Hua Er Jie Jian Wen·2025-08-14 13:46Core Insights - JD.com reported Q2 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, but net profit declined significantly [1][3][9] - New business revenue surged by 198.8%, primarily driven by JD's food delivery service, although operational losses in this segment expanded from 700 million yuan to 14.8 billion yuan [1][12] - The management emphasized a long-term strategy focusing on sustainable growth rather than short-term results, particularly in the competitive food delivery market [1][20] Financial Performance - Q2 total revenue reached 357 billion yuan, with product revenue growing by 21% and service revenue increasing by 29% [9][10] - Non-GAAP net profit for Q2 was 7.4 billion yuan, down from 14.5 billion yuan in the same period last year, primarily due to investments in new businesses [3][12] - Gross profit margin improved to 15.9%, marking the 13th consecutive quarter of year-on-year growth [8][12] Business Segments - Core retail business showed resilience, with electronics and home appliances revenue growing over 20% year-on-year [2][10] - The food delivery segment has seen exponential growth, with a significant increase in order volume and user engagement [6][12] - The international business is focusing on localizing operations and enhancing supply chain collaboration, with plans to acquire Ceconomy to strengthen its European market presence [2][31] User Engagement - Active user growth exceeded 40% year-on-year, with total users reaching a new high [4][5] - Shopping frequency increased by over 40%, with JD Plus members showing even higher engagement [5][28] - The food delivery service has attracted younger users, contributing to increased shopping frequency and overall user growth [28][29] Strategic Focus - Management reiterated the importance of a sustainable business model for food delivery, aiming for long-term profitability and efficiency improvements [20][30] - The company is committed to maintaining investment discipline while focusing on return on investment (ROI) for new business initiatives [1][30] - JD.com aims to leverage its supply chain advantages to enhance user experience and operational efficiency across all business segments [22][26]