JDCMFNasdaqRetail-Retail Stores, NECUS GAAP · USD

JD.com, Inc.

JD.com, Inc. is a China-centered retail and logistics platform built around its own supply chain infrastructure, direct online retail operations, and third-party marketplace services. The company also operates logistics, technology, and newer consumer services businesses, extending its network from merchandise fulfillment into delivery, warehousing, and local services.

Kysy yhtiöstä
Liikevaihto1 309,1mrd USD
+13,0 %v/v
Liikevoitto (EBIT)2 774milj. USD
−92,8 %v/v
EBIT-marginaali0,2%
−3,1 %-yks.v/v
Nettotulos23,1mrd USD
−48,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 500mrd USD2020: 745,8 mrd USD2020: EBIT 12,3 mrd USD20202021: 951,6 mrd USD2021: EBIT 4,1 mrd USD20212022: 1 046,2 mrd USD2022: EBIT 19,7 mrd USD20222023: 1 084,7 mrd USD2023: EBIT 26,0 mrd USD20232024: 1 158,8 mrd USD2024: EBIT 38,7 mrd USD20242025: 1 309,1 mrd USD2025: EBIT 2,8 mrd USD20251 309,12,8
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
JD Retail70 %

Direct online retail, marketplace sales, and related retail services.

JD Logistics20 %

Warehousing, fulfillment, delivery, and supply chain services.

New Businesses7 %

Food delivery, local services, and other emerging consumer offerings.

Technology and Other Services3 %

Retail-as-a-service, supply chain technology, and partner services.

Tuotteet

Raportoitu · osuus liikevaihdosta
78,2%21,8%FY2025100 %
  • Products78,2 %
  • Services21,8 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

JD.com serves consumers who buy goods through its retail platforms and value fast, reliable fulfillment supported by its own logistics network. It also sells services to brands, merchants, and enterprise partners that use JD’s supply chain, warehousing, technology, and delivery infrastructure. In newer service lines, it serves food-ordering customers and urban consumers using local delivery and kitchen concepts.

Online consumers

Buy merchandise through JD Retail and Joybuy because of product selection, speed, and service.

Brands and merchants

Use JD marketplace and Retail as a Service capabilities to reach customers and improve fulfillment.

Supply chain clients

Buy warehousing, transport, and logistics services from JD Logistics for distribution efficiency.

Food delivery customers

Order meals and local food offerings from JD Food Delivery and related kitchens.

International shoppers

Purchase cross-border and local-market goods through Joybuy in Europe.

Strategia

JD.com’s strategy is built around using a proprietary supply chain to improve speed, assortment, and service quality across retail and logistics. The company is extending that model into food delivery, local services, and Europe to increase customer frequency, broaden revenue streams, and deepen ecosystem connectivity. It also opens infrastructure and technology to merchants and partners to monetize capabilities beyond first-party retail.

Strengthen core supply chain executionKeskipitkä aikaväli

Faster and more reliable fulfillment is central to JD’s retail differentiation.

Deepen ecosystem synergiesLyhyt aikaväli

Linking retail, delivery, and local services can raise user frequency and order density.

Expand international commerceKeskipitkä aikaväli

European retail and logistics extend the addressable market beyond China.

Monetize infrastructure and technologyPitkä aikaväli

Opening JD’s capabilities to partners broadens revenue sources and improves utilization.

Maantiede

JD.com’s core business is centered in China, where its retail, logistics, and new service lines are built and scaled. The company also operates in Europe through Joybuy and related delivery services, with the reported launch spanning the United Kingdom, Germany, the Netherlands, France, Belgium, and Luxembourg. Geographic expansion matters because JD’s logistics model depends on local fulfillment density, regulatory execution, and consumer adoption in each market.

Riskit

JD.com faces execution risk in scaling logistics-intensive businesses across multiple product lines and geographies, where service levels depend on dense infrastructure and local operating capability. Its newer businesses and international expansion can be harder to monetize consistently, while retail competition, regulatory scrutiny, and consumer demand shifts can pressure traffic, mix, and fulfillment economics. Because the model relies on working capital, technology, and physical delivery assets, accounting judgments around depreciation, intangibles, and any valuation impairments also matter.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Execution risk in logistics and fulfillment1New business scaling risk2Impairment of goodwill and intangibles3International expansion risk4Regulatory and platform oversight5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Execution risk in logistics and fulfillmentVaikutus: KorkeaTodennäköisyys: Korkea

    The business depends on precise warehousing, transport, and last-mile delivery performance.

    Kohdistuu: JD Logistics and retail operations

  2. New business scaling riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Food delivery and local services require density and customer adoption to produce attractive unit economics.

    Kohdistuu: JD Food Delivery and 7Fresh Kitchen

  3. Impairment of goodwill and intangiblesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Acquisitions and investments in new businesses can create valuation risk if expectations weaken.

    Kohdistuu: Business combinations and long-lived assets

  4. International expansion riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Joybuy and JoyExpress must adapt to local consumer behavior, regulation, and competition.

    Kohdistuu: Europe

  5. Regulatory and platform oversightVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Large consumer platforms and logistics networks can face scrutiny on competition, labor, and data practices.

    Kohdistuu: China and Europe

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition and gross-versus-net presentation

Retail, marketplace, and logistics services may be recognized under different timing and presentation rules.

Vaikutus: Affects reported revenue scale and segment comparability

Share-based compensation

JD excludes this from non-GAAP earnings, but it remains a real cost under GAAP.

Vaikutus: Impacts operating profit and per-share earnings

Amortization of acquired intangibles

Past acquisitions create recurring non-cash amortization in reported results.

Vaikutus: Reduces GAAP operating income and complicates trend analysis

Impairment of goodwill and long-lived assets

New businesses and acquired assets may need impairment if expected returns weaken.

Vaikutus: Can create large periodic charges

Consumer financing receivables securitization

The company transfers receivables through securitization plans and derecognizes assets in some cases.

Vaikutus: Affects balance sheet risk and reported asset levels

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 28.9.2026