One of China's largest online retailers, JD.com sells electronics, appliances, groceries and more directly to shoppers, and runs its own warehouses and delivery fleet for fast shipping. It began in 1998 as a four-square-meter electronics stall in Beijing and moved fully online during the 2003 SARS outbreak, when founder Liu Qiangdong (Richard Liu) hand-delivered orders. Its name "Jingdong" blends the "Jing" from his girlfriend's name with the "Dong" from his own.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
JD.com's operating income fell 92.8% to RMB2.8B as marketing and fulfillment spending rose to support new business initiatives.
JD.com's nearly vanished in 2025. Total net revenues rose 13.0% to RMB1,309.1B, but income from operations dropped 92.8% to RMB2.8B as marketing expenses rose 75.1% and fulfillment expenses rose 25.2% to fund new ventures like JD Food Delivery. The company is trading near-term profitability for a bet on new business lines.
Key takeaways
fell 92.8% to RMB2.8B, driven by a 75.1% increase in marketing expenses and a 25.2% increase in fulfillment expenses as the company invested aggressively in promotional efforts and new business initiatives.
Total net revenues grew 13.0% to RMB1,309.1B, with JD Retail up 10.9%, JD Logistics up 18.8%, and New Businesses rising 157.3% primarily from JD Food Delivery and Jingxi.
Net service revenues, which carry higher margins, increased 23.6% to RMB285.3B, outpacing the 10.3% growth in net product revenues and improving the mix.
What changed
The trajectory flagged last year reversed: after reaching a nine-year high of 15.9% in FY2024, competitive pressure and promotional spending drove marketing expenses up 75.1%, consuming the .
The composition of shifted further from core operations: the RMB13.4B 'Others, net' gain in FY2024 was not repeated, and collapsed to RMB2.8B, making the RMB8.0B gain from equity investees a critical support for the bottom line.
declined for a second consecutive year, falling 67.3% to RMB19.0B after a 5.1% decline in FY2024, as swung negative with a RMB5.8B build.
What to watch
Whether marketing and fulfillment expense growth rates moderate from 75.1% and 25.2% as new business initiatives scale, or if investment spending remains elevated.
The trajectory of , which fell to RMB19.0B from RMB58.0B in FY2024, and whether normalizes or continues to be a drag.
growth and margin profile of New Businesses (JD Food Delivery, Jingxi), which drove a 157.3% revenue increase but likely contributed to the decline.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Interest-rate risk is quantified via a 1% parallel-shift sensitivity on floating-rate assets and debts; FX risk is indirect via RMB cash holdings and ADS valuation.
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A 1% increase or decrease in interest rates would change by RMB2.2 billion (US$0.3 billion), assuming constant floating-rate balances.
Substantially all revenues and expenses are RMB-denominated, so the company sees no significant direct foreign-exchange risk and uses no derivatives for FX hedging.
investors face FX exposure because the business value is RMB-based while ADSs trade in USD, and RMB/USD rates have fluctuated significantly and unpredictably.
attributable to ordinary shareholders dropped 52.5% to RMB19.6B, despite an RMB8.0B gain from equity investees, due to the sharp decline in .
fell 67.3% to RMB19.0B, mainly from a RMB5.8B build and a RMB4.9B decrease in , while the company held RMB149.6B in cash and equivalents.
Service growth accelerated to 23.6% from 8.1% in FY2024, reversing the deceleration trend as logistics and new business services scaled up.
The pending acquisition of CECONOMY and its impact on capital allocation and international contribution once regulatory clearances are obtained.
RMB appreciation against the USD would reduce RMB proceeds from USD conversions for operations; USD appreciation would reduce USD amounts available for dividends or other purposes.
As of December 31, 2025, the company held RMB135.3 billion in RMB-denominated instruments and US$19.5 billion in USD-denominated instruments, with a 10% RMB scenario reducing the USD-equivalent cash balance from US$38.8 billion to US$36.9 billion.
Key risks center on the VIE corporate structure, PRC regulatory uncertainty, intense competition, and execution challenges in managing rapid growth and fulfillment expansion.
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The company's reliance on contractual arrangements with consolidated VIEs, which lack direct equity ownership, faces significant legal and enforcement risks that could force it to relinquish operations.
Evolving PRC regulations and government oversight, including in data security, antitrust, and overseas listings, create substantial uncertainty and could lead to severe penalties or operational restrictions.
Intense competition in China's online retail industry may reduce margins and market share, while failure to manage the complex, nationwide fulfillment infrastructure could disrupt operations.
The company's growth strategy, including expansion into new categories and international markets, exposes it to new challenges like mismanagement, supplier issues, and geopolitical risks.
The poses a recurring delisting risk if the loses future access to inspect the company's China-based auditor.
Dependence on key personnel, particularly Chairman Richard Qiangdong Liu who holds 73.1% voting power, and potential conflicts of interest with separately listed subsidiaries like JD Logistics and JD Health, present governance risks.
JD.com is a leading supply chain-based technology and service provider operating retail, logistics, healthcare, and industrial segments, primarily in China.
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The company operates JD Retail (online direct sales and a third-party marketplace), JD Logistics (supply chain solutions and delivery), JD Health (online pharmacy and healthcare), and JD Industrials (industrial supply chain services).
JD.com has a strategic partnership with Tencent, renewed in May 2025 for five years, providing prominent access points on the Weixin platform for traffic and user engagement.
The company is pursuing international expansion, having secured 59.8% of European consumer electronics retailer CECONOMY in a voluntary takeover offer, with closing pending regulatory clearances.
JD Logistics operates a nationwide fulfillment network of over 1,600 warehouses covering almost all counties and districts in China, enabling same- and next-day delivery for many orders.
The company relies on a structure for certain restricted businesses like value-added telecommunications, with these VIEs contributing 6.8% of total net revenues in 2025.
JD.com is investing in AI, big data, and cloud computing to enhance its smart supply chain, customer service, and marketing platforms, including deploying generative AI for advertising.
Total net revenues rose 13.0% to RMB1,309.1B in 2025, but income from operations fell 92.8% to RMB2.8B due to heavy strategic investment in new business initiatives.
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Total net revenues grew 13.0% to RMB1,309.1B, driven by a 10.9% increase in JD Retail, an 18.8% increase in JD Logistics, and a 157.3% surge in New Businesses, primarily from JD Food Delivery and Jingxi.
plummeted 92.8% to RMB2.8B as marketing expenses jumped 75.1% and rose 25.2%, reflecting aggressive spending on promotional efforts and new business initiatives.
Net service revenues, which carry higher margins, increased 23.6% to RMB285.3B, outpacing the 10.3% growth in net product revenues and improving the mix.
attributable to ordinary shareholders dropped 52.5% to RMB19.6B, despite a RMB8.0B gain from equity investees, due to the sharp decline in .
fell 67.3% to RMB19.0B, mainly from a RMB5.8B build and a RMB4.9B decrease in , while the company maintained strong liquidity with RMB149.6B in cash and equivalents and RMB243.1B in unused credit lines.