Hong Kong · Delayed Price · Currency is HKD JD.com Earnings Call Transcripts
Fiscal Year 2025
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Q4 and full year 2025 saw resilient revenue growth, margin expansion, and a record user base, with strong performance in general merchandise and new businesses. Strategic investments in AI, supply chain, and international expansion underpin confidence for 2026.
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Q3 2025 saw 15% year-on-year revenue growth, strong user engagement, and margin expansion in core retail. General merchandise and marketplace revenues accelerated, while food delivery narrowed losses and drove synergies. AI initiatives and international expansion advanced.
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Q2 saw 22% revenue growth to RMB 357B, driven by strong retail and new business momentum, though net income fell due to food delivery investments. User growth and engagement surged, with robust performance in electronics, home appliances, and general merchandise.
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Q1 2025 saw 16% revenue growth and a 43% rise in non-GAAP net profit, driven by strong performance in electronics, home appliances, and general merchandise. Food delivery scaled rapidly, and AI adoption accelerated efficiency gains. Shareholder returns included $1.5B in buybacks and $1.44B in dividends.
Fiscal Year 2024
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Q4 and full year 2024 delivered double-digit revenue growth, margin expansion, and strong shareholder returns, driven by robust performance in electronics, home appliances, and general merchandise. AI and automation investments are expected to further boost efficiency and growth in 2025.
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Q3 2024 delivered accelerated revenue and profit growth, driven by strong supply chain, logistics, and user engagement. Shareholder returns were robust with major buybacks and dividends, while supportive policies and strategic investments position the company for continued margin and market share gains.
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Q2 2024 saw record non-GAAP net profit and margin, driven by supply chain efficiency, user growth, and robust general merchandise performance. Shareholder returns were strong, and the company targets high single-digit profit margins long-term while investing in user experience and platform ecosystem.