GlobeNewswire News Room·2024-08-15 10:00Core Viewpoint - JD.com reported a modest revenue growth of 1.2% year-on-year for Q2 2024, driven by strong performance in general merchandise, while maintaining a focus on sustainable growth and supply chain efficiency [2][3]. Financial Performance - Net revenues for Q2 2024 were RMB 291.4 billion (US$ 40.1 billion), a 1.2% increase from RMB 287.9 billion in Q2 2023 [2][9]. - Income from operations rose to RMB 10.5 billion (US$ 1.4 billion), up 27.0% from RMB 8.3 billion in Q2 2023, with a non-GAAP income from operations of RMB 11.6 billion (US$ 1.6 billion), a 33.7% increase [2][12]. - Net income attributable to ordinary shareholders increased by 92.1% to RMB 12.6 billion (US$ 1.7 billion) from RMB 6.6 billion in Q2 2023, with a non-GAAP net income of RMB 14.5 billion (US$ 2.0 billion), up 69.0% [2][14][15]. - Operating cash flow for the twelve months ended June 30, 2024, was RMB 74.0 billion (US$ 10.2 billion), a 40.9% increase from RMB 52.5 billion in the previous year [2][17]. Cost Management - Cost of revenues decreased by 0.4% to RMB 245.5 billion (US$ 33.8 billion) in Q2 2024, while fulfillment expenses increased by 3.2% to RMB 17.2 billion (US$ 2.4 billion) [9][10]. - Marketing expenses rose by 7.3% to RMB 11.9 billion (US$ 1.6 billion), reflecting increased promotional activities [10]. - General and administrative expenses decreased by 9.6% to RMB 2.1 billion (US$ 0.3 billion) due to lower share-based compensation [11]. Strategic Developments - JD.com entered strategic partnerships with brands like Xiaomi, Lenovo, and OPPO to enhance cooperation in smart devices and AI technology [6]. - The company onboarded luxury brands such as MONCLER and established a partnership with Inditex to enhance its fashion offerings [7]. - JD Health launched new pharmaceutical products in collaboration with various companies, showcasing its capabilities in the healthcare sector [7]. Share Repurchase Program - JD.com repurchased 136.8 million Class A ordinary shares for US$ 2.1 billion in Q2 2024, totaling 4.5% of its outstanding shares as of March 31, 2024 [4]. - The company has repurchased a total of approximately US$ 2.6 billion under its US$ 3.0 billion share repurchase program approved in March 2024 [5]. Environmental, Social, and Governance (ESG) Initiatives - JD Logistics utilized its Supply Chain Emission Management Platform to assist customers in monitoring and reducing carbon emissions, with over 25 customers engaged by the end of June [8]. - The company's total expenditure for human resources reached RMB 109.2 billion for the twelve months ended June 30, 2024, reflecting its commitment to job creation and social contribution [8].