JINGDONG Industrial (7618) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 17.4% to RMB23.95bn; gross profit increased 25.8% to RMB4.17bn, with gross margin expanding to 17.4% from 16.2%.

• Profit for the year reached RMB2.31bn, boosted by a RMB1.40bn fair-value gain on convertible preferred shares; non-IFRS profit was RMB1.13bn.

• The Hong Kong listing on December 11, 2025 marked a new development phase; year-end cash resources totaled RMB14.5bn.

Financial highlights

• Revenue increased 17.4% to RMB23.95bn; cost of revenue rose 15.8% to RMB19.78bn, below revenue growth.

• Gross profit grew 25.8% to RMB4.17bn; gross margin rose to 17.4% from 16.2%, aided by procurement efficiency and supplier-network optimization.

• Operating income decreased 5.2% to RMB811.0m, while profit before tax rose 179.3% to RMB2.47bn and net profit increased 203.8% to RMB2.31bn.

• Adjusted (non-IFRS) operating income increased 1.8% to RMB1.01bn; adjusted profit rose 5.3% to RMB1.13bn.

Outlook and guidance

• 2026 priorities include deepening end-to-end digital supply-chain capabilities, expanding production scenarios and product categories, and broadening customer and emerging-sector reach.

• Strategy centers on integrating technological and industrial innovation, improving supply-demand matching, and pursuing customer value through experience, cost, and efficiency improvements.

• Liquidity needs are expected to be met through operating cash flow, capital-market funding as needed, and Global Offering proceeds; no other material external financing plans were indicated.