2025-08-14 09:49Financial Performance - JD.com reported net revenues of RMB356.7 billion (US$49.8 billion) for Q2 2025, a 22.4% increase from RMB291.4 billion in Q2 2024[14]. - JD Retail achieved net revenues of RMB310.1 billion (US$43.3 billion) in Q2 2025, reflecting a 20.6% year-on-year growth[21]. - Total consolidated net revenues for Q2 2025 were RMB356.66 billion (US$49.79 billion), a year-over-year increase of 22.4% from RMB291.4 billion in Q2 2024[30]. - JD Retail segment revenues increased by 20.6% year-over-year to RMB310.075 billion (US$43.285 billion) in Q2 2025[30]. - The New Businesses segment saw a significant revenue increase of 198.8% year-over-year, reaching RMB13.852 billion (US$1.934 billion) in Q2 2025[30]. - Total net revenues for the six months ended June 30, 2025, were RMB 551,446 million, a decrease of 91,817 million compared to the previous period[57]. Profitability - Net income attributable to ordinary shareholders was RMB6.2 billion (US$0.9 billion) for Q2 2025, down from RMB12.6 billion in Q2 2024[23]. - Net income attributable to the Company's ordinary shareholders for Q2 2025 was RMB 6.18 billion, down from RMB 12.64 billion in Q2 2024, representing a 51.1% decrease[46]. - Non-GAAP net income attributable to the Company's ordinary shareholders for Q2 2025 was RMB 6.18 billion, compared to RMB 12.64 billion in Q2 2024, reflecting a significant decline[46]. - Net income attributable to the Company's ordinary shareholders was RMB 20,949 million, an increase from RMB 19,774 million, representing a growth of 5.9%[64]. - Non-GAAP net income attributable to the Company's ordinary shareholders was RMB 23,359 million, up from RMB 20,152 million, reflecting an increase of 10.9%[57]. Expenses - Fulfillment expenses increased by 28.6% to RMB22.1 billion (US$3.1 billion) in Q2 2025, representing 6.2% of net revenues[16]. - Marketing expenses surged by 127.6% to RMB27.0 billion (US$3.8 billion) in Q2 2025, accounting for 7.6% of net revenues[17]. - Research and development expenses rose by 25.7% to RMB5.3 billion (US$0.7 billion) in Q2 2025, making up 1.5% of net revenues[18]. - The company’s research and development expenses increased to RMB 296 million in Q2 2025 from RMB 164 million in Q2 2024, indicating a focus on innovation despite financial pressures[48]. - Total operating expenses for Q2 2025 were RMB 1.66 billion, up from RMB 666 million in Q2 2024, indicating increased operational costs[48]. Cash Flow and Liquidity - As of June 30, 2025, the company's cash and cash equivalents totaled RMB223.4 billion (US$31.2 billion), a decrease from RMB241.4 billion as of December 31, 2024[25]. - For Q2 2025, the company reported free cash flow of RMB22.018 billion (US$3.074 billion), down from RMB49.555 billion in Q2 2024, representing a decline of 55.6%[25]. - The company generated net cash provided by operating activities of RMB 24.41 billion (approximately US$ 3.41 billion) in Q2 2025, a decrease from RMB 50.74 billion in Q2 2024[50]. - Free cash flow for Q2 2025 was RMB 22.02 billion (approximately US$ 3.07 billion), significantly lower than RMB 49.56 billion in Q2 2024, reflecting a decline of 55.6%[50]. - For the twelve months ended June 30, 2025, free cash flow was RMB10.076 billion (US$1.407 billion), a significant decrease from RMB55.642 billion in the previous year[28]. Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 394.03 billion, slightly up from RMB 386.70 billion as of December 31, 2024[43]. - Total liabilities increased to RMB 409.65 billion as of June 30, 2025, from RMB 384.94 billion as of December 31, 2024, indicating a rise in financial obligations[45]. - The Company’s total assets increased to RMB 706.94 billion as of June 30, 2025, from RMB 698.23 billion as of December 31, 2024[44]. - Total shareholders' equity was RMB 312,813 million, down by RMB 18,598 million, indicating a significant reduction in equity value[68]. Strategic Initiatives - JD.com plans to continue expanding its technology and infrastructure offerings as part of its Retail as a Service strategy to enhance productivity and innovation across various industries[37]. - Future outlook indicates a focus on market expansion and the introduction of new products and technologies to drive growth[57]. - The company is actively pursuing strategic acquisitions to enhance its market position and product offerings[57]. - The Company emphasized the importance of non-GAAP measures for evaluating ongoing business operations and future prospects[39]. Operational Metrics - JD Food Delivery's daily order volume exceeded 25 million during the JD 618 Grand Promotion, with over 1.5 million merchants onboard[12]. - Inventory turnover days increased to 34.1 days in Q2 2025 from 29.8 days in Q2 2024, suggesting a slower inventory movement[51]. - The weighted average number of diluted shares for Q2 2025 was 2.97 billion, compared to 3.08 billion in Q2 2024, reflecting a reduction in share count[49].