JD.com (JD) Company Report

Jingdong Industrials, JD.com's supply-chain technology unit, is preparing for a Hong Kong IPO expected to raise up to approximately HK$3.3 billion (around US$420 million).
The IPO involves offering 211 million shares priced between HK$12.70 and HK$15.50 each, with trading scheduled to commence on December 11, 2025.
The proceeds will be used to enhance industrial supply-chain capabilities, support business expansion, and fund acquisitions and working capital needs, with seven cornerstone investors committing $170 million.
Jingdong Industrials is recognized as China's largest maintenance, repair, and operations procurement service provider by transaction value.

2 days ago

Bloomberg

JD.com Reports Strong Q3 2025 Revenue Growth and Core Retail Expansion

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

JD.com reported total net revenues of RMB 299 billion in Q3 2025, marking a 15% year-on-year increase, with consolidated non-GAAP net income attributable to ordinary shareholders reaching RMB 5.8 billion.
The core JD Retail business demonstrated strong performance, with revenues up 11% year-on-year and its gross margin expanding for the 14th consecutive quarter to 19.3%. JD Retail's non-GAAP operating income grew 28% year-on-year to RMB 14.8 billion.
Key growth drivers included general merchandise revenues, which increased 19% year-on-year, and service revenues, which were up 31% year-on-year, including a 24% year-on-year increase in marketplace and marketing revenues.
The company's platform ecosystem saw significant expansion, with active merchant numbers growing over 200% year-on-year and users shopping 3P offerings increasing over 50% year-on-year. JD.com also launched new AI products and is progressing with its international retail business, Joybuy, in European markets.

Nov 13, 2025, 12:00 PM

Transcript

JD.com Announces Q3 2025 Results

Earnings

New Projects/Investments

JD.com reported net revenues of RMB 299.1 billion for Q3 2025.
The company achieved a Non-GAAP net profit of RMB 5.8 billion with a 1.9% Non-GAAP net margin in Q3 2025.
The JD Retail segment generated net revenues of RMB 250.6 billion and an operating income of RMB 14.8 billion, achieving a 5.9% operating margin in Q3 2025.
New Businesses recorded an operating loss of RMB 15.7 billion in Q3 2025, which impacted overall profitability due to investments.
Free cash flow for the trailing twelve months ending Q3 2025 was RMB 12.6 billion.

Nov 13, 2025, 12:00 PM

Presentation

JD.com Reports Solid Q3 2025 Results with Double-Digit Revenue Growth

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Total revenues for Q3 2025 increased by 15% year-on-year to RMB 299 billion, driven by strong growth in general merchandise revenues (up 19%) and service revenues (up 31%).
The company achieved a non-GAAP net profit of RMB 5.8 billion in Q3 2025, with JD Retail's gross margin expanding to 19.3%, marking its 14th consecutive quarter of year-on-year expansion.
JD.com reported significant user momentum, with quarterly active customers up over 40% year-on-year and annual active customers surpassing 700 million in October.
Strategic investments continued in new businesses, including food delivery, which saw a sequential reduction in investment and narrowed losses, and international expansion, with its Joybuy European online retail business in a test phase.

Nov 13, 2025, 12:00 PM

Transcript

JD.com Reports Q3 2025 Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Total revenues increased by 15% year-on-year to RMB 299 billion in Q3 2025, with non-GAAP net profit reaching RMB 5.8 billion.
The company experienced significant user growth, with quarterly active customers and user shopping frequency both up over 40% year-on-year in Q3 2025, and annual active customers exceeding 700 million in October.
Core retail revenues grew 11% year-on-year to RMB 251 billion, supported by a 19% increase in general merchandise revenue and 24% growth in marketplace and marketing revenues. JD Retail's non-GAAP operating income rose 28% year-on-year to RMB 14.8 billion.
New businesses, including food delivery, Jingxi, and international retail, are making progress, with the food delivery business notably narrowing its operating loss sequentially in Q3 2025.
JD.com unveiled its AI roadmap in September 2025, launching new AI products and applications across retail, healthcare, logistics, and industrial sectors.

Nov 13, 2025, 12:00 PM

Transcript

JD.com Announces Third Quarter 2025 Results

Earnings

Share Buyback

New Projects/Investments

JD.com reported net revenues of RMB299.1 billion (US$42.0 billion) for the third quarter of 2025, an increase of 14.9% from the third quarter of 2024.
Non-GAAP diluted net income per ADS was RMB3.73 (US$0.52) for Q3 2025, compared to RMB8.68 for Q3 2024.
JD Retail's net revenues increased by 11.4% to RMB250.6 billion (US$35.2 billion) in Q3 2025, with its operating margin expanding to 5.9%.
The company repurchased approximately US$1.5 billion in shares during the nine months ended September 30, 2025, leaving US$3.5 billion remaining under its share repurchase program.
Marketing expenses increased significantly by 110.5% to RMB21.1 billion (US$3.0 billion) for Q3 2025, primarily due to increased spending on promotional efforts for new business initiatives.

Nov 13, 2025, 11:01 AM

6-K

JD.com Reports Q3 2025 Results

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

JD.com reported a 15% revenue increase to approximately 299.1 billion yuan ($42.1 billion) in the third quarter of 2025, surpassing analyst expectations.
Despite the revenue surge, net income dropped 55% to 5.3 billion yuan, primarily due to substantial investments in international expansion and new business segments.
The company achieved over 700 million annual active customers in October 2025, with its core JD Retail segment contributing 250.6 billion yuan in net revenues and 14.8 billion yuan in operating income for Q3 2025.

Nov 13, 2025, 9:40 AM

Bloomberg

JD.com announces voluntary public takeover offer for CECONOMY AG

M&A

Takeover Bid

JD.com, Inc., through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH, has published a voluntary public takeover offer to acquire all issued and outstanding bearer shares in CECONOMY AG.
The offer is for a cash consideration of EUR 4.60 per share.
The acceptance period for the Takeover Offer began on September 1, 2025, and is set to end on November 10, 2025, at 6:00 p.m. (New York time).
The Takeover Offer is subject to certain conditions, including obtaining merger control, foreign investment, and EU foreign subsidies clearances by November 10, 2026, and will be financed through an acquisition loan and the Company's cash on balance sheet.

Sep 2, 2025, 10:05 AM

6-K

JD.com Seeks Loan for Ceconomy Acquisition

Debt Issuance

M&A

New Projects/Investments

JD.com is negotiating a euro-denominated loan to finance its proposed €2.2 billion ($2.6 billion) acquisition of German electronics retailer Ceconomy AG.
HSBC Holdings and Standard Chartered have been appointed as mandated lead arrangers, bookrunners, and underwriters for the loan, which is expected to have a term of 364 days.
This acquisition aligns with JD.com's strategy to expand its market reach and enhance business capabilities.
JD.com maintains a healthy financial profile with a market capitalization of around $43.7 billion and a Piotroski F-Score of 8, despite an Altman Z-Score of 2.6.

Aug 28, 2025, 8:41 AM

Bloomberg

Earnings Transcripts

Quarterly earnings call transcripts for JD.com.

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