Ge Long Hui·2025-05-18 18:25Core Insights - JD Group reported Q1 2025 revenue of 301.1 billion yuan, a 15.8% year-on-year increase, exceeding Bloomberg consensus expectations [1] - Non-GAAP net profit for Q1 2025 reached 12.8 billion yuan, up 43.8% year-on-year, with a net profit margin of 4.2%, improving by 0.8 percentage points [1] Revenue Breakdown - JD Retail achieved Q1 2025 revenue of 263.8 billion yuan, a 16.3% increase year-on-year, with operating profit of 12.8 billion yuan, up 37.8% [2] - Electronics and home appliances revenue was 144.3 billion yuan, growing 17.1% year-on-year, driven by the "old-for-new" policy [2] - Daily necessities revenue reached 98.0 billion yuan, a 14.9% increase, with new luxury brand partnerships enhancing product offerings [2] User Engagement - Active customer numbers grew by double digits year-on-year, with increased shopping frequency and higher JD Plus membership engagement [2] - NPS (Net Promoter Score) improved year-on-year and quarter-on-quarter, indicating stronger customer satisfaction [2] Logistics Expansion - JD Logistics reported Q1 2025 revenue of 46.9 billion yuan, an 11.5% increase, although operating profit decreased by 35.3% [3] - New international routes and warehouse operations in Europe enhance logistics capabilities [3] New Business Ventures - JD launched its food delivery service in February 2025, rapidly expanding to 126 cities with over 300,000 restaurant partnerships [3] - The food delivery service is expected to leverage synergies with existing business operations [3] Shareholder Returns - The company repurchased approximately 8.07 million A shares in Q1 2025, totaling about 1.5 billion USD, representing 2.8% of shares outstanding as of December 31, 2024 [4] - Cash dividends for the 2024 fiscal year were distributed as planned in April 2025 [4] Investment Outlook - Revenue projections for 2025-2027 have been adjusted to 1,295.1 billion, 1,392.6 billion, and 1,478.1 billion yuan, reflecting growth rates of 11.8%, 10.0%, and 5.6% respectively [5] - Long-term outlook remains positive due to supply chain and logistics capabilities, with a "buy" rating maintained [5]