Company Reports

JD.com expects year-on-year revenue growth for JD Retail in the third quarter and further acceleration in the fourth quarter after a 5% decline in the second quarter. EBIT margin rose to 1.30% in the second quarter from negative 0.20%, thanks to margin improvement at JD Retail and new businesses.

Competition has intensified for JD.com. Douyin and Pinduoduo lifted their gross merchandise volume share by 1,100 basis points collectively during 2022-25, while JD's slipped 400. Meituan and Alibaba's Taobao Flash deliver in an average of 38 minutes, faster than JD Retail's same/next-day delivery.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Before the national subsidy program, JD’s e-commerce market share and revenue growth declined amid underperforming Pinduoduo and Douyin. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and implement a CNY 10 billion subsidy program to attract price-sensitive customers. JD also streamlined its organization to improve its ability to respond to rapidly changing market dynamics. In 2025, JD launched its food delivery business to expand its user base, increase purchase frequency, diversify revenue streams, and enhance cross-selling opportunities. As the number of riders increased, the delivery speed of retail products locally available and even for some traditional e-commerce could also be improved. We expect JD to post weak sales growth in 2026, as the national trade subsidy program pulled forward demand into 2025.

JD.com's first quarter non-GAAP net profit surged by 580% sequentially to CNY 7.4 billion as JD Retail hit the second-highest record operating margin of 5.6% and JD Food Delivery achieved the steepest sequential reduction in loss to date.

JD.com expects home appliance and electronics revenue to recover in the second half after a high first-half comparison base. Food delivery investment will fall in 2026 if competition eases, while international investment will increase gradually and with discipline.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Before the national subsidy program, JD’s e-commerce market share and revenue growth declined amid underperforming Pinduoduo and Douyin. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and implement a CNY 10 billion subsidy program to attract price-sensitive customers. JD also streamlined its organization to improve its ability to respond to rapidly changing market dynamics. In 2025, JD launched its food delivery business to expand its user base, increase purchase frequency, diversify revenue streams, and enhance cross-selling opportunities. As the number of riders increased, the delivery speed of retail products locally available and even for some traditional e-commerce could also be improved. We expect JD to post weak sales growth in 2026, as the national trade subsidy program pulled forward demand into 2025.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Before the national subsidy program, JD’s e-commerce market share and revenue growth declined amid underperforming Pinduoduo and Douyin. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and implement a CNY 10 billion subsidy program to attract price-sensitive customers. JD also streamlined its organization to improve its ability to respond to rapidly changing market dynamics. In 2025, JD launched its food delivery business to expand its user base, increase purchase frequency, diversify revenue streams, and enhance cross-selling opportunities. As the number of riders increased, the delivery speed of retail products locally available and even for some traditional e-commerce could also be improved. We expect JD to post weak sales growth in 2026, as the national trade subsidy program pulled forward demand into 2025.

We observed a sharp slowdown in JD’s electronics and home appliance revenue in the fourth quarter of 2025, despite JD increasing e‑commerce subsidies to offset the depletion of the national subsidy. Meanwhile, food‑delivery subsidies declined materially due to easing competition.

JD.com's new-business operating loss expanded 7% sequentially in the third quarter due to higher Jingxi and overseas losses, despite a narrowing loss in food delivery. General merchandise revenue rose 19% year on year, while electronics and home appliances revenue grew 5%.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Underperforming Pinduoduo and Douyin, JD’s GMV/online retail sales of goods has decreased from 30.7% in 2021 to 28.4% in 2024. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and has launched a CNY 10 billion subsidy program to attract price-sensitive customers. It stopped selling of nonstrategic low-margin products from the 1P business and allowing 3P merchants and business partners to provide these products instead. JD.com is also streamlining its organization to increase its ability to respond to quickly changing market dynamics. We expect JD.com to see good sales growth this year as national trade in subsidy program started in the fourth quarter of 2024.

JD.com's EBIT declined CNY 11.4 billion year on year to a loss of CNY 859 million in the quarter, primarily due to increased investment in its food delivery business. JD is confident that food delivery will drive long-term growth in users, gross merchandise volume, and profits.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Underperforming Pinduoduo and Douyin, JD’s GMV/online retail sales of goods has decreased from 30.7% in 2021 to 28.4% in 2024. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and has launched a CNY 10 billion subsidy program to attract price-sensitive customers. It stopped selling of nonstrategic low-margin products from the 1P business and allowing 3P merchants and business partners to provide these products instead. JD.com is also streamlining its organization to increase its ability to respond to quickly changing market dynamics. We expect JD.com to see good sales growth this year as national trade in subsidy program started in the fourth quarter of 2024.

On Aug. 1, Meituan, Alibaba's Eleme, and JD.com announced a rationalization of food delivery subsidies following regulatory guidance in May and July, urging companies to compete rationally and comply with relevant policies.

JD.com's first-quarter non-GAAP net income grew 43% year on year and beat the LSEG consensus by 17%. Its share price rose 3% during US trading on May 13, 2025. JD said that daily average food delivery orders are near 20 million three months after launch.

Per Leifengwang, Meituan instashopping's computers, communications, and consumer electronics home appliance orders were half of JD.com's in 2024. Its alcohol, water, snacks, and dairy orders exceeded JD's. Taobao upgraded its on-demand delivery feature and launched a CNY 10 billion subsidy program.

In an unofficial audio clip, JD.com founder Richard Liu said JD will keep its food delivery net margin below 5% to allow restaurants and riders to earn more. The shares of Meituan, JD, and Dada Nexus were down 8%, 6%, and 1%, respectively, on April 16.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Underperforming Pinduoduo and Douyin, JD’s GMV/online retail sales of goods has decreased from 30.7% in 2021 to 28.4% in 2024. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and has launched a CNY 10 billion subsidy program to attract price-sensitive customers. It stopped selling of nonstrategic low-margin products from the 1P business and allowing 3P merchants and business partners to provide these products instead. JD.com is also streamlining its organization to increase its ability to respond to quickly changing market dynamics. We expect JD.com to see good sales growth this year as national trade in subsidy program started in the fourth quarter of 2024.

JD.com's fourth-quarter revenue and electronics and home appliance sales grew 13% and 16% year on year respectively, while non-GAAP net income rose 34%, thanks to the national trade-in subsidy. Meanwhile, JD Retail's non-GAAP EBIT margin rose by 68 basis points to 3.3%.

JD.com offers authentic products from its online first-party (1P) business with speedy and high-quality delivery service. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party (3P) model. By comparison, its competitor Alibaba relies mostly on a 3P model. Underperforming Pinduoduo and Douyin, JD’s GMV/online retail sales of goods has decreased from 30.7% in 2021 to 28.4% in 2024. To reinvigorate growth, JD wants to change customers' mindshare of JD as an everyday low-price platform and has launched a CNY 10 billion subsidy program to attract price-sensitive customers. It stopped selling of nonstrategic low-margin products from the 1P business and allowing 3P merchants and business partners to provide these products instead. JD.com is also streamlining its organization to increase its ability to respond to quickly changing market dynamics. We expect JD.com to see good sales growth this year as national trade in subsidy program started in the fourth quarter of 2024.

JD.com offers authentic products from its online first-party business with speedy and high-quality delivery. It adopts an asset-heavy 1P model with self-owned inventory and largely self-built logistics, complemented by an asset-light third-party model. By comparison, its competitor Alibaba relies mostly on a 3P model. Underperforming Pinduoduo and Douyin, JD’s GMV/China online retail sales of goods has decreased from 30.7% in 2021 to 28.4% in 2024. To reinvigorate growth, JD wants to promote itself as an everyday low-price platform and has launched a CNY 10 billion subsidy program to attract price-sensitive customers. It stopped selling nonstrategic low-margin products from the 1P business and is allowing 3P merchants and business partners to provide these products instead. JD.com is also streamlining its organization to increase its ability to respond to quickly to changing market dynamics. We expect JD.com to see decent sales growth in 2025 as the national trade-in subsidy program started in the fourth quarter of 2024.