JD.com's Q2 2025 Earnings: Key Contradictions in Food Delivery Strategy, AI Investment, and User Growth

Strategic focus on food delivery, investment in AI and advertising, investment strategy and priority, impact of AI on business and supply chain, and user growth and shopping frequency are the key contradictions discussed in JD.com's latest 2025Q2 earnings call.



Revenue Growth and User Engagement:
- JD.com reported a strong top line growth of 22% year-on-year in the second quarter, with total revenues reaching RMB 357 billion.
- The growth was driven by accelerated user engagement, with the quarterly active customer base increasing by over 40% year-on-year.

Electronics and Home Appliance Performance:
- The electronics and home appliances category saw a revenue increase of 23% year-on-year in the second quarter.
- This was attributed to enhanced supply chain capabilities allowing for better product selection, competitive pricing, and superior services.

New Business Initiatives and User Growth:
- JD Food Delivery business experienced rapid growth, with a significant increase in daily order volume and user base.
- The new business initiatives are aligning with the strategic road map and driving user growth and engagement synergistically with the core retail business.

Profitability Improvement in Core Retail:
- JD Retail's non-GAAP operating profit increased by 38% year-on-year to RMB 13.9 billion, with an operating margin of 4.5%.
- The improvement was driven by stronger supply chain capabilities, reducing costs and enhancing operating efficiency.