Cai Jing Wang·2025-08-15 12:55Core Viewpoint - JD.com has successfully navigated the competitive landscape of China's e-commerce industry by adhering to a long-term strategy that emphasizes substantial investments in logistics, employee welfare, and technology integration, leading to significant growth and a strong market position [1][2][12]. Group 1: Financial Performance - In Q2 2025, JD.com reported revenues of 356.7 billion RMB (approximately 49.8 billion USD), marking a year-on-year growth of 22.4%, surpassing market expectations and setting a record for growth in nearly three years [1]. - The majority of JD.com's product categories experienced accelerated growth, with daily necessities revenue increasing by 16.4% year-on-year, and service revenue growing by 29.1% [1][4]. Group 2: Employee Welfare and Compliance - JD.com has been a pioneer in the industry by signing labor contracts with all delivery personnel and providing social insurance, having paid over 100 billion RMB in social insurance over 18 years [2][3]. - The company plans to extend social insurance benefits to full-time delivery riders in the food delivery sector, positioning itself as the only platform in the industry to do so [3]. Group 3: Supply Chain and Technology - JD.com has invested over 150 billion RMB in research and development since its technological transformation began in 2017, focusing on creating a comprehensive supply chain ecosystem that integrates consumption and industrial internet [6]. - The company has built a supply chain infrastructure valued at nearly 170 billion RMB, enhancing its ability to apply advanced technologies like AI to improve operational efficiency [6]. Group 4: New Business Ventures - JD.com has expanded into new business areas such as food delivery and hospitality, aiming to optimize supply chains and reduce costs through centralized procurement and efficient logistics [7][8]. - The launch of the "Seven Fresh Food Mall" and "Seven Fresh Kitchen" represents significant innovations in the food delivery sector, leveraging JD.com's supply chain advantages to enhance operational efficiency for restaurant partners [7][8]. Group 5: Global Expansion - JD.com is actively building a global supply chain network, having established overseas warehouses in 23 countries and regions, including the U.S., U.K., and Saudi Arabia [10][11]. - The company is shifting its focus from short-term gains to long-term value creation in its international operations, adapting to new regulatory environments and local market conditions [11][12].