JD.com Q2 rev. up 22.4% YoY to $149.8 bln, net income down to $0.9 bln.

• JD.com Q2 net revenue up 22.4% YoY to $149.8 bln • Net income at $0.9 bln, down from $12.6 bln in Q2 2024 • Non-GAAP net income at $1.0 bln, down from $14.5 bln in Q2 2024 • Diluted net income per ADS at $0.58, down from $8.19 in Q2 2024 • Digital data shows strong growth in online sales and revenue.

JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)) reported its unaudited financial results for the second quarter of 2025, showing robust revenue growth but a decline in net income. The company's net revenues reached RMB356.7 billion (US$149.8 billion) for the second quarter of 2025, an increase of 22.4% from the same period in 2024 [2]. However, net income attributable to ordinary shareholders fell to RMB6.2 billion (US$0.9 billion), down from RMB12.6 billion in the second quarter of 2024 [2]. Non-GAAP net income also declined to RMB7.4 billion (US$1.0 billion), compared to RMB14.5 billion in the previous year [2].

JD Retail, the core business segment of JD.com, reported net revenues of RMB310.1 billion (US$43.3 billion) for the second quarter of 2025, up 20.6% year-over-year [2]. Operating margin for JD Retail improved to 4.5%, the highest recorded margin in the promotion quarter [2]. The company's Chief Executive Officer, Sandy Xu, attributed the growth to sustained momentum across both JD Retail and New Businesses, including JD Food Delivery [2].

Despite the decline in net income, the company's digital data showed strong growth in online sales and revenue. The total number of active users and shopping frequency on JD's platform increased, driven by robust user traffic [2]. The company's core JD Retail business has also been realizing potential in operating efficiency improvement, with gross margin rising year-on-year for thirteen consecutive quarters through Q2 [2].

JD.com's share repurchase program, which aims to buy back up to US$5.0 billion in shares, has seen approximately 80.7 million Class A ordinary shares repurchased for about US$1.5 billion during the first half of 2025 [2]. This represents about 2.8% of the company's ordinary shares outstanding as of December 31, 2024 [2].

The company's "Global Smart Supply Chain Network" plan is also ramping up, with overseas warehousing capabilities at its core. JD Logistics, a subsidiary of JD.com, has opened new overseas warehouses in multiple countries globally, including the United States, the United Kingdom, France, Poland, South Korea, Vietnam, and Saudi Arabia [2]. The company has established a comprehensive logistics network in Saudi Arabia, covering warehousing, sorting, and last-mile delivery [2].

The company's strategic initiatives, such as the "One Step Ahead – Accelerated Upgrade Program" for 3C electronics products and the expansion of JD MALL stores, have also contributed to its growth [2]. JD MALL has opened a total of 24 stores as of the end of June 2025, providing customers with an immersive, digitalized, and one-stop shopping experience [2].

In conclusion, while JD.com reported a decline in net income for the second quarter of 2025, the company's revenue growth and digital data indicate strong performance in online sales and user engagement. The company's strategic initiatives and expansion plans suggest a focus on long-term value creation and growth.

References:
[1] https://www.coindesk.com/business/2025/08/12/circle-unveils-layer-1-blockchain-arc-reports-usd428-million-q2-loss
[2] https://www.globenewswire.com/news-release/2025/08/14/3133230/0/en/JD-com-Announces-Second-Quarter-and-Interim-2025-Results.html