JD.com, Inc. (JD)
The company now
JD.com reported second-quarter 2026 net revenues of RMB346.4 billion on 13 August 2026, down 2.9 percent from a year earlier 1. The company said net product revenues fell 5.4 percent, mainly because the second quarter of 2025 was a high base, while net service revenues rose 6.8 percent 1. Net income attributable to ordinary shareholders rose to RMB7.1 billion from RMB6.2 billion 1.
Income from operations was RMB4.5 billion, against a loss of RMB0.9 billion a year earlier 1. Chief executive Sandy Xu said the improvement came mainly from solid profit in JD Retail and a continued narrowing of the loss at JD Food Delivery 1. Food delivery, the business JD entered in 2025, is the main reason profit fell sharply last year 2.
Two matters are open, each on file 12. China's market regulator, the SAMR, notified JD.com on 17 April 2026 of a penalty of about RMB635 million over how it checked third-party cake shops on its platform 1. And the takeover of the German electronics retailer CECONOMY, owner of MediaMarkt and Saturn, still needed regulatory clearances when the annual report was filed 2.
As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.
Newer filings are on file since this was written; an update is queued.
Where the revenue comes from
fiscal 2025, as filedRevenue by product, fiscal 2025
| Product | Fiscal 2025 | Fiscal 2024 | Share of revenue |
|---|---|---|---|
| Electronics and Home Appliance Products | CN¥605.1B | CN¥565.0B | 46.2% |
| General Merchandise Products | CN¥418.7B | CN¥363.0B | 32.0% |
| Logistics and Other Services | CN¥178.2B | CN¥140.7B | 13.6% |
| Online Marketplace and Marketing Services | CN¥107.1B | CN¥90.11B | 8.2% |
As tagged in its annual report (Form 20-F, filed Apr 16, 2026 ↗), read from the SEC's financial statement data sets. The year before is the figure the record holds for the prior fiscal year.
The desk's written account, in full. As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.
Past
Chairman Richard Qiangdong Liu launched an online retail website in January 2004 2. The operating company, Jingdong Century, was set up in April 2007 2. That same year the company decided to build its own nationwide fulfilment network, so it could deliver most orders itself 2.
The online marketplace, where outside merchants sell and pay the company commissions, launched in October 2010 2. On 10 March 2014 JD acquired certain e-commerce businesses from Tencent and formed a partnership under which Tencent gives it access points in Weixin and Mobile QQ 2. Its American depositary shares began trading on Nasdaq on 22 May 2014 2.
The group then listed in Hong Kong in stages: the parent's Class A shares on 18 June 2020, JD Health on 8 December 2020 and JD Logistics on 28 May 2021 2. Both subsidiaries stayed consolidated, meaning JD still reports their results as its own 2.
In June 2020 JD turned its profit-sharing right in the financial-technology firm JD Technology into a 36.8 percent equity stake 2. On 31 March 2021 it moved its cloud computing and artificial intelligence business into JD Technology, which lifted the stake to 41.7 percent 2.
Net revenues were RMB1,084.7 billion in 2023, RMB1,158.8 billion in 2024 and RMB1,309.1 billion in 2025 2. The 2025 total was 13.0 percent above 2024 2. JD Retail grew 10.9 percent and JD Logistics 18.8 percent, the filing says, on stronger supply chain capability and on delivery work for the new food delivery business 2.
In February 2025 JD launched JD Food Delivery 2. Net revenues of the New Businesses segment rose 157.3 percent to RMB49,282 million, which the filing puts down to the rapid scaling of JD Food Delivery and Jingxi 2. Marketing expenses rose 75.1 percent, mainly for promotion of new business initiatives 2.
Income from operations fell to RMB2,774 million in 2025 from RMB38,736 million in 2024, which the filing attributes to increased strategic investment in new business initiatives 2. Outside operations, the share of results of equity investees was a gain of RMB8,025 million, against RMB2,327 million a year earlier 2. Net income was RMB23,142 million, against RMB44,660 million 2.
On 16 June 2025 JD completed taking Dada, a local delivery platform, private 2. Its cash takeover offer for CECONOMY, published on 1 September 2025, secured 59.8 percent of the share capital and voting rights by the close of the additional acceptance period on 27 November 2025 2.
Present
JD Retail: electronics, appliances and general merchandise
JD Retail is the online store where JD buys goods from suppliers and sells them directly to customers, mostly through its mobile apps 2. It sells home appliances, phones, computers, furniture, apparel, cosmetics, food and pharmaceutical products, among others 2. Over 90 percent of orders fulfilled in 2025 were placed through the apps 2.
Electronics and home appliances brought in RMB605,131 million in 2025, 46.2 percent of net revenues, up 7.1 percent (computed) 2. General merchandise brought in RMB418,671 million, 32.0 percent of the total, up 15.3 percent (computed) 2.
In the second quarter of 2026 electronics and home appliance revenues fell 11.8 percent and general merchandise rose 5.6 percent 1. JD Retail earned RMB13.5 billion from operations, against RMB13.9 billion a year earlier, at an operating margin of 4.6 percent 1.
On 11 May 2026 JD opened an official CHANEL flagship store, and on 22 July 2026 Costco named JD its sole official e-commerce partner in China 1. JD MALL, its offline store format, had 30 stores by the end of the second quarter 1.
Marketplace and marketing services
On the marketplace, outside merchants list products and pay JD commissions, and JD also sells advertising to suppliers and merchants 2. Marketplace and marketing revenues rose 8.3 percent in the second quarter of 2026 1. The finance chief called these higher-margin revenues a help to JD Retail's record margin for a peak promotion season 1.
JD Logistics
JD Logistics runs warehousing and delivery for JD and for outside customers 2. At the end of 2025 it operated over 1,600 warehouses covering over 34 million square meters, including 45 Asia No. 1 smart industrial parks in 30 cities 2. It is listed in Hong Kong and consolidated by JD 2.
Its net revenues rose 24.3 percent in the second quarter of 2026, while operating margin slipped to 3.5 percent from 3.8 percent 1. JD Logistics has put thousands of unmanned delivery vehicles into regular use across more than 20 provinces, the company said 1.
JD Health and JD Industrials
JD Health is an online pharmacy and health services platform, listed in Hong Kong in December 2020 2. In April 2026 it opened its first integrated healthcare center in Beijing, covering physical examination, dental care and medical aesthetics 1.
JD Industrials supplies industrial customers and was listed in Hong Kong on 11 December 2025, raising about RMB2.6 billion net 2. In the first half of 2026 it deployed over 70 AI agents across its chain from procurement to fulfilment 1.
New Businesses: food delivery, Jingxi, property and Europe
The New Businesses segment holds JD Food Delivery, Jingxi, JD Property and the overseas businesses 2. Its net revenues fell 47.6 percent in the second quarter of 2026, because on-demand delivery moved to JD Logistics and parts of it were reclassified 1.
Dow Jones reported in March 2026 that JD had swung to a fourth-quarter net loss of 2.71 billion yuan, while locked in a food-delivery price battle with Meituan and Alibaba 4. JD aimed to grow its food-delivery share to 30 percent in 2026 from more than 15 percent, it said 4.
Joybuy, JD's European online retailer, launched on 16 March 2026 in the UK, Germany, France, the Netherlands, Belgium and Luxembourg, Reuters reported 3. It sells over 100,000 products and relies on 60 warehouses and depots across Europe plus its own last-mile delivery service 3.
Offices, warehouses and data centers
JD owns office buildings of about 1,415,000 square meters at its headquarters in Beijing's Yizhuang zone 2. It leases regional offices in 82 other cities 2. In Suqian it owns a global training center, a national customer service center and a data center 2.
People
Richard Qiangdong Liu is chairman, and Sandy Ran Xu is chief executive and an executive director 51. Ian Su Shan is chief financial officer 1. JD had 776,682 employees at the end of 2025, of whom 642,940 worked in warehouses and delivery 2.
Rivals
The annual report names Alibaba, which runs taobao.com and tmall.com, and the retailer Suning.com Group as competitors in online retail 2. In food delivery the rivals are Meituan and Alibaba 4. In Europe Reuters said Joybuy takes aim at Amazon 3.
Current problems
The annual report warns that JD may face legal and regulatory proceedings over consumer protection, competition law, data privacy and more 2. a securities class action over Dada in the United States, in which JD was among the parties, was settled with final court approval in March 2025 2.
Fulfilment spending is rising faster than sales: fulfilment expenses were 7.1 percent of net revenues in the second quarter of 2026, against 6.2 percent a year earlier 1. Research and development rose 37.7 percent in the quarter 1.
The umbrella, in words
The main brands are JD Retail (the jd.com store and apps), JD Logistics, JD Health, JD Industrials, JD Property, JD Food Delivery, Jingxi and Joybuy 213. Exhibit 8.1 of the annual report lists the principal subsidiaries, from Beijing Jingdong Century Trade to JD Logistics, Inc., and the consolidated variable interest entities 6.
Part of the business runs through variable interest entities, contract-controlled companies, because Chinese law limits foreign ownership of value-added telecommunications services 2. JD listed subsidiaries owned: JD Logistics, JD Health and JD Industrials are consolidated 2. JD Property is majority owned and applied on 26 January 2026 for a Hong Kong listing 2.
Stakes and deals: JD owns 54.9 percent of JD Technology but holds about 23.3 percent of its voting power, and the company stays under Liu's control 2. JD invested RMB5 billion in Wanda Commercial Properties in 2018 2. Via JD Logistics it holds 63.57 percent of Kuayue-Express and has agreed to buy the rest 2.
JD also owns 59.8 percent of CECONOMY's share capital through its takeover offer, with closing subject to clearances 2. It owns about 99.7 percent of Deppon, a logistics company delisted from the Shanghai exchange in March 2026 2.
Land: JD owns land use rights and office buildings in Beijing, and has developed, owned or managed modern infrastructure assets across 29 provincial-level regions in China and 12 countries and regions overseas 2. The assets total over 27 million square meters 2.
Control: Class B shares carry 20 votes each and Class A shares one 5. Liu, through Max Smart Limited, holds 73.1 percent of aggregate voting power with 12.7 percent of ordinary shares, the annual report says 2. BlackRock holds 5.2 percent of ordinary shares 2.
Future
The CECONOMY takeover has not closed on the annual report's account, and closing remains subject to merger control, foreign direct investment and foreign subsidies clearances 2. JD said that on closing it expects to consolidate CECONOMY's financial results into its own 2.
JD Property applied on 26 January 2026 to list on the Hong Kong Stock Exchange, and the annual report says there is no assurance as to whether or when the listing may take place 2. JD Logistics has yet to complete the last phase of buying the rest of Kuayue-Express, after which it will hold 100 percent 2.
Finance chief Ian Su Shan said on 13 August 2026 that strategic investments in Joybuy and Jingxi remained on track and that the loss at the New Businesses segment narrowed significantly from a year earlier 1. He added that the ecosystem would keep underpinning business resilience and a healthy financial trajectory 1.
In food delivery, JD said it aimed to lift its share of the market to 30 percent in 2026, Dow Jones reported in March 2026 4. The annual report adds that the company plans to expand its fulfilment network over the next several years by leasing, building or buying more facilities 2.
Under its US$5.0 billion share repurchase program, effective through August 2027, US$1.0 billion remained as of 30 June 2026 1. JD repurchased about 2.5 percent of its ordinary shares in the first half of 2026 1. It declared an annual cash dividend in March 2026 for the year ended 2025 of about US$1.4 billion in total 2.
The company has US$2.0 billion of 0.25 percent convertible senior notes due 1 June 2029, and holders may require repurchase on 1 June 2027 2.
What it may be looking into
Speculation Speculation, labeled as such: where the clues point, how sure the desk is of each, and what would change it. It is not a forecast and not advice.
- Speculation
JD may be preparing to list JD Property in Hong Kong, continuing its pattern of listing business units separately.
Because
- Speculation
JD may be planning to run MediaMarkt and Saturn alongside its Joybuy marketplace as one European retail business.
Because
- Speculation
JD may be turning its in-house AI models into a service for outside hardware and industrial customers.
Because
- JD says its JoyInside agent had partnerships with nearly 200 brands by its 618 promotion, and connected devices had risen over threefold 1.
- JD Industrials launched a June initiative with brand partners to build vertical industry models, and research spending rose 37.7 percent in the second quarter of 2026 1.
How the company works
The desk has not read this company's annual report yet.
The record in brief
five sections from the recordBy the desk, an AI model (Claude Haiku 4.5), written from the company's record on Oct 21, 2026; nothing here is advice. Every sentence rests on the numbered source beside it, and a sentence the record did not support was cut before the report was kept.
A newer current report (Form 6-K, filed 2026-11-12) is on file; this report was written before it, and the desk writes it again on request.
Past
JD. com's revenue grew from CNY 258 billion in fiscal 2016 to CNY 1309 billion in fiscal 2025, up 19.8% a year Revenue rose in 9 of 9 years and never fell from a peak Net income was positive in 6 of 10 of those years Over the three fiscal years to 2025, the diluted share count shrank about 2.2% a year, and dividends and buybacks returned about 55% of operating cash flow The filings since 2017 show no warning events: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice 1
Present
In the fiscal year ended 2025-12-31, JD. com reported revenue of CNY 1.3 trillion and a profit of CNY 20 billion Return on equity was about 9 cents of profit for every dollar of shareholders' money, and gross profitability was about 30 cents per dollar of everything the company owns Leverage was about 68 cents per dollar of assets, and the share count shrank 3.2% over the year The net margin of 1.5% ranks in the top 26% of its industry family, and revenue growth of 7.8% a year over the last three filed years ranks in the top 26% 21
The chief executive is Xu Ran; the chief financial officer is Shan Su The record of the people in charge begins on 2026-03-18, and the chief executive and most of the people in charge have filed since then, showing a floor of 7 months 31
Future
An annual report for the fiscal year ending 2026-12-31 is due by 2027-04-30 Revenue grew 7.8% a year over the last three filed years against 19.8% over all 10, slowing The newest year grew 13% Cash from operations less capital spending is 0.9% of revenue, and research spending is 1.7% of revenue 41
How the company operates
In fiscal 2025, JD. com's revenue came from Electronics and Home Appliance Products at 46%, General Merchandise Products at 32%, Logistics and Other Services at 14%, and Online Marketplace and Marketing Services at 8% All four product lines grew against the year before The company is based in Daxing District, Beijing, China 21
New moves
On 2026-08-13, JD. com filed a Form 6-K interim report as a foreign filer On 2026-07-31, it filed another Form 6-K interim report On 2026-07-28, a Schedule 13G large holder notice was filed 4
Sources
a number beside a sentence opens its entry in its own document's listThe written account 6 sources · as of Nov 4, 2026
- Exhibit 99.1 to Form 6-K: JD.com Announces Second Quarter and Interim 2026 Results ↗JD.com, Inc. (SEC filing) · filed Aug 13, 2026
- Form 20-F, annual report for the year ended 31 December 2025 ↗JD.com, Inc. (SEC filing) · filed Apr 16, 2026
- JD.com launches Joybuy in Europe, targeting Amazon ↗Reuters (James Davey, Helen Reid), published by WHBL · Mar 16, 2026
- Food-Delivery War Pushes JD.com to First Loss in Nearly Four Years -- Update ↗Dow Jones Newswires, published by Tiger Brokers · Mar 5, 2026
- Exhibit 99.1 to Form 6-K: Date of board meeting announcement ↗JD.com, Inc. (SEC filing) · filed Jul 31, 2026
- Exhibit 8.1 to Form 20-F: List of Principal Subsidiaries and Consolidated Variable Interest Entities ↗JD.com, Inc. (SEC filing) · filed Apr 16, 2026
The record in brief 4 sources · written Oct 21, 2026
- JD: the nine metricsthis site's record
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Track record (past, graded 8.1 of 10, weighs 33% of the past): JD.com, Inc.'s 10 filed years say what it did: revenue went from CNY 258 billion in fiscal 2016 to CNY 1309 billion in fiscal 2025, up 19.8% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 6 of 10 of those years (its annual reports).
Shareholder treatment (past, graded 8.2 of 10, weighs 22% of the past): Over the 3 fiscal years to 2025-12-31, JD.com, Inc.'s diluted share count shrank about 2.2% a year, and dividends and buybacks returned about 55% of its operating cash flow over 3 years (its filed statements).
Surviving crises (past, graded 7.8 of 10, weighs 45% of the past): JD.com, Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).
Financial health (present, graded 6.2 of 10, weighs 45% of the present): Return on equity: in the fiscal year ended 2025-12-31, JD.com, Inc. earned about 9 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 30 cents per dollar of everything the company owns (revenue less the cost of revenue).
Leverage: it owed about 68 cents per dollar of assets, and net share issuance: its share count shrank 3.2% over the year (the filed statements).
Industry position (present, graded 7.3 of 10, weighs 33% of the present): JD.com, Inc.'s standing among 17 graded names in its industry family: revenue of CNY 1309 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 1.5% ranks in the top 26%; revenue growth of 7.8% a year over the last 3 filed years ranks in the top 26% (its annual reports).
Leadership (present, an SI estimate at 4.3 of 10, weighs 22% of the present): SI estimate, not a filed reading: JD.com, Inc.'s leadership is put at 4.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merg
Growth drivers (future, graded 5.7 of 10, weighs 45% of the future): JD.com, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 7.8% a year over the last three filed years against 19.8% over all 10, slowing (bottom 26% of its family); the newest year grew 13% (top 21%); research spending grew 9.6% a year (bottom 38%); capital spending grew 12.4% a year (top 16%) (its annual r
Growth drivers (future, graded 5.7 of 10, weighs 45% of the future): JD.com, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 7.8% a year over the last three filed years against 19.8% over all 10, slowing (bottom 26% of its family); the newest year grew 13% (top 21%); research spending grew 9.6% a year (bottom 38%); capital spending grew 12.4% a year (top 16%) (its annual r
Room to expand (future, graded 5.1 of 10, weighs 22% of the future): JD.com, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of CNY 137 billion against debt of CNY 42 billion leaves 13.8% of its assets as net cash, top 19% of its family; cash from operations less capital spending is 0.9% of revenue (top 44%); a gross margin of 16% (bottom 17%); research spending of 1.7% o
JD.com, Inc. reported 4 product lines in fiscal 2025: Electronics and Home Appliance Products at CNY 605 billion (46%), General Merchandise Products at CNY 419 billion (32%), Logistics and Other Services at CNY 178 billion (14%), and 1 more; 4 of 4 grew against the year before (its annual report).
- JD: the company filethis site's record
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In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of CNY 1.3 trillion and a profit of CNY 20 billion (its filed statements).
Where the revenue comes from, fiscal 2025, as tagged in its annual report (Form 20-F, filed 2026-04-16): product and service lines: Electronics and Home Appliance Products 46%, General Merchandise Products 32%, Logistics and Other Services 14%, Online Marketplace and Marketing Services 8%.
Identity: JD.com, Inc. is classed by the SEC under Retail-Retail Stores, NEC (industry code 5990), based in Daxing District, Beijing, CN.
- JD: insiders and the paper traila filing
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Insider roster by name: Xu Ran (Chief Executive Officer, officer and director; 0 filings, 0 sales, 0 purchases, last 2026-07-06); Shan Su (Chief Financial Officer, officer; 0 filings, 0 sales, 0 purchases, last 2026-07-06); Zhang Pang (Chief Human Resources Officer, officer; 0 filings, 0 sales, 0 purchases, last 2026-04-03); Li Carol Yun Yau (director; 0 filings, 0 sales, 0 purchases, last 2026-09
- JD: the filing record, ten yearsa filing
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Deadline ahead: Annual report, foreign filer (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30; foreign filers have four months after the fiscal year ends.
2026-08-13: Form 6-K, Interim report, foreign filer.
Document: https://www.sec.gov/Archives/edgar/data/1549802/000119312526347753 2026-07-31: Form 6-K, Interim report, foreign filer.
Document: https://www.sec.gov/Archives/edgar/data/1549802/000119312526326847 2026-07-28: Form SCHEDULE 13G, Large holder notice.