JD.com Announces Third Quarter 2025 Results

Core Insights - JD.com reported a total revenue increase of 14.9% year-on-year for Q3 2025, reaching RMB 299.1 billion (US$ 42.0 billion) [19][7] - The company achieved a new milestone of over 700 million annual active customers as of October 2025, indicating strong growth in user base and shopping frequency [3] - JD Retail revenues grew by 11.4% year-on-year, with significant contributions from general merchandise and advertising services [19][7] Financial Performance - Net income attributable to ordinary shareholders was RMB 5.3 billion (US$ 0.7 billion) for Q3 2025, down from RMB 11.7 billion in Q3 2024 [28] - Non-GAAP net income attributable to ordinary shareholders was RMB 5.8 billion (US$ 0.8 billion) for Q3 2025, compared to RMB 13.2 billion for the same period last year [28] - Diluted net income per ADS decreased to RMB 3.39 (US$ 0.48) from RMB 7.73 in Q3 2024 [29] Business Segments - JD Retail reported net revenues of RMB 250.6 billion (US$ 35.2 billion) for Q3 2025, with an operating margin of 5.9%, up from 5.2% in Q3 2024 [26][7] - JD Logistics saw a revenue increase of 24.1% year-on-year, reaching RMB 55.1 billion (US$ 7.7 billion) [36] - New Businesses segment revenues surged by 213.7% year-on-year to RMB 15.6 billion (US$ 2.2 billion) [36] Share Repurchase Program - The company repurchased approximately 80.9 million Class A ordinary shares for about US$ 1.5 billion during the first nine months of 2025, with a remaining authorization of US$ 3.5 billion under the share repurchase program [4][5] Strategic Initiatives - JD Supermarket announced five strategic initiatives to expand its user base over the next three years, focusing on product differentiation and operational efficiency [8] - The launch of the "JD FASHION" label aims to enhance consumer trust in apparel quality [9] - JD Health entered into strategic partnerships with leading pharmaceutical companies to expand its online marketplace for new and specialty medicines [13][14] Cash Flow and Working Capital - As of September 30, 2025, the company's cash and cash equivalents totaled RMB 210.5 billion (US$ 29.6 billion), down from RMB 241.4 billion at the end of 2024 [30] - Free cash flow for Q3 2025 was negative RMB 11.2 billion (US$ 1.6 billion), reflecting increased capital expenditures and operational cash flow challenges [31]