JD.com, Inc.

Overview

JD.com, Inc. is a China-centered e-commerce and supply-chain technology company. Its core business combines online retail and a third-party marketplace with logistics and other services for consumers and merchants. It sells a broad range of goods, including electronics, apparel, household products, food, pharmaceuticals and industrial supplies.[1][2] Its main businesses are JD Retail, JD Logistics and New Businesses; retail and marketing are primarily focused on China, while New Businesses include overseas operations.[3]

JD’s stated mission is “Powered by Technology for a More Productive and Sustainable World.” [4] For the year ended December 31, 2025, the company reported revenue of RMB 1,309,085 million.[5] JD also reported more than 900,000 people in its ecosystem at year-end, a measure that includes employees, part-time staff, interns and affiliate personnel rather than an employee-only headcount.[6] [1]+7

Products & services

JD.com’s products and services include first-party online retail through JD.com and its retail apps, a third-party marketplace, and merchant services such as AI-supported advertising and marketing. JD Plus is a paid membership offering rebates, coupons, selected-item pricing, free shipping and returns, lifestyle and VIP services, online medical consultations, and JD E-book access.[1][7]

JD Logistics provides warehousing and distribution, express and freight, on-demand delivery, and other value-added supply-chain services for regular and specialized goods. At year-end 2025, it operated more than 1,600 warehouses, with over 34 million square metres of gross floor area, including space in the JD Logistics Open Warehouse Platform.[1][8] JD Health offers online pharmaceutical and healthcare-product retail alongside internet healthcare and health-management services, using technologies including AI, big data, and cloud computing.[9][10]

Named digital offerings include JoyStreamer, an AI-powered digital human used in merchant marketing; AI-based customer-service and internal business-support tools; and JoyInside, an AI agent developed with hardware-brand partners for use in robots, toys, and other devices.[11] The FY2025 filing reports segment rather than product-level performance, so it does not provide revenue percentages for individual products or merchandise categories. [1]+5

Geographic presence

JD.com’s operations are concentrated in China, where its retail businesses primarily operate. As of December 31, 2025, its warehouse network covered almost all counties and districts in China and included more than 1,600 company-operated warehouses and over 2,000 third-party-operated cloud warehouses, with combined gross floor area exceeding 34 million square meters.[12][13]

JD’s national headquarters is in Beijing, at No. 18 Kechuang 11 Street, Yizhuang Economic and Technological Development Zone, Daxing District. The company does not disclose revenue by country or region in the cited filing; overseas businesses are included in its New Businesses segment.[14][3]

JD Logistics also has operations outside China: a company announcement reported that a new Dubai warehouse brought its UAE warehouse count to six. JD’s 2025 results release reported more than 900,000 JD Ecosystem personnel, but does not give a geographic employee breakdown.[15][16] [12]+7

Business segments

JD.com reports three accounting segments: **JD Retail**, which includes JD Health and primarily comprises online retail, marketplace and marketing services in China; **JD Logistics**, covering internal and external logistics; and **New Businesses**, a portfolio that includes JD Food Delivery, Jingxi, JD Property and overseas businesses. These are the company’s reportable segments; JD Health and the New Businesses activities are not separately reported as segments in this presentation.[10][3]

For 2025, JD Retail reported RMB1,126,399 million in segment revenue, approximately 86% of consolidated revenue. JD Logistics reported RMB217,146 million before inter-segment revenue; after subtracting disclosed services to other reportable segments, its approximate contribution was 10%. New Businesses reported RMB49,282 million, approximately 4%. Percentages are approximate because segment revenue includes inter-segment activity and eliminations.[17][18] Separately, the company presents revenue by type—not as another segment breakdown—with products contributing about 78% and services about 22% of 2025 revenue.[5] [10]+4

Company history

JD.com began its online retail business in 2004, founded by Richard Liu. In March 2014, it acquired certain e-commerce businesses and assets from Tencent and formed a strategic partnership with the company. JD’s American depositary shares began trading on Nasdaq on May 22, 2014.[19]+2

In June 2016, JD acquired Yihaodian’s marketplace assets, including its brand, website and app, as part of a strategic alliance with Walmart. In 2017, it opened its fulfillment network to third parties and established JD Logistics as a business group. JD Health and JD Logistics subsequently listed in Hong Kong in December 2020 and May 2021, respectively.[22]+2

Founder Richard Liu served as CEO until April 2022, and Sandy Ran Xu became CEO in May 2023. In June 2025, JD completed its acquisition of Dada, making it a wholly owned subsidiary.[19]+2 [19]+7

Sources

• JD.com, Inc. — Full financial report (2025 Y)
  20 citations

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• corporate.jd.com[4]
• ir.jd.com[6]
• jdcorporateblog.com[15]
• ir.jd.com[16]
• ir.nasdaq.com[21]
• ir.jd.com[22]