JD.com's Q3 2025 net profit drops by over 50%, with 3 billion yuan invested in the Spring Festival red envelope battle

K-LinePoet · 2026-02-22T10:13:33+00:00

JD.com's Q3 2025 financial report shows revenue of 299.1 billion yuan, a year-over-year increase of 14.9%, but net profit decreased by 54.7%, mainly due to increased investment in new businesses. During the Spring Festival, JD.com invested 3 billion yuan in the red envelope battle, while also strengthening high-end supply chain cooperation and expanding offline stores. However, it faces competitive pressure in the instant retail sector.

K-LinePoet

2026-02-22 10:13:33

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Economic Observer Network

JD.com released its Q3 2025 financial report on February 6, 2026. Revenue for the quarter was 299.1 billion yuan, a year-over-year increase of 14.9%; but net profit attributable to common shareholders was 5.3 billion yuan, down 54.7% year-over-year, mainly due to a significant increase in marketing expenses driven by investments in new businesses such as food delivery.

Financial Report Analysis

CEO Xu Ran stated during the conference call that GMV for food delivery achieved double-digit month-over-month growth, with an optimized order structure and an increased proportion of main meals.

Recent Events

Spring Festival Red Envelope Battle: On the eve of the 2026 Spring Festival, JD participated in the “Hundred Billion Red Envelope Battle,” investing 3 billion yuan in benefits, launching an AI New Year Goods Map to strengthen supply chain forecasting, and holding a New Year’s Eve promotional event, focusing on the integration of AI technology and consumer scenarios.

International Strategic Cooperation: From February 6 to 10, JD signed agreements with more than ten kitchenware brands including Zwilling and STAUB in Frankfurt, Germany, aiming to improve supply chain efficiency for high-end categories.

Offline Business Expansion: JD MALL added 9 new stores in 2025, bringing the total to 26, covering first-tier and sinking markets, and promoting green consumption and outbound tax refund services.

Local Retail Competition: Analysis indicates that JD faces pressure from competitors like Meituan in the instant retail sector, such as fewer stores in the alcohol business compared to competitors, reflecting organizational and traffic challenges.

Recent Stock Performance

As of February 11, 2026, JD.com’s U.S. stock (JD.OQ) closed at $28.07, down 1.01% for the day, with a 5-day cumulative increase of 1.87%; the trailing twelve months P/E ratio is 9.40, and the price-to-book ratio is 1.19. During the same period, the NASDAQ index declined 0.40%, and the overall internet retail sector fell 1.64%.

The above content is compiled from publicly available information and does not constitute investment advice.

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