - Non-GAAP net margin attributable to the Company's ordinary shareholders improved to 3.4% for Q1 2024, compared to 3.1% for Q1 2023[31] Segment Performance - JD Retail segment revenues grew by 6.8% year-over-year to RMB226.8 billion (US$31.4 billion) in Q1 2024[13] - JD Logistics segment revenues increased by 14.7% year-over-year to RMB42.1 billion (US$5.8 billion) in Q1 2024[13] - Net product revenues increased by 6.6% to RMB 208.5 billion (US$ 28.9 billion) for Q1 2024[1] - Net service revenues increased by 8.8% to RMB 51.5 billion (US$ 7.1 billion) for Q1 2024[1] Expenses and Costs - Marketing expenses increased by 15.6% to RMB9.3 billion (US$1.3 billion) in Q1 2024, accounting for 3.6% of net revenues[7] - Cost of revenues increased by 6.4% to RMB220.3 billion (US$30.5 billion) for Q1 2024, compared to RMB206.9 billion for Q1 2023[35] - General and administrative expenses decreased by 21.0% to RMB2.0 billion (US$0.3 billion) for Q1 2024, from RMB2.5 billion for Q1 2023[36] - Fulfillment expenses increased by 9.3% to RMB 16.8 billion (US$ 2.3 billion) for Q1 2024[71] - Research and development expenses decreased by 3.6% to RMB 4.0 billion (US$ 0.6 billion) for Q1 2024[80] Cash Flow and Shareholder Returns - Free cash flow for the twelve months ended March 31, 2024, was RMB50.6 billion (US$7.0 billion), significantly up from RMB19.0 billion for the same period in 2023[39] - The company has returned over RMB35.2 billion to shareholders through dividends and share buybacks over the past decade[33] - The company repurchased approximately US$0.7 billion of shares as of May 15, 2024, with a remaining authorization of US$2.3 billion under its new share repurchase program[5] - JD.com repurchased 98.3 million Class A ordinary shares for a total of US$1.3 billion from January 1, 2024 to May 15, 2024[68] - JD.com repurchased approximately US$2.1 billion worth of shares under its previous share repurchase program, which expired on March 17, 2024[101] Operational Efficiency and Future Outlook - The company continues to focus on operational efficiencies and enhancing customer service, particularly in the general merchandise category[4] - Future outlook includes ongoing investments in technology and market expansion strategies to drive growth in the e-commerce sector[19] Assets and Liabilities - As of March 31, 2024, the Company's cash and cash equivalents totaled RMB179.3 billion (US$24.8 billion), down from RMB197.7 billion as of December 31, 2023[38] - As of March 31, 2024, JD.com reported total assets of RMB 601.8 billion, a decrease from RMB 629.0 billion as of December 31, 2023[90] - The company had cash and cash equivalents of RMB 81.6 billion as of March 31, 2024, compared to RMB 71.9 billion at the end of 2023, reflecting an increase of 13.5%[90] - JD.com’s total current assets decreased to RMB 284.1 billion as of March 31, 2024, from RMB 307.8 billion at the end of 2023, a decline of 7.7%[90] - The company’s marketable securities and other investments totaled RMB 79.6 billion as of March 31, 2024, down from RMB 80.8 billion as of December 31, 2023[90] Cash Flow from Activities - JD.com experienced a net cash used in operating activities of RMB 11.3 billion for the three months ended March 31, 2024, a significant improvement from RMB 21.6 billion for the same period in 2023[96] - The net cash provided by investing activities increased to RMB 28.4 billion for the three months ended March 31, 2024, compared to RMB 16.7 billion in the prior year[96] - Free cash flow for the three months ended March 31, 2024, was negative RMB 15.5 billion, an improvement from negative RMB 25.4 billion in the same period of 2023[96] - JD.com reported a non-GAAP net income attributable to ordinary shareholders for the three months ended March 31, 2024, of RMB 2.4 billion, compared to a loss of RMB 1.1 billion in the same period of 2023[87] Inventory Management - The company’s inventories, net, slightly decreased to RMB 68.0 billion as of March 31, 2024, from RMB 68.1 billion as of December 31, 2023[90]