Ge Long Hui·2026-01-17 06:29Core Viewpoint - JD.com is expected to see a revenue growth of 1.2% year-on-year in Q4 2025, reaching 351.014 billion yuan, with a Non-GAAP net profit of 1.501 billion yuan, resulting in a net profit margin of 0.43%, down from 3.25% in the same period last year [1][2] Revenue and Profit Forecast - For Q4 2025, JD.com’s revenue is projected to grow by 1.2% year-on-year, while JD Retail's revenue is expected to decline by 2.7% [1] - The company anticipates a significant recovery in profits for 2026, influenced by the reduction of losses in the takeaway business and increased investments in overseas and other new businesses [2] Business Segment Performance - The daily necessities category continues to show strong performance with double-digit growth, although the growth rate has slightly decreased due to the timing of the Spring Festival [1] - The electric products category is experiencing a significant decline, with double-digit negative growth attributed to high base effects from government subsidies [1] New Business Developments - The takeaway business has notably reduced its losses, while losses from JD's other businesses, including JD X and international operations, have slightly increased [2] - The adjusted operating profit for JD Retail is expected to be around 8 billion yuan for the quarter, with a profit margin of approximately 2.7%, down from 3.3% in the previous year [2] Long-term Projections - Revenue forecasts for JD.com are 1.3078 trillion yuan and 1.3881 trillion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 12.86% and 6.14% [2] - Non-GAAP net profits are projected to be 27.449 billion yuan and 36.761 billion yuan for 2025 and 2026, with year-on-year changes of -42.61% and 33.93% [2]