JD.com Inc - ADR

Financial Performance: JD.com's Q4 2025 total revenues grew by 2% year-on-year (YoY) to RMB 352 billion, and non-GAAP net profit was RMB 1.1 billion. For the full year, total revenues increased by 13% to RMB 1.3 trillion, with a notable net profit of RMB 27 billion.

Growth Segments: The core retail segment experienced a revenue decline of 2% in Q4 but achieved an 11% growth for the full year. General merchandise revenues increased by 12% in Q4 and 15% for the year, driven by categories like supermarkets and health care, which outperformed in a competitive landscape.

Investment and Profitability Strategy: JD.com emphasized a balanced approach between growth and profitability. The company plans to reduce its investment in JD Food Delivery, projecting a decline in losses, while continuing to invest strategically in international business and Jingxi. The long-term margin target remains in the high single-digit range.