JD.com Announces Second Quarter and Interim 2025 Results

Core Insights - JD.com reported a robust 22.4% year-on-year revenue growth for Q2 2025, reaching RMB 356.7 billion (US$ 49.8 billion) [10][16] - The company's core JD Retail business achieved a 20.6% year-on-year revenue growth, with an operating margin of 4.5%, marking a historic high [3][23] - JD Food Delivery showed significant growth, with daily order volume exceeding 25 million during the JD 618 Grand Promotion [14] Financial Performance - Net income attributable to ordinary shareholders for Q2 2025 was RMB 6.2 billion (US$ 0.9 billion), down from RMB 12.6 billion in Q2 2024 [10][25] - Non-GAAP net income attributable to ordinary shareholders was RMB 7.4 billion (US$ 1.0 billion) for Q2 2025, compared to RMB 14.5 billion for Q2 2024 [10][25] - Diluted net income per ADS was RMB 4.15 (US$ 0.58) for Q2 2025, a decrease from RMB 8.19 in Q2 2024 [10][26] Business Segments - JD Retail generated net revenues of RMB 310.1 billion (US$ 43.3 billion) in Q2 2025, with an income from operations of RMB 13.9 billion (US$ 1.9 billion) [10][23] - JD Logistics reported net revenues of RMB 51.6 billion (US$ 7.2 billion) for Q2 2025, reflecting a 16.6% year-on-year increase [32] - New Businesses, including JD Food Delivery, saw a remarkable 198.8% year-on-year revenue growth in Q2 2025 [32] Cost and Expenses - Cost of revenues increased by 22.2% to RMB 300.0 billion (US$ 41.9 billion) for Q2 2025 [17] - Fulfillment expenses rose by 28.6% to RMB 22.1 billion (US$ 3.1 billion) for Q2 2025, representing 6.2% of net revenues [18] - Marketing expenses surged by 127.6% to RMB 27.0 billion (US$ 3.8 billion) for Q2 2025, accounting for 7.6% of net revenues [19] Share Repurchase Program - The company repurchased approximately 80.7 million Class A ordinary shares for about US$ 1.5 billion during the first half of 2025 [4][5] - As of the announcement date, the remaining amount under the share repurchase program was US$ 3.5 billion [4] Strategic Initiatives - JD.com launched the "One Step Ahead – Accelerated Upgrade Program" for 3C electronics to enhance user experience and drive sales [7] - JD Logistics expanded its global warehousing capabilities, opening new warehouses in multiple countries, including the US and UK [11] - JD Health strengthened its position as an online marketplace for new and specialty medicine launches in China [13]