Hua Xia Shi Bao·2025-08-15 10:33Core Insights - JD.com reported Q2 2025 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in nearly three years [2] - The company is innovating its "local life" supply chain, reshaping the platform economy through collaboration with its retail business [2][5] - JD's CEO emphasized that the core retail business will remain the foundation of the company's operations while exploring new growth areas [2] New Business Developments - JD's new business revenue, including food delivery, reached 13.85 billion yuan in Q2, a year-on-year growth of approximately 200% [2] - The food delivery service has seen daily order volumes exceed 25 million during the 618 shopping festival, with over 1.5 million quality merchants onboarded [2][4] - JD's food delivery service is operational in 350 cities, with a full-time rider workforce exceeding 150,000 [2] Strategic Positioning - JD has taken a restrained approach in the competitive food delivery market, focusing on sustainable business models rather than short-term gains [3][4] - The company aims to enhance user, merchant, and rider experiences while avoiding disruptive pricing practices [4] - JD's supply chain capabilities, including local warehousing and a network of 1.3 million riders, are leveraged to reduce initial investment costs in the food delivery sector [4] Synergy and User Engagement - The food delivery service has significantly boosted JD's overall user engagement, with active user numbers and shopping frequency both increasing by over 40% year-on-year [5] - The food delivery business has attracted younger users, with JD PLUS membership purchase frequency rising by over 50% [5] - There is a 40% overlap in sales between food delivery and e-commerce, indicating strong cross-selling potential [5] Retail Performance - JD's retail segment generated 310.1 billion yuan in Q2, a year-on-year increase of 20.6%, accounting for 87% of total revenue [6] - The operating profit for the retail segment was 13.9 billion yuan, up 37.6%, with a record operating margin of 4.5% for any major promotional quarter [6] - The company’s self-operated model in retail is enhancing its competitive edge by lowering procurement costs and improving efficiency [6] Expansion and Future Strategy - JD has completed the acquisition of Hong Kong's Jia Bao Food Supermarket, aiming to enhance its supply chain in the Greater Bay Area [7] - The company plans to optimize its supermarket operations to better meet the demands of food delivery users [7] - JD recognizes the importance of instant retail as a complement to its core e-commerce business, focusing on enhancing operational capabilities [7]