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京东2026Q2业绩直播

Key Takeaways (AI-Generated)

Financial Performance

- Total revenues decreased 2.9% year-on-year to RMB 346 billion in Q2

- Non-GAAP net income surged 21% year-on-year to RMB 8.9 billion

- JD Retail gross margin expanded 1.3 percentage points to 18.5%

- Free cash flow reached RMB 31 billion over last 12 months

Business Highlights

- Maintained double-digit growth in MAU, active customers, and Plus members

- JD Food Delivery narrowed losses by over 50% year-on-year

- Joy Buy doubled revenues within two quarters in Europe

- Accelerated AI integration into forecasting, sourcing, and customer services

Financial Guidance

- Expect JD Retail turning point in Q3 with positive top-line expansion

- Electronics category growth to accelerate in second half

- Confident in returning to positive growth while unlocking profitability

- JD Food Delivery to continue meaningful loss reduction

Opportunities

- AI technology bringing product and category innovation opportunities

- Joy Buy expanding in Europe with differentiated supply chain capabilities

- Deep AI integration optimizing cost structure and operational efficiency

- Strengthening partnerships with high-quality merchants and emerging brands

Risks

- High comparison base and macro dynamics in electronics market

- Upstream price pressure in consumer electronics affecting margins

- Supply chain challenges from component price increases

Full Transcript (AI-Generated)

Operator

Hello and thank you for standing by for jd.com's Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

I would now like to turn the meeting over to your host for today's conference, Shawn Zhang, Head of Investor Relations. Please go.

Shawn Zhang

Thank you, operator. Good day, everyone. Welcome to jd.com second quarter 2026 earnings conference call. With us today are CEO of jd.com, Miss Sandy Shu and CFO, Mr. Yan Shan. Sandy will kick off the call with her opening remarks and Yan will discuss the financial results. Then we'll open the call to questions from analyst.

Please note unless otherwise stated, all comparison in this call will be against our result from the comparable period of 2025. Before turning the call over to Sandy, let me quickly cover the Safe Harbor. Please be reminded that during this call our comments and responses to your questions reflect management's view as of today only will include forward-looking statements.

Please refer to our latest Safe Harbor statement In the earnings press release on the IR website which applies to this call. We will discuss certain non GAAP financial measures. Please refer to the reconciliation of non GAAP measures to the comparable GAAP measures also in the earnings press release. Please also note that all figure mentioned in this call are in R&D unless otherwise stated. With that, let me turn the call over over to our CEO, Sandy. Sandy, please.

Sandy Shu

Thank you, Shang. Hello, everyone. Thank you for joining our second quarter 2026 earnings conference call. We closed the second quarter with steady performance in line with our expectations, maintaining strong operational resilience amid macro and industry headings. We are navigating a high trade in comparison base upstream price pressure in consumer electronics and evolve macro dynamics.

Our commitment to high quality development translated to robust profitability. Most notably, Q2 marked A definitive turning point for our profitability trajectory. Our non GAAP net income attributable to ordinary shareholders surged by 21% year on year to 8.9 billion R&D driven by both JD Retails healthy margin expansion and JD Food Deliveries loss reduction.

In particular, both JD retail gross margin and operating margin hit historic highs for peak promotional seasons and JD Food Delivery narrowed its losses by over 50% year on year in the quarter. This performance underscores the unique strength of our business model even in a complex external environment. It continuously enables us to deepen our supply chain capabilities, unlock operational efficiencies across our business ecosystem and Dr. sustained profit expansion.

Moving to our operational highlights, I would like to share three key developments for the quarter. First, we maintained healthy user momentum while dramatically improving marketing efficiency in the quarter. Across key metrics including Mau quarterly active customers and plus members, we sustained double digit year on year growth. Our June 18th grand promotion also set a new record for purchasing users.

Crucially, we achieved this user expansion while streamlining group level marketing expenses supported by enhanced operational efficiency and marketing optimization across JD Food Delivery and JD Retail. We maintained high quality user momentum in Q2, primarily driven by deeper engagement among existing users, notably our efforts to provide diversified services catering to our users less needs such as healthcare, home services and auto or aftermarket services.

Resonated strongly with our users, contributing to deeper user engagement and stickiness. In healthcare, we provide users with a food site, online and offline services from consultation to pharmacy and on site care. In Home services, revenues increased exponentially year on year in Q2 and in auto aftermarket services, our JD Auto Service offline stores have covered over 1000 districts and counties across China as of Q2.

Overall, this reflect our strategic shift from rapid user acquisition toward elevating user quality and lifetime value. Through disciplined life cycle management, we are successfully converting new users into highly sticky loyal customers. Second, core JD Retail delivered a resilient top line performance in Q2 while continuing to unlock profitability upside.

Heading into Q3, we expect JD Retail to hit a turning point, reaccelerating into positive top line expansion while sustaining healthy bottom line. Looking at category performance, while revenues from electronics and home appliances were moderated by a high comparison base and upstream price increase in Q2, but momentum picked up in June. Our market position and user man share remained firmly intact amid these market dynamics.

Looking into the second-half of the year, we expect top line growth for this category to accelerate from the first half as the high comparison base from the trading program base and our strong supply chain strength allow us to navigate consumer electronics price cycles more effectively. General merchandise maintains healthy growth in the second quarter in particular, our supermarket category remained a key standout delivering near double digit year on year revenue growth.

With a proven multi year track record, JD Supermarket has established itself as the most trusted platform for both users and suppliers. This success is a powerful example demonstrating how our core philosophy, the relentless pursuit of superior user experience, cost optimization and operational efficiency translates into sustainable market leadership. Other general merchandise categories such as health care and industrial products also delivered solid double digit growth in the quarter.

As we further tap into massive time supported by our supply chain efficiency and strong user man share, we remain confident in our execution for the remainder of the year and beyond. In addition to delivering resilient top line performance, JD Retail achieved further profitability improvement in the second quarter. Its gross margin expanded by 1.3 percentage points year on year to 18.5%, mainly attributable to two drivers deepening supply chain scale benefits and a favorable revenue mix supported by high margin marketplace and marketing revenues, particularly the rapid growth in advertising revenues.

CD Retail's operating margin increased by 7 basis points to 4.6%, setting a new record for a peak promotional quarter. Beyond the gross margin expansion, this performance also reflects our I driven marketing spend. This allowed us to direct more resources toward Rd. capabilities which is fully aligned with our long term business strategies.

Moving on to new businesses, through our focus on operational efficiency, we substantially reduced losses in new businesses, particularly in JD Food Delivery, while maintaining disciplined execution against our strategic road map during the second quarter. City Food delivery maintains healthy order volume momentum. While narrowing total losses by over 50% year on year within just one year of execution, JD Food Delivery has achieved A dramatic fast-paced improvement in unit economics, driven by our relentless focus to drive operational efficiency and revenue diversification.

Moving forward, we see substantial runway for further UE optimization in our food delivery business. While we continue to unlock its cross segment synergies with our core retail business, operations at our Joy Bai and Jinxi businesses advanced steadily along their strategic paths with strict ROI discipline. During the quarter, Joy Buy sharpened its competitive edge in Europe through its fast, reliable fulfillment and premium localized services such as integrated delivery and installation service for home appliances.

By directly addressing local consumers pain points, Joy Buy is building increasing user retention and has doubled its revenues within two quarters. NC continued to deepen its penetration in large tier markets with QAC increasing over 40% young year and contributing 40% of new active customers in Q2, unlocking valuable incremental user pools for our user eco for our ecosystem.

While both businesses saw a sequential step up in strategic investment, all spend was executed with rigorous discipline and strictly within our expectations. Beyond operational execution, we accelerated the integration of AI and physical automation deeper into our core value chain in the second quarter spending, demand forecasting, product sourcing, intelligent customer services and food stack logistics automation, next generation shopping and conversion.

We are proactively upgrading our search recommendation and targeting engines along with our proprietary AI shopping agents. By leveraging AI to sharpen precision in user intent matching and traffic allocation. We have driven tangible improvements in user engagement, conversion and ROI for our brand partners on enterprise productivity and efficiency.

Internally, we are seamlessly integrating generative AI into automated customer service and cross departmental workflows. This deep integration is delivering measurable progress, enhancing customer satisfaction while structurally refining our cost structure and driving long term operational efficiency on the logistics automation. Our progress in physical logistics automation gives us substantial headroom to further optimize our cost structure and operating efficiency in warehousing and sorting.

JD through JD Logistics expanded deployment of our proprietary Lanzu tech goods to person solution across more warehouses and product categories. In autonomous delivery, JDL scaled thousands of M and ground vehicles across more than 20 provinces as of Q2, while launching our first 24/7 overnight. Autonomous delivery routes in Shenzhen.

Powering this automation is our Jingdong Logistics Metabrine LLM, which drives real time intelligent decision making within our exclusive automated operating framework. In summary, our teams executed with strategic consistency and resilience throughout the second quarter. Looking ahead to the second-half of 2026, we remain fully committed to our strategic priorities while responding with agility to evolving micro trends.

Our core JD retail business will continue to drive the efficiency gains across every link along the supply chain and new businesses will unlock strategic potential while maintaining strict financial discipline. Combined with our integrated AI capabilities, we are confident in building a resilient business that delivers high quality sustainable development through all market cycles. With that, let me turn the call over to Yan.

Yan Shan

Thank you, Sandy. Hello everyone. Thanks for joining the call today. In the second quarter, we delivered a high quality financial performance anchored by robust bottom line expansion. While electronics and home appliances performance was temporarily tempered by high comparison base, leading total revenues to decrease slightly by 2.9% year on year.

Our core secular group drivers including general merchandise categories and marketplace and marketing revenues maintained healthy momentum. Meanwhile, facing external challenges, we sharpened our focus on supply chain capabilities and operational efficiency and this move paid off clearly on our bottom line. Our non GAAP net income rose 20.8% year on year to RMB 8.9 billion in Q2 with Net margin expanding by 0.5 percentage point to 2.6%, backed by robust profitability of JD Retail and the ongoing financial optimization of JD Food Delivery.

As we headed into the second-half of the year, we are confident to return to positive growth on the top line while unlocking further profitability through our supply chain strength and robust execution. Alongside our resilient financial performance, we remained committed to shareholder return. During the first half of the year, we repurchased a total of approximately 69.9 million Class A ordinary shares, equivalent to 34.9 million ADS for a total of US 1 billion.

This represents around 2.5% of our ordinary shares outstanding as of December 31st, 2025. Now let's go through our Q2 financial performance. Total revenues were RMB 346 billion in Q2, reflecting a 2.9% year on year decline as we navigated near term category dynamics. Breaking down the mix, our product revenues reflected divergent performance across categories, electronics and home appliances managed through the combined headwinds of a high trading base and upstream component price increase.

General merchandise remained a resilient group anchor led by supermarket category, which sustained rapid near double digit revenue growth for the quarter. This performance highlights the strength of our multi engine group model across different market cycles. Looking into Q2 second-half, we expect growth momentum to accelerate across categories as we continue to elevate user experience through our superior product selection, price competitiveness and service quality.

Service revenues grew by 6.8% year on year in Q2. Within this line, marketplace and marketing revenues were up 8.3%, primarily driven by higher growth in advertising revenues. Although growth moderated relatively to previous quarters against the high user traffic base, marketplace and marketing revenues consistently outpace the product sales. We expect this structural divergent to continue serving as an important driver for our margin expansion over time.

Logistics and other service revenues increased by 5.9% year on year in the quarter. The pace normalized. The food delivery business left its initial launch and entered a full comparable year on year. Starting this quarter. Now let's turn to our segment performance. JD Retail revenues came in as RMB 295 billion in Q2, down 4.7% year on year in the second quarter, in line with expectations as we navigated capturing specific base effects and market dynamics.

Notably, as our continuous efforts in supply chain and user experience gained traction, momentum picked up in June. We expect this recovery trajectory to build further into Q3, making a pivot back to positive revenue growth for JD Retail. In terms of profitability, JD Retail delivered exceptional results in the second quarter. Gross margin expanded by 1.3 percentage points Yang year to 18.5%.

This marks JD Retail's 17th consecutive quarter of year on year gross margin expansion, a strong testament to our ability to consistently unlock profit potential across market cycles. In addition, JD retails non GAAP operating profit reached RMB 13.5 billion in Q2 with operating margin up 7 basis points to 4.6%, a record high for promotional seasons.

We achieved this milestone amid increased investments in research and development capabilities thanks to gross margin expansion and improved marketing efficiency, which provided us great financial flexibility to steadily reinvest for long term growth. In particular, JD Retail's marketing expense ratio dropped year on year for the 4th consecutive quarter. Overall, this set of results is the clear proof of our business model resilience.

Our deepening supply chain capabilities and favorable revenue mix can effectively cushion short term top line fluctuations, driving better profitability through operational quality rather than simple scale expansion. Moving on to JD Logistics, its revenues grow by 24.3% year on year to RMB 68.1 billion in Q2, primarily driven by incremental contribution from on demand delivery service.

JD Logistics non GAAP operating income reached RMB 2.3 billion, up 15.6% year on year, representing an operating margin of 3.5%. JD Logistics near term margin fluctuations were mainly attributable to Dappon, while the rest of JD Logistics business maintained a healthy profitability trajectory. Turning to our new business, revenues came in at RMB 7.3 billion in Q2.

The year on year decline was driven by the shifting of recognition of on demand delivery revenues from new business to JD Logistics, which took effect in Q 12026. Profitability in this segment improved notably with operating loss narrowing significantly year on year to RMB 9.9 billion. This was primarily driven by a more than 50% loss reduction in JD food delivery, highlighting our strong execution in optimizing its unique economics through streamlined operations, revenue diversification and strict ROI discipline.

As market competition normalized, we are confident that our food delivery business will continue to see meaningful year on year loss reduction throughout the rest of the year. Meanwhile, investments in Joy By and Tingshi progressed in line with our strategic road map. Notably, Joy by Delivered encouraging sequential revenue growth in Q2 as our overseas supply chain strength and differentiated service offerings continue to gain traction among European consumers.

While absolute operating loss expanded as Joy Bhai entered a rapid scaling phase, its loss margin narrowed sequentially, demonstrating our disciplined approach to business expansion and continuous operational refinement. Turning to our consolidated profit performance, full level gross margin expanded meaningfully by 1.2 percentage points year on year to 17.1% in Q2, reaching a near all time high.

This expansion was primarily driven by JD Retail's remarkable margin performance on operating expense. Total operating expense decreased by 4.4% year on year in the quarter, with the expense ratio decreasing by 0.3% point. This operating leverage was largely driven by optimized marketing spend, which was partially offset by stepped up Rd. investments, particularly scalable AI applications.

This linear OpEx structure reflects our strategic focus on operational efficiency and bottom line quality over low ROI volume expansion. As a result, our consolidated non GAAP net income attributable to ordinary shareholders expanded by 20.8% year on year to RMB 8.9 billion in Q2, lifting non GAAP Net margin by 0.5 percentage point to 2.6%.

Q2 marks a definitive turning point for our consolidated profitability and we are confident in sustaining this expanding profit trajectory as we move forward. Turning to our liquidity last 12 months, free cash flow as of the end of Q2 reached RMB 31 billion, representing a significant improvement compared to RMB 10 billion in the prior year.

This was primarily driven by disciplined working Capital Management, specifically a healthy acceleration in account receivable collections and normalized cash outflows associated with the trading program. By the end of Q2, our cash and cash equivalents, restricted cash and short term investment totaled RMB 235 billion.

In summary, the second quarter once again demonstrated the fundamental resilience of our business and the discipline of our strategic execution. Despite top line headwinds, we unlocked further margin upside in JD Retail while maintaining disciplined ROI driven investments in new business. Looking ahead to the second-half of 2026, we believe we have reached a clear inflection point.

Top line Group is reaccelerating profitability continues on the upward trajectory and deep AI integration is actively redefining both user experience and enterprise efficiency. With solid operational momentum and a strong balance sheet, we remain fully committed to delivering sustainable long term value to our shareholders through high quality growth, expanding profitability, a disciplined approach to capital allocation and consistent shareholder returns. With that, I will turn it back to Shang.

Shawn Zhang

Thank you. Thank you, Sandy and Yin for the Q&A session. You're welcome to ask question in Chinese or English and our management will answer your question in Chinese and will provide English translation for convenience purpose only. In case of any discrepancy, please refer to our management statement in original language. Operator, we are opening the call for Q&A session now.

Operator

Thank you. The question and answer session of this conference call will start in a moment. In order to be fair to all callers who wish to ask questions, we will take two questions at a time from each caller. If you have more than two questions, please request to join the question queue again after your first two questions have been addressed.

If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2. If you're on a speakerphone, please pick up the handset to ask your. Question, Your first question comes from Kenneth Fong with UBS. Please go ahead.

Kenneth Fong

謝謝管理層接受我的提問，我有兩個問題。第一個是在二季度高技術的壓力以下，其實我們看到JD retail 一年實現呢非常超預期的表現。在宏觀不確定，帶電品類的需求前置還有提交的環境以下，管理層可否替我們展望一下下半年這個帶電品類的增長趨勢呢？

第二個問題是關於日白的，我們看到日白在二季度的增速有放緩，想請教一下背後的核心的原因是什麼，管理層也可以為我們展望一下未來幾個季度日白的增長趨勢嘛。我自己翻譯一下，Thanks management for taking my questions. Despite the high base in seven quarter, GT retail still achieve an outperforming performance.

Given the macro uncertainties, the front loaded demand for free C electronics and home appliances categories and continue price hike, could management share the outlook for this category for the growth trend in the second-half of the year? And my second question is about a general merchandise growth rate, which have experienced slowdown in the second quarter. What were the core factor driving this and can management share your view for the growth trend for these general merchandise categories over the upcoming quarter, please? Thank you.

Sandy Shu

謝謝Kenny的問題，那就如你所說，這個在二季度我們的確京東零售也再次展現了我們業務很強的經營韌性。那帶電品類的銷售情況也是符合我們之前的預判的。那儘管受到去年的高基數的效應，以及原材料成本上漲引發的電子品類漲價等多重影響，那麼帶電品類在二季度有短期承壓。

那麼但是憑藉這個京東的深厚的供應鏈能力和我們在這個品類堅實的用戶心智，那我們看到就京東的帶電品類也繼續鞏固了我們的市場地位。那尤其是家電各個品類的市佔率都在實現穩步提升。同時呢，我們也看到就是我們全渠道佈局的效果顯現，那線下的業務也保持更快的增長，所以整體表現相對行業更加穩健。

那大家也看到我們其實在香港和上海也都陸續新開了我們的JDmall的店也歡迎投資人，分析師有機會可以去看一看。那然後下半年呢，雖然電子產品漲價的問題仍然會繼續，那在一定程度上會抑制消費的需求，但是我們也有信心看到帶電品類的增速在會明顯改善。

那麼一個呢，是基數會逐步回歸正常，那從三季度開始起，國補高基數的影響將逐步被消化，那麼我們也預期帶電品類在技術回歸常態化它的增速會回升。那另外第二個呢，就是供應鏈的能力也會在一定程度上緩解漲價的壓力，那這也是京東比較擅長的，我們也在不斷加強我們自己的供應鏈能力。

能夠通過前瞻性的佈局和相對靈活的備貨調整，能夠更有效的去應對和緩衝電子品類的價格上漲，那在保持經營韌性的同時，持續為用戶提供有價格競爭力的商品。那第三點呢，來自於產品創新，那AI技術的快速發展其實也帶來了產品和品類的創新機遇。

那我們也和很多品牌一起在快速的反應開發新的商品，通過快速的應用新的技術來滿足用戶不斷變化的需求，甚至創造新的需求。那目前呢，我們的周音賽也已經與將近兩百家品牌達成了合作，為家居家電機器人等硬件提供了智能交互能力，用京東的AI能力為用戶打造更智慧和便捷的體驗。

那長期來看，我們對帶電品類的市場地位非常有信心，雖然在短期銷售出現了波動，但越是在不確定性的週期，那麼京東對品牌的價值就會越發凸顯，我們也將繼續發揮我們自營供應鏈的效率優勢，為消費者提供更有競爭力的價格和服務，為品牌提供更具確定性的銷售渠道。

Let me translate the first answer to the first question. Thank you. Hi, Kenny, thank you for your question. As you said, in the second quarter, JD Retail once again showed strong operating resilience. The performance of our electronic home appliance revenue was in line with our previous petition. The fact that category phase some short term pressure in the quarter mainly due to last year's high base and the price hikes in electronics driven by the high higher raw material cost.

Even so, backed by the our strong supply chain capabilities and solid user mindshare, we continue to strengthen our market position. Notably, our market share across all major home appliance categories grew steadily in the second quarter. Especially our Omni channel effort also paid off with offline our offline business growing at a much faster pace. As a result, our overall performance remain more resilient in home appliance and electronics category than the industry.

As you already know, we open JD Mall in Shanghai and Hong Kong and we welcome analysts and investors to to pay a visit. Looking into the second-half, while the ongoing rising consumer electronic price may continue to weigh on consumer demand, we remain confident that this category will grow. Growth will improve meaningfully in the second-half for three reasons #1 the base effects start to gradually normalize starting from Q3, the drag from last year high trading base will gradually ease.

Growth in electronics and home appliance is expected to re accelerate as comparison base normalize. Second supply chain capabilities mitigate. We are using our supply chain capabilities to mitigate the price pressures. We continue to strengthen our supply chain capabilities, which is our strong competitive advantage. Through proactively planning and agile inventory management, we can effectively cushion the impact of rising consumer electronics prices.

This helps us maintain robust operating resilience while delivering competitive price to our users. Third is our product innovation. Rapid AI growth is unlocking opportunities for product for our product and category innovation. We work closely with brand to Co develop new product using these new technologies. Our joy insight has partnered with nearly 200 brands leveraging J DS AI capability to enable smarter interaction across home appliance and robots, delivering a smarter and more convenient user experience.

So over the long term, we remain highly confident in our leadership in the electronics and home appliance category. While sales may fluctuate in the short term, JD's unique value to brands become even clearer. In uncertain times. We will continue to leverage our 1P supply chain efficiency to deliver more competitive prices and services to our customer, while providing brands with a highly predictable and efficient sales channel.

來回答第二個問題，關於日百品類，同樣也在一定程度上受到了去年二季度高基數的影響。那一方面呢，當時的國補直接拉動了家居家裝等品類的銷售，另外國補還和外賣業務也一起拉動了平台的流量和一部分的交叉購買。那麼今年二季度日百增速雖然有所回落，但我們在日百各品類的市場份額也都在穩步提升。

那細分來看，日百中體量最大的商超品類表現更加穩健，接近雙位數增長，而健康和工業品類繼續保持雙位數以上的增長。Your second question, yes, our general merchandise category was also impacted by the high base in last Q3. At the same time, not only did the trading program directly boosted the sales of HomeGoods, it also joined force with our food delivery business to drive notable traffic to our platform and drive cross sell to certain extent.

So while general merchandise growth moderated somewhat in Q2 this year, we continue to. In fact, we continue to steadily gain market share across all general merchandise stock category. Notably, supermarket, our largest category within general merchandise, deliver a near double digit resilient performance, while healthcare and industrial products maintain solid double digit.

那麼接下來我們有信心日百品類繼續保持健康的增長，它的核心驅動力包括，一個是品類的經營能力會帶來用戶體驗的不斷改善。那我們在商超等日百品類的自營供應鏈能力還有提升空間，那團隊也在持續的通過商品供給拓展和優化，價格力建設服務水平的提升，來不斷的提升我們的用戶體驗，加強用戶對京東日白品類的心智。

那第二點呢，是用戶的持續增長，在用戶對京東日白品類心智加強的同時，京東整體的用戶規模也保持著健康的增長勢頭。那外賣驚喜這些新業務也帶來了增量的流量和新用戶，那接下來我們會加強用戶的運營能力，提高轉化和交叉購買，那這部分用戶在日本品類還有釋放的空間。

那第三呢，是平台生態的不斷加強，我們繼續引入優質商家，培養新銳品牌，在各個環節幫助商家做好精細化運營，讓商家和品牌在京東平台實現確定性的增長的同時，也為我們帶來銷售增量。那零售的CP的銷售增速過去三個季度也超過了自營的品類，那麼在二季度的佔比也會環比提升，那這也是我們平台生態在持續優化的一個體現。

那綜合來看，我們預計京東零售下半年將逐漸加速增長，一方面帶電品類的增長勢頭將逐步恢復，同時日本品類也在保持健康增長。那另一方面，隨著廣告轉化效率的提升，我們的廣告業務也有較大的增速提升空間。OK, Looking ahead we are confident that general merchandise category will maintain healthy growth backed by several key drivers.

Number one category operational excellence is enhancing user experience. We we are seeing further upside, you know, 1T supply chain capability for general merchandise category, especially in supermarket by expanding product selection, building price competitiveness and elevating service quality will enhance user experience and solidify JD's user mindshare in general merchandise category.

Second, we see sustained user growth momentum as user mindshare for our general merchandise category deepens. Our user base continues to grow healthily. New business including food delivery and Jingxi are bringing notable incremental traffic and new users. Moving forward, we will enhance our user operation to boost conversion and drive cross sell and we see meaningful upside in general merchandise category sales.

Third is our improving platform ecosystem. We continue to onboard high quality merchants and incubate emerging brands, incubating emerging brands while helping them optimize end to end operations. This allows merchants and brands to achieve more certain growth on JD while also bringing incremental sales to our platform at the same time. JD retails 3PG and D growth has outpaced 1P for the past three consecutive quarter with it's contribution to total GMD expanding Q on Q in Q2.

So overall we expect JD retail growth to re to accelerate quarter by quarter. In the second-half of the year, our electronic the home appliance should steadily recover while general merchandise category maintain healthy growth. We also see as conversion efficiency improves, our advertising revenue has meaningful room to pick up speed. Thank you for your question, Kenny. We can go to the next analyst.

Operator

Thank you. Your next question comes from Ronald Young with Goldman Sachs. Please go ahead.

Ronald Young

謝謝三里來說完那兩個提問，第一想問這個因為其他互聯網巨頭我們看到資本開支都超過了這個經營現金流，那在這個背景下呢，京東其實進入了一個更健康的這個自由現金流的週期。那基於這個優勢的話，那我們當然也看到公司可能還有一些新的投資，那管理層會怎麼考慮會不會考慮設定一個更明確的一個年度利潤比例用於股東回報呢？

第二想問呢，就隨著這個快速增長，然後你們這個德國的零售商這個收購的推薦，那京東打算如何在這個價格和用戶體驗或者物流體驗方面進一步打造一個差異化的優勢？然後公司在對下半年和明年這個投資的預算應該是如何規劃，可以分享一下嗎？

那讓我翻譯一下，thank you management So 2 questions. 1 is on your free cash flow. We're seeing you're entering into a much healthier free cash flow cycle in contrast to other mega caps in Internet, which are seeing CapEx exceeding operating cash flow for all of the mega caps. So with this unique positioning of JD, yet I see some incremental investments, including some real estate.

So we'll management consider spending a more official advantage of annual profits for shareholder returns. Second is on joy by seeing very fast growth there and a still pending acquisition of the German retailer. So how do you differentiate or plan to differentiate your price users experience or logistics experience further and what is your investment budget for the second-half and next year? Thank you.

Yan Shan

好，謝謝。那今年上半年那公司總共回購了大概約6990萬的普通股，那回購金額達到十億美金，那相當於截止2025年12月31日流通股市的2.5%。那麼此前宣布的三年五十億美金的回購計劃，目前還剩十億美金的額度，那我們目前是按照計劃在執行。

關於股東回報比例的設定，那我們將繼續堅定的為股東創造價值，那持續的投入業務的運營和方面能力，那提升公司長期的競爭力和價值。通過業務健康可持續的發展，然後以及向分紅回購等多元化的方式持續的回歸股東那追求長期股東綜合回報的最大化。

第三呢，就是，也可以看一下股東回報的track writer，那相信大家也看到我們在過往回饋股東的力度和決心呢，自二三年以來，我們已經通過分紅和回購回饋股東約130億美金。那分紅來說呢，我們已經做了持續的年度的派系，從二二年開始，那即使在二五年利潤出現波動的時候也保持了每股分紅的穩定，保證股東的現金的收益。

那回購來說呢，自2023年以來，我們已經回購了約17%的流通股了，那未來我們會繼續堅定的進行股東回報。Thank you, Ronald. In the first half of this year, we purchased around 69.9 million ordinary shares for a total amount of 1 billion U.S. dollar. This represented a 2.5% of our ordinary shares outstanding as of December 31st, 2025 under the previously announced 3 Year 5 billion USD share repurchase program.

The remaining amount is around 1 billion USD. We are expected on the program as planned our shareholder retail ratio. We remain firmly committed to creating value for our shareholders. We will continue to invest in business operations and supply chain capabilities to enhance JD's long term competitiveness and value. We will return value to shareholders through multiple forms including healthy and sustainable business development, dividends and share repurchases.

Our goal is to maximize long term total shareholder returns, our third. Our track record also shows our strong commitment to shareholder returns. Since 2023, we have repurchased returned around the searching dating USD to shareholders through dividends and share repurchases, all dividends. We have maintained annual dividend payment since 2022 and capped dividend per share stable even when profits fluctuated in 2025, providing shareholders with steady cash returns on buybacks.

We have repurchased around 17% of our outstanding shares since 2023, so going forward, we will remain committed. Shareholder return

Sandy Shu

那我來回答第二個問題，的核心競爭力在於將京東多年深耕的供應鏈能力複製出海，落地歐洲，那尤其是在我們具有優勢的代建品類上，我們通過高效的自營零售和物流履約的能力，打造了極具差異化的用戶體驗，包括自營配送和上門安裝這些服務，那這也為我們joy by在歐洲逐漸贏得用戶口碑。

不僅帶動了用戶留存率的穩定提升，更加推動了業務兩個季度內實現了收入翻番。Hi, Rana. Let me answer your second question. So Joy by core strength lies in taking JD's long standing supply chain capabilities overseas and localizing them in Europe, particularly in home appliance and electronics where we have a clear edge driven by our efficient 1P retail and logistic fulfillment capabilities.

We offer a highly differentiated user experience including integrated delivery and installation services. This has helped Joy By gradually win stronger user recognition and mindshare across Europe, increasing user retention and doubling Joy bias revenue within two quarters.

那首先呢周易拜在提升體驗和留存用戶已經初步建立了差異化的優勢，那依託我們在歐洲自建的倉儲物流網絡交易拜已經在歐洲的主要城市實現當日達和次日達，那麼有超過四千萬的消費者可以享受上午下單下午收貨的急速配送服務。First, Joy by is starting to establish a clear edge in user experience and retention.

Powered by our own warehouse network in Europe, Joy By now offers same day and next day delivery across major European city. Bring in place order in the morning received an afternoon hyper fast services delivery services to over 40 million customer in Europe.

那和一些其他的電商平台不一樣，我們憑藉京東的供應鏈能力，是堅持做本地電商的模式，那也會繼續強化商品的供給建設，積極拓展與優質的品牌和供應商合作，為當地的用戶提供更有競爭力的品質商品。那我們也看到，在六月剛過去的夏季，黑五的活動時間，211限時達與送裝一體的服務帶動了家電與科技產品的熱銷。

那尤其是歐洲的高溫也推動了空調銷量的激增，而我們送裝一體的服務也為歐洲當地消費者提供了極具差異化的用戶體驗，提升了在歐洲市場的口碑和用戶滿意度。You can see unlike other traditional so-called traditional cross-border ecommerce platform, JD leverages our supply chain to build a localized ecommerce model.

We are strengthening our product offering proactively partnering up with top tier brands and suppliers and delivering high quality product to our local customers. In Europe, during Joy Buys recent summer Black Friday sale in June, our 211 same day delivery and one stop delivery and installation service drove strong electronics and home appliance sales.

Notably, during the heat wave in Europe, we saw strong sales of air condition where our one stop delivery and installation service truly deliver a differentiated experience. Further boosting to advice, brand repetition and customer.

當然joy by目前還處在能力建設的初期，那麼二季度joy by的投入環比小幅上漲，虧損率是環比改善的，那接下來幾個季度伴隨著單量的快速增長，物流履約的完善還有服務範圍的擴展，在joy by的投入預計會隨之加大，但我們的投入呢，也是有紀律性的，規模是可控整體。

而且joy by的商業模式和京東一致，都是以供應鏈為核心，那隨著我們業務的拓展，自然會帶動規模效應的逐步顯現，那單身的損益或者說財務模型也會持續改善。of course Still in very early stage of capability building. So as we fortify our core supply chain strength across product selection and logistic fulfillment in Q2, our investment joined by grew modestly Q on Q, but it's lost or lost margin improved sequentially over the coming quarters.

We set as the order volume of Joy by continue to grow, grow quickly and logistic fulfillment efficiency improves and service coverage expands, investment Joy by is expected to increase accordingly. However, our investment will remain very disciplined and manageable. In addition, Joy by business model is consistent with JD's core model with supply chain at the center.

So as Joy by scale expands, economic scale will kick in and drive is continuous improvement in Joy by Uni economics. Thank you. We can take the next question.

Operator

Thank you. Your next question comes from Alicia Yap with Citigroup. Please go ahead.

Alicia Yap

Hello, good evening. Thank you, Guanicheng. 晚上好，謝謝接受我的提問。兩個問題，第一個問題是關於這個外賣的競爭格局，現狀已經趨於穩定，然後京東在外賣業務上的市場份額，用戶增長還有這個交叉銷售協同方面還有哪些規劃和目標接下來哈。

然後第二個問題是，針對這個佣金和廣告收入在行業經增加劇，然後消費整體走弱的這個背景下，京東如何維持更高增速？然後管理層如何看待這方面的收入在下半年的這個增速預期我自己翻譯一下。So for questions is first is related to food delivery. So with the landscape stabilizing, what is JD's latest plan for your market share, user growth and also the cross sell synergy targets?

Second question is for marketplace and also marketing revenues. How can JD sustain faster growth rates amid the competitions and also the slower consumption? What is your view on the expectations for this line item into the second-half? Thank you.

Sandy Shu

This is Alicia. 問題，那首先京東外賣業務目前取得了不錯的進展，在二季度外賣業務的單量規模保持了健康上漲的態勢，同時總投入也實現了同比減虧超50%的顯著改善。那外賣業務在上線一年以來，單均損益，它的優異取得了明顯的優化，這也主要得益於精細化業務的運營和補貼效率的提升。

那麼單均補貼在明顯下降，那麼，此外呢配送效率隨著規模的增長也會持續的提升，那以及就是我們初步產生的佣金廣告多元化的收入貢獻。Thank you, Alicia. Let me answer the first question regarding GD food delivery. GD food delivery has made solid progress in the second quarter. All the volume maintained healthy growth while narrowing total loss by over 50% year on year.

So within just one year of execution, the Union economics improved meaningfully for this business, driven by refined operations and higher subsidy efficiency. We saw subsidy per order notably decreased year on year, enhanced delivery efficiency at scale and growing contribution from commissions and advertising revenues.

在業務的協同方面，外賣呢，作為深植於京東整體生態的業務，它所帶來的協同價值也在逐步的釋放和體現。那這其中包括，與核心零售業務在用戶和跨品類購物的協同，我們的季度活躍用戶數也持續保持著雙同比雙位數的增長。那麼此外呢，在本地化的商品供給和商家生態也進一步的豐富。

以及第三個方面就是外賣的履約和物流的配送的底層協同也正在打通，那預計也可以提升我們集團整體的及時配送的能力與效率。Synergy with our core business as a deeply embedded business within GD ecosystem, GD Food Delivery is leveraging is delivering clear synergies. First, it creates strong synergy with our core retail business across user acquisition and cross sell.

Our quarterly active customer maintained solid double digit year on year growth in the quarter. 2nd, enriches our local location based supplies and merchant ecosystem. And 3rd, we are integrating the underlying fulfillment capabilities between food delivery and logistics, which we believe will boost our on demand delivery capabilities and efficiency.

目標來看，我們在保持外賣業務規模健康增長的同時，會不斷提升我們的運營效率，逐漸的去改善外賣的優異。那更重要的是我們將加快外賣與核心業務的深度協同，不斷的挖掘在京東生態中更多的協同價值，帶動京東整體用戶和收入的健康增長以及效率的提。In terms of the long term goal, we aim to maintain healthy scale growth in food delivery and and continue to boost operating efficiency and unit economics.

More importantly, we'll deepen integration between food delivery and our core business to further unlock ecosystem synergy to drive sustainable user and revenue growth while lifting overall efficiency and profitability.

那關於廣告中心，那我們始終致力於追求更好的用戶體驗，那我們會在保證用戶體驗的前提下，那通過效率的提升逐步推動商業化的路線。那二季度我們的佣金和廣告的收入繼續保持快於大盤的增長勢頭，尤其是廣告收入的增速更快。Second question, Alicia, JD remains committed to enhancing user experience without compromising this focus, we will gradually Dr. monetization through improved efficiency.

In the second quarter, our marketplace and marketing revenues sustained growth that outpaced our total revenues while advertising revenue.

那展望下半年，隨著大盤銷售的逐步回升，我們有信心看到廣告收入迎來快速增長。那與此同時，技術效率提升，那品類的結構的優化，流量池的擴大，然後都在為廣告的持續增長提供動力。那在技術上，我們正全面的提升廣告的分發效率，通過大模型去融入廣告的算法，優化推薦效果，帶動廣告轉化率的提升，那也推動廣告收入的加速增長。

在品類結構優化上，那廣告的變現率更高的日白品類的增速更快，那佔比也在持續提升，那在結構上支撐廣告的增長。流量池的也在持續擴大，那外賣等新業務為平台帶來了更多的流量，整體廣告投放的流量池在擴大，同時外賣自身的廣告業務也在不斷完善，那貢獻了增量的廣告收入。

Looking ahead to the second-half of the year, as our overall sales recover, we are confident in accelerating our advertising revenue growth. Meanwhile, we expect tax driven efficiency gains, category mix optimization and traffic pool expansion to help fuel sustained momentum in our advertising business. On tech driven efficiency, we've been driving ad distribution efficiency by integrating AI into our algorithms.

This optimizes recommendation accuracy, boosting conversion rates and accelerating ad revenue growth. On category mix optimization, general merchandise categories, which have higher ad monetization rates are growing faster and taking a larger share of our total sales. This mix shift structurally supports our advertising growth on traffic pool expansion.

New businesses such as food Delivery have brought incremental traffic to our platform, expanding our overall traffic pool for advertising. In addition to that, Food delivery's own advertising capabilities continue to mature, contributing incremental ad revenue.

長期來看，隨著我們平台生態的完善與繁榮，以及技術能力持續驅動效率提升，我們的廣告收入將保持穩健的增長勢頭，成為集團收入和利潤增長的核心驅動力之一。Over the long term, as our platform ecosystem continues to improve and grow and as technology drives further efficiency gains, we expect our advertising revenue to maintain steady growth, serving as one of the core drivers of our revenue and profit growth. Operator, we can go to the next question.

Operator

Thank you. Your next question comes from Thomas Chong with Jefferies. Please go ahead.

Thomas Chong

晚上好，謝謝管理層接受我的提問，我有兩個問題。第一個是，管理層可以展望一下就是最低零售下半年的利潤率的一個趨勢。另外的話呢，我們應該怎麼去看新業務的一個投入？然後我們怎麼去看待近一年從集團層面來看近一年的盈利還有利潤率？謝謝，我來翻譯一下。

Yeah, good evening. Thanks management for taking my questions. My first question is can management comment about second-half JD retail margin outlook? And my second question is about how we should think about the investment in new business and and on that one, how should we think about the group level profitability and Net margin? Thank you.

Yan Shan

他們謝謝你的提問，那我來回答一下，那二季度京東零售淨利潤經營利潤率的穩步提升主要得益於第一是毛利率的持續的改善，包括運營和供應鏈效率的提升，帶動了商品毛利率的提升，以及高毛利的佣金和廣告收入佔比持續提升。那第二呢，是市場費和費率連續四個季度同比優化。

那與此同時呢，我們也高度重視AI應用相關的研發投入，二季度的研發費用也有明顯的上漲。Thank you, Thomas. I'll take your questions. In Q2, JD Retail's operating margin improved steadily. This was mainly attributable to 1st gross margin sustained improvement. This is supported by product sales gross margin expansion as a result of enhanced operational and supply chain efficiency alongside an increasing contribution from high margin Commission and advertising.

Second, JD Retail's marketing expense and expense ratio have been improving year on year, a trend we have seen for four consecutive quarters. While at the same time we continued to place strong emphasis on R&D capabilities, especially related to AI applications. JD Retail's R&D expenses increased notably in Q2.

下半年我們預計京東零售的供應鏈效率將持續提升，拉動零售毛利率的提升。那同時我們也堅信，為了長期投入，尤其是在AI相關的研發投入，那預計未來一段時間內研發費用將保持增長態勢，但我們相信這些投入會逐步轉化為運營的紅利，那帶動長期零售效率的提升和整體費用結構的改善。

Looking into the second-half of the year, we expect improved supply chain efficiency to continue to drive higher gross margin for DD retail. At the same time, we remain committed to long term investments, particularly in R&D for AI applications. We expect Rd. expenses to maintain a growth trajectory for the near term, but we believe these investments are gradually translating into operational benefits, lifting long term efficiency and optimizing the overall expense structure for JD Retail.

那我們對實現高個位數的利潤率目標保持信心，核心驅動力，還是包括自營能力，憑藉自營供應鏈能力的強化和規模優勢，商品毛利率將持續的穩步的提升。品類的改變，那商超等品類的盈利能力仍然有較大的提升空間，那隨同時隨著商品結構的優化那帶電品類，長期來看也有利潤率提升的空間。

最後是平台生態，那佣金和廣告等高利潤率的服務會保持快速增長，優化整體的收入結構，帶動利潤率的提升。Over the long term, we remain confident in achieving our high single digit margin target. The key drivers include our first one, P capabilities. With stronger 1P supply chain capabilities and scale benefits. We expect product sales gross margin to improve steadily.

On 2nd category. Upside categories such as supermarket still have meaningful potential to improve its profitability. In addition, as we further refine product mix, electronics and home appliances categories also have room for margin expansion over time. Lastly, platform ecosystem. As high margin service revenues such as commissions and advertising grow at a rapid pace, we expect our revenue mix to further optimize, serving as a structural driver for margin expansion.

那關於新業務的投入和集團的盈利，首先我們在新業務的探索和投入，那始終圍繞著京東供應鏈的能力做長期的佈局和能力的提升，包括國際化下沉市場即時零售等。那同時隨著各項新業務逐步成熟，京東整體業務生態的協同效應會持續的釋放，將拉動京東長期的健康的增長和共。

But in terms of investment in new businesses and JD Groups consolidated profitability first, our efforts and investments in new businesses are long term initiatives with a focus on leveraging and enhancing our supply chain strength. These areas include international business, lower tier markets and on demand retail and so on. As these new businesses gradually mature, synergies across our business ecosystem will continue to unfold, supporting long term healthy growth and profit contribution.

各項新業務的發展階段和投入週期各不相同，我們會遵守財務紀律，關注投入產出的效率，那動態平衡不同新業務之間的資源投入，那總體上會確保集團整體利潤的趨勢保持健康增長。那具體來看，外賣二季度虧損同比減半，那未來會持續優化優異，預計下半年繼續保持投入的效率的改善和同比虧損的明顯收窄。

那國際呢，就是現在處於業務的佈局的早期，目前發展勢頭很快，也很健康，優異也在逐步改善，那但是業務規模在快速擴張，所以投入有所逐步增長。那未來我們會按照節奏投入，那保持整體投入規模的穩健可控。驚喜憑藉差異化的供給，高效的滲透了下沉市場，那給我們帶來了大量的新用戶，提升了用戶活躍。

那預計，驚喜也會在單量的快速增長的同時保持優異的改善。At present, our new businesses are at different stages of development and investment cycles. We remain committed to strict financial discipline focusing on ROI efficiency and will dynamically balance resource allocation across the new initiatives. Overall, we will ensure our profitability trend at the group level remain healthy.

Specifically, in Q2, JD Food Delivery narrowed its losses by 50% year on year. Looking ahead, we remain focused on optimizing its unit economics and we expect further efficiency gains and a substantial narrowing of year on year losses in the second-half of the year. For international business, while in its early stage is showing fast-paced and healthy momentum with unit economics gradually improving given its rapid development, our investment has scaled up accordingly.

Going forward, we will invest at a measured pace and keep total investment for the business steady and within our control. As for Jinxi, as it effectively penetrates lower tier markets with differentiated supplies, it has brought in a large amount of new users and enhanced user engagement for our platform. Moving forward, we expect Jinxi to drive rapid order growth while continuously improving its unit economics.

那關於集團的整體的利潤，二季度集團的淨利潤進入確定性的利潤增長拐點，那開始恢復同比健康增長。那展望下半年，伴隨著核心業務的健康發展和有紀律性的投入，那我們有信心推動集團利潤的加速增長，那未來預計隨著核心零售長期的盈利能力還有提升，還有改善的空間。

那新業務也將繼續優化投入產出效率，並釋放協同價值，逐步成為集團新的增長引擎，共同推動集團盈利的長期的穩步的向上。the profitability Q two Marked a clear inflection in its trajectory, returning to healthy year on year expansion. Looking ahead to the second-half of the year, supported by core business health and investment discipline, we are confident in driving accelerated profit growth at the group level over the long term.

As our core retail business has further room to enhance profitability and new businesses continue to optimize ROI efficiency, analog synergies and gradually become new growth engines, we are well positioned to drive steady long term profit expansion for the group. I think that's all the time we have for Q&A. Back to operator.

Operator

Thank you. We are now approaching the end of the conference call. I will now turn the call over to jd.com, Sean Zhang for closing remarks.

Shawn Zhang

OK, thank you. Thank you for joining us today on the call and thank you for your questions. As always, if you have further questions, please feel free to contact me and our team. We appreciate your interest and support in jd.com and really looking forward to talking with you again next quarter. Thank you very much. Have a good day.

Operator

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

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