Zhong Guo Jin Rong Xin Xi Wang·2025-08-17 08:19Core Insights - JD.com reported a significant revenue increase of 22.4% year-on-year for Q2 2025, reaching 356.7 billion yuan, exceeding market expectations by 6 percentage points [1] - The company's Non-GAAP net profit for the same period was 7.4 billion yuan, also surpassing consensus estimates [1] - The growth was driven by the success of the trade-in policy, particularly in the electronics and home appliance categories, which saw a revenue increase of 23.4% [2][6] Retail Business Performance - JD's core retail business generated 310.1 billion yuan in revenue for Q2 2025, reflecting a 20.6% year-on-year growth, exceeding market expectations by approximately 5 percentage points [2] - Operating profit for the retail segment was 13.9 billion yuan, up from 10.1 billion yuan in the same quarter last year, with an operating profit margin of 4.5%, an increase of 0.6 percentage points year-on-year [2] - The daily necessities category maintained double-digit growth for six consecutive quarters, with a 16.4% year-on-year revenue increase [2][3] User Engagement and Growth - JD.com experienced over 40% year-on-year growth in quarterly active users and shopping frequency, marking the seventh consecutive quarter of double-digit growth in active users [2][3] - The "618" shopping festival saw a more than 100% increase in the number of placing orders, with overall order volume exceeding 2.2 billion [3] New Business Developments - JD's new business, including food delivery, saw a remarkable revenue increase of 199% year-on-year in Q2 2025 [6] - The food delivery service achieved a daily order volume exceeding 25 million, covering 350 cities and involving over 150,000 quality dining establishments [6][7] - The launch of the "Seven Fresh Kitchen" platform aims to innovate the food delivery sector, with plans to establish 10,000 locations nationwide within three years [7] Supply Chain and Differentiation - JD's supply chain capabilities were highlighted as a key factor in achieving high-quality user experiences and operational efficiency, with retail gross margins increasing for 13 consecutive quarters [3][5] - The company is focusing on customized products and differentiated shopping experiences through its private label offerings and innovative packaging strategies [4][5]