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JD.com's Q2 revenue growth hit a three-year high, but its investment in takeaway drags down profits in half
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: JD.com's Q2 revenue growth rate hits a three-year high, but its investment in takeaway drags down its profit by half." Hope it will be helpful to you! The original content is as follows:
XM Hong Kong Stocks: JD.com's Q2 revenue growth rate hit a three-year high, but its investment in takeaway dragged down profits by half.
XM Hong Kong Stocks: JD.com Group (09618.HK) released its second quarter results overnight, with revenue of RMB 356.7 billion, a year-on-year increase of 22.4%, and the growth rate reached the highest since the first quarter of 2022, mainly due to the continued accelerated growth in core retail businesses. Benefiting from the development momentum of new businesses such as core retail businesses and takeaways, JD.com Group's quarterly active users and shopping frequency both achieved year-on-year growth of more than 40% in the second quarter, and the quarterly active users achieved year-on-year double-digit growth for seven consecutive quarters.
But the net profit attributable to shareholders in the second quarter was 6.2 billion yuan, www.xmspot.compared with 12.6 billion yuan in the same period of 2024, a year-on-year decline of 51%; the net profit attributable to shareholders was 1.7%, www.xmspot.compared with 4.3% in the same period of 2024. Net profit under non-GAAP was 7.4 billion yuan, www.xmspot.compared with 14.5 billion yuan in the same period in 2024, and the net profit margin also fell from 5.0% to 2.1%.
www.xmspot.compared with the same period in 2024, all revenues achieved more than double-digit year-on-year growth: www.xmspot.commodity revenue increased by 20.7%, of which live goods revenue increased by 23.4%, daily department store www.xmspot.commodity revenue increased by 16.4%; service revenue increased by 29.1%, of which platform and advertising service revenue increased by 21.7%, and logistics and other services revenue increased by 34.3%. JD Retail's revenue in the second quarter was 310.1 billion yuan, an increase of 20.6% from the second quarter of 2024.
During the quarter, JD.com's overall operating loss was 900 million yuan, and its operating profit in the same period of 2024 was 1.0.5 billion yuan, and the operating profit margin also changed from 3.6% in the same period last year to negative 0.2%. Operating profits under non-GAAP fell from 11.6 billion yuan in the same period last year to 900 million yuan, and operating profit margin also fell from 4.0% to 0.3%. In its financial report, JD.com pointed out that the decline in profit margins is mainly caused by the increase in strategic investment in new businesses.
JD.com officially entered the takeaway industry in February this year, and officially launched a 10 billion subsidy on April 11. The new takeaway business entered a period of large-scale investment in the second quarter. In the second quarter, new businesses such as takeaway developed healthily, and the revenue of new businesses soared from about 4.6 billion yuan in the same period last year to nearly 13.9 billion yuan, successfully achieving the initial strategic goals. However, operating costs and operating expenses also rose sharply, with operating losses sharply expanding from 700 million yuan in the same period last year to 14.8 billion yuan, with an operating profit margin of -107%.
From the latest financial report, JD is moving towards the initial goal of synergistic development of takeaway business, retail and other businesses. As the takeaway market has opened and has a place, JD's money-burning model for takeaway business in the second quarter is expected to slow down. Therefore, the loss pressure of new business businesses will also narrow, and profit margins will be increased again. The market generally expects that takeaway losses will begin to narrow in the fourth quarter of 2025, but the pressure still exists in the third quarter. Before seeing the "sustainable development" of takeaway business, it will still fluctuate its confidence in the market.
JD.com's stock price opened lower and closed lower after the performance. In addition to the drag of the latest performance, it was partially followed the downward pressure of the market. The stock price once hit the lowest since September last year. Technically, the 10-day moving average became an intraday high. Paying attention to the bottom of HK$120 is the target. If it falls below, more selling orders may follow, but paying attention to the low-level trend line can provide some support.

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The above content is about "[XM Foreign Exchange Market Analysis]: JD.com's Q2 revenue growth rate hits a three-year high, but investing in takeout drags down profits in half". It is carefully www.xmspot.compiled and edited by the XM Foreign Exchange editor. I hope it will be helpful to your transactions! Thanks for the support!
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