---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39080999.md"
description: "JD 4Q25 First Take. Overall, results were steady after broad estimate cuts by the market. 1) With state subsidies fading, group revenue growth slowed sharply to 1.5%, roughly in line with Bloomberg consensus at 1%. The main drag was a 12% YoY decline in electronics and appliances, broadly in line with market expectations. General merchandise rose 12% YoY and services revenue grew 20% YoY, providing a cushion. Across business lines, top-line growth broadly matched sell-side expectations. 2) Profit was weaker both absolutely and relatively. Adj. OP swung to a loss of RMB 3.1bn, the first since 2017 and worse than the heavy food-delivery investment in 2Q–3Q. As state subsidies faded, Core Mall OP fell 2.5% YoY to RMB 9.8bn, down from RMB 13–15bn per quarter during the subsidy boom. While food-delivery losses narrowed, rising investment in Jingxi and overseas pushed new businesses to a loss of RMB 14.8bn. The QoQ decline was limited. Versus expectations, Core Mall profit beat, though slightly down YoY. Loss narrowing in new businesses lagged, likely due to ongoing food-delivery subsidies to sustain volumes despite low visibility, and possibly higher Intl spend. Please join the call for detail. $JD.com(JD.US) $JD-SW(09618.HK)"
datetime: "2026-03-05T11:06:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39080999.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39080999.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39080999.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39080999.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39080999.md)


# JD 4Q25 First Take. Overall, results were steady a…


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