JD.com announced its fourth-quarter and full-year 2025 financial results on March 5, reporting double-digit growth in both annual revenue and active customer numbers. The company's core retail business demonstrated strong resilience, while the proportion of service revenue reached a new annual high.
Financially, JD.com's total revenue for 2025 reached 1,309.1 billion yuan, representing a 13% year-over-year increase. Service revenue grew by 23.6%, accounting for 21.8% of total revenue and achieving a new annual record, indicating a more diversified revenue structure.
The company's newer business segments, including JD Daojia and Jingxi, showed steady expansion. Artificial intelligence technology has been deeply integrated into business operations and products, while the international supply chain network is accelerating its development, demonstrating stable growth momentum and multiple growth drivers.
"We concluded 2025 with fourth-quarter results that met expectations, maintaining stable performance throughout the year," stated JD.com CEO Sandy Xu. "We continued to see strong growth in customer numbers and increased shopping frequency during both the fourth quarter and the full year."
Xu further noted: "Despite intense industry competition, our core retail business has shown remarkable resilience, achieving double-digit growth in both revenue and operating profit for the full year. New businesses are progressing according to strategic plans. Since its establishment, JD Daojia has steadily expanded its scale while narrowing losses quarter by quarter. Jingxi and international businesses are creating new opportunities for long-term growth."
At the operational level, JD.com continues to strengthen its supply chain and user experience advantages as China's leading brand e-commerce platform. The launch of the "Billion Dollar Supermarket" channel and the expansion of the fashion instant delivery network have collectively driven consumption upgrades. Technologically, JD Cloud has established a full-stack technology ecosystem with localized computing compatibility. The self-developed JoyScale AI computing platform functions as a "computing operating system," enabling heterogeneous management and unified scheduling of various mainstream domestic chips, effectively solving enterprise computing adaptation challenges.
Regarding development efficiency, AI has been deeply integrated into JD.com's "code bloodstream." By the end of 2025, the JoyCode intelligent coding platform served over 10,000 developers, generating more than 1 billion lines of code annually, with AI-generated code accounting for 40% of internal development, significantly enhancing R&D efficiency. Additionally, the JoyAgent intelligent agent platform has deployed over 50,000 production-level agents internally, empowering business insights and operational optimization.
In terms of industrial inclusion, JD.com has made digital human live streaming services freely available to merchants, helping them quickly establish non-stop live broadcast rooms. By the end of the fourth quarter of 2025, this service had expanded to cover more than 50,000 merchants, not only reshaping e-commerce live streaming commerce but also promoting digital transformation for small and medium-sized enterprises through technological accessibility.
On the same day, JD Logistics released its 2025 annual results, reporting total revenue of 217.1 billion yuan, an 18.8% year-over-year increase. Adjusted net profit reached 7.71 billion yuan, demonstrating impressive performance growth. Throughout the past year, JD Logistics deepened its focus on integrated supply chain solutions, maintaining its industry leadership position. Fourth-quarter integrated supply chain revenue grew by 44.5% year-over-year, continuing to outpace the industry.
JD Logistics' sustained high-quality growth in 2025 stems from continuous improvements in integrated supply chain capabilities, refined service experiences, and the application of automation and AI technologies. The company's professional and efficient services have established it as a trusted partner for numerous domestic and international clients. Its ongoing enhancements to logistics networks and technological applications continue to drive cost reduction and efficiency improvements across industries and society. Looking ahead, JD Logistics will further upgrade its integrated supply chain capabilities, strengthen technological advancements, and enhance service levels to reduce overall social logistics costs while supporting high-quality development for businesses, industries, and society.
With further improvements in supply chain network coverage, JD Logistics' integrated supply chain business achieved remarkable growth in 2025. Revenue from integrated supply chain logistics services reached 116.2 billion yuan, a 33% year-over-year increase. Fourth-quarter revenue from integrated supply chain clients grew by 44.5%, maintaining industry leadership. The number of external integrated supply chain clients served exceeded 90,000 in 2025, representing 13% year-over-year growth.
This stable growth originates from JD Logistics' continuously upgraded warehouse and distribution products and industry-specific service capabilities. In May 2025, the company enhanced its basic warehouse and distribution services into three main products: 211 Warehousing & Distribution, Express Warehousing & Distribution, and Economy Warehousing & Distribution. Coverage for 211 same/next-day delivery and next-day delivery cities increased by 60% and 35% respectively. Additionally, JD Logistics further integrated JD.com's local instant delivery business and launched the industry's first "Instant Delivery Warehouse" integrated service.
Throughout 2025, JD Logistics continued to prioritize delivery speed improvements. The company's JD Airlines proprietary freighter fleet expanded to 12 aircraft, with the recent addition of its first A330 wide-body freighter marking a significant breakthrough in cross-border and long-haul transportation capabilities. This enhancement not only improves the stability of air freight timeliness but also provides capacity support for high-speed delivery products.
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