JD(HK:09618) Chang Jiang Shang Bao·2025-05-14 23:47Core Insights - JD Group reported a record revenue of over 300 billion yuan for Q1 2025, marking a year-on-year growth of 15.78%, the highest growth rate in nearly three years [4][5] - The net profit attributable to shareholders reached 10.89 billion yuan, a significant increase of 52.73% year-on-year, indicating strong performance driven by improved consumer sentiment and enhanced supply chain capabilities [4][5] Revenue Performance - JD's retail revenue was approximately 263.84 billion yuan, reflecting a year-on-year increase of 16.32%, which is higher than the overall revenue growth [5][12] - The logistics segment generated revenue of 46.97 billion yuan, showing a year-on-year growth of 10.63% [5] - New business revenue reached 5.75 billion yuan, with an 18.13% year-on-year increase [6] Business Expansion and Collaborations - JD has been actively expanding its partnerships, collaborating with companies like iFlytek and Xiaomi to enhance its market presence [7][8] - Strategic agreements with iFlytek and other brands aim for significant sales targets over the next three years, indicating a focus on leveraging AI and innovative products [8] Investment in Technology and R&D - The company invested 4.6 billion yuan in R&D during Q1, a 14.6% increase year-on-year, with total R&D investment reaching 145.6 billion yuan since 2017 [9][10] - JD has over 14,000 intelligent agents operational, which are crucial for the company's digital transformation and efficiency improvements [10][11] Cost Management - JD's operational expenditures were normal, with fulfillment costs at 19.7 billion yuan (up 17.4%), marketing expenses at 10.5 billion yuan (up 13.9%), and administrative costs at 2.4 billion yuan (up 22.2%) [9][10] - The gross margin for Q1 was 15.89%, an increase of 0.6 percentage points year-on-year, reflecting improved operational efficiency [12]