JD.com posts 13 percent revenue increase in 2025, driven by retail and fashion expansion

Chinese supply chain technology provider JD.com has reported a 13 percent increase in total net revenues for the full year 2025, reaching 1,309.09 billion RMB (187.2 billion dollars). The Beijing-based company saw its core JD Retail segment achieve resilient performance, with operating profit for the year rising to 51.40 billion RMB compared to 41.08 billion RMB in the previous year.

For the fourth quarter ended December 31, 2025, total net revenues rose 1.50 percent year-over-year to 352.28 billion RMB. While net product revenues experienced a slight decline of 2.80 percent during the quarter due to a high base effect in the electronics category, the general merchandise and service segments maintained strong momentum.

Strategic expansion in fashion and on-demand retail

The company’s fashion division, JD Fashion, significantly expanded its digital footprint throughout 2025. By the end of the year, the on-demand retail service had onboarded over 1,000 merchants, including major brands such as Anta, Li-Ning, and Bosideng. The number of operating stores in the fashion category saw triple-digit YoY growth, covering segments such as apparel, footwear, and beauty.

Chief executive officer of JD, Sandy Xu, noted that the core retail business remained resilient despite a competitive landscape. Xu highlighted that the company continued to see robust user growth and increased shopping frequency. The integration of artificial intelligence (AI) has been a priority, with over 50,000 merchants utilizing AI-powered digital humans for marketing by the end of the fourth quarter.

Despite the annual revenue growth, JD recorded a net loss attributable to ordinary shareholders of 2.71 billion RMB for the fourth quarter of 2025. This compares to a net income of 9.85 billion RMB in the same period of 2024. The decline was primarily attributed to increased strategic investments in new business initiatives. For the full year 2025, net income attributable to ordinary shareholders reached 19.63 billion RMB, down from 41.36 billion RMB in 2024. Non-GAAP EBITDA for the full year was 18.34 billion RMB.

Shareholder returns and logistics development

JD maintained its commitment to shareholder returns, announcing an annual cash dividend of approximately 1.40 billion dollars. The company also repurchased 6.30 percent of its outstanding shares in 2025 for a total of approximately 3 billion dollars.

In the logistics sector, JD Logistics (JDL) expanded its automated warehousing solutions. As of the end of 2025, over 20 automated warehouses were operational in China. Internationally, JDL launched its first overseas automated warehouse in the UK during the fourth quarter, aimed at supporting same-day delivery services in the local market.