JD(US:JD) Di Yi Cai Jing·2025-11-13 12:45Core Insights - JD.com reported a 14.9% year-on-year revenue growth in Q3, reaching 299.1 billion yuan, with product revenue increasing by 10.5% and service revenue by 30.8% [1] - The net profit attributable to ordinary shareholders decreased by 54.7% year-on-year to 5.3 billion yuan, primarily due to investments in new businesses [1] Group 1: New Business Developments - Revenue from new businesses, including JD Delivery, JD Industrial, and overseas operations, grew by 214% year-on-year to 15.59 billion yuan [2] - JD Delivery has over 2 million quality restaurants onboard, with the average daily order volume from the top 300 restaurant brands increasing 13 times compared to the first month of JD Delivery's launch [2] - The operating loss for JD Delivery in Q3 was 1.1 billion yuan, a significant decrease from the 12 billion yuan profit in the same period last year, attributed to increased strategic investments [2] Group 2: Marketing and Operational Efficiency - Marketing expenses rose by 110.5% year-on-year to 21.1 billion yuan, with the marketing expense as a percentage of revenue increasing from 3.8% to 7.0% [4] - JD.com covers all social insurance and housing fund costs for full-time delivery riders, averaging about 2,000 yuan per person per month, totaling approximately 300 million yuan monthly for 150,000 riders [4] - The operating loss rate for new businesses improved to 100.9% in Q3 from 106.7% in Q2, indicating enhanced operational efficiency [4] Group 3: User Growth and Retail Performance - The annual active user count surpassed 700 million in October, with growth in user scale and shopping frequency [6] - JD Retail's revenue in Q3 was 250.6 billion yuan, a year-on-year increase of 11.4%, with daily necessities revenue growing by 18.8% and electronics by 4.9% [6] - The "JD Price Comparison Live Broadcast" event during the Double 11 shopping festival attracted over 100 million consumers, with order volume increasing by over 150% year-on-year [6] Group 4: Logistics and Expansion - JD Logistics reported a revenue of 55.1 billion yuan in Q3, a 24.1% year-on-year increase, marking the highest growth rate in two years [7] - JD Logistics is expanding internationally, with the Dubai warehouse officially opening operations [7] - JD Logistics announced the acquisition of a local instant delivery subsidiary for 270 million USD, with the target business turning profitable in the first half of 2025 [7]