)
Edge3 Jan 2025
Mercado Libre: The Digital Backbone of Latin America
From shopping to logistics and fintech, Mercado Libre is shaping the digital transformation of Latin America.
JD.com (JD) investor relations material
JD.com Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Net revenues rose 22.4% year-over-year to RMB 357 billion in Q2 2025, driven by strong growth in electronics, home appliances, general merchandise, and services.
Non-GAAP net income attributable to shareholders was RMB 7.4 billion, down from RMB 14.5 billion year-over-year, reflecting higher investments in new businesses, especially food delivery.
JD Retail achieved 20.6% revenue growth and a record 4.5% operating margin, with operating income of RMB 13.9 billion.
Quarterly active customers and user shopping frequency grew over 40% year-over-year, with JD Plus members' frequency up 50%.
Food delivery and new business initiatives drove user growth, engagement, and cross-selling synergies.
Financial highlights
Net product revenues increased 20.7% and net service revenues rose 29.1% year-over-year in Q2 2025.
Gross margin reached 15.9%, marking the 13th consecutive quarter of year-over-year expansion.
Non-GAAP net profit margin declined to 2.1%, mainly due to strategic investments in food delivery and new businesses.
Free cash flow for the last twelve months was RMB 10 billion, down from RMB 56 billion year-over-year.
Cost of revenues grew 22.2% to RMB 300 billion, with marketing expenses up 127.6% year-over-year.
Outlook and guidance
Management remains confident in sustaining growth outpacing the industry, leveraging supply chain, product, price, and service advantages.
Long-term goal to achieve high single-digit profit margin, with core retail business on a healthy margin trend.
Continued investment in new businesses, including food delivery, is expected to impact margins short-term but drive long-term user, GMV, and profit growth.
Focus on enhancing user experience, lowering costs, and improving efficiency while executing new business initiatives.
International expansion remains a key strategy, with plans to launch JoyBuy in Europe and pursue synergistic acquisitions.
How did JD Supermarket avoid price involution?
Explain JDL's 'Global Smart Supply Chain Network'.
How does JD Food Delivery create synergistic value?
Assess JD's long-term food delivery commitment.
How will new business investments affect shareholder returns?
Detail JD's international expansion strategy.
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Edge18 Oct 2024
How Coupang Conquered South Korean E-commerce
The remarkable story of how Coupang has captured nearly every Korean household as customers in less than 15 years.
)
Business Philosophy6 Oct 2023
The Story of Richard Liu Qiangdong and JD.com
JD.com stands as one of China's premier ecommerce leaders. While its chief rival, Alibaba, largely functions as a platform for third-party merchants, showcased by its Tmall and Taobao marketplaces, JD.com takes a different route.
Frequently asked questions
Chinese E-Commerce Giant
JD.com, also known as Jingdong, is a Chinese e-commerce company with multinational operations. It is one of the largest B2C online retailers in China by transaction volume and revenue, offering a wide variety of products including electronics, apparel, and home goods. JD sets itself apart with a commitment to quality, authenticity, and a logistics network that ensures quick and reliable delivery. The company is headquartered in Beijing, China, and its shares are traded on both the Nasdaq and the SEHK.
Liu Qiangdong
Liu Qiangdong's journey to becoming the founder of JD.com is a remarkable tale of perseverance and determination. Coming from a humble background, Liu was born into a poor farming family in rural China. Despite the financial challenges, he was committed to education as a path to a better life. Liu excelled academically, eventually securing a place at Renmin University of China in Beijing. After graduation, he began his foray into retail with a small store selling magneto-optical products. The transition from a physical storefront to an online platform, which eventually became JD.com, If you’re looking to learn more about the history of JD and the story of Liu Qiangdong, this article is a fantastic place to start. Today, JD is one of the largest companies of its kind in the world and is often compared to the likes of Alibaba and Amazon.
A Masterclass in Logistics
JD.com's logistics network is a critical component of its business model, representing one of the most advanced and extensive systems in China's e-commerce sector. The company operates over 800 warehouses, encompassing a vast area, and has developed an efficient last-mile delivery network that reaches a majority of China's population. Notably, JD.com is focused on driving its logistics solutions forward and has made several investments in automation and technology, including the use of drones, autonomous vehicles, and state-of-the-art warehousing technologies. While the company's logistics network extends far beyond Chinese borders, its most efficient and advanced solutions can be found in its home country.
The Business Models
JD.com has a direct sales model, where it maintains control over the entire supply chain from procurement to delivery. It also has a marketplace platform that allows third-party sellers to sell their products on JD's website, expanding their product offerings.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage