JD.com's founder Liu Qiangdong has seen significant returns on his strategic bets. The company recently released its full-year 2025 financial results, revealing a mixed performance. On March 5, JD.com reported a net profit attributable to shareholders of 19.6 billion yuan for 2025, representing a 52.7% decline compared to 41.4 billion yuan in 2024. The fourth quarter saw an adjusted net profit of 1.1 billion yuan, down 90% year-over-year.
Despite the profit decline, the market responded positively. On March 6, JD.com's stock surged nearly 10%, while JD Logistics saw an explosive gain of over 22%. This contrasting reaction stems from underlying strengths in JD.com's financial report.
JD.com achieved a milestone with annual revenue exceeding 1.3 trillion yuan for the first time, reaching 1.3091 trillion yuan—a 13% increase year-over-year, marking the highest growth rate in recent years. Fourth-quarter revenue stood at 352.3 billion yuan, up 1.5% compared to the same period last year. The company emphasized double-digit growth in annual active users and reinforced core advantages, with new business scales expanding steadily.
A notable improvement came from JD.com's revenue structure optimization. Service revenue grew remarkably by 23.6% annually, accounting for 21.8% of total revenue—a record high. This indicates higher-margin segments like advertising, logistics, and finance are becoming primary growth drivers, enhancing profit quality.
The company's operations are divided into three segments: JD Retail, JD Logistics, and New Businesses (primarily food delivery). JD Retail, the core profit engine, achieved both volume and profit growth. Its 2025 revenue reached 1.1264 trillion yuan, up 10.9% year-over-year, with operating profit climbing 25% to 51.4 billion yuan. The operating profit margin improved from 4.0% to 4.6%. Annual active users surpassed 700 million, with quarterly active users and purchase frequency both rising over 30%.
JD Logistics maintained the fastest growth within the group, with annual revenue up 18.8% to 217.1 billion yuan. Adjusted net profit reached 7.71 billion yuan. The fourth quarter saw revenue increase 21.9% to 63.5 billion yuan, with an operating profit margin of 3.0%. The logistics arm exceeded expectations in multiple metrics, leading the industry in integrated supply chain growth. It served over 90,000 integrated supply chain clients, with average revenue per client exceeding 300,000 yuan. Additionally, JD Logistics expanded globally, establishing overseas warehouse and delivery services in 25 countries and offering same-day or next-day delivery in select European cities.
In contrast, New Businesses displayed a dual character—explosive revenue growth alongside operational losses. Annual revenue for this segment surged 157.3% to 49.3 billion yuan, with fourth-quarter revenue jumping 200.9% to 14.1 billion yuan. However, full-year operating losses amounted to 46.64 billion yuan. Rising costs played a key role, as marketing expenses ballooned 75.1% from 48 billion yuan in 2024 to 84 billion yuan in 2025, largely driven by promotion efforts for new ventures.
CEO Xu Ran acknowledged the company is in a critical investment phase, stating that losses in new businesses are a strategic choice rather than a loss of control. JD.com's food delivery service has steadily expanded while narrowing losses quarter by quarter. She indicated that if industry competition rationalizes, investment in food delivery will decrease in 2026 compared to 2025. The company aims to foster healthy growth in food delivery and unlock synergies with core retail operations.
JD.com is essentially trading short-term profits for long-term market positioning, user acquisition, and competitive barriers. In the high-frequency, trillion-yuan instant retail sector, heavy investment is justified. The food delivery service, now one year old, has attracted over 240 million users and captured more than 15% of the market. JD.com targets a 30% market share by 2026. The company is focusing on quality differentiation, partnering with premium餐饮 brand Qixian Kitchen to strengthen its upmarket image. Currently, more than 50 Qixian Kitchen locations each handle over 500 orders daily three months after opening, boosting traffic for surrounding restaurants. JD plans to expand this network to all first- and second-tier cities by year-end and introduce group buying services covering one million quality restaurants.
Looking ahead, JD.com continues to explore new avenues under Liu Qiangdong's leadership. Recently, Liu participated in high-profile Sino-British and Sino-German economic forums, leading to partnerships with the China-Britain Business Council and DHL Group, accelerating JD's global expansion. The company launched its JoyExpress delivery brand in Europe and plans a full-scale rollout of its Joybuy e-commerce platform in March.
Further demonstrating its innovative drive, Liu announced the creation of yacht brand Sea Expandary with a 5-billion-yuan investment, aiming to make yachts affordable for average households. Five yacht orders have already been secured.
Both JD.com and its founder remain committed to exploring new growth frontiers, suggesting substantial potential lies ahead.
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