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.

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

Revenue

Operating Profit

Non-GAAP Net Profit Attributable to Ordinary Shareholders

II. Segment Breakdown

1. Segment Revenue

2. Segment Operating Profit

III. Business Breakdown

1. Business Revenue

IV. Costs & Expenses

V. Cash Flow

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