Slightly beat market expectation. In 3Q25, JD.com reported total revenues of RMB299.1bn, up 14.9% YoY, surpassing consensus estimates of RMB294.4bn by 1.6%. Non-GAAP net profit reached RMB5.8bn, 39.5% above the Street's expectation of RMB4.15bn. GAAP gross profit grew 12.1% YoY to RMB50.5bn, with a gross margin of 16.9% (vs. 15.9% in 2Q25 and 17.3% in 3Q24). Non-GAAP operating profit came in at RMB211mn (0.1% margin), supported by higher revenue, improved gross profit, and lower G&A, partially offset by hig ...

14 November 2025 | 6:29AM HKT Equity Research JD.com (JD/9618.HK) & JD Logistics (2618.HK): 3Q25 First Take: Strong JD Retail core powering new growth investments; Buy JD reported solid revenue growth (+15% yoy, +1%/+2% above GSe/VA consensus) and record-high JD Retail margin of 5.9% (vs. GSe of 5.2%), while new business losses came in wider than expected with losses of -Rmb15.7bn due to overseas/Jingxi (vs. GSe of Rmb-13.9bn, with narrower food delivery losses qoq). Despite the slowdown in electronics & ap ...