---
title: "JD.com fell nearly 4%, President Xu Ran stated that the demand for national subsidies has temporarily slowed but can promote industrial upgrading"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265826434.md"
description: "JD.com's net profit in the third quarter fell 56% year-on-year to RMB 5.8 billion, exceeding broker forecasts. The stock price dropped nearly 4%, with a trading volume of 2.2288 million shares. President Xu Ran stated that the demand for national subsidies has slowed, but it can promote upgrades in the home appliance industry, driving innovation, intelligence, and greening. JD.com will collaborate with brand manufacturers to address short-term challenges and maintain an increase in market share. Growth drivers are diversified, including accelerated growth in categories such as supermarkets, health, fashion, and advertising service revenue"
datetime: "2025-11-14T01:35:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265826434.md)
  - [en](https://longbridge.com/en/news/265826434.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265826434.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265826434.md) | [繁體中文](https://longbridge.com/zh-HK/news/265826434.md)


# JD.com fell nearly 4%, President Xu Ran stated that the demand for national subsidies has temporarily slowed but can promote industrial upgrading

JD.com (09618.HK) reported a 56% year-on-year decline in non-GAAP net profit for the third quarter to 5.8 billion RMB, surpassing the comprehensive forecast of 16 brokerages, which ranged from 3.35 billion to 5 billion RMB. However, the company's stock price fell this morning (14th) along with the market, opening down 2.97%, hitting a low of 119.6 RMB, and is currently reported at 119.7 RMB, down 3.78%, with a trading volume of 2.2288 million shares, involving 268 million RMB.

According to domestic media reports, JD.com's CEO Xu Ran responded to the issue of slowing national subsidy demand, stating that since last year, national subsidy policies have significantly stimulated consumer demand, especially for home appliances and computers. This has also led to the industry experiencing high base effects in the short term. However, more importantly, national subsidies can drive the upgrade of the entire home appliance industry, promoting product innovation, intelligence, and greening, which will inject momentum into high-quality growth in the industry.

He also mentioned that he is very confident in maintaining an increasing market share in the home appliance and 3C categories. JD.com will work closely with brand partners to jointly address short-term industry challenges and support the long-term healthy development of the industry. At the same time, JD.com's growth drivers will become more diversified, including supermarkets, health, fashion, and other daily necessities categories, as well as advertising and other service revenues, which will continue to accelerate and become new drivers of overall growth for JD.com

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