47215PAJ5 Filings — Jd.com, Inc.

47215PAJ5 Filings — Jd.com, Inc. - FilingSpy

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.

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.

47215PAJ5