JD.com Announces First Quarter 2025 Results

Core Insights - JD.com reported strong financial results for Q1 2025, with net revenues of RMB 301.1 billion (US$41.5 billion), representing a year-on-year increase of 15.8$ 1.5 billion) compared to Q1 2024 [27] - Non-GAAP net income attributable to ordinary shareholders rose by 43.4% to RMB 12.8 billion (US$1.8 billion) [27] - Diluted net income per ADS increased by 58.7$ 0.99) [28] Revenue Breakdown - JD Retail generated net revenues of RMB 263.8 billion (US$36.4 billion), a 16.3$ 6.5 billion), an 11.5% increase [34] - New Businesses segment revenues grew by 18.1% to RMB 5.8 billion (US$793 million) [34] Cost and Expenses - Cost of revenues increased to RMB 253.2 billion (US$ 34.9 billion), up 15.0% from Q1 2024 [19] - Fulfillment expenses rose by 17.4% to RMB 19.7 billion (US$2.7 billion) [20] - Marketing expenses increased by 13.9$ 1.5 billion) [21] Strategic Initiatives - JD.com launched a food delivery business in February 2025, expanding its service offerings [11] - The company initiated an export-to-domestic sales program, aiming to procure RMB 200 billion worth of export-oriented goods for domestic sales [10] - JD Health strengthened its position in the online marketplace for new medicines, launching innovative products from major pharmaceutical companies [12][13] Share Repurchase Program - As part of its share repurchase program, JD.com repurchased approximately 80.7 million Class A ordinary shares for about US$1.5 billion from January 1, 2025, leaving US$ 3.5 billion remaining under the program [4][5] Cash Flow and Working Capital - As of March 31, 2025, JD.com had cash and cash equivalents totaling RMB 203.4 billion (US$28.0 billion) [29] - Free cash flow for Q1 2025 was RMB (21.6 billion) (US$ 2.98 billion), reflecting increased cash used in operating activities [29][31]