Core Insights - JD Group reported a second-quarter revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, exceeding market expectations and setting a record for growth in nearly three years [2] - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the same period last year [2] Revenue Growth - Most product categories experienced accelerated growth, with daily necessities revenue increasing by 16.4% year-on-year, and the supermarket category maintaining double-digit growth for six consecutive quarters [4] - Service revenue saw a significant year-on-year increase of 29.1% [4] - JD's new business, particularly in food delivery, achieved a remarkable year-on-year revenue growth of 199% [4] User Engagement - The number of active users and shopping frequency both grew by over 40% year-on-year, marking the seventh consecutive quarter of double-digit growth in active users [4] - JD's retail revenue grew by 20.6% year-on-year, with an operating profit margin of 4.5%, the highest recorded for any promotional quarter in the company's history [4] Strategic Developments - JD Supermarket launched various customized products during the 618 shopping festival, enhancing consumer shopping experiences and helping brands avoid homogenization and price competition [4] - JD MALL opened new stores in multiple cities, with a total of 24 stores by the end of June 2025, leveraging JD's supply chain capabilities for a digital and immersive shopping experience [5] Logistics and Technology - JD Logistics' self-developed "Smart Wolf" system has been deployed nationwide, significantly improving warehouse operational efficiency and enabling high-density storage [5] - The system integrates various robotic technologies and has been implemented in major cities, enhancing the speed of order fulfillment [5] Food Delivery Expansion - JD's food delivery service continued to grow healthily, with daily order volume surpassing 25 million during the 618 period and over 1.5 million quality merchants onboarded [6] - The full-time rider count exceeded 150,000 by the end of the second quarter, indicating robust operational growth [6] Workforce - As of June 30, JD's total workforce was approximately 900,000 employees [7]

Core Insights - JD Group reported a revenue of 356.7 billion RMB for Q2 2025, a year-on-year increase of 22.4%, with a net profit of 6.2 billion RMB [1] - For the first half of 2025, the company achieved a revenue of 657.742 billion RMB, up 19.28% year-on-year, with a net profit of 17.068 billion RMB [1] Retail Business Performance - The retail segment saw a revenue growth of 20.6% year-on-year, with an operating profit margin reaching 4.5%, the highest for any promotional quarter in the company's history [2] - The core retail business has shown consistent potential, with gross profit margins increasing for 13 consecutive quarters [2][3] New Business Developments - JD's new business initiatives, including food delivery, are progressing well, with daily order volumes exceeding 25 million during the 618 shopping festival and over 1.5 million quality merchants onboarded [4] - The launch of "Seven Fresh Kitchen" aims to innovate the supply chain model in the food delivery market, enhancing quality development in the industry [4] Logistics and Technology Advancements - JD Logistics has implemented its self-developed "Smart Wolf" system across multiple cities, significantly improving warehouse operational efficiency and enabling high-density storage [3] - The integration of online and offline data and services in JD MALL provides consumers with an immersive and digital shopping experience [3]