Core Insights - JD.com has been recognized in the Forbes 2025 Global Best Employers list, marking its ninth consecutive year on the list and being the only Chinese company in the global retail sector to achieve this recognition [1] Employment and Recruitment - As of the end of Q2, JD.com has approximately 900,000 employees and is committed to creating stable, high-quality employment opportunities [3] - For the 2026 campus recruitment, JD.com plans to offer 35,000 positions, including 20,000 for fresh graduates and 15,000 internships, with tailored training programs to support young talent [3] - JD.com is exploring new business models to generate additional employment, including a recruitment plan for 100,000 cleaning staff across 100 counties by 2025 [3] Labor and Employee Benefits - JD.com is the only private company in the industry to sign formal labor contracts with frontline employees and provide social insurance benefits [4] - Since launching its food delivery service in March, JD.com has signed contracts with over 150,000 full-time delivery riders, covering all associated costs [4] - The company has increased employee compensation multiple times over the past year and invested 7 billion in housing benefits for young talent in Beijing [4] Welfare and Support Programs - JD.com has established an employee assistance fund to support employees facing unexpected hardships, with over 166 million invested in the past decade [4] - The housing security fund has seen a significant uptake, with 77% of applications coming from frontline employees, helping thousands to purchase homes over the last ten years [4]

近日，福布斯2025全球最佳雇主榜出炉，榜单来源于对全球受访者的调研，京东连续9年登上榜单，成 为全球零售业唯一上榜中国企业。截至二季度末，京东体系人员总数约90万，京东始终坚持"先人后 企"，员工发展先于商业成功，让每一位京东员工把日子过得更好，对未来充满信心。 薪酬福利方面，京东不断加大投入。在过去一年多的时间里，京东连续7次多范围提高员工薪酬激励。 生活福利上，仅在北京就投入70亿为青年人才打造了近5000套可拎包入住、配套齐全的舒适公寓，其中 专门为实习生打造的免费公寓今年9月已投入使用。2023年，"住房保障基金"加码投入100亿，其中一线 员工申请占比高达77%，10年间已有上万名一线员工在住房保障基金政策的支持下买房。2010年建立 的"员工救助基金"为员工突遭意外或疾病兜底，十几年间这个温暖的福利项目不断发展完善，近10年该 基金累计投入超1.66亿元，帮助数千名京东一线员工度过困难。 京东始终相信，员工是最宝贵的财富，是京东事业发展的基石。京东努力让员工在实现老有所养、病有 所医、伤有所赔、住有所居的同时，也让员工能够发挥所长，收获尊严感、幸福感和成就感，为社会创 造更多的价值。 编辑：王菁 ...

智通财经APP获悉，近日，福布斯2025全球最佳雇主榜出炉，榜单来源于对全球受访者的调研，京东(09618)连续9年登上榜 单，成为全球零售业唯一上榜中国企业。截至二季度末，京东体系人员总数约90万，京东始终坚持"先人后企"，员工发展 先于商业成功，让每一位京东员工把日子过得更好，对未来充满信心。 多年来，京东积极推动稳定的、更大规模的高质量就业。一方面持续为大学生提供更多岗位和广阔舞台，2026校园招聘开 放3.5万个岗位，其中面向应届毕业生的校招岗位2万个，面向在校生的实习生岗位1.5万个，所有校招项目均匹配专业、系 统的培养方案，还专门为校招生量身打造"五年成长计划"，支持青年人才在重点业务突破上"挑大梁"、"当主角"，积极推 动青年人才实现更快成长、发挥更大作用，在为企业长期发展筑实根基的同时，也为社会培育更多具备使命担当、实践能 力和创新精神的高素质人才。 同时持续探索新业态，创造更多就业增量。2025年，京东家政启动了"百县十万人招募计划"，在全国百县千镇招募 10 万名 保洁师，业务范围覆盖日常保洁、家电清洗等;京东健康持续探索互联网医疗创新，打通"医检诊药"闭环，带动了包括互联 网医生、到家护 ...

Core Insights - The "2025 China Private Enterprises Top 500" list has been released, showcasing the growth and fluctuations of private enterprises in China over the past 17 years [3][5]. Group 1: Rankings and Revenue - JD.com ranks first on the list with a total revenue of 115,881,900 million yuan, followed by Alibaba at 98,176,700 million yuan and Hengli Group at 87,152,079 million yuan [6][5]. - JD.com has maintained its top position for four consecutive years since 2022, indicating its strong market presence [7]. Group 2: Business Model and Industry Insights - JD.com's success is attributed to its focus on the retail sector, which is central to its business strategy [8][7]. - The retail industry has historically dominated the rankings of private enterprises, with companies like Suning also achieving top positions in previous years [10]. - Globally, retail giants like Walmart and Amazon also emphasize retail as their core business, demonstrating the enduring strength of the retail sector [12][11]. Group 3: Historical Context and Future Potential - Retail is considered one of the earliest forms of commerce, dating back to around 7000 BC, and continues to evolve with technological advancements [13]. - Despite the rise of e-commerce and logistics, the fundamental nature of retail remains unchanged, suggesting significant growth potential in both online and offline retail spaces [14].

Core Viewpoint - JD's Q2 revenue reached 356.7 billion RMB, a year-on-year increase of 22.4%, but net profit saw a significant decline, dropping 51% to 6.2 billion RMB [3][4][11] Revenue Performance - JD's Q2 revenue was 356.7 billion RMB, exceeding market expectations of 335.45 billion RMB [4] - The retail segment generated 310.1 billion RMB, growing 20.6% year-on-year, with an operating profit of 13.9 billion RMB and an operating margin of 4.5%, marking a historical high for the company [11][12] - New business revenue surged 198.8%, primarily driven by JD Food Delivery [3][13] Profitability Analysis - Net profit attributable to ordinary shareholders fell to 6.2 billion RMB from 12.6 billion RMB, a 51% decline [4] - Non-GAAP net profit decreased from 14.5 billion RMB to 7.4 billion RMB, a drop of 49% [4] - Overall operating loss was 900 million RMB, with an operating margin shifting from 3.6% to -0.2% year-on-year [4] New Business Segment - The new business segment, mainly JD Food Delivery, reported an operating loss that expanded from 700 million RMB to 14.8 billion RMB, resulting in an operating margin of -106.7% [3][13] - Daily order volume for JD Food Delivery exceeded 25 million, with over 1.5 million merchants and more than 150,000 full-time delivery riders [9][13] Marketing and Cash Flow - Marketing expenses surged 127.6% to 27 billion RMB, with the marketing expense ratio increasing from 4.1% to 7.6% [13] - Free cash flow dropped significantly from 49.6 billion RMB to 22 billion RMB, a decline of 55%, with a rolling 12-month free cash flow of only 10.1 billion RMB, down over 80% year-on-year [4][13]

Core Insights - JD.com launched its food delivery service in February 2025 and introduced a "100 billion subsidy" in April to boost this new business, resulting in significant revenue changes in Q2 2025 [1][5] - The company's Q2 2025 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, while net profit attributable to ordinary shareholders fell by 50.8% to 6.2 billion yuan [1] Business Performance - The new business segment, including food delivery, generated 13.85 billion yuan in Q2 2025, marking a year-on-year growth of 198.8%, but incurred an operating loss of 14.78 billion yuan due to high operating costs and expenses [5][7] - JD Retail, which encompasses various segments including JD Health and JD Industrial, reported Q2 2025 revenue of 310.1 billion yuan, up 20.6% year-on-year, with electronics and home appliances growing by 23.4% and daily necessities by 16.4% [3] Logistics and Expansion - JD Logistics generated 51.56 billion yuan in revenue in Q2 2025, reflecting a year-on-year increase of 16.6%, and expanded its overseas warehouse presence in multiple countries [4] - As of June 30, 2025, JD Logistics operated over 130 bonded warehouses and direct mail warehouses, covering 23 countries and regions globally [4] Marketing and User Engagement - Marketing expenses surged by 127.6% to 27 billion yuan in Q2 2025, primarily due to increased spending on new business promotions [7] - The food delivery service saw significant user engagement, with daily orders surpassing 25 million during the 618 shopping festival, and over 1.5 million quality merchants joining the platform [7]

二季度，京东集团收入为3,567亿元人民币（约498亿美元），同比增长22.4%，远超市场预期，再次刷 新近三年来同比增速的纪录。 二季度，京东集团绝大多数品类实现加速增长，带电等核心品类优势愈发巩固。日百品类收入同比加速 增长了16.4%，其中商超品类连续6个季度保持收入同比双位数增长。服务收入同比加速增长了29.1%。 京东外卖带动新业务的收入同比大幅增长了199%。 二季度，得益于核心零售业务和外卖等新业务的发展势头，京东集团的季度活跃用户数和购物频次均实 现超过40%的同比增长，季度活跃用户数实现了连续7个季度的同比双位数增长。 "二季度，京东平台的用户流量、季度活跃用户数以及用户购买频次等均取得显著增长，这主要得益于 核心京东零售业务和外卖等新业务的持续发展势头，"京东集团首席执行官许冉女士表示。"本季度，京 东零售收入同比增长20.6%，表现强劲，经营利润率达到4.5%，创下公司历史上所有大促季度的最高纪 录。同期，京东外卖业务也取得健康发展，不仅在订单量增长、商家数量扩大、全职骑手招聘等方面稳 步推进，更重要的是与京东零售以及其他现有业务形成有效协同，成功达成我们的初期战略目标。展望 未来，随着 ...

Core Viewpoint - JD.com aims to innovate annually, focusing all business operations around the supply chain [2][11][18] Group 1: Innovation Strategy - JD.com has maintained a rhythm of innovating a new business model every three years, but will now introduce one innovation project each year, with six projects currently in progress, including stablecoins [2][19] - The company has recently entered the food delivery market, with a significant focus on leveraging its supply chain capabilities [3][25] - JD.com plans to launch a unique business model for its food delivery service that differs from competitors like Meituan, aiming to address food safety and provide high-quality, cost-effective food options [9][26] Group 2: Supply Chain Focus - All of JD.com's business operations are centered around the supply chain, with the company not engaging in activities unrelated to it [5][29] - The company has established over 1,600 logistics centers in mainland China, with a self-operated product range exceeding 10 million items, showcasing its strong supply chain capabilities [30] - JD.com maintains a low retail cost structure of around 10%, comparable to global leaders like Costco and Amazon, which supports its competitive advantage [30][31] Group 3: Organizational Changes - Liu Qiangdong has returned to a strategic role within JD.com, restructuring the organization to enhance decision-making and operational efficiency [2][16] - A strategic execution committee has been formed, including Liu and other senior executives, to oversee key business decisions [2][11] Group 4: Market Position and Competition - JD.com has rapidly scaled its food delivery service, achieving over 25 million daily orders and employing more than 120,000 full-time delivery personnel within a short period [7][24] - The company is positioned to compete aggressively in the food delivery market, offering substantial incentives to attract merchants and delivery personnel [6][25]

Core Insights - Liu Qiangdong emphasizes that JD.com will innovate annually, moving away from the previous model of introducing a new business model every three years [2][6] - The company has launched six innovation projects, including stablecoins, and aims to maintain a focus on supply chain-related innovations [5][9] Business Strategy - JD.com has entered the food delivery market, with over 25 million daily orders and more than 120,000 full-time delivery personnel within just over 100 days of operation [4][11] - The company plans to differentiate its food delivery model from competitors like Meituan, focusing on the underlying fresh supply chain rather than just food sales [4][12] Organizational Changes - Liu Qiangdong has restructured JD.com's organizational framework, establishing a strategic execution committee to oversee key decisions [2][9] - The company is adopting a flatter organizational structure, allowing for more autonomy at the operational level while maintaining strategic oversight from upper management [2] Supply Chain Focus - JD.com’s business model is heavily centered around supply chain efficiency, with over 1,600 logistics centers and a self-operated product range exceeding 10 million items [13][14] - The company maintains a low retail cost structure, comparable to industry leaders like Costco and Amazon, with a retail cost of only 10% [14] Future Plans - JD.com is set to officially announce its entry into the hotel and travel sector, leveraging its supply chain capabilities to address high costs and inefficiencies in the industry [5][9] - The company aims to enhance customer experience through better product offerings, pricing, and services, all rooted in its supply chain strategy [9][10]

Core Insights - JD.com is focusing on supply chain optimization as the core of all its business operations, including new ventures into food delivery and travel services [1][12][21] - The company aims to differentiate its food delivery service by leveraging its supply chain, with a new business model expected to address food safety issues [1][35] - JD.com has a long-term strategy of launching new business models every three years, with a history of successful expansions into logistics, finance, and healthcare [4][21] Business Expansion and Strategy - JD.com is set to officially announce its travel business, which is also centered around supply chain efficiency [3][38] - The company has introduced a "BIGBOSS plan" to streamline its organizational structure, reducing management layers to five [5][39] - JD.com has established over 1,600 logistics centers and aims to optimize inventory turnover days to between 20-25 days [23][31] Financial Performance and Projections - JD.com projects a net revenue of 1.1588 trillion yuan (approximately 164 billion USD) for 2024, with a net profit exceeding 40 billion yuan (approximately 5.6 billion USD) [4][27] - The company has committed to significant employee benefits, including full social insurance payments for its delivery personnel, with an average pre-tax salary exceeding 13,000 yuan (approximately 1,800 USD) [22][27] Innovation and Future Projects - JD.com is pursuing six innovative projects, including the application for global stablecoin licenses to reduce cross-border payment costs by 90% [6][36] - The company emphasizes continuous innovation while focusing on existing supply chain-related business models rather than diversifying into entirely new areas [7][36] Social Responsibility and Corporate Culture - JD.com has a strong commitment to social responsibility, having paid over 100 billion yuan (approximately 14 billion USD) in social insurance over 18 years [11][27] - The company promotes a flat organizational structure to empower frontline employees and ensure cultural and strategic continuity [9][40] Competitive Landscape - JD.com acknowledges competition in the food delivery sector, particularly with Meituan, but emphasizes its unique supply chain approach [10][35] - The company aims to enhance the quality and safety of food delivery services, setting it apart from competitors [1][35]