JD.com Inc - ADR

Strong Revenue Growth: JD.com reported a 16% year-over-year increase in total revenues for Q1 2025, amounting to RMB 301 billion. This acceleration in revenue growth was driven by a robust performance across major categories including electronics, home appliances (+17% YoY), and general merchandise (+15% YoY), indicating strong underlying demand bolstered by government stimulus policies.

Profitability Improvements: Non-GAAP net profit jumped 43% YoY to RMB 12.8 billion, with net margin expanding by 82 basis points to 4.2%. This marks a sustained 12 quarters of gross margin improvement, reflecting strong operational efficiencies and cost management initiatives.

Active User Growth: JD.com saw a double-digit year-on-year increase in quarterly active customers, with significant growth in shopping frequency and average revenue per user (ARPU). The company is focused on enhancing user engagement through improved shopping experiences, including the integration of AI for personalized recommendations.