Zheng Quan Ri Bao·2025-11-13 11:41Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, representing a year-on-year growth of 14.9%, exceeding expectations [2][8] - The core retail business of JD continues to strengthen its market position, with daily necessities category revenue growing by 18.8%, approximately four times the industry average growth rate [2][9] - New business segments, including food delivery, saw a significant revenue increase of 214% year-on-year, accelerating from Q2 [10] Revenue Growth - Q3 revenue reached 299.1 billion yuan, a 14.9% increase compared to the previous year, surpassing forecasts [2][8] - Service revenue grew by 30.8%, marking a two-year high, with its revenue share rising to a historical peak of 24.4% [10] User Engagement - The annual active user count surpassed 700 million in October, achieving a new milestone, with strong growth in user shopping frequency [3][9] - Quarterly active user numbers and shopping frequency increased by over 40% year-on-year [9] Business Diversification - JD's core retail business has established a multi-engine complementary growth matrix, enhancing its competitive edge [3] - The food delivery segment continues to expand, with improved profitability metrics leading to reduced investment losses [3][10] Innovation and Product Development - JD's customized product offerings have significantly increased, with the number of new heavy-duty products launched being five times that of the previous year [11] - The company has expanded its offline presence, with over 4,000 3C digital stores and more than 20 JD MALL locations nationwide [11] Supply Chain and Logistics - As of Q3, JD's supply chain infrastructure assets totaled 174.3 billion yuan, with plans to invest in 3 million robots and 100,000 drones over the next five years [15][17] - The company has made substantial investments in R&D, totaling nearly 160 billion yuan since 2017, to drive technological advancements [17]