JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual Dividend

Core Viewpoint - JD.com reported strong financial results for Q4 and full year 2024, with significant year-on-year growth in revenues and profitability, driven by rebounding consumer sentiment and strategic execution [3][4][28]. Financial Performance - Q4 2024 net revenues reached RMB347.0 billion (US$47.5 billion), a 13.4$158.8 billion), reflecting a 6.8% increase from 2023 [4][28]. - Q4 2024 income from operations was RMB8.5 billion (US$1.2 billion), up from RMB2.0 billion in Q4 2023, with an operating margin of 2.4$5.3 billion), with an operating margin of 3.3% [4][33]. - Q4 2024 net income attributable to ordinary shareholders was RMB9.9 billion (US$1.4 billion), a 190.8$5.7 billion), a 71.1% increase from 2023 [4][36]. Shareholder Returns - The company announced an annual cash dividend of US$0.5 per ordinary share, totaling approximately US$1.5 billion, payable in April 2025 [5]. - JD.com repurchased approximately 255.3 million Class A ordinary shares for about US$3.6 billion in 2024, representing 8.1$42.1 billion), a 14.7% increase year-on-year [43]. - JD Logistics reported Q4 2024 net revenues of RMB52.1 billion (US$7.1 billion), a 10.4$642 million) [43]. Operational Highlights - JD Health expanded its "Express Test at Your Doorstep" program, launching 149 express testing products available in 12 core cities [10]. - JD Logistics enhanced its express delivery services in Hong Kong and Macau, improving customer experience and driving order volume growth [11][12]. - The company introduced comprehensive upgrades to its PLUS membership, enhancing service offerings for members [9]. Cash Flow and Working Capital - As of December 31, 2024, JD.com had cash and cash equivalents totaling RMB241.4 billion (US$33.1 billion) [26]. - Free cash flow for Q4 2024 was RMB23.5 billion (US$3.2 billion), significantly up from RMB13.3 billion in Q4 2023 [26][39]. Cost Structure - Q4 2024 cost of revenues increased by 11.9% to RMB293.9 billion (US$40.3 billion) [15]. - Fulfillment expenses for Q4 2024 rose by 16.4$2.8 billion) [16]. - Marketing expenses increased by 28.4% to RMB16.8 billion (US$2.3 billion) in Q4 2024 [17]. Future Outlook - The company expressed optimism for 2025, anticipating continued growth driven by improving consumer sentiment and strategic initiatives [3].