JD reported Q4 2025 net revenues of CNY352.3 billion (+1.5%), including net product revenues of CNY273.0 billion (−2.8%) and net service revenues of CNY79.3 billion (+20.1%). Q4 net loss attributable to ordinary shareholders was CNY2.7 billion, with diluted net loss per ADS of CNY2.07; non-GAAP net income attributable to ordinary shareholders was CNY1.1 billion and non-GAAP diluted net income per ADS was CNY0.57. Q4 loss from operations was CNY5.8 billion, while JD Retail income from operations was CNY9.8 billion with a 3.2% operating margin. For FY 2025, JD posted net revenues of CNY1.309 trillion (+13.0%), with net income attributable to ordinary shareholders of CNY19.6 billion and diluted net income per ADS of CNY12.90; non-GAAP net income attributable to ordinary shareholders was CNY27.0 billion and non-GAAP diluted net income per ADS was CNY17.82. FY income from operations was CNY2.8 billion and free cash flow was CNY6.5 billion. JD said its board approved an annual cash dividend for FY 2025 of USD0.5 per ordinary share, or USD1.0 per ADS, with an aggregate dividend expected to be about USD1.4 billion; the record date is April 9, 2026 and payment is expected around April 23, 2026 (ordinary shares) and April 29, 2026 (ADSs). JD also said it repurchased about 183.2 million Class A ordinary shares in 2025 for about USD3.0 billion, representing about 6.3% of shares outstanding as of December 31, 2024, and cancelled all repurchased shares. Business updates included expanded offline retail footprint (JD MALL at 26 stores; JD Appliance City Flagship Stores over 110; 3C offline stores over 4,500), deeper AI integration (AI digital human JoyStreamer used by over 50,000 merchants; over 4.2 billion customer inquiries handled during 2025 11.11; internal AI agents exceeding 50,000), JD Logistics’ rollout of LangzuTech automated warehouses (over 20 in operation in nearly 20 cities, plus a first overseas LangzuTech warehouse in the UK), and JD Health’s AI deployments (JD DOC deployed at multiple hospitals, cumulatively serving over 5 million patients). JD said Joybuy in Europe is in beta in six countries and is progressing toward a full launch in March 2026, while JD Food Delivery continued to expand in scale with sequentially narrowing investment in Q4.

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