JD.com's Impressive Q3 2025: Sustained Growth Across Key Sectors
Highlights
- Total revenues: RMB 299 billion (+15% YoY)
- JD Retail revenues: RMB 251 billion (+11% YoY)
- General merchandise category revenue: +19% YoY
- Service revenues: +31% YoY
- Marketplace and marketing revenues: +24% YoY
- Food delivery GMV: Double-digit quarter-on-quarter growth
- Non-GAAP net profit: RMB 5.8 billion
- Decline in operating income
- Gross margin: 17% (down 0.4 pp)
JD.com has unveiled another strong quarterly performance, with Q3 2025 results emphasizing continued acceleration in growth across key sectors. The Chinese e-commerce giant reported a robust 15% year-over-year (YoY) increase in total revenue, reaching RMB 299 billion.
Retail and Merchandise Drive Growth
Central to JD.com's success is its retail segment. JD Retail revenues increased by 11% YoY, totaling RMB 251 billion. Notably, the general merchandise category catapulted forward with a 19% YoY surge. This reinforces JD.com's expanding footprint in sectors such as supermarkets, fashion, and health, which have maintained double-digit growth. Service revenues also impressed, climbing 31% YoY.
Marketplace and Marketing Success
Continuing its upward trajectory, marketplace and marketing revenues grew 24% YoY. This four-quarter streak of double-digit growth highlights strengthened merchant engagement and a flourishing advertising model within JD.com's platform ecosystem.
Food Delivery and User Expansion
JD.com's strategic push into food delivery continues to bear fruit, evidenced by double-digit quarter-on-quarter growth in GMV. This segment is increasingly synergizing with JD's core retail business, enhancing user engagement. The company's quarterly active customer base rose significantly by over 40% YoY, surpassing 700 million annual active customers in October, underpinning robust user acquisition and retention strategies.
Profitability Insights
While JD Retail demonstrated resilient profitability with an expanding gross margin, JD.com's consolidated gross margin contracted slightly by 0.4 percentage points to 17%. This was primarily due to dilution from newer business segments like food delivery. Nonetheless, the company's non-GAAP net profit stood at RMB 5.8 billion, indicating strategic reinvestments towards sustainable growth.
In summary, JD.com's Q3 results highlight its dynamic growth platform, reinforced by diversified revenue streams and strategic ecosystem development. The company remains well-positioned to harness continued expansion in retail, service, and digital offerings.