🔹 Revenue: RMB301.1B (Est. RMB290.6B) 🟢; UP +15.8% YoY
🔹 Adj. EPS: RMB8.41 (Est. RMB7.09) 🟢; UP +48.8% YoY
🔹 Non-GAAP Net Income: RMB12.8B; UP +43.4% YoY
🔹 Operating Income: RMB10.5B; UP +36.8% YoY
🔹 Non-GAAP Operating Income: RMB11.7B; UP +31.4% YoY
🔹 Non-GAAP EBITDA: RMB13.7B; UP +27.0% YoY
🔹 Operating Ma
rgin: 3.5% (vs. 3.0% YoY)
🔹 Non-GAAP Operating Margin: 3.9% (vs. 3.4% YoY)
🔹 Free Cash Flow: RMB(21.6)B (vs. RMB(15.5)B YoY)
Segment Revenue
🔹 JD Retail: RMB263.8B; UP +16.3% YoY
🔹 JD Logistics: RMB47.0B; UP +11.5% YoY
🔹 New Businesses: RMB5.75B; UP +18.1% YoY
🔹 Net Product Revenue: RMB242.3B; UP +16.2% YoY
🔹 Net Service Revenue: RMB58.8B; UP +14.0% YoY
🔹 Electronics & Home Appliances: RMB144.3B; UP +17.1% YoY
🔹 General Merchandise: RMB98.0B; UP +14.9% YoY
🔹 Marketplace & Marketing Services: RMB22.3B; UP +15.7% YoY
🔹 Logistics & Other Services: RMB36.5B; UP +13.0% YoY
Operational Highlights
🔸 JD Retail: Strengthened partnerships with Xiaomi, Crocs, La Prairie; launched RMB200B export-to-domestic sales initiative
🔸 New Businesses: Launched JD Food Delivery in Feb 2025, leveraging logistics and retail integration
🔸 JD Health: Expanded pharma launches (Pfizer, Innogen); 80%+ consultations now AI-assisted
🔸 JD Logistics: Opened air route to Bangkok; second warehouse in Warsaw live; HK operations center launched in March
ESG & Shareholder Returns
🔸 Provided full social and housing benefits to full-time food delivery riders — first in China
🔸 JD Ecosystem headcount: ~700,000
🔸 Human resources spend: RMB128.8B over the last 12 months
🔸 Repurchased $1.5B in stock in Q1; $3.5B remaining in buyback authorization
