JD.com, Inc. (JD): Business Model Canvas [Dec-2025 Updated]

You're looking to truly dissect one of China's e-commerce giants, and honestly, the engine driving JD.com, Inc. (JD) is its proprietary logistics network, which powered RMB 299.1 billion in Q3 2025 net revenue. It's a fascinating, high-cost model where they pour billions-like the RMB 22.1 billion in Q2 2025 fulfillment expenses-into guaranteeing authenticity and ultra-fast delivery for over 700 million active customers. This isn't just retail; it's infrastructure as a service. The whole model hinges on that self-operated supply chain. Dive into the canvas below to see exactly how they balance that massive cost structure against revenue streams from direct sales (over 86% of total revenue) and growing logistics services.

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

You're looking at the backbone of JD.com's marketplace strength, which is its web of strategic alliances. These aren't just handshake deals; they are critical revenue drivers and market access points, especially for premium and international goods.

Global Brands for Direct Sales and Premium Access

JD.com acts as the primary gateway for many international players wanting deep access to Chinese consumers, particularly in high-value segments. The focus here is on direct sales and exclusive launches, which you can see reflected in the numbers from the 11.11 Grand Promotion in November 2025.

For instance, European brands have shown strong traction. In 2024, sales of European brand products on JD.com surpassed 740 million units, generating over $12.3 billion (or ¥87 billion). This momentum carried into 2025; in the first half of 2025 alone, sales exceeded 390 million units, bringing in more than $6.41 billion (or ¥46 billion). This is part of the larger "10 Billion Growth Plan" aimed at introducing 1,000 new overseas brands over three years.

The platform is the preferred retail partner for international premium brands, especially in home appliances. During the 11.11 Grand Promotion of 2025, JD.com enabled over 2,000 home appliance brands to achieve 100% year-on-year sales growth. You saw flagship launches priced above RMB 10,000 (or $1,400 USD) from brands like Miele and Panasonic choose JD.com for their market debut in 2025.

International Food Suppliers and Global Goods Recruitment

The partnership strategy extends to sourcing high-quality, specific consumer demands. Through the Global Goods Recruitment initiative, JD.com is actively seeking to align with evolving consumer preferences, prioritizing health-focused, organic, and locally sourced items. While I don't have specific 2025 volume data for Camposol or Teys, the overall trend is clear: the supply chain is being optimized for fresh imports and specialized goods.

Here's a snapshot of the cross-border growth supporting these supplier relationships:

Healthcare Companies for JD Health

JD Health's partnerships are crucial for its online marketplace and its move into intelligent healthcare ecosystems. The unit has been reporting strong financial results, which validates these alliances. For the third quarter of 2025, JD Health reported revenue of RMB 17.12 billion, a 28.7% year-over-year increase, with non-IFRS profit rising 42.4% to RMB 1.902 billion. For the first half of 2025, revenue hit RMB 35.3 billion, marking 24.5% year-over-year growth.

Key collaborations include:

• Strategic cooperation agreements with major pharmaceutical firms like Eli Lilly and Bayer China for new drug launches.
• An alliance with medical device brands, including Yuwell and Sinocare, to build a smart blood glucose management system.
• Collaboration with Union Hospital to establish an intelligent outpatient service platform.

The company's user base has surpassed 400 million users, providing a massive base for these partnered health solutions.

Digital Product Manufacturers and New Product Launches

JD.com's New Product Growth Initiative, unveiled in April 2025, is designed to support new product launches through investment in web traffic and funding. The goal is ambitious: to facilitate 60,000 new products achieving over RMB 1 million in annual sales, with 600 reaching RMB 100 million in sales in 2025. This structure makes JD.com a key launch partner for manufacturers like Xiaomi, even if specific 2025 data for them isn't itemized here. The platform's role as a gateway for international premium home appliance launches, with many flagship products debuting there in 2025, underscores this partnership value.

Foreign Governments/Trade Organizations for National Pavilions

The National Pavilion Initiative is a key component of JD.com's cross-border strategy, offering officially backed online shops for different nations. JD.com presently hosts 140 of these pavilions and plans to expand coverage to nearly every European nation. This is a direct partnership with trade bodies and governments to promote their goods.

The success of this approach is visible outside the platform as well. The China National Pavilion at the Osaka World Expo 2025, which ran from April 13 to October 13, 2025, welcomed over 750,000 visitors since its opening. This physical presence mirrors the digital strategy of providing a cultural window through online pavilions.

Finance: review Q3 2025 fulfillment expense ratio against Q2 2025 for partnership cost impact by next Tuesday.

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

You're looking at the core engine of JD.com, Inc. (JD)-the things they absolutely must do well to deliver on their promises. These aren't just tasks; they are massive, capital-intensive operations that define the company's competitive moat. Here's the quick math on what's driving their activity right now, based on late 2025 figures.

Operating the proprietary, integrated smart logistics network

This is the backbone, honestly. JD.com's logistics arm, JD Logistics (JDL), is constantly expanding its physical footprint and technological sophistication. You can see the scale in their commitment to global reach and domestic speed.

As of June 30, 2025, JDL operated over 130 bonded warehouses, direct mail warehouses, and overseas warehouses in total. The total managed area for these facilities exceeded 1.3 million square meters by that same date. Domestically, JDL maintains its reputation by delivering 95% of first-party orders within 24 hours in China. For international operations, JDL is pushing hard to complete a "2-3 Day Delivery" service circle across 19 countries in 2025, supported by more than 50 self-operated overseas warehouses. They plan to double the total overseas warehouse floor area by the end of 2025, representing a 100% increase.

The financial commitment to this activity is clear in the expense reports. Fulfillment expenses-covering procurement, warehousing, and delivery-hit RMB22.0 billion (US$3.1 billion) in the third quarter of 2025, a year-over-year increase of 35.2%. This represented 7.4% of net revenues for Q3 2025.

Direct sourcing and inventory management (1P/JD Ziying model)

Managing the inventory yourself, the 1P model, is what gives JD.com control over quality and delivery speed, but it ties up capital. This is a critical balancing act against the third-party marketplace (3P) model.

For context, looking at the most recent full-year data available (2024), JD.com's 1P sales contributed 27% to total Gross Merchandise Volume (GMV), while the 3P GMV accounted for the remaining 73%. This indicates that nearly a third of their core retail volume is managed directly on their books.

Key operational metrics related to this activity include:

• Maintaining high inventory turnover to manage capital efficiency.
• Ensuring product authenticity across all directly sourced goods.
• Integrating 1P inventory seamlessly with the logistics network for priority fulfillment.

Technology development, especially AI and warehouse automation

The proprietary tech stack is what makes the logistics network smart and scalable. Investment in Research and Development (R&D) reflects this focus.

In the first quarter of 2025, R&D expenses rose by 14.6% year-over-year, reaching RMB4.6 billion (US$0.6 billion). A major recent milestone is the deployment of the "Zhilang" system, an intelligent warehousing solution independently developed by JDL, which entered large-scale nationwide application in the first half of 2025. This system is being deployed across key cities like Beijing, Guangzhou, Chengdu, and Fuzhou. That's defintely a sign of prioritizing automation.

Expanding New Businesses, like JD Food Delivery, launched Feb 2025

JD.com is actively growing non-core segments, using the core retail and logistics strength to cross-pollinate users and efficiency. JD Food Delivery is a prime example of this expansion.

The momentum in New Businesses was significant; in the second quarter of 2025, revenues from this segment, driven primarily by food delivery, jumped 199% year-over-year. By the third quarter of 2025, JD Food Delivery showed steady growth in GMV and order volume while simultaneously achieving a narrowing of overall quarterly investment sequentially, pointing to improved unit economics. Furthermore, in July 2025, JD.com launched 7Fresh Kitchen, focusing on supply chain innovation within the food delivery industry.

Here's a look at the financial impact of these growth investments:

Managing the 700 million+ annual active customer base

Retaining and growing the user base is paramount, as it fuels all revenue streams. This activity is about ensuring a sticky, high-frequency shopping experience.

JD.com announced that its number of annual active customers surpassed a new milestone of 700 million in October 2025. This growth is supported by increased shopping frequency; in Q2 2025, quarterly active customers and user shopping frequency both increased over 40% year-over-year. The total personnel under the JD Ecosystem, which includes employees, part-time staff, and interns, reached approximately 900,000 as of September 30, 2025.

The company's core JD Retail segment is focused on solidifying its lead in electronics and home appliances while unlocking growth in general merchandise and advertising services. The operating margin for JD Retail improved to 5.9% in Q3 2025, up from 5.2% in Q3 2024.

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

You're looking at the core assets that make JD.com, Inc. (JD) run, the things they own or control that create value. These aren't just line items on a balance sheet; they are the engine of their service delivery.

The logistics network is definitely a massive differentiator. JD Logistics operates over 3,600 warehouses as of June 30, 2025, covering a total managed area exceeding 34 million square meters. This domestic scale allows them to deliver 95% of first-party orders within 24 hours in China. Internationally, JD Logistics is building out its network, planning to complete a '2-3 Day Delivery' service circle in 19 countries in 2025, supported by more than 50 self-operated overseas warehouses.

The human capital base is substantial, reflecting the scale of their operations. As of September 30, 2025, the total personnel under the JD Ecosystem was approximately 900,000. The total expenditure for this human resource base, including external personnel, amounted to RMB 148.5 billion for the twelve months ended September 30, 2025.

Financially, the company maintains a solid liquidity position. As of September 30, 2025, JD.com, Inc. (JD)'s cash and cash equivalents, restricted cash, and short-term investments totaled RMB 210.5 billion (US$29.6 billion).

The proprietary technology underpins the efficiency of the physical assets. JD Technology provides technology services to both private and public sector clients. This is integrated across JD Logistics' six highly synergized networks:

• Warehousing
• Line-haul transportation
• Last-mile delivery network
• Bulky items
• Cold chain logistics
• Cross-border logistics networks

Consumer trust is built on consistent performance, which you can see reflected in customer metrics and operational margins. The number of annual active customers surpassed a new milestone of 700 million in October 2025. For JD Retail, the operating margin for the third quarter of 2025 reached 5.9%.

Here's a quick look at some of these key resource metrics:

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.