European Investor
13 Nov 2025, 18:39
JD*com grows Q3 revenue 15% as user base tops 700 million, but group margins shrink on heavy investment in new businesses
JD*com reported third-quarter 2025 net revenues of RMB299.1 billion (up 14.9% year-on-year), driven by 10.5% growth in product sales and a 30.8% jump in service revenues, while annual active customers surpassed 700 million in October. JD Retail remained the profit engine, with revenues up 11.4% to RMB250.6 billion and operating income rising to RMB14.8 billion, lifting its operating margin to 5.9% from 5.2%. At group level, however, heavy spending on fulfillment, marketing and R&D for new initiatives such as JD Food Delivery pushed the company to a RMB1.1 billion operating loss and cut non-GAAP operating income to RMB211 million, with non-GAAP EBITDA dropping to RMB2.5 billion and net income attributable to shareholders halving to RMB5.3 billion. Management highlighted accelerating growth in general merchandise and advertising, continued expansion of omni-channel formats like JD MALL, international logistics build-out in the Middle East and Asia-Pacific, and rapid scaling of JD Health’s specialty drug and smart health ecosystems. JD also continued to return capital to investors, repurchasing about 2.8% of its outstanding shares for US$1.5 billion under its US$5 billion buyback program, leaving US$3.5 billion in remaining authorization through 2027.
JD*com reported third-quarter 2025 net revenues of RMB299.1 billion (up 14.9% year-on-year), driven by 10.5% growth in product sales and a 30.8% jump in service revenues, while annual active customers surpassed 700 million in October. JD Retail remained the profit engine, with revenues up 11.4% to RMB250.6 billion and operating income rising to RMB14.8 billion, lifting its operating margin to 5.9% from 5.2%. At group level, however, heavy spending on fulfillment, marketing and R&D for new initiatives such as JD Food Delivery pushed the company to a RMB1.1 billion operating loss and cut non-GAAP operating income to RMB211 million, with non-GAAP EBITDA dropping to RMB2.5 billion and net income attributable to shareholders halving to RMB5.3 billion. Management highlighted accelerating growth in general merchandise and advertising, continued expansion of omni-channel formats like JD MALL, international logistics build-out in the Middle East and Asia-Pacific, and rapid scaling of JD Health’s specialty drug and smart health ecosystems. JD also continued to return capital to investors, repurchasing about 2.8% of its outstanding shares for US$1.5 billion under its US$5 billion buyback program, leaving US$3.5 billion in remaining authorization through 2027.