Hang Seng · E-commerce · 1P retail + owned logistics
JD.com
China's #2 e-commerce, whose 1P direct-sales model layered on an owned logistics network has locked in 'genuine goods, fast delivery' trust in electronics/appliances as a moat (dual-listed Nasdaq JD / HK 9618). Its core, JD Retail, stayed robust at RMB 51.4bn operating income in FY2025, but a 2025 leap into food delivery — and the subsidy war with Meituan and Alibaba it triggered — dragged New Businesses to a RMB 46.6bn operating loss and halved group net income attributable from 41.4bn to 19.6bn. The question to watch is whether that bleeding is a temporary price for share or structural margin damage — and with Tencent (2021) and Walmart (2024) already exited, controlled subsidiaries JD Logistics (84.5%) and JD Health are the arms extending the model into logistics and healthcare.
9618.HK Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, JD.com is directly linked to 3 companies (0 supply, 0 revenue, 3 investment relationships) and reaches 6 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · RMB 1,309.1bn (FY2025, +13%)
- Customer concentration · The year the profitable core was entirely swallowed by fresh food-delivery bleeding — JD Retail's RMB 51.4bn operating income was offset by New Businesses' RMB 46.6bn loss, halving net income attributable from 41.4bn to 19.6bn. The market's question is whether that loss is a temporary price for share or structural margin damage, an uncertainty amplified by Tencent's (2021) and Walmart's (2024) stake exits.
- Segments · JD Retail (1P & marketplace, incl. JD Health, JD Industrials) · JD Logistics (2618.HK subsidiary) · New Businesses (JD Food Delivery, JD Property, overseas)
Revenue from
- Consumers & sellers (JD Retail) High confidence· Amount ¥1.1T · FY2025 JD리테일
The profit engine: pairing 1P direct sales with owned logistics has locked in 'genuine goods, same-day delivery' trust in electronics/appliances as a moat — FY2025 revenue RMB 1,126.4bn and operating income RMB 51.4bn, propped up by government trade-in subsidies, kept it a cash cow even as the group slid into losses. With 40%+ of product sales in electronics, it is geared to the consumption cycle and subsidy policy.Mentions EN Analyst consensus (24 firms) Published May 1, 2026: JD.com (9618) analyst consensus — Strong Buy, target HK$154.1Confirms KO KOTRA Overseas Market News Published Mar 10, 2025: JD.com: China's #2 e-commerce on 1P retail & own logistics, strong in electronics/appliances - External & internal logistics customers (JD Logistics) High confidence· Amount ¥217.1B · FY2025 JD로지스틱스
The segment that turns the fixed cost of owned warehousing and last-mile into revenue by opening internal fulfillment to external shippers — FY2025 revenue RMB 217.1bn and operating income RMB 5.3bn keep it profitable and prove the infrastructure's operating leverage. The larger the external-customer mix, the more the network re-rates from cost center to profit center.
Pays to
- Brand & merchandise suppliers (1P cost of goods) High confidence· ratio 84 pct_of_revenue · FY2025 매출원가율
As a 1P direct-sales model, merchandise cost of goods is the largest expense — cost of revenue ~84% of sales. JD sources electronics/appliances (3C) and daily consumer goods directly from brands/manufacturers, holding inventory. Kept anonymous given the many supplier brands. - Fulfillment, logistics labor & infrastructure Medium confidence
Operating its own logistics network (warehousing, delivery labor, last-mile) is the second cost pillar after merchandise. Insourcing e-commerce fulfillment secures service quality at the cost of fixed overhead; unmanned vehicles and light drones aim to ease long-term labor cost.
Investors
- Tencent (stake & WeChat partnership) Low confidence
Formerly a top strategic shareholder; in Dec 2021 Tencent distributed shares (457M, ~$16.4bn, 14.7% of JD) as a special dividend, cutting its stake from 17% to 2.3%. WeChat shopping-access cooperation persists. (A symmetric, qualified investment edge exists on the Tencent node.)Confirms EN CNBC Published Dec 23, 2021: Tencent to give $16.4bn JD.com stake to shareholders as dividend (17%→2.3%)
Investments
- JD Logistics (controlling stake) High confidence· Market share 84.5% · 2025
HK-listed logistics subsidiary (2618.HK) — JD.com controls ~84.5%. Handles e-commerce fulfillment and is consolidated as a reporting segment. - JD Health (controlling stake) Medium confidence
HK-listed healthcare subsidiary (6618.HK) — JD.com is the controlling (majority) shareholder; consolidated within the JD Retail segment. Online pharmacy and health services.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| JD.com | node | -19.1 | -16.9 | -62.5 | +81.5 | -28.2 | -1.5 |
| JD Logistics | benef1 | · | -25.3 | -60.7 | +95.3 | -15.7 | +13.3 |
| Tencent Holdings Limited | benef1 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| JD Health | benef1 | -59.1 | +3.9 | -60.5 | +24.8 | +98 | -41 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Meituan | benef2 | -38.1 | -20.7 | -64.2 | +137.6 | -34.6 | -19 |
| Beijing Kingsoft Office Software | benef2 | -41.3 | +16 | -23.7 | +47.1 | +7.6 | -30.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
JD.com's thesis is China's No.2 e-commerce — a 1P model with owned logistics that hardened authenticity and fast-delivery trust into a dominant edge in appliances and 3C — now enduring the bleed of a new delivery push. Core JD Retail was solid at RMB 51.4bn FY2025 operating profit (driven by trade-in appliance-subsidy demand), but the 2025 entry into food delivery and the subsidy war with Meituan and Alibaba dragged the new-business line to -RMB 46.6bn, halving group attributable net income from RMB 41.4bn to RMB 19.6bn. The market's question is whether the bleed is a temporary cost of buying share or structural margin damage, and the stake exits by Tencent (2021) and Walmart (2024) heightened that uncertainty. With the 1P model's cost of revenue ~84%, profit is hard without scale, and controlled subsidiaries JD Logistics (84.5%, still profitable) and JD Health extend the business into logistics and healthcare. Re-rating triggers are the pace of narrowing delivery losses (2026 target of 30% share), core retail margin, and logistics-infrastructure leverage.
Analysis generated from returns as of 2026-07-10