JD.com, Inc. (JD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio electrónico, JD.com se erige como una potencia tecnológica, revolucionando el comercio minorista en línea a través de su innovador modelo de negocio que combina sin problemas tecnología de vanguardia, logística expansiva y estrategias centradas en el cliente. Con un ecosistema robusto que abarca 24 Provincias y llegando a millones de consumidores digitales, JD.com se ha transformado de un pequeño minorista electrónica a un gigante tecnológico que redefine cómo las tiendas en línea de China, aprovechando la IA avanzada, las redes de entrega de rayos y asociaciones estratégicas que lo colocan a la vanguardia de la vanguardia de Innovación de comercio.

JD.com, Inc. (JD) - Modelo de negocio: asociaciones clave

Alianza estratégica con Tencent

En 2023, JD.com mantuvo una alianza estratégica con Tencent, con una participación del 16.96% en la asociación. La colaboración abarca:

• Compartir el ecosistema integrado
• Infraestructura de computación en la nube
• Sinergias de plataforma de pago

Métrico de asociación	Valor
Valor de inversión	$ 3.2 mil millones
Nivel de integración de tecnología	87%
Base de usuarios conjuntos	1.200 millones de usuarios

Logística y proveedores de tecnología colaboración

Las asociaciones logísticas de JD.com incluyen:

• SF Express: cobertura de entrega de última milla del 98% de las provincias chinas
• Red de Cainiao: optimización de infraestructura logística
• Socios de envío internacionales: DHL, FedEx, UPS

Socio de logística	Volumen de entrega anual	Cobertura
SF Express	3.500 millones de paquetes	China a nivel nacional
Red de Cainiao	2.1 mil millones de paquetes	Rutas internacionales

Asociaciones de marca y minorista

Las asociaciones minoristas de JD.com abarcan múltiples sectores:

• Apple: distribución minorista autorizada
• Nike: canales de ventas en línea exclusivos
• Unilever: plataforma directa a consumidor

Socio de marca	Tipo de asociación	Volumen de ventas anual
Manzana	Minorista autorizado	$ 1.5 mil millones
Nike	Canal en línea exclusivo	$ 780 millones

Asociaciones de innovación de semiconductores y tecnología

Las asociaciones tecnológicas de JD.com se centran en las tecnologías avanzadas de semiconductores y IA:

• Nvidia: infraestructura informática de IA
• Intel: soluciones de computación en la nube
• Qualcomm: Integración de tecnología móvil

Socio tecnológico	Inversión	Área de enfoque
Nvidia	$ 420 millones	AI Computación
Intel	$ 350 millones	Infraestructura en la nube

JD.com, Inc. (JD) - Modelo de negocio: actividades clave

Gestión y desarrollo de la plataforma de comercio electrónico

JD.com opera una plataforma integral de comercio electrónico con 470.4 millones de usuarios activos a partir del tercer trimestre de 2023. Las inversiones de desarrollo de plataformas alcanzaron 13.4 mil millones de RMB en 2022.

Métrica de plataforma	Valor
Usuarios totales de la plataforma	470.4 millones
Inversión de desarrollo de plataforma anual	13.4 mil millones de RMB

Logística avanzada y operaciones de infraestructura de entrega

JD.com mantiene 1,243 almacenes y opera 93,000 personas de entrega con 73,000 vehículos de entrega en todo el país.

• Almacenes totales: 1.243
• Personal de entrega: 93,000
• Vehículos de entrega: 73,000

Investigación de tecnología de inteligencia artificial y aprendizaje automático

La inversión en I + D de tecnología totalizó 8.7 mil millones de RMB en 2022, con 5.600 profesionales de tecnología dedicados.

Categoría de inversión tecnológica	Valor
Inversión anual de I + D	8.7 mil millones de RMB
Profesionales de la tecnología	5,600

Gestión de inventario y optimización de la cadena de suministro

JD.com administra más de 2.1 millones de unidades de mantenimiento de acciones (SKU) con una precisión de inventario del 99.2%.

• SKU total: 2.1 millones
• Precisión de inventario: 99.2%

Estrategias de marketing digital y compromiso del cliente

El gasto de marketing alcanzó los 6.300 millones de RMB en 2022, con una tasa de satisfacción del cliente del 98.7%.

Métrico de marketing	Valor
Gastos anuales de marketing	6.3 mil millones de RMB
Tasa de satisfacción del cliente	98.7%

JD.com, Inc. (JD) - Modelo de negocio: recursos clave

Extensa red de logística a nivel nacional

JD.com opera 1,243 almacenes en China a partir de 2023, cubriendo un área total de 26.5 millones de metros cuadrados. La compañía mantiene 470 centros de distribución a nivel de la ciudad y más de 8.300 estaciones de entrega en todo el país.

Métrica de red de logística	2023 estadísticas
Almacenes totales	1,243
Área total del almacén	26.5 millones de metros cuadrados
Centros de distribución a nivel de la ciudad	470
Estaciones de entrega	8,300+

Tecnología patentada y algoritmos impulsados ​​por la IA

JD.com ha invertido $ 2.1 mil millones en I + D durante 2022, con 24,000 profesionales de tecnología trabajando en algoritmos avanzados y soluciones innovadoras.

• Sistema de gestión de inventario con IA
• Previsión de la demanda de aprendizaje automático
• Tecnología de robot de entrega autónoma
• Sistemas de control de calidad de la visión por computadora

Capacidades de capital financiero y de inversión

A partir del tercer trimestre de 2023, JD.com reportó activos totales de $ 95.4 mil millones, con $ 14.2 mil millones en efectivo y equivalentes en efectivo.

Métrica financiera	Cantidad
Activos totales	$ 95.4 mil millones
Equivalentes de efectivo y efectivo	$ 14.2 mil millones
Inversión de I + D en 2022	$ 2.1 mil millones

Infraestructura tecnológica

JD.com opera 12 centros de datos en la nube con una capacidad informática total de 500,000 servidores, lo que admite más de 470 millones de usuarios activos.

Fuerza laboral hábil

El recuento total de empleados a partir de 2023 es de 470,000, con 24,000 dedicados a los roles de tecnología e innovación.

Métrica de la fuerza laboral	2023 estadísticas
Total de empleados	470,000
Profesionales de la tecnología	24,000

JD.com, Inc. (JD) - Modelo de negocio: propuestas de valor

Servicios de entrega rápidos y confiables el mismo día/día siguiente

JD.com opera 823 almacenes en China a partir de 2023, habilitando 98.6% de la población para recibir entregas dentro de las 24 horas. La empresa mantiene 323,000 Personal de entrega y posee 37,600 vehículos de entrega.

Métrica de entrega	Actuación
Tiempo de entrega promedio	7-12 horas
Radio de cobertura	300 kilómetros
Capacidad de entrega diaria	10.5 millones de paquetes

Amplia gama de productos de alta calidad

JD.com ofrece productos en todo 17 categorías principales con 1.3 millones de vendedores activos.

• Electrónica: 35% de la gama de productos totales
• Electrodomésticos: 22% de la gama de productos totales
• Moda: 18% de la gama de productos totales
• Comestibles frescos: 12% de la gama de productos totales

Precios competitivos y ofertas promocionales

En 2023, JD.com informó ¥ 1.26 billones en ingresos totales, con 8.3% Crecimiento anual.

Estrategia de precios	Detalles
Descuento promedio	15-25%
Eventos promocionales anuales	618 Festival de compras
Programa de fidelización de clientes	Membresía JD Plus

Experiencia de compra tecnológica avanzada

Jd.com invertido ¥ 22.4 mil millones en Investigación y Desarrollo de la Tecnología en 2023.

• Motor de recomendación con IA
• Personalización en tiempo real
• Algoritmos de aprendizaje automático

Ecosistema minorista en línea y fuera de línea integrado

A partir de 2023, JD.com opera 2,863 tiendas de conveniencia física y 7,979 tiendas minoristas inteligentes.

Métrico omnicanal	Actuación
GMV minorista en línea	¥ 470.1 mil millones
Integración minorista fuera de línea	65% de las tiendas conectadas
Transacciones de canal cruzado	42% de las ventas totales

JD.com, Inc. (JD) - Modelo de negocios: relaciones con los clientes

Servicios de atención al cliente y servicios de chatbot a prueba de IA

JD.com implementó un sistema de servicio al cliente de IA que maneja 30 millones de interacciones con el cliente mensualmente a partir de 2024. La tasa de resolución de chatbot de IA alcanza el 85.6% sin intervención humana.

Métrica de servicio al cliente	Actuación
Interacciones mensuales de IA	30,000,000
Tasa de resolución de IA	85.6%
Tiempo de respuesta promedio	17 segundos

Experiencia de usuario personalizada

JD.com utiliza algoritmos de recomendación avanzados procesando 2.3 petabytes de datos de usuario diariamente para generar sugerencias de productos personalizadas.

• Tasa de precisión de personalización: 76.4%
• Volumen diario de procesamiento de datos: 2.3 PB
• Perfiles de usuario únicos rastreados: 580 millones

Programa de fidelización

El programa de membresía JD Plus incluye 126 millones de miembros activos con un gasto anual promedio de ¥ 4,750 por usuario.

Métrica del programa de fidelización	Valor
Miembros activos	126,000,000
Gasto anual promedio	¥4,750
Tasa de retención de membresía	68.3%

Plataformas móviles y web interactivas

La aplicación móvil de JD.com registra 480 millones de usuarios activos mensuales con una duración de sesión promedio de 24 minutos.

Marketing continuo de compromiso

Las campañas de marketing específicas de JD.com generan el 42% de los ingresos anuales totales a través de estrategias promocionales personalizadas.

• Tasa de conversión de la campaña de marketing: 6.7%
• Ingresos del marketing dirigido: 42%
• Tasa de participación de marketing por correo electrónico: 19.3%

JD.com, Inc. (JD) - Modelo de negocio: canales

Aplicación móvil (aplicación JD.com)

A partir del cuarto trimestre de 2023, la aplicación móvil de JD.com tenía 569.3 millones de usuarios activos mensuales. La aplicación genera el 78.5% del volumen total de transacciones móviles de la compañía.

Métrico	Valor
Descargas de aplicaciones móviles	Más de 800 millones
Compartir la transacción móvil	78.5%
Usuarios activos mensuales	569.3 millones

Sitio web oficial

El sitio web oficial de JD.com maneja aproximadamente el 21.5% de las transacciones totales de comercio electrónico de la compañía. El sitio web recibe 425 millones de visitantes mensuales.

Tiendas minoristas físicas

JD.com opera 1,243 tiendas minoristas físicas en China a partir de 2023. Estas tiendas generan aproximadamente el 6.2% de los ingresos minoristas totales de la compañía.

Tipo de tienda	Número de tiendas	Contribución de ingresos
Tiendas minoristas físicas	1,243	6.2%

Plataformas de redes sociales

JD.com aprovecha múltiples canales de redes sociales para la participación del cliente y el marketing.

• Seguidores de Weibo: 12.5 millones
• Suscriptores de cuentas oficiales de WeChat: 8.7 millones
• Presupuesto de marketing en redes sociales: $ 124 millones en 2023

Mercados de comercio electrónico de terceros

JD.com se asocia con múltiples plataformas de terceros para expandir sus canales de ventas.

Mercado	Volumen de transacción	Cuota de mercado
Tmall	$ 3.2 mil millones	15.6%
Pinduoduo	$ 2.7 mil millones	13.2%

JD.com, Inc. (JD) - Modelo de negocios: segmentos de clientes

Consumidores de clase media urbana

A partir del cuarto trimestre de 2023, JD.com se dirige a 260 millones de consumidores de clase media urbana en China con ingresos familiares anuales entre $ 15,000 y $ 35,000.

Características demográficas	Porcentaje
Rango de edad 25-45	68%
Frecuencia de compra en línea mensual	4-6 veces
Gasto promedio en línea	$ 350 por mes

Entusiastas de la tecnología

JD.com atiende a aproximadamente 75 millones de consumidores centrados en la tecnología en China.

• Penetración de teléfonos inteligentes: 92%
• Propiedad del dispositivo inteligente: 3.2 dispositivos por persona
• Gasto de productos de tecnología anual: $ 1,200

Jóvenes compradores expertos en digital

Segmento objetivo de 120 millones de consumidores de 18 a 35 años.

Métricas de comportamiento digital	Estadística
Preferencia de compra móvil	86%
Integración de redes sociales	78%
Compras en línea mensuales promedio	5-7 transacciones

Empresas pequeñas y medianas

JD.com atiende a 2,3 millones de pequeñas y medianas empresas (PYME) en China.

• Volumen de transacción B2B: $ 45 mil millones en 2023
• Gasto empresarial promedio: $ 19,500 anualmente
• Sectores atendidos: minorista, fabricación, servicios

Clientes minoristas y corporativos

La base de clientes corporativos incluye 18,000 clientes empresariales en varias industrias.

Segmento de clientes	Número de clientes	Gasto anual
Corporaciones minoristas	7,500	$ 620 millones
Empresas manufactureras	6,200	$ 480 millones
Empresas tecnológicas	4,300	$ 350 millones

JD.com, Inc. (JD) - Modelo de negocio: Estructura de costos

Logística y mantenimiento de la infraestructura de entrega

JD.com invirtió 37.4 mil millones de RMB en infraestructura logística en 2022. La compañía opera 820 almacenes y 37 centros de logística en China. Los costos de mantenimiento de la red de logística anual alcanzaron aproximadamente 22.6 mil millones de RMB en 2023.

Componente de infraestructura	Costo anual (RMB)
Mantenimiento de almacenes	8.9 mil millones
Flota de transporte	6.7 mil millones
Sistemas de tecnología logística	4.200 millones

Investigación y desarrollo de tecnología

Los gastos de I + D para JD.com alcanzaron 14.3 mil millones de RMB en 2022, lo que representa el 4.8% de los ingresos totales. Las áreas de inversión de tecnología clave incluyen:

• Inteligencia artificial
• Robótica
• Computación en la nube
• Automatización de logística

Marketing y adquisición de clientes

Los gastos de marketing totalizaron 12.6 mil millones de RMB en 2022, y el marketing digital representa el 65% del presupuesto total.

Canal de marketing	Asignación (%)
Publicidad en las redes sociales	28%
Marketing de motores de búsqueda	22%
Asociaciones de influencia	15%

Gestión de inventario

JD.com mantiene un costo de gestión de inventario de aproximadamente 9.8 mil millones de RMB anualmente. La tasa de facturación de inventario es de 6.2 veces por año.

Salarios de empleados y gastos operativos

Los gastos totales relacionados con los empleados en 2022 fueron 23.5 mil millones de RMB. La compañía empleó a 470,000 miembros del personal en varios departamentos.

Categoría de gastos	Costo anual (RMB)
Salarios base	18.2 mil millones
Beneficios y seguro	3.7 mil millones
Capacitación y desarrollo	1.600 millones

JD.com, Inc. (JD) - Modelo de negocios: flujos de ingresos

Ventas directas de productos

En 2023, los ingresos directos de ventas de JD.com llegaron a 962.06 mil millones de yuanes chinos. La compañía opera una sólida plataforma minorista de primera parte con Gestión de inventario preciso.

Categoría de productos	Ingresos (mil millones de CNY)	Porcentaje de ventas directas
Electrónica	372.4	38.7%
Electrodomésticos	216.8	22.5%
Moda & Accesorios	187.5	19.5%
Otras categorías	185.36	19.3%

Comisión de vendedores externos

JD.com generó 83.4 mil millones de yuanes de comisiones de mercado de terceros en 2023.

• Tasa de comisión promedio: 5-12% por transacción
• Número de vendedores externos: 372,000
• Volumen de transacción total: 1.2 billones de yuanes

Servicios tecnológicos y computación en la nube

Los ingresos de JD Cloud en 2023 fueron de 32.5 mil millones de yuanes, lo que representa un crecimiento año tras año de 24.6%.

Segmento de servicio	Ingresos (mil millones de CNY)
Soluciones de nube empresarial	18.7
AI y servicios de aprendizaje automático	8.3
Servicios de centro de datos	5.5

Publicidad digital

Los ingresos por publicidad digital llegaron a 45.6 mil millones de yuanes en 2023.

• Ingresos publicitarios programáticos: 22.3 mil millones de yuanes
• Listados de productos patrocinados: 15.7 mil millones de yuanes
• Anuncios de asociación de marca: 7.6 mil millones de yuanes

Servicios financieros y soluciones de fintech

JD Finance generó 67.2 mil millones de yuanes en ingresos durante 2023.

Servicio financiero	Ingresos (mil millones de CNY)	Índice de crecimiento
Crédito de consumo	28.6	19.3%
Servicios de pago	22.4	15.7%
Productos de seguro	16.2	12.5%

JD.com, Inc. (JD) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose JD.com, Inc. over competitors, and honestly, it all comes down to control and speed. The company's value is deeply rooted in its vertically integrated supply chain, which allows it to make promises others can't quite keep.

Guaranteed product authenticity and quality assurance.

JD.com, Inc. built its brand on the promise that what you order is what you get, a direct response to market concerns over counterfeits. This trust is maintained through end-to-end control over its self-operated retail channel, JD Ziying, which handles the majority of sales volume as of 2025 across categories like electronics, health, and beauty. While specific 2025 data on the blockchain platform is pending, the historical commitment remains: the technology previously partnered with over 1,000 brands and accumulated more than one billion pieces of commodity data to allow consumer traceability requests. The focus on quality is reflected in the JD Retail operating margin, which rose to 5.9% in Q3 2025, up from 5.2% the prior year, showing that quality focus supports profitability in the core business.

Ultra-fast, reliable delivery (24-48 hours across China).

This is JD.com, Inc.'s signature advantage. The logistics network, JD Logistics, operates over 3,600 warehouses in China, enabling them to deliver 95% of first-party orders within 24 hours in the country. This speed is a non-negotiable part of the brand experience. Furthermore, JD Logistics is aggressively taking this speed global, planning to complete a "2-3 Day Delivery" service circle across 19 countries in 2025 through more than 50 self-operated overseas warehouses, with the total overseas warehouse floor area set for a 100% increase. Even in the fast-growing food delivery segment, JD Food Delivery had over 150,000 full-time riders by the end of Q2 2025.

Competitive pricing via low-price strategy and import programs.

JD.com, Inc. actively pursues a low-price strategy, especially through new formats. For instance, its first large-scale discount supermarket in Zhuozhou offers a curated selection of over 5,000 daily necessities, showcasing clear low prices like 30 fresh eggs for 9.9 yuan. To enhance selection and value, the "10 Billion Growth Plan" aims to introduce 1,000 new international brands over three years, targeting a combined sales increase of 10 billion RMB for those brands. The appeal of imports is clear: European brand sales on the platform in the first half of 2025 alone surpassed 390 million units, generating over 46 billion RMB in revenue.

Comprehensive product selection from electronics to fresh food.

The breadth of selection is supported by both the core retail engine and targeted growth initiatives. JD Retail's net revenues for Q3 2025 reached RMB 299,059 Million, with General Merchandise growing 18.8% year-over-year. The company is actively incubating new items, with a 2025 goal to facilitate 600 new products achieving over RMB 100 million in annual sales. The inclusion of fresh food is evident in the O2O expansion, where JD Food Delivery's daily order volume surpassed 25 million during the Q2 618 promotion.

Integrated online-to-offline (O2O) retail experience (JD MALL).

The O2O value proposition connects the digital promise with physical presence and integrated services. The rapid growth in service revenues, which increased 29.1% in Q2 2025 compared to the previous year, highlights this shift toward value-added services like logistics and marketplace functions. The expansion of JD Logistics overseas, opening new warehouses in countries like the United States, United Kingdom, France, and Poland in H1 2025, extends this integrated fulfillment capability beyond China's borders. The discount supermarket format itself, like the 5,000-square-meter Zhuozhou store, is a physical manifestation of bringing the 'good and cheap' value proposition directly to the consumer's neighborhood.

Here's a quick look at the scale supporting these propositions as of late 2025:

Value Proposition Area	Key Metric	Data Point
Delivery Reliability (Domestic)	Percentage of 1st-Party Orders Delivered within 24 Hours	95%
Logistics Footprint (Domestic)	Number of Warehouses Operated	Over 3,600
Product Selection Focus (2025 Goal)	New Products to Achieve >RMB 100 Million in Sales	600
Low-Price Strategy (O2O)	Items in Discount Supermarket Format	Over 5,000
Import Program Scale (H1 2025)	European Brand Sales Revenue	Exceeded 46 billion RMB
Core Business Health (Q3 2025)	JD Retail Operating Margin	5.9%

JD.com, Inc. (JD) - Canvas Business Model: Customer Relationships

You're looking at how JD.com, Inc. keeps its massive customer base engaged and loyal as of late 2025. It's a mix of high-tech automation and deeply controlled, hands-on service, which is what separates it from pure marketplace competitors.

Automated, personalized recommendations via AI.

The personalization engine is key to driving engagement across the platform. For instance, in Q2 2025, quarterly active customers and user shopping frequency both increased over 40% year-on-year, a trend supported by these tailored experiences. While the exact spend on AI development for personalization isn't broken out in customer relationship costs, the overall investment in technology is evident in the company's scale.

Dedicated, self-operated customer service and after-sales support.

JD.com, Inc. maintains a high degree of control over service quality because it staffs and operates much of the support infrastructure itself. Fulfillment expenses, which cover warehousing, delivery, and customer service, reached RMB22.1 billion (US$3.1 billion) in the second quarter of 2025. This represented 6.2% of net revenues for that quarter. The company's total personnel across the JD Ecosystem, including customer service teams, stood at approximately 900,000 as of September 30, 2025.

Membership programs for loyalty and premium logistics services.

The JD PLUS membership program is a major driver of high-value customer behavior. Members spend on average 10 times more than non-members, showing a 150% increase in annual spending and a 120% boost in shopping frequency. For a price of 298 RMB, the co-branded cards offer benefits valued at over 1,200 RMB. This focus on premium loyalty is central to retaining the platform's most valuable users.

Direct, transactional relationship through the 1P retail model.

The self-operated retail channel, JD Ziying (self-operated retail), is the core of JD.com, Inc.'s brand trust, as JD acts as the retailer, buying and reselling products directly. This direct relationship gives JD full control over inventory and service standards. Looking at the Gross Merchandise Volume (GMV) split from 2024, 1P sales contributed 27% to the total, while the third-party (3P) marketplace accounted for the remaining 73%. As of 2025, JD Ziying still handles the majority of JD.com, Inc.'s sales volume.

High-touch service for luxury and premium brands.

For high-end relationships, JD.com, Inc. offers a platform where premium brands debut products with confidence in service execution. In 2025 alone, flagship launches for international premium home appliance brands priced above RMB 10,000 (USD 1,400) chose JD.com for their market debut, relying on the integrated supply chain for a high-touch experience.

Here's a quick look at some key metrics underpinning these customer relationship investments:

Metric Category	Specific Metric	Value / Period	Source Context
Customer Base Scale	Annual Active Customers	Surpassed 700 million (as of October 2025)	Q3 2025 Results
Loyalty Program Value	PLUS Member Annual Spending Increase	150% increase vs. non-members	Early 2025 Data
Direct Sales Model	1P Sales Contribution to GMV	27% (2024)	Latest Available GMV Split
Service Investment	Fulfillment Expenses (incl. CS)	RMB22.1 billion (Q2 2025)	Q2 2025 Financials
Service Investment	Fulfillment Expense as % of Revenue	6.2% (Q2 2025)	Q2 2025 Financials
Premium Engagement	Luxury Product Launch Price Threshold	Above RMB 10,000 (USD 1,400)	2025 Activity

The platform's ability to scale its user base by over 40% YoY in active customers and frequency, while simultaneously investing heavily in fulfillment costs like customer service, shows a clear prioritization of the direct, controlled experience. If onboarding for new premium services takes longer than expected, churn risk rises defintely.

• JD PLUS Member Spending Multiplier: 10 times non-members.
• JD PLUS Co-branded Card Price: 298 RMB.
• JD Logistics Overseas Warehouse Floor Area Goal: 100% increase by end of 2025.
• Total JD Ecosystem Personnel: Approximately 900,000 (as of Q3 2025).

Finance: review the Q3 2025 fulfillment expense as a percentage of revenue against the Q2 2025 figure by Monday.

JD.com, Inc. (JD) - Canvas Business Model: Channels

You're looking at how JD.com, Inc. gets its value proposition into the hands of its customers. This is where the rubber meets the road, and for JD.com, Inc., it's all about owning the infrastructure.

JD.com e-commerce platform (Web and Mobile App)

The core digital storefront remains the primary interface. JD Retail, the core e-commerce business, posted net revenues of RMB310.1 billion in the third quarter of 2025, showing a 20.6% increase year-over-year for that quarter. The platform's reach is significant, with the active user base surpassing 700 million annual active customers as of the end of Q3 2025. The operating margin for JD Retail improved to 5.9% in Q3 2025, up from 5.2% the prior year, which shows the core platform is becoming more efficient at scale.

Proprietary logistics network (JD Logistics, JD Express)

This is JD.com, Inc.'s moat. JD Logistics saw its revenue climb by 24.1% in Q3 2025. The company is aggressively building out its international footprint to support cross-border and global fulfillment. For 2025, JD Logistics plans to complete a "2-3 Day Delivery" service circle covering 19 countries, supported by more than 50 self-operated overseas warehouses, aiming to double the total overseas warehouse floor area by the end of the year.

Here's a snapshot of the logistics scale as of mid-2025:

Metric	Value (As of June 30, 2025 / H1 2025)	Scope
Total Warehouses (Bonded, Direct Mail, Overseas)	Over 130	Global
Total Managed Warehouse Area	Exceeding 1.3 million square meters	Global
Overseas Warehouse Coverage	23 countries and regions	Global
International Express Delivery Reach (Target)	Approximately 80 countries and regions (by end of 2025)	Global

Also, JD Logistics launched its self-operated express delivery brand, "JoyExpress," in Saudi Arabia in June 2025, marking a step in localized operating capabilities.

Physical retail stores (JD MALL, 24 locations as of June 2025)

The physical presence is designed to blend the online and offline experience. As of the end of June 2025, JD MALL had opened a total of 24 stores across multiple cities, including Beijing, Shenzhen, Nanjing, Wuhan, and Taiyuan in Q2 2025. These stores use JD.com, Inc.'s supply chain strengths for an immersive, one-stop shopping experience.

On-demand retail and delivery services (JD NOW, JD Food Delivery)

The push into on-demand is aggressive, primarily seen through JD Food Delivery. During the JD 618 Grand Promotion in 2025, the daily order volume for JD Food Delivery surpassed 25 million orders. By the end of Q2 2025, the platform had over 1.5 million quality merchants onboard and employed over 150,000 full-time delivery riders, who are direct employees receiving social insurance. The business coverage expanded to 350 cities nationwide by Q2 2025. The New Businesses segment, heavily influenced by this expansion, saw revenue surge by 213.7% in Q3 2025. Analysts project the food delivery segment will incur losses of RMB34 billion ($4.8 billion) for the full year 2025 due to subsidies and promotions.

Cross-border e-commerce platform (JD Worldwide)

JD Worldwide is the dedicated channel for international goods. It commands a 15.9% market share in China's cross-border e-commerce sector. The platform is known for its focus on categories like electronics, household goods, and health products, leveraging JD.com, Inc.'s self-operated logistics network for reliable delivery. The overall China cross-border e-commerce market is projected to be valued at £268 billion in 2025.

You should track the operating losses in New Businesses against the growth in JD Worldwide's supported logistics capacity.

JD.com, Inc. (JD) - Canvas Business Model: Customer Segments

You're looking at the core groups JD.com, Inc. (JD) serves as of late 2025, based on their latest operational scale. It's a broad mix, from the everyday shopper to major international brands needing logistics muscle.

The largest segment is definitely the massive base of everyday Chinese shoppers. JD.com, Inc. (JD) reported that the number of its annual active customers surpassed a new milestone of 700 million in October 2025. This user base is the foundation of their retail engine.

Still, not everyone shops the same way. There's a distinct group focused on getting the best deal without sacrificing the trust JD.com, Inc. (JD) built its name on-authenticity and speed. This segment is drawn to JD Retail's core offerings, which saw its operating margin improve to 5.9% in the third quarter of 2025.

The platform also heavily relies on third-party sellers. The marketplace, known as the POP platform, is a significant part of the ecosystem, though JD Direct (self-operated) still drives the majority of sales volume. The growth here is clear:

Customer Segment Detail	Metric/Data Point	Latest Figure/Period
Annual Active Customers (Mass-Market)	Milestone Reached	700 million (October 2025)
Third-Party Merchants (POP Platform)	Merchants on JD Food Delivery during 618 Promotion	Over 1.5 million (Q2 2025)
Third-Party Merchants (Overall Base)	Total Number of Merchants	1 million (2024)
High-End Consumers (Premium Goods)	Sales of Imported/JV Premium Refrigerators/Washing Machines (11.11)	RMB 1 billion
External Enterprises (Supply Chain Services)	Overseas Warehouses Operated by JD Logistics (JDL)	Over 130 (As of June 30, 2025)

The segment of external enterprises is primarily served by JD Logistics (JDL), which is scaling its integrated supply chain solutions. For instance, JDL plans to double its overseas warehouse capacity by the end of 2025. This service arm supports brands looking to enter or expand within China, often leveraging JD.com, Inc. (JD)'s massive logistics footprint, which incurred fulfillment expenses of RMB 22.0 billion (US$3.1 billion) in Q3 2025.

For the high-end consumer, JD.com, Inc. (JD) is focusing on premium and imported goods, evidenced by flagship product launches priced above RMB 10,000 (USD 1,400) choosing the platform for their 2025 market debut. This targets a customer base willing to pay for guaranteed quality and authenticity, often associated with JD Direct's controlled inventory model.

The value-driven consumer segment is captured by the overall performance of the core retail business. You see this in the numbers:

• JD Retail reported net revenues of RMB 250.6 billion (US$35.2 billion) for Q3 2025.
• The operating margin for JD Retail was 5.9% in Q3 2025, up from 5.2% in Q3 2024.
• The company maintains a leading market position in electronics and home appliances.

The sheer scale of the ecosystem is also reflected in the human capital supporting these segments. The total personnel under the JD Ecosystem was approximately 900,000 as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

JD.com, Inc. (JD) - Canvas Business Model: Cost Structure

The Cost Structure for JD.com, Inc. is heavily weighted toward the direct costs of its massive retail operation, coupled with significant ongoing investment in logistics and future growth engines.

Cost of Revenues (product procurement) for the 1P retail model is the single largest cost component. For the third quarter of 2025, the Cost of Revenues was reported at RMB 248.6 billion (US$34.9 billion). This figure reflects the cost of goods sold for the direct sales portion of the business.

Fulfillment expenses, which cover warehousing, delivery, customer service, and payment processing, show a clear trend of increasing investment. For the second quarter of 2025, these expenses totaled RMB 22.1 billion (US$3.1 billion). By the third quarter of 2025, this figure rose to RMB 22.0 billion (US$3.1 billion), representing a 35.2% increase year-over-year. As a percentage of net revenues, fulfillment expenses were 6.2% in Q2 2025 and 7.4% in Q3 2025.

Technology and R&D investment shows consistent spending on innovation. Research and development expenses were RMB 4.6 billion (US$0.6 billion) in the first quarter of 2025. This spending increased to RMB 5.3 billion (US$0.7 billion) in Q2 2025 and further to RMB 5.6 billion (US$0.8 billion) in Q3 2025. The Q3 2025 R&D spend represented 1.9% of net revenues.

Marketing and promotional costs for user acquisition have seen an aggressive increase, directly tied to new business initiatives. In the second quarter of 2025, marketing expenses surged by 127.6% year-over-year to RMB 27.0 billion (US$3.8 billion), making up 7.6% of net revenues. This pace continued into the third quarter of 2025, with marketing expenses reaching RMB 21.1 billion (US$3.0 billion), an increase of 110.5% year-over-year, or 7.0% of net revenues.

Heavy investment in New Businesses is the primary driver of consolidated margin pressure. The operating margin for the New Businesses segment plunged to -100.9% in the third quarter of 2025. This strategic outlay resulted in the overall company reporting a Loss from operations of RMB 1.1 billion (US$0.1 billion) for Q3 2025, with a consolidated Operating margin of -0.4%, compared to an income from operations of RMB 12.0 billion in Q3 2024.

Here's a look at some of the key reported expense line items from the mid-2025 reporting periods:

Cost Component	Period	Amount (RMB billions)	Percentage of Net Revenues
Cost of Revenues	Q3 2025	248.6	Not explicitly stated, but implied to be high
Fulfillment Expenses	Q2 2025	22.1	6.2%
Fulfillment Expenses	Q3 2025	22.0	7.4%
Research and Development Expenses	Q1 2025	4.6	1.5%
Research and Development Expenses	Q3 2025	5.6	1.9%
Marketing Expenses	Q2 2025	27.0	7.6%
Marketing Expenses	Q3 2025	21.1	7.0%

The cost profile is characterized by:

• High Variable Cost: Cost of Revenues dominates the expense base due to the first-party retail model.
• Rising Logistics Costs: Fulfillment expenses as a percentage of revenue increased from 5.9% in Q2 2024 to 6.2% in Q2 2025 and 7.4% in Q3 2025.
• Accelerated Tech Spend: R&D grew by 14.6% in Q1 2025 and 28.4% in Q3 2025.
• Aggressive User Acquisition Spend: Marketing spend more than doubled year-over-year in Q2 2025 and Q3 2025.

JD.com, Inc. (JD) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for JD.com, Inc. as of the third quarter of 2025, which shows a clear focus on its core retail engine while aggressively scaling newer ventures. Honestly, the numbers tell a story of two speeds: steady core growth and explosive expansion in new areas.

Direct Sales/Product Revenue (JD Retail 1P)

The foundation remains the direct sales component within JD Retail. Net product revenues for the third quarter of 2025 reached RMB 226.1 billion (approximately US$31.8 billion). This figure represented a year-over-year increase of 10.5%. While the prompt suggests this stream is over 86% of total revenue, the reported Net Product Revenues were approximately 75.6% of the total net revenues of RMB 299.1 billion for the quarter. Electronics and home appliances, a key part of this, grew 4.9% year-over-year to RMB 128.6 billion (US$18.1 billion).

Marketplace Commissions and Advertising Services (3P model)

The third-party (3P) model, encompassing marketplace commissions and advertising, falls under Net Service Revenues. Marketplace and marketing revenues specifically grew robustly by 23.7% year-over-year, hitting RMB 25.7 billion (or RMB 25,688 million) in Q3 2025. This segment is a key driver for JD Retail, which saw its overall operating margin improve to 5.9% from 5.2% the prior year.

Logistics and Other Service Revenue (external JD Logistics)

Service revenue diversification is clearly working, with Logistics and Other Service Revenues surging by 35.0% year-over-year, amounting to RMB 47.3 billion (or RMB 47,279 million) in the quarter. JD Logistics, the primary contributor here, posted net revenues of RMB 55.1 billion (or RMB 55.08 billion), marking a 24.1% increase from Q3 2024. The overall Net Service Revenues increased by 30.8% year-over-year to RMB 73 billion (US$10.3 billion).

Financial Services (Fintech) and Cloud Computing

While specific revenue figures for dedicated Financial Services or Cloud Computing segments aren't broken out separately in the primary results summary, their activities are embedded within the growth of Net Service Revenues. Fulfillment expenses, which cover payment processing, increased by 35.2% to RMB 22.0 billion (US$3.1 billion). The overall service revenue growth of 30.8% suggests these areas are contributing to the diversification effort.

New Businesses revenue (e.g., Food Delivery)

This is where you see the most dramatic percentage jump. Revenues from New Businesses, which include JD Food Delivery, Jingxi, and international operations, skyrocketed by 213.7% year-over-year to RMB 15.6 billion (US$2.2 billion) in Q3 2025. JD Food Delivery, in particular, achieved double-digit quarter-on-quarter Gross Merchandise Value (GMV) growth.

Here's a quick look at the segment revenue performance for Q3 2025:

Revenue Segment	Q3 2025 Revenue (RMB Billion)	YoY Growth Rate	Q3 2025 Operating Margin
Total Net Revenues	299.1	14.9%	N/A
JD Retail (Total)	250.6	11.4%	5.9%
Net Product Revenues (1P Proxy)	226.1	10.5%	N/A (Part of JD Retail)
Marketplace & Marketing Revenues (3P Proxy)	25.7	23.7%	N/A (Part of Net Service Revenues)
Logistics & Other Service Revenues	47.3	35.0%	2.3% (JD Logistics)
New Businesses Revenues	15.6	213.7%	-100.9% (Operating Loss)

The service-oriented revenue streams are clearly accelerating faster than the core product sales, which is a key strategic shift. You can see the breakdown of the service revenue components:

• Net Service Revenues totaled RMB 73 billion (US$10.3 billion).
• Marketplace and Marketing Revenues were RMB 25.7 billion.
• Logistics and Other Service Revenues were RMB 47.3 billion.
• JD Retail's General Merchandise revenues grew 18.8% to RMB 97.5 billion ($13.7 billion).

The company is definitely putting capital to work in these newer areas; marketing expenses, for instance, increased 110.5% year-over-year to RMB 21.1 billion ($3 billion). Finance: draft 13-week cash view by Friday.