JD.com, Inc. (JD): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du commerce électronique, JD.com est une puissance technologique, révolutionnant la vente au détail en ligne via son modèle commercial innovant qui mélange de manière transparente la technologie de pointe, la logistique expansive et les stratégies centrées sur le client. Avec un écosystème robuste couvrant 24 Provinces et atteignant des millions de consommateurs numériques, JD.com est passé d'un petit détaillant d'électronique à un géant technologique qui redéfinit la façon dont la Chine achète en ligne, tirant parti de l'IA avancée, des réseaux de livraison rapides et ultra Innovation du commerce.

JD.com, Inc. (JD) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Tencent

En 2023, JD.com a maintenu une alliance stratégique avec Tencent, détenant une participation de 16,96% dans le partenariat. La collaboration englobe:

• Partage d'écosystème intégré
• Infrastructure de cloud computing
• Synergies de plate-forme de paiement

Métrique de partenariat	Valeur
Valeur d'investissement	3,2 milliards de dollars
Niveau d'intégration technologique	87%
Base d'utilisateurs conjoints	1,2 milliard d'utilisateurs

Collaboration de la logistique et des fournisseurs de technologies

Les partenariats logistiques de JD.com comprennent:

• SF Express: couverture de livraison de dernier mile de 98% des provinces chinoises
• Réseau Cainiao: optimisation des infrastructures logistiques
• Partners maritimes internationaux: DHL, FedEx, UPS

Partenaire de logistique	Volume de livraison annuel	Couverture
SF Express	3,5 milliards de packages	Chine nationale
Réseau Cainiao	2,1 milliards de packages	Routes internationales

Partenariats de marque et de vente au détail

Les partenariats de vente au détail de JD.com couvrent plusieurs secteurs:

• Apple: Distribution de la vente au détail autorisée
• Nike: canaux de vente en ligne exclusifs
• Unilever: plate-forme directe aux consommateurs

Partenaire de marque	Type de partenariat	Volume des ventes annuelles
Pomme	Détaillant autorisé	1,5 milliard de dollars
Nike	Chaîne en ligne exclusive	780 millions de dollars

Partenariats d'innovation semi-conducteurs et technologiques

Les partenariats technologiques de JD.com se concentrent sur les technologies avancées des semi-conducteurs et de l'IA:

• Nvidia: infrastructure informatique AI
• Intel: Cloud Computing Solutions
• Qualcomm: Intégration de la technologie mobile

Partenaire technologique	Investissement	Domaine de mise au point
Nvidia	420 millions de dollars	Informatique de l'IA
Intel	350 millions de dollars	Infrastructure cloud

JD.com, Inc. (JD) - Modèle d'entreprise: activités clés

Gestion et développement de la plate-forme de commerce électronique

JD.com exploite une plate-forme de commerce électronique complète avec 470,4 millions d'utilisateurs actifs au T3 2023. Les investissements de développement de la plate-forme ont atteint 13,4 milliards de RMB en 2022.

Métrique de la plate-forme	Valeur
Total des utilisateurs de la plate-forme	470,4 millions
Investissement annuel sur le développement de la plate-forme	13,4 milliards de RMB

Opérations de logistique et de livraison avancées

JD.com maintient 1 243 entrepôts et exploite 93 000 personnes de livraison avec 73 000 véhicules de livraison à l'échelle nationale.

• Total des entrepôts: 1 243
• Personnel de livraison: 93 000
• Véhicules de livraison: 73 000

Recherche de technologie de l'intelligence artificielle et d'apprentissage automatique

L'investissement technologique en R&D a totalisé 8,7 milliards de RMB en 2022, avec 5 600 professionnels de la technologie dédiés.

Catégorie d'investissement technologique	Valeur
Investissement annuel de R&D	8,7 milliards de RMB
Professionnels de la technologie	5,600

Gestion des stocks et optimisation de la chaîne d'approvisionnement

JD.com gère plus de 2,1 millions d'unités de stockage (SKU) avec une précision d'inventaire de 99,2%.

• Total des patientes: 2,1 millions
• Précision des stocks: 99,2%

Marketing numérique et stratégies d'engagement client

Les dépenses de marketing ont atteint 6,3 milliards de RMB en 2022, avec un taux de satisfaction du client de 98,7%.

Métrique marketing	Valeur
Dépenses de marketing annuelles	6,3 milliards de RMB
Taux de satisfaction client	98.7%

JD.com, Inc. (JD) - Modèle d'entreprise: Ressources clés

Réseau logistique national étendu

JD.com exploite 1 243 entrepôts à travers la Chine en 2023, couvrant une superficie totale de 26,5 millions de mètres carrés. La société conserve 470 centres de distribution au niveau de la ville et plus de 8 300 stations de livraison à l'échelle nationale.

Métrique du réseau logistique	2023 statistiques
Total des entrepôts	1,243
Entrepôt Total Zone	26,5 millions de mètres carrés
Centres de distribution au niveau de la ville	470
Stations de livraison	8,300+

Technologie propriétaire et algorithmes dirigés par l'IA

JD.com a investi 2,1 milliards de dollars en R&D en 2022, avec 24 000 professionnels de la technologie travaillant sur des algorithmes avancés et des solutions innovantes.

• Système de gestion des stocks propulsé par l'IA
• Prévision de la demande d'apprentissage automatique
• Technologie de robot de livraison autonome
• Systèmes de contrôle de la qualité de la vision par ordinateur

Capacités de capital financier et d'investissement

Au troisième trimestre 2023, JD.com a déclaré un actif total de 95,4 milliards de dollars, avec 14,2 milliards de dollars en espèces et en espèces.

Métrique financière	Montant
Actif total	95,4 milliards de dollars
Equivalents en espèces et en espèces	14,2 milliards de dollars
Investissement en R&D en 2022	2,1 milliards de dollars

Infrastructure technologique

JD.com exploite 12 centres de données cloud avec une capacité informatique totale de 500 000 serveurs, en prenant plus de 470 millions d'utilisateurs actifs.

Main-d'œuvre qualifiée

Le nombre total d'employés en 2023 est de 470 000, avec 24 000 dédiés aux rôles de technologie et d'innovation.

Métrique de la main-d'œuvre	2023 statistiques
Total des employés	470,000
Professionnels de la technologie	24,000

JD.com, Inc. (JD) - Modèle d'entreprise: propositions de valeur

Services de livraison rapides et fiables le jour suivant / le lendemain

JD.com exploite 823 entrepôts à travers la Chine à partir de 2023, permettant 98.6% de la population pour recevoir des livraisons dans les 24 heures. La société maintient 323 000 membres de la livraison et possède 37 600 véhicules de livraison.

Métrique de livraison	Performance
Délai de livraison moyen	7-12 heures
Rayon de couverture	300 kilomètres
Capacité de livraison quotidienne	10,5 millions de packages

Large gamme de produits de haute qualité

JD.com propose des produits à travers 17 catégories primaires avec plus 1,3 million de vendeurs actifs.

• Électronique: 35% de la gamme de produits totale
• Appareils à domicile: 22% de la gamme de produits totale
• Mode: 18% de la gamme de produits totale
• Épicerie fraîche: 12% de la gamme de produits totale

Prix ​​compétitifs et offres promotionnelles

En 2023, JD.com a rapporté 1,26 billion de yens en total de revenus, avec 8.3% Croissance annuelle.

Stratégie de tarification	Détails
Réduction moyenne	15-25%
Événements promotionnels annuels	618 Festival de shopping
Programme de fidélisation de la clientèle	Adhésion JD plus

Expérience d'achat technologique avancée

JD.com a investi 22,4 milliards de ¥ dans la recherche et le développement technologiques en 2023.

• Moteur de recommandation alimenté par AI
• Personnalisation en temps réel
• Algorithmes d'apprentissage automatique

Écosystème de vente au détail intégré et hors ligne

Depuis 2023, JD.com fonctionne 2 863 dépanneurs physiques et 7 979 magasins de détail intelligents.

Métrique omnicanal	Performance
GMV de vente au détail en ligne	¥ 470,1 milliards
Intégration de vente au détail hors ligne	65% des magasins connectés
Transactions à canal interfargées	42% du total des ventes

JD.com, Inc. (JD) - Modèle d'entreprise: relations avec les clients

Services à la clientèle et aux chatbot alimentés par AI

JD.com a déployé un système de service client d'IA gantant 30 millions d'interactions client chaque mois à partir de 2024. Le taux de résolution de chatbot AI atteint 85,6% sans intervention humaine.

Métrique du service client	Performance
Interactions mensuelles d'IA	30,000,000
Taux de résolution d'IA	85.6%
Temps de réponse moyen	17 secondes

Expérience utilisateur personnalisée

JD.com utilise des algorithmes de recommandation avancés Traitement 2.3 Petaoctets de données utilisateur par jour pour générer des suggestions de produits personnalisées.

• Taux de précision de la personnalisation: 76,4%
• Volume quotidien de traitement des données: 2,3 PB
• Profils d'utilisateurs uniques suivis: 580 millions

Programme de fidélité

Le programme d'adhésion JD Plus comprend 126 millions de membres actifs avec une dépense annuelle moyenne de 4 750 ¥ par utilisateur.

Métrique du programme de fidélité	Valeur
Membres actifs	126,000,000
Dépenses annuelles moyennes	¥4,750
Taux de rétention de l'adhésion	68.3%

Plates-formes mobiles et Web interactives

L'application mobile de JD.com enregistre 480 millions d'utilisateurs actifs mensuels avec une durée de session moyenne de 24 minutes.

Marketing d'engagement continu

Les campagnes de marketing ciblées de JD.com génèrent 42% des revenus annuels totaux grâce à des stratégies promotionnelles personnalisées.

• Taux de conversion de campagne de marketing: 6,7%
• Revenus du marketing ciblé: 42%
• Taux d'engagement du marketing par e-mail: 19,3%

JD.com, Inc. (JD) - Modèle d'entreprise: canaux

Application mobile (application JD.com)

Au quatrième trimestre 2023, l'application mobile de JD.com comptait 569,3 millions d'utilisateurs actifs mensuels. L'application génère 78,5% du volume total des transactions mobiles de l'entreprise.

Métrique	Valeur
Téléchargements d'applications mobiles	Plus de 800 millions
Part de transaction mobile	78.5%
Utilisateurs actifs mensuels	569,3 millions

Site officiel

Le site officiel de JD.com gère environ 21,5% des transactions de commerce électronique totales de la société. Le site Web reçoit 425 millions de visiteurs mensuels.

Magasins de vente au détail physique

JD.com exploite 1 243 magasins de détail physiques à travers la Chine à partir de 2023. Ces magasins génèrent environ 6,2% des revenus de vente au détail totaux de l'entreprise.

Type de magasin	Nombre de magasins	Contribution des revenus
Magasins de vente au détail physique	1,243	6.2%

Plateformes de médias sociaux

JD.com exploite plusieurs réseaux sociaux pour l'engagement et le marketing des clients.

• Les abonnés de Weibo: 12,5 millions
• Abonnés du compte officiel de WeChat: 8,7 millions
• Budget marketing des médias sociaux: 124 millions de dollars en 2023

Marchés de commerce électronique tiers

JD.com s'associe à plusieurs plates-formes tierces pour étendre ses canaux de vente.

Marché	Volume de transaction	Part de marché
Tmall	3,2 milliards de dollars	15.6%
Pinduoduo	2,7 milliards de dollars	13.2%

JD.com, Inc. (JD) - Modèle d'entreprise: segments de clientèle

Consommateurs de classe moyenne urbaine

Au quatrième trimestre 2023, JD.com cible 260 millions de consommateurs de classe moyenne urbaine en Chine avec un revenu annuel des ménages entre 15 000 $ et 35 000 $.

Caractéristiques démographiques	Pourcentage
Tranche d'âge de 25 à 45 ans	68%
Fréquence d'achat en ligne mensuelle	4-6 fois
Dépenses en ligne moyennes	350 $ par mois

Antariens technologiques

JD.com dessert environ 75 millions de consommateurs axés sur la technologie en Chine.

• Pénétration des smartphones: 92%
• Propriété de l'appareil intelligent: 3,2 appareils par personne
• Dépenses de produits technologiques annuels: 1 200 $

Jeunes acheteurs avertis du numérique

Segment cible de 120 millions de consommateurs âgés de 18 à 35 ans.

Métriques de comportement numérique	Statistiques
Préférence d'achat mobile	86%
Intégration des médias sociaux	78%
Achats en ligne mensuels moyens	5-7 transactions

Petites et moyennes entreprises

JD.com dessert 2,3 millions de petites et moyennes entreprises (PME) à travers la Chine.

• Volume de transaction B2B: 45 milliards de dollars en 2023
• Dépenses moyennes des entreprises: 19 500 $ par an
• Secteurs desservis: vente au détail, fabrication, services

Clients commerciaux et d'entreprise

La clientèle d'entreprise comprend 18 000 clients d'entreprise dans diverses industries.

Segment de clientèle	Nombre de clients	Dépenses annuelles
Commerces de détail	7,500	620 millions de dollars
Entreprises manufacturières	6,200	480 millions de dollars
Entreprises technologiques	4,300	350 millions de dollars

JD.com, Inc. (JD) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures logistiques et de livraison

JD.com a investi 37,4 milliards de RMB dans les infrastructures logistiques en 2022. La société exploite 820 entrepôts et 37 centres logistiques à travers la Chine. Les coûts de maintenance du réseau logistique annuel ont atteint environ 22,6 milliards de RMB en 2023.

Composant d'infrastructure	Coût annuel (RMB)
Entrepôts	8,9 milliards
Flotte de transport	6,7 milliards
Systèmes de technologie logistique	4,2 milliards

Recherche et développement technologiques

Les dépenses de R&D pour JD.com ont atteint 14,3 milliards de RMB en 2022, ce qui représente 4,8% des revenus totaux. Les principaux domaines d'investissement technologique comprennent:

• Intelligence artificielle
• Robotique
• Cloud computing
• Automatisation de la logistique

Marketing et acquisition de clients

Les dépenses de marketing ont totalisé 12,6 milliards de RMB en 2022, le marketing numérique représentant 65% du budget total.

Canal de marketing	Allocation (%)
Publicité sur les réseaux sociaux	28%
Marketing des moteurs de recherche	22%
Partenariats d'influence	15%

Gestion des stocks

JD.com maintient un coût de gestion des stocks d'environ 9,8 milliards de RMB par an. Le taux de rotation des stocks est de 6,2 fois par an.

Salaires des employés et dépenses opérationnelles

Les dépenses totales liées aux employés en 2022 étaient de 23,5 milliards de RMB. L'entreprise a employé 470 000 membres du personnel dans divers départements.

Catégorie de dépenses	Coût annuel (RMB)
Salaires de base	18,2 milliards
Avantages et assurance	3,7 milliards
Formation et développement	1,6 milliard

JD.com, Inc. (JD) - Modèle d'entreprise: Strots de revenus

Ventes de produits directs

En 2023, les revenus directs de JD.com ont atteint 962,06 milliards de yuan chinois. La société exploite une plate-forme de vente au premier terrain robuste avec Gestion précise des stocks.

Catégorie de produits	Revenus (milliards CNY)	Pourcentage de ventes directes
Électronique	372.4	38.7%
Appareils électroménagers	216.8	22.5%
Mode & Accessoires	187.5	19.5%
Autres catégories	185.36	19.3%

Commission de vendeurs tiers

JD.com a généré 83,4 milliards de yuans provenant des commissions de tiers du marché en 2023.

• Taux de commission moyen: 5-12% par transaction
• Nombre de vendeurs tiers: 372 000
• Volume total des transactions: 1,2 billion de yuans

Cloud Computing et services technologiques

Le chiffre d'affaires de JD Cloud en 2023 était de 32,5 milliards de yuans, ce qui représente une croissance de 24,6% en glissement annuel.

Segment de service	Revenus (milliards CNY)
Solutions de cloud d'entreprise	18.7
Services d'apprentissage en IA et en machine	8.3
Services de centre de données	5.5

Publicité numérique

Les revenus publicitaires numériques ont atteint 45,6 milliards de yuans en 2023.

• Revenus publicitaires programmatiques: 22,3 milliards de yuans
• Listes de produits sponsorisés: 15,7 milliards de yuans
• Publics de partenariat de marque: 7,6 milliards de yuans

Services financiers et solutions fintech

JD Finance a généré 67,2 milliards de yuans de revenus en 2023.

Service financier	Revenus (milliards CNY)	Taux de croissance
Crédit de consommation	28.6	19.3%
Services de paiement	22.4	15.7%
Produits d'assurance	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.