Food Delivery Powers JD's Growth: Can New Businesses Turn Profitable?

Key Takeaways JD.com's New Businesses revenues jumped 199% y/y, fueled by food delivery growth.The unit posted an RMB 14.8B loss, with a negative margin of 106.7%.Marketing and promotions spending rose 127.6% y/y, intensifying losses.JD.com's (JD) second-quarter 2025 results highlight a striking contrast between explosive growth and mounting losses. The company’s New Businesses segment, led by food delivery, achieved an impressive 199% year-over-year revenue surge, driven by massive subsidies, zero-commissi ...