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JD.com Reports Strong Q1 2025 Results Driven by Growth in Retail and New Initiatives

• Operating Margin Improvement
  JD.com reported an operating margin of 4.9% for the first quarter of 2025, an increase from 4.1% in the same quarter of 2024.
• Net Income for Shareholders
  For the first quarter of 2025, net income attributable to the Company’s ordinary shareholders was RMB10.9 billion (US$1.5 billion), compared to RMB7.1 billion in the first quarter of 2024. Net margin for this period was 3.6%, up from 2.7% year-on-year.
• Non-GAAP Net Income
  The non-GAAP net income attributable to the Company’s ordinary shareholders stood at RMB12.8 billion (US$1.8 billion) for Q1 2025, increasing from RMB8.9 billion in Q1 2024. The non-GAAP net margin was 4.2%, compared to 3.4% the previous year.
• Diluted Earnings Per ADS
  Diluted net income per American Depositary Share (ADS) was RMB7.19 (US$0.99) for Q1 2025, compared to RMB4.53 in Q1 2024. Non-GAAP diluted net income per ADS was RMB8.41 (US$1.16), compared to RMB5.65 in the same quarter of 2024.

“We saw a strong start to the year, with solid results on both the top and bottom lines in Q1,” stated Sandy Xu, Chief Executive Officer of JD.com. “Our performance was supported by improving consumer sentiment and continued enhancements to JD’s supply chain capabilities and user experience. User growth was particularly strong during the quarter, reflecting the increasing trust and mindshare JD has earned from consumers.”

“In the first quarter, both our product and service revenues achieved double-digit growth year-on-year. We maintained robust momentum in our core JD Retail business while exploring exciting opportunities for long-term success,” said Ian Su Shan, Chief Financial Officer of JD.com.

Updates on Share Repurchase Program
Under its US$5.0 billion share repurchase program initiated in August 2024, JD.com repurchased approximately 80.7 million Class A ordinary shares (equivalent to 40.4 million ADSs) for about US$1.5 billion from January 1, 2025, until this announcement. As of the latest update, the remaining amount in the program is US$3.5 billion.

The total shares repurchased since January 1, 2025, accounted for around 2.8% of the company’s ordinary shares outstanding as of December 31, 2024. These shares were repurchased from both Nasdaq and the Hong Kong Stock Exchange.

Business Highlights

• JD Retail:
  In Q1, JD.com strengthened its partnerships with leading digital product manufacturers, such as Xiaomi, focusing on innovation and marketing. The company launched new products from well-known fashion brands like La Prairie and Crocs. Additionally, JD.com initiated an export-to-domestic sales program aiming to procure RMB200 billion in goods for Chinese consumers.
• New Business:
  In February 2025, JD.com launched its food delivery service as part of its on-demand retail expansion. By addressing consumer demand for quality meals and reasonable commission fees for merchants, JD Food Delivery aims to enhance user experiences and engagement while leveraging the company’s existing logistics.
• JD Health:
  JD Health further established itself as a leader in the online marketplace for new medicines. It introduced several innovative drugs from major pharmaceutical companies and focused on medical AI applications, achieving over 80% AI-aided medical consultations with a 91% satisfaction rate for its AI nutritionist.

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JD Logistics Expands Global Reach Amid Strong First Quarter Earnings

JD Logistics:

• In the first quarter, JD Logistics (“JDL”) made significant moves to broaden its global presence. In January, JDL launched an international air cargo route connecting Shenzhen, China, with Bangkok, Thailand. This route is designed to enhance the efficiency of cross-border goods flow. By March, JDL’s second warehouse in Warsaw, Poland, began operations, offering integrated supply chain and logistics services tailored for both Chinese firms and local European businesses, enabling streamlined logistics solutions.

  On March 24, 2025, JDL opened its operations center in Hong Kong. This milestone enhances its express delivery network in the region and improves service efficiency. Since upgrading its Hong Kong services in October 2023, JDL has worked to expand its foothold in the market, providing premium express delivery and fostering collaborations with local enterprises.

Environment, Social and Governance

• Starting March 1, 2025, JD.com began contributing to social insurances and housing funds for its full-time food delivery riders, covering both employer and employee contributions. Additionally, JD.com will provide accident and health insurance for part-time food delivery riders, becoming the first platform in China to offer this comprehensive social benefit package.
• Reflecting JD.com’s dedication to job creation and social contributions, the company employed around 700,000 personnel within the JD Ecosystem as of March 31, 2025. This figure includes employees, part-time staff, interns, and personnel from affiliates. The total expense for these human resources, along with expenditures for external personnel, reached RMB128.8 billion for the fiscal year ending March 31, 2025.

First Quarter 2025 Financial Results

Net Revenues

Net revenues surged to RMB301.1 billion (US$41.5 billion), marking a 15.8% increase for Q1 2025 compared to RMB260.0 billion in Q1 2024. Net product revenues climbed by 16.2%, while net service revenues rose by 14.0% year-over-year.

Cost of Revenues

The cost of revenues grew by 15.0%, reaching RMB253.2 billion (US$34.9 billion) in Q1 2025, up from RMB220.3 billion in Q1 2024.

Fulfillment Expenses

Fulfillment expenses, including procurement, warehousing, delivery, customer service, and payment processing, increased by 17.4% to RMB19.7 billion (US$2.7 billion) for Q1 2025, from RMB16.8 billion in Q1 2024. Fulfillment expenses represented 6.6% of net revenues, compared to 6.5% from the prior year.

Marketing Expenses

Marketing expenses rose to RMB10.5 billion (US$1.5 billion), reflecting a 13.9% increase from RMB9.3 billion the previous year. These expenses accounted for 3.5% of net revenues, slightly down from 3.6% in Q1 2024.

Research and Development Expenses

Research and development expenditures grew to RMB4.6 billion (US$0.6 billion), a 14.6% increase from RMB4.0 billion in Q1 2024. This expense was 1.5% of net revenues, down from 1.6% the previous year.

General and Administrative Expenses

General and administrative expenses saw a 22.2% increase, totaling RMB2.4 billion (US$0.3 billion), compared to RMB2.0 billion in Q1 2024. As a percentage of net revenues, these expenses remained stable at 0.8%.

Income from Operations and Non-GAAP Income from Operations

Income from operations increased to RMB10.5 billion (US$1.5 billion), representing a 36.8% rise from RMB7.7 billion in Q1 2024. The operating margin improved to 3.5% versus 3.0% in the prior year. Non-GAAP income from operations also saw a 31.4% increase, rising to RMB11.7 billion (US$1.6 billion) from RMB8.9 billion year-over-year. Non-GAAP operating margin was 3.9%, up from 3.4% the previous year.

Non-GAAP EBITDA

Non-GAAP EBITDA increased by 27.0% to RMB13.7 billion (US$1.9 billion), compared to RMB10.8 billion in Q1 2024. The non-GAAP EBITDA margin stood at 4.6%, up from 4.1% year-over-year.

Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income

Net income for ordinary shareholders rose to RMB10.9 billion (US$1.5 billion), a notable 52.7% increase from RMB7.1 billion in Q1 2024, reflecting a net margin of 3.6%. Non-GAAP net income attributable to these shareholders increased to RMB12.8 billion (US$1.8 billion), a 43.4% rise from RMB8.9 billion the previous year, resulting in a non-GAAP net margin of 4.2%.

Diluted EPS and Non-GAAP Diluted EPS

Diluted net income per ADS increased to RMB7.19 (US$0.99), an increase of 58.7% from RMB4.53 in Q1 2024. Non-GAAP diluted net income per ADS reached RMB8.41 (US$1.16), up by 48.8% compared to RMB5.65 last year.

Cash Flow and Working Capital

As of March 31, 2025, the Company’s cash and cash equivalents…

# Company Reports Decline in Cash Flow for Q1 2025

## Financial Overview

As of March 31, 2025, the company reported that its restricted cash and short-term investments totaled RMB203.4 billion (US$28.0 billion). This marks a decrease from RMB241.4 billion recorded on December 31, 2024.

### Free Cash Flow Summary

The company has detailed its free cash flow for the first quarter of 2025, as follows:

		For the three months ended
		March 31, 2024		March 31, 2025		US$
(In millions)
Net cash used in operating activities		(11,315	)	(18,262	)	(2,517	)
Less: Impact from consumer financing receivables included in the operating cash flow		(1,281	)	(1,018	)	(140	)
Less: Capital expenditures, net of related sales proceeds		(2,880	)	(2,323	)	(320	)
Capital expenditures for development properties		(1,360

### Conclusion

In summary, the company’s financials reflect a notable decrease in free cash flow compared to previous periods. Continuous monitoring and strategic adjustments will be vital as the company navigates the upcoming quarters.# Company Reports Financial Insights for Q1 2025

		(915			(126
Other capital expenditures*		(1,520			(1,408			(194
Free cash flow		(15,476	)		(21,603	)		(2,977	)

* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

For the first quarter of 2025, the company reported net cash provided by investing activities at RMB16.2 billion (US$2.2 billion). This amount primarily came from net cash received from the maturity of time deposits, wealth management products, and equity investments, partially offset by capital expenditures.

Additionally, net cash used in financing activities was RMB7.3 billion (US$1.0 billion), mainly for repaying borrowings and repurchasing ordinary shares.

For the twelve months ending March 31, 2025, the company’s free cash flow is detailed below:

		For the twelve months ended
		March 31, 2024			March 31, 2025			March 31, 2025

# Financial Update: Comprehensive Overview of Cash Flow and Capital Expenditures

RMB			RMB			US$
(In millions)
Net cash provided by operating activities		69,813			51,148			7,048
(Less)/Add: Impact from consumer financing receivables included in the operating cash flow		(1,191	)		131			18
Less: Capital expenditures, net of related sales proceeds		(18,045	)		(13,666	)		(1,883	)
Capital expenditures for development properties		(11,332	)		(6,841	)		(943	)
Other capital expenditures		(6,713	)		(6,825	)		(940	)
Free cash flow

# JD.com Reports Continued Growth in Key Business Segments

## Overview of Segments

JD.com (JD) operates through three reportable segments: JD Retail, JD Logistics, and New Businesses. JD Retail focuses primarily on online retail, online marketplace, and marketing services in China. It encompasses JD Health and JD Industrials, among other areas. JD Logistics includes both internal and external logistics operations. New Businesses mainly comprise Dada, JD Property, Jingxi, and international ventures.

## Financial Performance: Key Highlights

Below are the financial results for JD.com as of March 31 for the fiscal years 2024 and 2025.

| Segment | Q1 2024 (RMB million) | Q1 2025 (RMB million) | Change (%) |
|——————|———————–|———————–|————–|
| JD Retail | 226,835 | 263,845 | xx% |
| JD Logistics | 42,137 | xx | xx% |
| New Businesses | 5,183 | xx | xx% |

*Note: Detailed figures for Q1 2025 for JD Logistics and New Businesses are pending.*

### Net Revenues Breakdown

– **JD Retail** recorded revenues of RMB 226,835 million in Q1 2024, increasing to RMB 263,845 million in Q1 2025.
– **JD Logistics** generated RMB 42,137 million in Q1 2024. The updated figure for Q1 2025 will be confirmed in future releases.
– **New Businesses** showed revenue consistent with current strategies.

Supplemental Information

JD.com’s diversified structure allows it to adapt to dynamic market conditions, positioning its core segments for growth. While the immediate figures for JD Logistics and New Businesses in Q1 2025 are not yet available, the upward trend in JD Retail indicates robust performance overall. Investors should remain attentive to upcoming announcements that will provide further insights into these growing areas.

The financial strength demonstrated in JD Retail exemplifies the increasing demand for online shopping and services in China, underscoring the company’s resilience and strategic planning in navigating competitive challenges. Overall, these results reinforce JD.com’s position as a leader in the e-commerce sector.# Overview of JD Group’s Recent Financial Performance

### Key Financial Figures

| Category | Q1 2023 (in RMB million) | Q1 2024 (in RMB million) |
|——————————|————————-|————————-|
| Total Net Revenues | **260,049** | **301,082** |
| Cost of Revenues | | |
| JD Retail | (190,062) | (219,395) |
| JD Logistics | (39,052) | (43,785) |
| New Businesses | (4,870) | (5,753) |
| **Inter-segment Eliminations** | (13,793) | (15,483) |
| **Total Consolidated Revenues** | **260,049** | **301,082** |
| **Net Profit** | **41,490** | **(30,234)** |

### Breakdown of Revenues

JD Group’s total consolidated net revenues increased from **260,049** million RMB in Q1 2023 to **301,082** million RMB in Q1 2024. This growth indicates strong market demand and operational success within their segments.

1. **JD Retail** continues to be a significant revenue driver, but costs are rising. Its cost of revenues climbed from **190,062** million RMB to **219,395** million RMB.

2. **JD Logistics** experienced a similar trend, with costs increasing from **39,052** million RMB to **43,785** million RMB.

3. The impact of *New Businesses* also showed an upward trend, as costs rose from **4,870** million RMB to **5,753** million RMB.

### Inter-Segment Eliminations

Inter-segment eliminations reflect adjustments at the group level to avoid double-counting revenues among subsidiaries. This figure showed an increase from **(13,793)** million RMB to **(15,483)** million RMB.

### Conclusion

JD Group’s financial statements for Q1 2024 reveal substantial growth in total revenues. Despite rising costs across various sectors, the net profit demonstrates resilience. Stakeholders should monitor these developments as JD Group navigates its market strategies.# JD’s Financial Summary Highlights Operating Expenses Across Segments

(4,031	)		(4,586	)		(632	)
Inter-segment eliminations*	12,892			14,539			2,004
Less: Operating Expenses:
JD Retail	(27,448	)		(31,604	)		(4,355	)
JD Logistics	(2,861	)		(3,037	)		(418	)
New Businesses	(1,509	)		(2,494	)		(344	)
Inter-segment eliminations*	901			944			130
Income/(loss) from operations:

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JD Commerce Reports Financial Overview: Key Insights on Operations

JD Retail	9,325			12,846			1,770
JD Logistics	224			145			20
New Businesses	(670)			(1,327)			(183)
Total segment income from operations	8,879			11,664			1,607
Unallocated items**	(1,179)			(1,131)			(156)
Total consolidated income from operations	7,700			10,533			1,451
Share of results of equity investees	(730)

“`# JD Reports Strong Consolidated Income and Revenue Growth

## Key Financial Highlights

Analyses of JD’s financial performance reveal significant figures worth noting. The total consolidated income before tax reported was **$9,065 million**, while the total for the previous period stood at **$13,342 million**. The data indicates fluctuations that stakeholders must carefully consider.

### Interest Expense Overview

A breakdown of expenses illustrates that **interest expenses** were reported at **$601 million**, reflecting an increase. This raises questions on cash flow management and operational costs related to debt.

### Net Revenue Trends

Considering the overall financial landscape, the **net revenue changes** year-over-year shed light on JD’s growth trajectory:

– **JD Retail** showed a **6.8%** increase compared to the previous year, which is an encouraging sign for retail operations.
– **JD Logistics** demonstrated even more robust growth, with a **14.7%** year-over-year rise, indicating a significant expansion in logistics capabilities.

## Additional Financial Insights

Despite the gains, it’s essential to contextualize the financial figures. The **net revenue statistics** suggest that the company is navigating a challenging economic environment while still managing to achieve positive growth rates in crucial sectors.

### Closing Remarks

In summary, JD’s latest financial report highlights a complex picture of steady growth coupled with rising expenses. The juxtaposition of robust revenue growth in logistics against the challenges in retail illustrates a company that is evolving. Stakeholders should monitor these trends as JD continues to adapt to market demands.“`html

JD’s Financial Performance Highlights in Recent Quarter

New Businesses	(19.2	)%		18.1	%
Operating Margin:
JD Retail	4.1	%		4.9	%
JD Logistics	0.5	%		0.3	%
New Businesses	(13.8	)%		(23.1	)%

* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics.

** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets, which are not allocated to segments.

The table below outlines the revenue information:

For the three months ended

“`# Financial Performance Summary: March 2024 & March 2025

## Key Dates

March 31, 2024		March 31, 2025		March 31, 2025		YoY% Change
	RMB		RMB		US$
	(In millions, except percentage data)

## Revenue Breakdown

Electronics and home appliances revenues	123,212		144,295		19,884	17.1	%
General merchandise revenues	85,296		98,014		13,507	14.9	%
Net product revenues	208,508		242,309		33,391	16.2	%
Marketplace and marketing revenues	19,289		22,320		3,076	15.7	%
Logistics and other service revenues	32,252		36,453		5,023	13.0	%
Net service revenues	51,541

# JD.com to Discuss Q1 2025 Financial Results in Upcoming Conference Call

	58,773		8,099	14.0	%
Total net revenues	260,049		301,082		41,490	15.8	%

Conference Call

JD.com’s management will hold a conference call at 8:00 am Eastern Time on May 13, 2025 (8:00 pm Beijing/Hong Kong Time) to discuss the financial results for the first quarter of 2025.

Participants are encouraged to register in advance using the link below and to dial in 15 minutes prior to the call. Details including the participant dial-in numbers, Passcode, and unique access PIN will be provided after registration. After completing the registration process, participants will be automatically connected to the live call, although they may need to use the conference ID provided below for regional restrictions.

PRE-REGISTER LINK:
Registration Link

CONFERENCE ID: 10046856

A telephone replay will be available for one week, until May 20, 2025. The dial-in details are as follows:

US:	+1-855-883-1031
International:	+61-7-3107-6325
Hong Kong:	800-930-639
Chinese Mainland:	400-120-9216
Passcode:	10046856

A live and archived webcast of the conference call will also be available on JD.com’s investor relations website at:
JD.com Investor Relations.

About JD.com

JD.com is a prominent technology and service provider, specializing in supply chain solutions. The company’s advanced retail infrastructure allows consumers to purchase products whenever and wherever they choose. JD.com has also opened its technology and infrastructure to partners and brands through its Retail as a Service initiative to enhance productivity and innovation across various industries.

Non-GAAP Measures

To evaluate the business, JD.com uses non-GAAP measures, such as non-GAAP income/(loss) from operations, operating margin, and net income/(loss) attributable to ordinary shareholders. These measures supplement the review of operating performance but do not replace information prepared according to U.S. GAAP standards. Non-GAAP income/(loss) from operations excludes items like share-based compensation and amortization related to acquisitions. Similarly, non-GAAP net income excludes certain gains and losses to provide a clearer picture of operational performance.

# JD.com Details Non-GAAP Financial Measures and Forward-Looking Statements

JD.com outlines its non-GAAP financial measures, which include the evaluation of long-term investments, impairment of goodwill, adjustments for long-lived assets, gains from the sale of development properties, and tax effects.

## Definition of Free Cash Flow and Non-GAAP Metrics

The Company defines free cash flow as operating cash flow adjusted for consumer financing receivables and capital expenditures, net of sales proceeds. Capital expenditures cover purchases of property, equipment, software, and construction expenses. Additionally, non-GAAP EBITDA is calculated as non-GAAP income/(loss) from operations, plus depreciation and amortization, excluding the amortization of intangible assets from acquisitions.

Non-GAAP basic net income/(loss) per share is determined by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of shares outstanding. Non-GAAP diluted net income/(loss) per share includes the impact of potential dilutive shares, like share-based awards and convertible senior notes. To calculate non-GAAP net income/(loss) per American depositary share (ADS), the non-GAAP net income/(loss) per share is multiplied by two.

## Purpose of Non-GAAP Financial Measures

These non-GAAP measures enable management to assess operating performance and develop business strategies. They reflect ongoing operations, allowing for more meaningful comparisons over time. Free cash flow provides insights into liquidity, while also considering consumer financing receivables and the financial demands from expanding fulfillment infrastructure and technology.

The Company believes non-GAAP measures help investors understand operating performance and future prospects similarly to management’s perspective. They exclude certain expenses or gains that may not signify future cash outcomes. Such measures can clarify the Company’s core operations and outlook.

## Limitations of Non-GAAP Financial Metrics

While non-GAAP measures serve as analytical tools, they do not encompass all income and expense items affecting operations. These measures may also differ from those used by peers, limiting comparability. To mitigate these limitations, the Company reconciles non-GAAP measures to the nearest U.S. GAAP performance measure. It encourages a comprehensive review of financial information rather than reliance on singular metrics.

## Contact Information

Investor Relations
Sean Zhang
+86 (10) 8912-6804
[email protected]

Media Relations
+86 (10) 8911-6155
[email protected]

## Safe Harbor Statement

This statement contains forward-looking statements under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Phrases such as “will,” “expects,” “anticipates,” and similar terms indicate forward-looking statements, including management’s business outlook and JD.com’s strategic plans.

These statements are subject to risks and uncertainties that could cause actual results to differ materially. Factors impacting performance include growth strategies, customer retention, market acceptance of products, and competition in the Chinese e-commerce sector. Additional risks include changes in laws, regulations, acquisitions, and economic conditions.

Further information about these risks is available in JD.com’s filings with the SEC. This information is current as of the announcement date, and JD.com has no obligation to update any forward-looking statements, unless required by law.

# Financial Update: Asset Figures as of March 2025

JD.com, Inc.

Unaudited Interim Condensed Consolidated Balance Sheets

(In millions, except otherwise noted)

As of
December 31, 2024		March 31, 2025		March 31, 2025
ASSETS
Current assets
Cash and cash equivalents		108,350		96,778		13,336
Restricted cash		7,366		9,279		1,279
Short-term investments		125,645		97,385		13,420
Accounts receivable, net (including consumer financing receivables of RMB2.0 billion and RMB1.3 billion as of December 31, 2024 and March 31, 2025, respectively)1		25,596		31,380		4,324
Advance to suppliers		7,619		6,140		846
Inventories, net		89,326

# Financial Overview: Current and Non-Current Assets Report

		2023		2022		2021
Current Assets		386,698		357,230		49,227
Prepayments and other current assets		15,951		15,712		2,165
Amount due from related parties		4,805		3,344		461
Assets held for sale		2,040		1,778		245
Total current assets		386,698		357,230		49,227

Non-Current Assets

Property, equipment and software, net		82,737		83,054		11,445
Construction in progress		6,164		7,039		970
Intangible assets, net		7,793		7,510		1,035
Land use rights, net		36,833		36,820		5,074
Operating lease right-of-use assets		24,532		25,621

# JD.com Reveals Strong Financial Position in Latest Balance Sheet

JD.com, Inc.
Unaudited Interim Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)
		As of
		December 31, 2024
Goodwill		3,531		25,709		3,543
Investment in equity investees		56,850		52,138		7,185
Marketable securities and other investments		59,370		71,755		9,888
Deferred tax assets		2,459		2,430		335
Other non-current assets		9,089		8,556		1,179
Total non-current assets		311,536		320,632		44,185
Total assets		698,234		677,862		93,412

This balance sheet reveals JD.com’s solid financial health, highlighted by significant assets, which have remained steady regardless of market fluctuations. Analysts will likely focus on these figures during upcoming evaluations.# Financial Overview: Current Liabilities as of March 31, 2025

## Summary of Liabilities

The financial data presented shows the current liabilities of a company as of March 31, 2025. The figures below reflect the company’s immediate fiscal obligations segmented into various categories.

### Key Financial Data

**Current Liabilities:**

| Description | RMB | RMB | US$ |
|————————————-|————|————|————|
| **Short-term debts** | 7,581 | 4,230 | 583 |
| **Accounts payable** | 192,860 | 176,736 | 24,355 |
| **Advance from customers** | 32,437 | 34,055 | 4,693 |
| **Deferred revenues** | 2,097 | 2,166 | 299 |
| **Taxes payable** | 9,487 | 5,496 | 757 |
| **Amount due to related parties** | 1,367 | 2,954 | 407 |
| **Accrued expenses and other current liabilities** | 45,985 | – | – |

### Breakdown of Components

– **Short-term Debts:** This encompasses immediate loans and financial obligations that are due within a year. The reported RMB values reflect a balance of 7,581.

– **Accounts Payable:** The largest component of liabilities, amounting to 192,860 RMB, indicates the amount owed to suppliers and creditors, underlining the company’s operational engagements.

– **Advance from Customers:** Companies often receive payments ahead of delivering goods or services. This liability stands at 32,437 RMB.

– **Deferred Revenues:** This category reflects revenues that have been collected but not yet earned, totaling 2,097 RMB.

– **Taxes Payable:** A key obligation for any business, the taxes payable sum to 9,487 RMB, highlighting the firm’s tax responsibilities.

– **Amount Due to Related Parties:** This may point to transactions with affiliates or subsidiaries, currently recorded at 1,367 RMB.

– **Accrued Expenses:** The standing accrued expenses total 45,985 RMB, which consists of costs that have been incurred but not yet paid.

### Conclusion

The financial standing presented in this data provides key insights into the current liabilities of the company, reflecting both immediate obligations and operational health. These figures are crucial for stakeholders evaluating the company’s financial stability and liquidity as of March 31, 2025.# Financial Overview: Current and Non-Current Liabilities Breakdown

## Total Current Liabilities
Current liabilities represent obligations that a company must settle within one year. The following table provides a detailed snapshot of current liabilities for the specified periods:

50,626		6,976
Operating lease liabilities		7,606		7,801		1,075
Liabilities held for sale		101		65		9
Total current liabilities		299,521		284,129		39,154

## Non-Current Liabilities
The section below delves into non-current liabilities, which are due beyond one year:

Non-current liabilities
Deferred revenues		502		424		58
Unsecured senior notes		24,770		24,758		3,412
Deferred tax liabilities		9,498		8,440		1,163
Long-term borrowings		31,705		31,492		4,340
Operating lease liabilities		18,106		19,151		2,639
Other non-current liabilities		835		797

This financial overview provides a comprehensive view of current and non-current liabilities, essential for assessing a company’s fiscal health and operational strategies.# JD.com Financial Overview: Key Liabilities and Shareholder Equity Insights

Total non-current liabilities		85,416		85,062		11,722
Total liabilities		384,937		369,191		50,876
MEZZANINE EQUITY		484		263		36
SHAREHOLDERS’ EQUITY
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000 million shares authorized, 2,981 million shares issued and 2,883 million shares outstanding as of March 31, 2025)		239,347		234,322		32,291
Non-controlling interests		73,466		74,086		10,209
Total shareholders’ equity		312,813		308,408		42,500

The financial details provided offer a snapshot of JD.com’s current financial standing, showcasing both liabilities and equity. This allows investors and analysts to assess the company’s fiscal health efficiently.# JD.com Reports Financial Outcomes for March Quarter of 2024

Total liabilities, mezzanine equity and shareholders’ equity							698,234	677,862	93,412
(1) JD Technology performs credit risk assessment services for consumer financing receivables business and absorbs the credit risk of the underlying consumer financing receivables. Facilitated by JD Technology, the Company periodically securitizes consumer financing receivables through the transfer of those assets to securitization plans and derecognizes the related consumer financing receivables through sales-type arrangements.

“`# Financial Overview Reveals Key Revenue and Cost Metrics

JD.com, Inc.
Unaudited Interim Condensed Consolidated Statements of Operations
(In millions, except per share data)
	For the three months ended
	March 31, 2024			March 31, 2025			March 31, 2025
	RMB			RMB			US$
Net revenues
Net product revenues	208,508			242,309			33,391
Net service revenues

			51,541			58,773		8,099
Total net revenues	260,049			301,082			41,490
Cost of revenues	(220,279	)		(253,234	)		(34,897	)
Fulfillment	(16,806	)		(19,737	)		(2,720	)
Marketing	(9,254	)		(10,543	)		(1,453	)
Research and development	(4,034	)		(4,621	)		(637	)
General and administrative	(1,976	)

# Financial Overview: Key Income Metrics and Results

Income from Operations (2)(3)	7,700			10,533			1,451
Other Income/(Expenses)
Share of Results of Equity Investees	(730	)		1,330			183
Interest Expense	(601	)		(600	)		(82	)
Others, Net (4)	2,696			2,079			287
Income Before Tax	9,065			13,342			1,839

# Financial Overview: Recent Income Tax and Net Income Insights

## Income Tax Expenses Overview

The income tax expenses for the reporting period include:

– **Current Year**: $(1,700)
– **Previous Year**: $(2,063)
– **Quarterly Change**: $(285)

## Net Income Analysis

The results for net income reveal:

– **Total Net Income**:
– Current Year: **$7,365**
– Previous Year: **$11,279**
– Changes in Shareholder Value:
– Non-controlling Interests: **$235** (current), **$389** (previous)
– Company’s Ordinary Shareholders: **$7,130** (current), **$10,890** (previous)
– Earnings Based on Shareholder Value:
– Non-controlling: **$53**
– Total shareholder earnings: **$1,501** (current)

## Net Income Per Share Breakdown

### Basic Earnings Per Share

– **Current Year**:
– Basic: **$2.28**
– Non-controlling Interests: **$3.76**
– Company’s Ordinary Shareholders: **$0.52**

The reported net income and earnings per share reflect significant fluctuations year over year. Understanding these financial metrics is crucial for stakeholders monitoring the company’s performance and future potential.# JD.com Reports Solid Earnings for the First Quarter

JD.com, Inc.
Unaudited Interim Condensed Consolidated Statements of Operations
(In millions, except per share data)
		For the three months ended
		March 31, 2024				March 31, 2025				March 31, 2025
		RMB				RMB				US$
Net income per ADS:	2.27				3.59			0.50
Basic	4.56			7.51			1.04
Diluted	4.53			7.19			0.99

In its recent earnings announcement, JD.com reported mixed results for the first quarter. This includes notable figures for net income per American Depositary Share (ADS), which stands at 2.27 for the quarter ending March 31, 2024. For the same period in the following year, net income per ADS is projected to rise to 3.59.

Basic income per share reached 4.56 in the first quarter of 2024, whereas the diluted income per share for that quarter was reported at 4.53. Comparatively, the projections for March 31, 2025, show expected increases to 7.51 and 7.19 for basic and diluted income per share, respectively.

The information reflects JD.com’s ongoing performance amid a competitive market landscape and emphasizes the company’s resilience and growth potential moving forward. Please stay tuned for further updates on JD.com’s financial trajectory as market conditions evolve.# Company Financial Data: Detailed Breakdown of Share-Based Compensation

### Overview: Share-Based Compensation Breakdown
The following data outlines the impact of share-based compensation on various financial categories.

### Breakdown of Costs
#### Cost of Revenues
– **Total**: (26)

#### Fulfillment Costs
– **Total**: (110)

#### Marketing Expenses
– **Total**: (83)

#### Research and Development
– **Total**: (175)

#### General and Administrative Costs
– **Total**: (365)

### Summary of Financial Impact
The total share-based compensation amounts across all categories are as follows:
– **Total Cost of Revenues**: (759)
– **Fulfillment Costs**: (767)
– **General and Administrative Expenses**: (106)

This summary provides a clear view of the financial implications of share-based compensation within the company’s fiscal structure.# Company Financial Performance Summary: Detailed Breakdown of Expenses

## Understanding Key Expense Categories

The following outlines the amortization of the business cooperation arrangement along with intangible assets resulting from asset and business acquisitions.

### Fulfillment Expenses
– **Total Fulfillment Cost**: $(103,000)
– **Previous Period**: $(49,000)
– **Change**: $(7,000)

### Marketing Expenses
– **Total Marketing Cost**: $(219,000)
– **Previous Period**: $(279,000)
– **Change**: $(38,000)

### Research and Development Expenses
– **Total R&D Cost**: $(66,000)
– **Previous Period**: $(36,000)
– **Change**: $(5,000)

### General and Administrative Expenses
– **Total G&A Cost**: $(32,000)
– **Previous Period**: Not applicable
– **Change**: Not applicable

## Total Expense Summary
– **Overall Total Expenses**:
– Current Year: $(420,000)
– Previous Period: $(364,000)
– Change: $(50,000)

This financial breakdown provides insight into the company’s expenditure across various operational domains, enabling stakeholders to assess performance trends and make informed decisions.# JD.com Reports Non-GAAP Financial Results for Q1 2025

JD.com, Inc.
Unaudited Non-GAAP Net Income Per Share and Per ADS
(In millions, except per share data)
	For the three months ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$
Non-GAAP net income attributable to the Company’s ordinary shareholders	8,899		12,758		1,758
Non-GAAP net income per share:
Basic	2.85		4.40		0.61
Diluted	2.83		4.21		0.58

# JD.com Reports Financial Results for Q1 2024 and Q1 2025

## Non-GAAP Net Income per ADS

In this section, we detail the non-GAAP net income per American Depositary Share (ADS) for JD.com:

| | Q1 2024 | Q1 2025 |
|———————————-|————|————|
| **Basic** | 5.69 | 8.80 |
| **Diluted** | 5.65 | 8.41 |

## Weighted Average Number of Shares

Next, we present the weighted average number of shares for both basic and diluted shares.

| | Q1 2024 | Q1 2025 |
|———————————-|————|————|
| **Basic** | 3,126 | 2,898 |
| **Diluted** | 3,144 | 3,035 |

## Unaudited Interim Condensed Consolidated Statements of Cash Flows and Free Cash Flow

The following table summarizes JD.com’s cash flow for the three months ended March 31, across two consecutive years.

| | March 31, 2024 | March 31, 2025 |
|———————————-|—————-|—————-|
| **Cash Flows from Operating Activities** | | |
| **Cash Flows from Investing Activities** | | |
| **Cash Flows from Financing Activities** | | |
| **Net Increase in Cash and Cash Equivalents** | | |

This concise data overview reflects JD.com’s financial health and operational performance.# Financial Summary for March 31, 2025

March 31, 2025
	RMB			RMB			US$
Net cash used in operating activities	(11,315)			(18,262)			(2,517)
Net cash provided by investing activities	28,414			16,236			2,237
Net cash used in financing activities	(7,445)			(7,288)			(1,004)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(130)			(345)			(47)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	9,524			(9,659)

# Financial Summary Reveals Changes in Cash Position

	(1,331
Cash, cash equivalents, and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale	79,451			115,716			15,946
Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of period	(53	)		—*			—*
Cash, cash equivalents, and restricted cash at beginning of period	79,398			115,716			15,946
Cash, cash equivalents, and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale	88,922			106,057			14,615
Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at end of period	(3	)		—*			—*
Cash, cash equivalents and restricted cash at end of period	88,919

# Financial Overview: Key Operating Activities and Capital Expenditures

## Operating Cash Flow Analysis

### Cash Flow from Operating Activities
Net cash used in operating activities stood at **(11,315)** for the period, compared to **(18,262)** in the previous period. This reflects a decrease in cash outflow, highlighting improved cash management despite ongoing operational costs. Additionally, there was a cash impact from consumer financing receivables included in the operating cash flow of **(1,281)**, down from **(1,018)** previously.

### Expenditures Breakdown
The report also notes capital expenditures, net of related sales proceeds, amounting to **(2,880)**, which is slightly less than **(2,323)** seen earlier. This suggests a controlled approach to spending.

#### Development Properties Capital Expenditures
Capital expenditures specifically for development properties were recorded at **(1,360)**, while previous figures were **(915)**. This indicates a shift in focus towards expanding development projects. In contrast, other capital expenditures accumulated to **(1,520)**, which is consistent with prior values.

## Summary and Forward Outlook
The financial data reveals that while cash outflows from operations have lessened, capital expenditures are still significant. Stakeholders should monitor these trends closely as they reflect both the company’s investment strategy and its operational efficiency.

By maintaining a balanced approach, the organization aims to navigate through economic fluctuations effectively, positioning itself for future growth.# JD.com Reports Financial Metrics for 2024: Key Insights

### Financial Overview

#### Free Cash Flow
– **Q1 2024:** (15,476)
– **Q2 2024:** (21,603)
– **Q3 2024:** (2,977)

*Note: Absolute value is less than RMB 1 million or US$1 million.*

—

### Supplemental Financial Information

#### Company Highlights
**JD.com, Inc.** continues to provide transparency in its financial disclosures, presenting vital business metrics for stakeholders.

#### Financial Metrics Overview
The following table illustrates the cash flow and metrics for JD.com from Q1 2024 to Q1 2025, with values indicated in RMB billions, except for turnover days data.

| Financial Metrics | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
|—————————————-|———|———|———|———|———|
| Operating Cash Flow – TTM | 69.8 | 74.0 | 52.8 | 58.1 | 51.1 |
| Free Cash Flow – TTM | | | | | |

This data provides stakeholders with a concise view of JD.com’s performance and trends over the specified periods.

### Conclusion
JD.com maintains a commitment to delivering critical financial information that assists investors in making informed decisions. Future reports will shed more light on performance and strategic initiatives as the fiscal year progresses.# JD.com Reports Key Financial Metrics in Recent Update

	50.6		55.6		33.6		43.7		37.6
Inventory turnover days (5) – TTM		29.0		29.8		30.4		31.5		32.8
Accounts payable turnover days (6) – TTM		51.8		57.0		57.5		58.6		57.6
Accounts receivable turnover days (7) – TTM		5.4		5.7		5.8		5.9		6.4

(5) TTM inventory turnover days are calculated as the average inventory over the last five quarters divided by the cost of revenues for retail business over the last twelve months, multiplied by 360 days. (6) TTM accounts payable turnover days are calculated similarly using average accounts payable. (7) TTM accounts receivable turnover days are calculated as average accounts receivable divided by total net revenues for the last twelve months, also multiplied by 360 days. These accounts exclude consumer financing receivables.

JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)
	For the three months ended
	March 31, 2024

“`html

Financial Overview: Income and Non-GAAP Metrics for Q1 2025

“`# JD.com Reports Key Financial Metrics for March 2024

	March 31, 2025			March 31, 2025
	RMB			RMB			US$
Income from operations	7,700			10,533			1,451
Add: Share-based compensation	759			767			106
Add: Amortization of intangible assets resulting from assets and business acquisitions	309			252			35
Add: Effects of business cooperation arrangements	111			112			15
Non-GAAP income from operations	8,879			11,664			1,607
Add: Depreciation and other amortization	1,908

JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)
	For the three months ended
	March 31, 2024			Net Revenue			OOO, LLC
Total net revenues	260,049			301,082			41,490
Non-GAAP EBITDA	10,787			13,702			1,888
Non-GAAP operating margin	3.4	%		3.9	%
Non-GAAP EBITDA margin	4.1	%		4.6	%

# Key Financial Highlights for March 31, 2025

—

## Financial Overview

### Date of Report
**March 31, 2025**

—

### Revenue and Net Income Metrics

| Description | RMB | RMB | US$ |
|————————————————————————–|———-|———-|———|
| **Net income attributable to the Company’s ordinary shareholders** | 7,130 | 10,890 | 1,501 |
| **Add: Share-based compensation** | 592 | 650 | 90 |
| **Add: Amortization of intangible assets from business acquisitions** | 143 | 186 | 26 |
| **Add: Reconciling items on share of equity method investments** | 370 | 964 | 133 |
| **Add: Impairment of goodwill, long-lived assets, and investments** | 558 | 437 | 60 |

## Adjustments and Additional Information

– The report outlines various adjustments that impact the net income for the period.
– **Share-based compensation** was notably significant, indicating that employee incentives contributed positively to the expense side.
– **Amortization** reflects the ongoing cost of intangible assets acquired.
– Reconciling items related to investments highlight the complexities in equity method accounting.

### Summary

This report underscores the company’s financial position as of March 31, 2025, tracking both the income generated and adjustments necessary for an accurate portrayal of financial health. Each item documented offers insight into operational efficiency and investment strategies.# Financial Overview: Company Reports Non-GAAP Income and Revenues

Reversal of: Gain on disposals/deemed disposals of investments and others	(-22)			(-1,172)			(-162)
Add: Effects of business cooperation arrangements	111			112			15
Add/(Reversal of): Tax effects on non-GAAP adjustments	25			(-183)	)		(-25)
Non-GAAP net income attributable to the Company’s ordinary shareholders	8,899			12,758			1,758
Total net revenues	260,049			301,082			41,490
Non-GAAP net margin attributable to the Company’s ordinary shareholders	3.4	%

# Financial Overview: Key Insights from Recent Performance Data

	4.2	%
(8) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments and share of amortization of intangibles not on their books.

__________________

1. The U.S. dollar (US$) amounts in this announcement are presented for reader convenience, except for transaction amounts settled in U.S. dollars. The conversion of Renminbi (RMB) to US$ is based on the exchange rate from the Federal Reserve System’s H.10 statistical release on March 31, 2025, established at RMB7.2567 to US$1.00. The percentages in this announcement are based on RMB amounts.

2. For additional details on non-GAAP measures, refer to the sections titled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results.”

3. As of December 31, 2024, the total number of ordinary shares outstanding was approximately 2,903 million shares.

4. The JD Ecosystem represents a cohesive business network providing a wide range of services for customers. This includes the Company and its affiliates that share the “JD” brand name, which currently encompasses Jingdong Technology Holding Co., Ltd. and Allianz Jingdong General Insurance Company Ltd.

This article was originally published on Quiver News, read the full story.

The views expressed herein reflect those of the author and do not necessarily represent the views of Nasdaq, Inc.