JD.com (09618) announced its fourth quarter and full-year 2025 financial results on March 5. In the fourth quarter of 2025, JD Group recorded revenue of 352.3 billion yuan. Full-year revenue reached 1.3091 trillion yuan, accelerating to double-digit growth compared to 2024. The company maintained its market leadership in electronics and home appliances categories, achieving a 7.1% year-over-year revenue increase despite high comparative base effects. Daily necessities and grocery categories demonstrated double-digit growth for the fifth consecutive quarter, with full-year revenue rising 15.3% annually. These categories now represent over 40% of product revenue, setting a new annual record. The supermarket category has achieved double-digit growth for eight consecutive quarters. Service revenue grew 23.6% for the full year, accounting for 21.8% of total revenue and reaching a new annual high. Under non-GAAP measures, full-year 2025 net profit was 27 billion yuan. JD Retail achieved double-digit growth in operating profit with an operating margin of 4.6%. User scale and engagement continued strong growth momentum. Annual active customer count exceeded 700 million in 2025, while quarterly active users and purchase frequency both increased by more than 30% year-over-year.