Core Insights - JD Group reported a significant loss in its food delivery segment, amounting to 14.8 billion yuan in Q2 2025, but this segment contributed to a more than 40% year-on-year increase in active user numbers and shopping frequency for its main e-commerce platform [1][9]. Financial Performance - In Q2 2025, JD Group's revenue reached 356.7 billion yuan, marking a 22.4% year-on-year growth, the highest growth rate in nearly three years [1]. - The net profit attributable to ordinary shareholders for Q2 was 6.2 billion yuan, a substantial decline of 51% year-on-year; under Non-GAAP standards, the net profit was 7.4 billion yuan, down 49% year-on-year and 42% from the previous quarter [1][2]. Business Segment Analysis - The food delivery business, categorized under "new business," saw a revenue increase of 199% year-on-year, rising from 4.6 billion yuan to 13.9 billion yuan, but the operating loss expanded from 700 million yuan to 14.8 billion yuan [6]. - JD's core retail segment generated 310.1 billion yuan in revenue during Q2, contributing 87% to the overall revenue, with an operating profit of 13.9 billion yuan, offsetting the losses from new business ventures [7]. Strategic Initiatives - JD's CEO emphasized the long-term strategic importance of food delivery and instant retail, indicating ongoing investments to enhance operational capabilities in these areas [8]. - The company has launched a new food delivery model called "Seven Fresh Kitchen," aiming to innovate the supply chain and reduce food prices while maintaining quality [14]. Market Competition - The food delivery market is highly competitive, with JD's rivals, including Taobao and Meituan, also engaging in aggressive subsidy strategies, leading to a significant increase in order volumes across the industry [3][4]. - Despite the competitive landscape, JD's management has expressed a clear stance against participating in destructive price wars, citing concerns over market sustainability [13].