JD.com Shares Surge Nearly 8% After Earnings, Full-Year Revenue Growth Hits Multi-Year High, 2026 Food Delivery Investment Expected to Shrink

Deep News11:21

JD.com's stock experienced a significant rise in early trading on March 6, following the release of its financial results the previous evening. The share price of JD-SW (9618.HK) increased by nearly 8% at the market open, reaching HK$104.6.

The company's earnings report revealed that JD.com's total annual revenue surpassed 1.3 trillion yuan for the first time, marking a 13% year-over-year increase and representing the highest growth rate in recent years. The core retail business demonstrated continued improvement in profitability, with its operating profit margin rising to 4.6%. Service revenue emerged as the primary growth driver, accelerating by 23.6%. For the fourth quarter, revenue reached 352.3 billion yuan, a 1.5% increase compared to the same period last year, slightly exceeding expectations.

However, the quarter saw a net loss of 2.7 billion yuan, a shift from profit to loss, attributed to increased strategic investment in new business initiatives. Overall profitability faced significant pressure, with full-year net profit attributable to ordinary shareholders halving to 19.6 billion yuan. The new business segment, notably represented by JD's food delivery service, recorded an annual operating loss of 46.6 billion yuan, constituting a major factor weighing on the company's overall profits. Group CEO Sandy Xu projected that the scale of investment in the food delivery business will decrease in 2026 compared to the previous year, while operational efficiency is expected to continue improving.

Another notable highlight from the report was the deep integration of AI technology. JD.com's self-developed large language model, "JoyAI," now supports over 2,000 business application scenarios. The volume of Token calls surged nearly 100-fold year-over-year in 2025. The AI shopping assistant has surpassed 150 million annual active users, with a user penetration rate exceeding 20%, contributing to billions in GMV. Sandy Xu stated that AI is fundamentally reshaping the entire process chain, including search, recommendations, and logistics automation.

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