Q3 2025 JD.Com Inc Earnings Call Transcript
Key Points
- JD.com Inc (JD) reported a 15% year-on-year increase in total revenues, maintaining its double-digit growth momentum.
- The general merchandise category recorded a 19% year-on-year revenue growth, with supermarket, fashion, and health categories maintaining double-digit growth.
- JD.com Inc (JD) achieved a significant milestone with annual active customers exceeding 700 million in October.
- Marketplace and marketing revenues grew 24% year on year, marking a strong trajectory for four consecutive quarters.
- JD Food Delivery business showed healthy expansion with a double-digit quarter-on-quarter GMV growth and narrowed operating losses.
- The electronics and home appliances category faced growth challenges due to a high base effect, impacting overall momentum.
- Consolidated non-GAAP net income attributable to ordinary shareholders was down year on year, reflecting investments in the Food Delivery business.
- Gross margin slightly reduced by 0.4 percentage points due to margin dilution from the Food Delivery business and JD Logistics.
- Free cash flow decreased to RMB13 billion from RMB34 billion in the same period last year, primarily due to cash outflows associated with the trading program.
- The Food Delivery business, while expanding, is still in its early stages and currently operates at a loss, with limited revenue contribution due to a commission-free policy for merchants.
Hello, and thank you for standing by for JD.com's third-quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today's conference, Sean Zhang, Head of Investor Relations. Please go ahead.
Thank you. Good day, everyone. Welcome to JD.com's third-quarter 2025 earnings conference call. With us today are CEO of JD.com, Ms. Sandy Xu; and CFO, Mr. Ian Shan. Sandy will kick off the call with her opening remarks, and Ian will discuss the financial results. Then we'll open the call to questions from analysts.
Before turning the call over to Sandy, let me quickly cover the Safe Harbor. Please be reminded that during this call, our comments and responses to your questions reflect management's view as of today only and will include forward-looking statements. Please refer to our latest Safe Harbor statement in earnings press release on our IR
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