格隆汇发布京东3Q25更新报告

Slightly beat market expectation. In 3Q25, JD.com reported total revenues of RMB299.1bn, up 14.9% YoY, surpassing consensus estimates of RMB294.4bn by 1.6%. Non-GAAP net profit reached RMB5.8bn, 39.5% above the Street's expectation of RMB4.15bn. GAAP gross profit grew 12.1% YoY to RMB50.5bn, with a gross margin of 16.9% (vs. 15.9% in 2Q25 and 17.3% in 3Q24). Non-GAAP operating profit came in at RMB211mn (0.1% margin), supported by higher revenue, improved gross profit, and lower G&A, partially offset by hig ...