Core Insights - The "National Subsidy" policy has significantly stimulated consumer demand, particularly in the home appliance and computer categories, leading to a high base situation for industry growth [1][3] - The policy has driven upgrades in the home appliance industry, promoting product innovation, intelligence, and sustainability, which injects momentum for high-quality growth [1] Company Performance - During the "National Subsidy" period, the company actively supported policy implementation, enhancing its market share and supply chain capabilities, especially in the self-operated model [3] - The company is confident in maintaining and increasing market share in the home appliance and 3C categories, focusing on strengthening user perception and long-term market position [3] - The company aims to diversify its growth drivers, including supermarkets, health, fashion, and advertising services, which are expected to accelerate and contribute to overall growth [3] Financial Results - For Q3 2025, the company's revenue reached RMB 299.1 billion (USD 42 billion), a 14.9% increase compared to Q3 2024 [3] - The net profit attributable to ordinary shareholders for Q3 2025 was RMB 5.3 billion (USD 700 million), down from RMB 11.7 billion in Q3 2024 [3]

Core Viewpoint - JD Group reported a strong performance in Q3 2025, with revenue of 299.1 billion RMB (approximately 42 billion USD), reflecting a year-on-year growth of 14.9%, exceeding expectations. However, net profit decreased to 5.3 billion RMB from 11.7 billion RMB in the same period last year [1]. Group 1: Financial Performance - Revenue for Q3 2025 reached 299.1 billion RMB (approximately 42 billion USD), marking a 14.9% year-on-year increase [1]. - Net profit for the quarter was 5.3 billion RMB, down from 11.7 billion RMB in the previous year [1]. Group 2: Strategic Outlook - JD Group's CEO expressed confidence in maintaining market share in home appliances and 3C categories, emphasizing the importance of collaboration with brand partners to navigate short-term industry challenges [1]. - The company aims to diversify its growth drivers, including supermarkets, health, fashion, and advertising services, which are all experiencing accelerated growth [1]. - User numbers and purchase frequency are showing strong growth, with over 40% year-on-year increase in the number of users placing orders during the recent Double 11 shopping festival, supporting healthy revenue growth for the upcoming year [1].