Core Viewpoint - JD.com reported a net revenue of 356.7 billion yuan for Q2 2025, representing a year-on-year growth of 22.4%. However, the net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the same period of 2024 [1][2]. Revenue and Profit Analysis - The adjusted net profit, not in accordance with US GAAP, was 7.4 billion yuan, compared to 14.5 billion yuan in Q2 2024 [1]. - The revenue growth was driven by strong demand in the "electric products" category, which saw an overall revenue growth rate exceeding 20% [2][3]. Strategic Initiatives - JD.com is actively responding to the "old-for-new" policy, emphasizing its strong supply chain capabilities to ensure stable and sufficient product availability [2]. - The company is focusing on product structure optimization by developing smart home appliances and customized products to meet consumer demands for quality upgrades [3]. Market Competition and External Factors - The management acknowledged increased competition in the delivery sector, with multiple players vying for market share, and emphasized the importance of long-term investment and commitment to improve unit economics [4][5]. - JD.com is enhancing its delivery service by increasing the number of full-time delivery personnel to over 150,000, which aims to improve user experience and order fulfillment rates [4]. User Growth and Engagement - In Q2, JD.com experienced significant user growth, with active user numbers and shopping frequency increasing by over 50% year-on-year, marking one of the strongest growth periods in recent years [13][14]. - The introduction of the delivery service has attracted a younger demographic, significantly boosting the purchase frequency of JD Plus members [13]. Long-term Vision and Innovation - The company is committed to sustainable growth, focusing on enhancing supply chain efficiency and user experience through innovative technologies, including AI and automated logistics [8][15]. - JD.com aims to expand its international presence, leveraging its supply chain capabilities to assist Chinese brands in entering overseas markets while establishing local operations [16][17].