Revenue Performance - The company achieved operating revenue of 301.1 billion yuan in the quarter, a year-on-year increase of 16% [1] - JD Retail revenue was 263.8 billion yuan, also up 16% year-on-year, with self-operated business revenue growing by 16% [1] - The mobile phone category benefited from subsidies, leading to a 17% year-on-year increase, while daily necessities grew by 15% [1] - The number of purchasing users increased for six consecutive quarters, with a growth rate accelerating to over 20% in the first quarter, becoming a key factor for revenue growth [1] - JD Logistics revenue reached 47 billion yuan, up 12% year-on-year, and new business revenue was 5.8 billion yuan, growing 18% year-on-year, driven by the rapid growth of the Jingxi business [1] Profitability Analysis - The company's non-GAAP net profit was 12.8 billion yuan, with a non-GAAP net profit margin of 4.2% [2] - Retail business operating profit margin (OPM) was 4.9%, an increase of 0.6 percentage points year-on-year, mainly due to improved gross margins [2] - Logistics business OPM was 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel [2] - New business OPM was -23%, a year-on-year decline of 4 percentage points, primarily due to increased losses from the Jingxi business [2] AI Integration and Shareholder Returns - The company is widely applying AI technology across retail and supply chain operations, optimizing various processes such as search recommendations and advertising algorithms [3] - Since 2025, the company has repurchased approximately 8.07 million shares, totaling about 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3] Investment Outlook - The retail business continues to grow due to subsidies and improved operational efficiency, enhancing gross margins [3] - However, increased investment in the food delivery business is expected to impact profitability, leading to adjustments in revenue and net profit forecasts for 2025-2027 [3] - Revenue projections for 2025-2027 are adjusted to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, with net profit estimates revised to 45.2 billion, 52.1 billion, and 57 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's retail business continues to benefit from national subsidies, leading to sustained revenue growth. However, increased investment in the food delivery business is expected to impact profitability [3][21]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, reflecting increases of 3%, 2%, and 1% respectively. Adjusted net profits for the same period are projected to be 452 billion, 521 billion, and 570 billion yuan, with adjustments of -13%, -8%, and -9% respectively [3][21]. Revenue Summary - The company achieved a total revenue of 3,011 billion yuan in the latest quarter, representing a year-on-year increase of 16%. The retail segment contributed 2,638 billion yuan, also up 16% year-on-year. The self-operated business saw a 16% increase, with the electronics category benefiting from subsidies, growing by 17% [10][11]. - The logistics segment generated 470 billion yuan, a 12% increase year-on-year, while new business revenue reached 58 billion yuan, up 18% year-on-year, driven primarily by the rapid growth of the Jingxi business [10][11]. Profit Summary - The company's non-GAAP net profit was 12.8 billion yuan, with a non-GAAP net profit margin of 4.2%. The operating profit margin (OPM) for the retail business was 4.9%, an increase of 0.6 percentage points year-on-year, primarily due to improved gross margins [2][11]. - The logistics business had an OPM of 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel. The new business segment reported an OPM of -23%, reflecting an increase in losses due to higher order volumes [2][11]. AI Application and Shareholder Returns - The company is actively applying AI technology across various retail and supply chain scenarios, including optimizing search recommendation systems and enhancing operational efficiency through automation [3][12]. - Since the beginning of 2025, the company has repurchased approximately 80.7 million shares for a total of about 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's retail business continues to benefit from government subsidies, leading to sustained revenue growth. However, increased investment in the food delivery business is expected to impact profitability [3][21]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, reflecting increases of 3%, 2%, and 1% respectively. Adjusted net profits for the same period are forecasted to be 452 billion, 521 billion, and 570 billion yuan, with adjustments of -13%, -8%, and -9% respectively [3][21]. Revenue Summary - The company achieved a total revenue of 3,011 billion yuan in the latest quarter, representing a year-on-year increase of 16%. The breakdown includes: - Retail revenue of 2,638 billion yuan, also up 16% year-on-year, with self-operated business revenue growing by 16% [10][11]. - Logistics revenue of 470 billion yuan, up 12% year-on-year [10]. - New business revenue of 58 billion yuan, up 18% year-on-year, driven primarily by the rapid growth of the Jingxi business [10][11]. Profit Summary - The company's non-GAAP net profit for the quarter was 128 billion yuan, with a non-GAAP net profit margin of 4.2%. The operating profit margin (OPM) for the retail business was 4.9%, an increase of 0.6 percentage points year-on-year, primarily due to improved gross margins [2][11]. - The logistics business reported an OPM of 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel [2][11]. - The new business segment had an OPM of -23%, a decline of 4 percentage points year-on-year, mainly due to increased losses from the Jingxi business [2][11]. AI Application and Shareholder Returns - The company is actively applying AI technology across various retail and supply chain scenarios, including optimizing search recommendation systems and enhancing operational efficiency [3][12]. - As of 2025, the company has repurchased approximately 80.7 million shares, totaling around 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3][12].