JD.com: Revenue of 1.3 trillion yuan by 2025

On March 5, JD Group and its three major listed subsidiaries—JD Industrial, JD Logistics, and JD Health—simultaneously released their 2025 full-year performance reports.

Data shows that last year JD Group achieved total revenue of 1,309.1 billion yuan, delivering double-digit growth. Its annual active users exceeded 700 million. User shopping frequency and quarterly active users both grew by over 30% year over year. The resilience of its core retail business was highlighted, with its service revenue share reaching a new annual high of 21.8%.

On the R&D front, the group continued to increase investment in technology research and development. In the fourth quarter, R&D spending grew 66% year over year. Since its full-scale shift to technology in 2017, cumulative R&D investment has totaled nearly 170 billion yuan.

JoyAI large models were deployed across more than 2,000 business scenarios for the group. The JoyAgent intelligent agent platform has been deployed for over 50,000 production-grade intelligent agents. The JoyCode intelligent coding platform generated more than 1 billion lines of code annually. AI technology has been comprehensively integrated into all business lines, including retail, logistics, industrial, and health.

On the consumer side, as China’s largest brand e-commerce platform, JD’s daily-and-weekly categories achieved revenue growth of 15.3% year over year, accounting for over 40% of merchandise revenue. The supermarket category has sustained double-digit growth for 8 consecutive quarters. Among new businesses, JD Waimai launched one year ago and received 240 million user orders, with market share exceeding 15%. Seven Fresh Xiaochu accelerated its nationwide rollout. JD Xijia’s self-operated transaction volume grew 10-fold, bringing 150 million new users. The offline service network continued expanding, with scale breakthroughs achieved across 3C digital stores, JD Car Care stores, and more, building an integrated online-and-offline consumer ecosystem centered on (300959).

In terms of global expansion, JD’s European online retail business Joybuy began trial operations. JD Logistics and JD Manufacturing and Development completed warehousing and hub layouts across markets including Europe, the Middle East, and Southeast Asia. Strategic cooperation was reached with organizations such as the British-China Trade Association and DHL Group, integrating China’s mature supply chain technologies and services into the global ecosystem.

Meanwhile, the group continued to adhere to “investing in people.” In 2025, total human resources expenditure reached 157.2 billion yuan, up 33.7 billion yuan from 2024. It had already provided 28,000 housing units for frontline employees, was recognized as an “Advanced Private Enterprise in Employment and Social Security Nationwide,” and ranked on Forbes’ list of the World’s Best Employers for 9 consecutive years.

JD Group’s Chief Executive Officer Xu Ran said that, relying on super supply chain capabilities and continued technology R&D investment, JD is advancing the two-way upgrade of consumption and industry with a more steady pace, while building unique international competitiveness through its global layout.

Digital intelligence drives industrial upgrading; JD Industrial revenue up 17.4% year over year

As a leader in industrial supply chain technology and services, JD Industrial achieved total revenue of 23.95 billion yuan in 2025, up 17.4% year over year. Adjusted net profit was 1.13 billion yuan, up 5.3% year over year. The end-to-end digital and intelligent model has become the core driver of business growth. The number of services to key enterprise customers reached 13.3 thousand, up 26%. Transaction value from key enterprise customers was 16.5 billion yuan, up 26.5%, with a customer transaction value retention rate of 116.6%.

In industrial services, JD Industrial’s “Tairui” digital-and-physical integrated supply chain solution focused deeply on sub-sectors such as automotive manufacturing and energy batteries. The “Intelligent Empowerment for Thousands of Lines and Trillions to Reduce Costs” industry initiative initiated with partners had already connected over 5,000 key enterprises. It helped new energy vehicle manufacturers and other clients reduce supplier management costs by over 50% and reduce costs across categories by 5–30%, effectively promoting cost reduction and efficiency improvements in the industrial sector.

Product supply chain capabilities continued to improve. JD Industrial connected with 205.0 thousand suppliers, with SKU volume reaching 97.7 million. Its own brands “Fali Chuang” and “Hui Xiang” respectively cover high-specialization industrial products and high value-for-money general-use goods, enabling expansion across categories and across scenarios. Transaction value from small and micro clients also reached 17.0 billion yuan.

On technology innovation, the country’s first vertical AI large model for industrial supply chains, JoyIndustrial, was deployed in applications. It is supported by more than 40 dedicated intelligent agents covering end-to-end processes such as product governance and fulfillment. The “Gongpin Cha” AI governance system improves material governance efficiency in more than 40 key scenarios. The “AR+AI” remote quality inspection system jointly built with power battery enterprises achieves efficient remote inspections.

In terms of global expansion, the “accompanying” overseas expansion service for supply chains has built infrastructure in 8 markets such as Southeast Asia and Brazil, providing full-cycle overseas supply chain support for nearly 100 companies.

JD Logistics integrated supply chain and overseas business see double explosive growth

In 2025, JD Logistics achieved total revenue of 217.1 billion yuan, up 18.8% year over year. Adjusted net profit was 7.71 billion yuan. Its integrated supply chain business became the core driver of growth. Annual revenue was 116.2 billion yuan, up 33%. In the fourth quarter alone, it achieved a 44.5% year-over-year increase, continuing to lead the industry. The number of external integrated supply chain customers exceeded 90,000, up 13% year over year.

Warehouse-and-delivery network and timeliness capabilities continued to improve. JD Logistics had operated more than 3,600 logistics warehouses, with total managed area exceeding 34.0 million square meters. The coverage rates of 211 warehouse-delivery and next-day delivery service-time cities increased by 60% and 35%, respectively. The industry-first “Second-by-Second Delivery Warehouse” enabled an upgrade of warehouse-and-delivery integrated services.

Major breakthroughs were achieved in sectors including luxury goods and home appliances. JD Logistics reduced overall logistics costs by about 20% for well-known global luxury retailers. Revenue from end-to-end services in partnership with leading home appliance brands increased by over 300%. At the same time, the logistics network continued to go deeper into lower-tier areas; the Kashgar warehouse put into operation helped bring remote western regions into the “delivered the same day” era of online shopping.

Overseas business achieved a qualitative breakthrough. By the end of 2025, JD Logistics had nearly 200 bonded, direct mail, and overseas warehouses globally, with total managed area close to 2.0 million square meters. Its self-operated courier brand JoyExpress achieved “211 time-limited delivery” in markets including Europe and Saudi Arabia. The first A330 wide-body freighter was added, and multiple international cargo routes were newly opened. In the Middle East, the “one warehouse, multiple countries” model became the preferred logistics solution for brands such as Chinese automobile exporters.

In technology applications, the “Super Brain 2.0 + Wolf Clan” intelligent device cluster was deployed at scale. Domestically, more than 20 “Smart Wolf Warehouses” significantly improved storage efficiency. The first overseas Smart Wolf Warehouse was put into operation in the UK. Unmanned vehicles and drones were operating routinely both domestically and abroad. In the next 5 years, JD Logistics will purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones to further consolidate its technological leadership.

In addition, JD Logistics continued to step up investment in fresh food logistics. A dedicated all-cargo route for Qinghai beef and mutton achieved “delivered by the next morning.” Revenue from fresh food businesses such as lychees and Chinese mitten crabs increased significantly. At the same time, as the industry’s only “self-operated direct signature” logistics enterprise, it continued to safeguard the rights and interests of frontline employees. In the next 5 years, it will invest 22 billion yuan to build 150,000 “Brother Homes,” actively practicing green development and social responsibility. The “Qingliu Plan” was selected as an international sustainable development case.

AI + supply chain creates new healthcare-quality productive forces

JD Health also achieved record-high performance in 2025. Full-year total revenue reached 73.4 billion yuan, up 26.3%. Revenue growth in each of four consecutive quarters exceeded 20%. Under non-IFRS accounting standards, net profit was 6.5 billion yuan, up 36.3%. Net profit margin was 8.9%, a new high since listing. Annual active users reached 218 million, and all core metrics exceeded market expectations.

The advantages of the “Super Pharmaceutical Supply Chain” continued to be strengthened. In 2025, JD Health launched more than 100 new drugs first across the whole network. This represented a leap compared with 2024. It deepened cooperation with well-known domestic and international pharmaceutical companies such as Novo Nordisk and Innovent, improving accessibility to specialty new drugs.

In nutrition and healthcare supplements, over 7,000 brands saw three consecutive years of sales growth. In the medical devices sector, products such as co-branded customized dynamic blood glucose meters were introduced, realizing an integrated “hardware + services” model. Full-channel layout accelerated: online health insurance reimbursement covered 29 key cities. JD’s “buy medicine and deliver instantly” business optimized end-to-end service to meet users’ immediate healthcare needs.

The “medical-care-testing-diagnosis-pharmacy” service closed loop was further improved. JD Internet Hospital added urology and oncology specialties, released more than 50 standardized online diagnosis and treatment pathways for diseases, and more than 21,000 nurses onboarded to provide home-care services for 47 cities. Orders for at-home rapid testing grew 81.9% year over year, with service coverage across 27 cities. During the season when influenza cases are high, orders grew 238% year over year.

AI technology became a core enabling method for healthcare services. For consumers, the AI doctor “Da Wei” completed hundreds of millions of interactions, achieving a positive rating rate of 98%. For hospitals, “JD Zhuoyi” had already been implemented in multiple top-tier hospitals, serving more than 5 million patients, forming a complete AI health service matrix across the industry.

In terms of social responsibility, JD Health carried out more than 30 public welfare activities throughout the year. It donated funds and supplies totaling over 10 million (in value). It responded quickly to disasters including the Tibet Shigatse earthquake and flooding in the Beijing–Tianjin–Hebei region, with emergency supplies donated exceeding 380,000 items. The rare disease care program provided assistance to over 800 people. The “Medical Heart Station” provided appointment support for 37,000 rare disease patients, effectively promoting healthcare services to be more accessible to the public.