JD(HK:09618) Mei Ri Jing Ji Xin Wen·2025-11-13 16:56Core Viewpoint - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9%, maintaining over 10% growth for four consecutive quarters despite a competitive e-commerce market [1] Financial Performance - The net profit attributable to shareholders for Q3 was 5.3 billion yuan, a decline of 54.7% year-on-year, consistent with Q2 performance, primarily due to investments in new business segments focused on food delivery [1][2] - JD Retail, the company's main revenue driver, achieved an operating profit of 14.8 billion yuan in Q3, with a profit margin of 5.9%, up 0.7 percentage points from the previous year [1][6] New Business Developments - New business revenue, including food delivery, increased by 214% year-on-year to 15.59 billion yuan, although the operating loss rate improved to 100.9% from 106.7% in Q2 [3] - Marketing expenses rose by 110.5% year-on-year to 21.1 billion yuan, accounting for 7.0% of revenue, driven by promotional activities for new businesses [3][4] User Engagement and Market Strategy - JD's active user count surpassed 700 million in October, with increasing shopping frequency [1] - The company implemented a commission-free policy for merchants in the food delivery segment, resulting in limited commission income but potential for future revenue growth [2][4] Product Revenue Insights - Product revenue grew by 10.5% year-on-year, while service revenue surged by 30.8%, reaching a new high of 24.4% of total revenue [5] - The sales of daily necessities increased by 18.8%, while electronic products saw a slower growth of 4.9% due to high base effects from previous government subsidies [5][6] International Expansion - JD's international online retail business, Joybuy, has begun trial operations in key markets such as the UK, France, and Germany, with a focus on maintaining financial discipline and adjusting investment strategies dynamically [6]