Core Viewpoint - In Q3 2025, JD.com achieved revenue of 299.06 billion RMB, a year-on-year increase of 14.85%, with Non-GAAP net profit of 5.80 billion RMB, a decrease of 56.0% year-on-year, resulting in a net profit margin of 1.94%, down from 5.06% in the same period last year. Revenue growth exceeded Bloomberg consensus expectations, while the decline in net profit was better than expected [1] Revenue and Profit Analysis - JD.com's Q3 revenue reached 2990.59 billion RMB, with 1P revenue at 2260.92 billion RMB (up 10.50% YoY) and 3P revenue at 729.67 billion RMB (up 30.83% YoY). The 1P business saw a 4.92% increase in electronics and home appliances revenue, while general merchandise revenue grew by 18.83%. The 3P business experienced a 23.72% increase in commission and advertising revenue, and a 35.04% increase in logistics service revenue [1] - JD Retail achieved revenue of 2505.77 billion RMB in Q3, a year-on-year increase of 11.4%, with adjusted operating profit of 148.28 billion RMB, corresponding to a profit margin of 5.92%, up from 5.16% in the previous year [1] Logistics and New Business Performance - The logistics segment generated revenue of 55.08 billion RMB in Q3, a year-on-year increase of 24.1%, with adjusted operating profit of 1.28 billion RMB and a profit margin of 2.3%, showing a slight decline [2] - JD's new business revenue reached 15.59 billion RMB, a year-on-year increase of 214%. The food delivery service has partnered with over 2 million quality restaurants, with daily order volume for the top 300 restaurant brands increasing 13 times since launch. Increased marketing investment and rider welfare have enhanced platform competitiveness [2] Future Revenue and Profit Forecast - The company forecasts revenues of 1336.6 billion RMB and 1407.9 billion RMB for 2025 and 2026, respectively, with year-on-year growth rates of 15.34% and 5.34%. Non-GAAP net profits are projected to be 32.51 billion RMB and 43.51 billion RMB, reflecting year-on-year changes of -32.03% and 33.84% [3]