---
title: "JD.com 2025 Q1 data interpretation"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/29578935.md"
description: "Brief comment among Chinese concept leaders, JD.com took the lead in submitting its report. As the biggest beneficiary of national subsidy policies, it should be said that it has delivered a comprehensively improved and impressive performance. 1) Revenue increased by 15.78% YoY, higher than 13.37% in 24Q4, with further acceleration in growth rate, far exceeding the overall retail sales growth; Non-IFRS net profit attributable to ordinary shareholders increased by 43.36% YoY, also higher than 34.21% in 24Q4; 2) All sub-item revenue growth rates were double-digit, and almost all were higher than 24Q4, with further acceleration in growth; 3) From January 1, 25 to the release of the quarterly report, a total of $1.5 billion was repurchased..."
datetime: "2025-05-13T13:09:08.000Z"
locales:
  - [en](https://longbridge.com/en/topics/29578935.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/29578935.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/29578935.md)
author: "[数据价投](https://longbridge.com/en/profiles/11810707.md)"
---

# JD.com 2025 Q1 data interpretation

**Brief Review**

Among the leading Chinese concept stocks, JD.com was the first to report its results. As the biggest beneficiary of the **national subsidy policy**, it delivered a stellar performance with comprehensive improvements.

![c1afe0e9a8884700f182f431930b0b5.png](https://pub.pbkrs.com/uploads/2025/66ab50886f50b35c5a0ce4334fdf1b39?x-oss-process=style/lg)

**1) Revenue** increased by 15.78% YoY, higher than the 13.37% in Q4 2024, showing further acceleration and significantly outpacing the overall retail sales growth; **Non-GAAP net profit attributable to ordinary shareholders** rose by 43.36% YoY, also higher than the 34.21% in Q4 2024;

**2)** All segment revenues grew at double-digit rates, with almost all segments outperforming Q4 2024, indicating further acceleration;

**3)** From January 1, 2025, to the earnings release date, JD.com repurchased **$1.5 billion** worth of shares, accounting for approximately **2.8%** of outstanding ordinary shares; in the same period last year, the repurchase amount was **$1.3 billion**, or about **3.1%** of outstanding shares. Overall, despite a significant valuation increase this year, JD.com maintained a robust repurchase pace;

**4)** There were also some shortcomings:

**i)** JD Logistics' operating profit fell by 35.27% YoY, and this was before the official start of the food delivery battle with Meituan. Q2 is expected to face even greater pressure;

**ii)** Free cash flow was -216.03 billion, down 39.59% YoY;

  
**I. Operating Performance**  

**1\. Operating Performance - Quarterly**  

![1747137746100.png](https://pub.pbkrs.com/uploads/2025/9c86caecdbe338de4dc7555712dcb2c2?x-oss-process=style/lg)

**Revenue**

![image.png](https://pub.pbkrs.com/uploads/2025/880cf2bb1ecc3e8ff5d89885b723b047?x-oss-process=style/lg)

**Operating Profit**

![image.png](https://pub.pbkrs.com/uploads/2025/38d876323441d3af27b5ff1193b78015?x-oss-process=style/lg)

**Non-GAAP Net Profit Attributable to Ordinary Shareholders**

![image.png](https://pub.pbkrs.com/uploads/2025/52d7e788051f244cb46c778bfe600347?x-oss-process=style/lg)

**II. Segment Breakdown**

**1\. Segment Revenue**

![1747137810709.png](https://pub.pbkrs.com/uploads/2025/253fed34f46a4308d5c3545bbe50264e?x-oss-process=style/lg)

**2\. Segment Operating Profit**  

![1747137837511.png](https://pub.pbkrs.com/uploads/2025/4f35ade033eceab9b3bc8d3718231262?x-oss-process=style/lg)

**III. Business Breakdown**

**1\. Business Revenue**

![1747137863502.png](https://pub.pbkrs.com/uploads/2025/7b7fba9c95c8475ba6ff3d88d70b43f0?x-oss-process=style/lg)

  
**IV. Costs & Expenses**  

![1747137938220.png](https://pub.pbkrs.com/uploads/2025/b4230d86790113a75e73910f5ca33e4f?x-oss-process=style/lg)

![image.png](https://pub.pbkrs.com/uploads/2025/5608bc9aa0659e8f1afbec57c209eb5b?x-oss-process=style/lg)

  
**V. Cash Flow**  

![1747138011831.png](https://pub.pbkrs.com/uploads/2025/e90849e0fa6921b9ecbf0c8a8f5fe4ae?x-oss-process=style/lg)

![image.png](https://pub.pbkrs.com/uploads/2025/7f16b0b8e0b57a2a328cd4ae6dd0aa50?x-oss-process=style/lg)

  
$JD.com(JD.US) $JD-SW(09618.HK) $Krne Csi China Internet(KWEB.US)

### Related Stocks

- [89618.HK](https://longbridge.com/en/quote/89618.HK.md)
- [JD.US](https://longbridge.com/en/quote/JD.US.md)
- [09618.HK](https://longbridge.com/en/quote/09618.HK.md)
- [KWEB.US](https://longbridge.com/en/quote/KWEB.US.md)

## Comments (2)

- **ysbing · 2025-05-13T23:38:08.000Z**: @PortAI summarize JD.com's earnings report
  - **LongbridgeAI** (2025-05-13T23:38:08.000Z): JD.com delivered outstanding performance in its Q1 2025 earnings report, with revenue increasing 15.8% year-over-year to 301.1 billion yuan, exceeding market expectations. Adjusted net profit rose 43.