Raising flags at the 100-day mark, conquering delivery: JD.com’s 2025 dual-track success

In 2025, JD.com delivered an impressive report card of “steady growth + structural optimization.”

On March 5th, JD.com announced its Q4 and full-year results, showing that last year, its total revenue increased by 13% year-over-year to 1.3091 trillion RMB, with non-GAAP net profit of 27 billion RMB. While continuously strengthening its core retail business, new businesses like food delivery achieved exponential growth. AI technology has been more comprehensively integrated into operations and consumer scenarios, accelerating the diversification and high quality of revenue structure.

“We concluded 2025 with Q4 results in line with expectations, and the full-year performance remains steady,” emphasized JD Group CEO Xu Ran. “AI has been fully applied to internal operations and provides smarter experiences for users, fully unleashing its transformative potential. With strong operational capabilities and advancing AI technology, we are stepping into 2026 with more stability.”

New Growth Engine for Daily and Retail

Retail remains JD.com’s “cornerstone.”

Financial data shows that in 2025, JD Retail’s full-year revenue reached 1.1264 trillion RMB, accounting for 86% of the company’s total revenue; Q4 revenue was approximately 301.9 billion RMB, making up 88%, with a stable operating profit margin of 4.6%. JD CFO Dan Su clearly stated that the goal of maintaining high single-digit profit margins in JD Retail remains unchanged, demonstrating the resilience of its core business.

Looking at category performance, although the powered categories were affected by high base effects last year, their full-year revenue still grew by 7.1% year-over-year, accounting for 60% of merchandise revenue, continuing to solidify market advantages. Meanwhile, the daily and retail categories have surged, becoming new growth drivers—achieving double-digit growth for five consecutive quarters in Q4 last year, with full-year revenue increasing by 15.3% year-over-year, accounting for over 40% of merchandise revenue, reaching a new annual high. The supermarket category has also achieved eight consecutive quarters of double-digit growth.

The explosive growth of the daily and retail categories is closely linked to upgraded consumer experiences that are both high-quality and affordable, supported by deep supply chain capabilities. In February 2025, JD.com officially launched the “Hundred Billion Supermarket” channel on its app, not only increasing subsidies to hundreds of billions but also planning to invest over 20 billion RMB in product subsidies over the next three years, helping brands achieve an additional sales increase of 200 billion RMB. Meanwhile, JD Fashion’s same-day delivery business has rapidly expanded, with over 1,000 merchants onboard, including top brands like Tapo and Anta, covering categories such as apparel and beauty, with store numbers increasing by over 150% year-over-year.

“JD’s daily and retail category performance significantly outperforms the industry average, thanks to continuous supply chain development and greatly improved operational efficiency,” Xu Ran pointed out at the earnings conference. JD’s competitive advantages are not only rooted in its self-operated model and JD Logistics’ core barriers but also in its attributes as “the most stable daily sales platform nationwide, a high-quality brand-building platform, and the platform with the highest return on investment across the product lifecycle,” which can bring stable and efficient sales growth for brands.

Looking ahead to 2026, Xu Ran believes that as market potential is unleashed, user scale expands, supply chain capabilities and brand awareness are continuously strengthened, combined with AI-driven precision in search, recommendations, and data operations, the daily and retail categories are expected to maintain rapid growth.

Strong Breakthroughs in New Businesses

New businesses, represented by food delivery, also became a bright growth curve for JD.com in 2025.

The financial report shows that full-year revenue from new businesses reached 49.3 billion RMB, 2.57 times that of 2024; notably, in Q4 last year, food delivery losses narrowed by nearly 20% quarter-over-quarter, achieving healthy scale expansion and improved profitability. Dan Su stated that JD will continue to promote healthy growth in the food delivery business in 2026, fully leveraging its synergy with core retail.

Since the official announcement of entering the food delivery sector in February 2025 and the launch of its independent app in November, JD Food Delivery has achieved rapid development within just a year: serving over 240 million orders, capturing over 15% market share, with a full-time rider team exceeding 150,000, and a core goal of surpassing 30% market share in 2026.

Xu Ran said at the earnings conference that JD Food Delivery’s competitive differentiation mainly lies in three aspects: maintaining a “quality food delivery” positioning, ensuring service quality through a full-time rider team, and deeply leveraging JD’s supply chain synergy within its ecosystem.

Expanding “Qixian Xiaochu” (Seven Fresh Kitchen) has become a key focus for JD Food Delivery in 2026. It is an innovative and differentiated business model that integrates deeply with supply chain capabilities and has significant synergy with instant retail. Currently, Seven Fresh Kitchen has basically covered the Beijing Fifth Ring Road, with new stores opening in Shanghai, Shenzhen, Guangzhou, and other cities, aiming to complete coverage of all first- and second-tier cities by the end of the year. Xu Ran also revealed that as of the end of February 2026, over 50 Seven Fresh Kitchen outlets have opened.

Regarding the future development of food delivery, Xu Ran stated that 2025 is the starting year, with substantial investments in operations and R&D; in 2026, efforts will continue to strengthen capabilities, increase high-quality merchants and product offerings, improve user experience, and gradually monetize through services to merchants while maintaining reasonable monetization rates. “Our goal is to ensure healthy business scale growth while continuously improving operational efficiency. If market competition remains stable, total investment in food delivery in 2026 will decrease compared to 2025.”

She also emphasized that long-term, food delivery and instant retail are key strategic directions for JD. In 2025, food delivery brought in new users and significantly increased shopping frequency among existing users. In 2026, cross-selling and advertising revenue synergies will continue to be released. Notably, JD’s annual active users increased to over 700 million in 2025, with quarterly active users and shopping frequency growing over 30% year-over-year.

When discussing industry competition in food delivery, Xu Ran clearly stated: “We support and welcome regulatory authorities to maintain fair market competition, which is conducive to the long-term healthy development of the industry. The company resolutely opposes vicious competition driven by industry involution and will promote high-quality development of quality food delivery through supply chain innovation.”