Core Viewpoint - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9%, maintaining over 10% growth for four consecutive quarters despite a competitive e-commerce market [1] Financial Performance - The net profit attributable to shareholders for Q3 was 5.3 billion yuan, a decline of 54.7% year-on-year, consistent with Q2 performance, primarily due to investments in new business segments focused on food delivery [1][2] - JD Retail, the company's main revenue driver, achieved an operating profit of 14.8 billion yuan in Q3, with a profit margin of 5.9%, up 0.7 percentage points from the previous year [1][6] New Business Developments - New business revenue, including food delivery, increased by 214% year-on-year to 15.59 billion yuan, although the operating loss rate improved to 100.9% from 106.7% in Q2 [3] - Marketing expenses rose by 110.5% year-on-year to 21.1 billion yuan, accounting for 7.0% of revenue, driven by promotional activities for new businesses [3][4] User Engagement and Market Strategy - JD's active user count surpassed 700 million in October, with increasing shopping frequency [1] - The company implemented a commission-free policy for merchants in the food delivery segment, resulting in limited commission income but potential for future revenue growth [2][4] Product Revenue Insights - Product revenue grew by 10.5% year-on-year, while service revenue surged by 30.8%, reaching a new high of 24.4% of total revenue [5] - The sales of daily necessities increased by 18.8%, while electronic products saw a slower growth of 4.9% due to high base effects from previous government subsidies [5][6] International Expansion - JD's international online retail business, Joybuy, has begun trial operations in key markets such as the UK, France, and Germany, with a focus on maintaining financial discipline and adjusting investment strategies dynamically [6]

Group 1 - The company reported a revenue of 356.7 billion yuan for the second quarter, representing a 22.4% increase compared to the second quarter of 2024 [1] - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the second quarter of 2024 [1] - The new business segment, including JD's entry into the food delivery market, saw a significant revenue increase of 199% year-on-year, reaching 13.852 billion yuan [3] Group 2 - The total revenue for JD Retail was 257.072 billion yuan for the three months ending June 30, 2024, and is projected to reach 310.075 billion yuan for the same period in 2025 [5] - JD Logistics generated revenue of 44.207 billion yuan for the three months ending June 30, 2024, with a forecast of 51.564 billion yuan for 2025 [5] - The total human resources expenditure for JD's ecosystem reached 136 billion yuan for the twelve months ending June 30, 2025 [9] Group 3 - The number of full-time delivery riders exceeded 150,000 by the end of the second quarter, with daily orders during the 618 shopping festival surpassing 25 million [3] - The total number of personnel within JD's ecosystem, including part-time employees and interns, reached approximately 900,000 as of June 30, 2025, up from 670,000 as of December 31, 2024 [7]