JD(US:JD) Ge Long Hui·2025-11-14 10:53Core Insights - JD Group's Q3 2025 performance shows revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, exceeding market expectations, while net profit declined to 5.3 billion yuan [1] - The company is prioritizing long-term strategic advantages over short-term profits, reflecting a rational choice based on its development logic [1][4] - JD's long-termism is a key factor in maintaining a stable foundation amid the volatile e-commerce landscape [1] Business Growth and Strategic Investment - JD's Q3 results highlight a clear trend of "revenue growth, profit pressure," driven by strategic investments in new businesses and core capabilities [4] - Core retail revenue reached 250.6 billion yuan, up 11.4% year-on-year, with operating profit increasing by 27.59% to 14.8 billion yuan, and operating margin rising from 5.2% to 5.9% [4] - Service revenue grew by 30.8%, reaching a historical high of 24.4% of total revenue, indicating an ongoing optimization of JD's revenue structure [7] - The active user base surpassed 700 million, with both active user numbers and shopping frequency growing over 40% year-on-year [7] - Marketing expenses surged by 110.5% to 21.1 billion yuan, reflecting increased spending on new business promotions, particularly in food delivery [7][8] - New business revenue, particularly from food delivery, grew by 214% year-on-year, indicating the effectiveness of strategic investments [8] Super Supply Chain: A Foundation for Long-Termism - JD is positioned as a technology and service enterprise based on a super supply chain, aiming to enhance industry health and global competitiveness [9] - As of Q3 2025, JD's supply chain infrastructure assets reached 174.3 billion yuan, with plans to procure 3 million robots and 100,000 drones over the next five years [10] - JD's C2M (Customer-to-Manufacturer) model is reshaping industry logic, exemplified by successful collaborations with major brands like Gree and Lenovo [11] - Technological innovations, including the JoyAI model, are driving supply chain intelligence, enhancing operational efficiency and merchant empowerment [12] - JD's global supply chain network supports "China manufacturing" going global, with over 130 overseas warehouses established [17] Conclusion - JD's commitment to long-termism is evident in its strategic investments in new businesses and the continuous development of its super supply chain [18] - The company's approach to sacrificing short-term profits for future growth is seen as a proactive strategy rather than a risk [18]