JD.com, Inc.

Overview

JD.com, Inc. is a China-based retail and technology company whose business centers on online shopping and supply-chain services. Its retail operations sell products including electronics, home appliances and general merchandise, while its marketplace connects customers with third-party merchants. JD Logistics provides logistics and supply-chain services. The company reports three business segments: JD Retail, JD Logistics and New Businesses, which includes overseas operations. Most of its revenue and long-lived assets are in China.[1][2]

JD.com states that its mission is “to make lives better through technology.” Founded in Beijing in 1998, it reported net revenue of RMB 1.31 trillion for 2025 and 776,682 employees at year-end.[3]+2 [5]+5

Products & services

JD.com sells products directly to consumers and operates a marketplace for third-party merchants. Its retail assortment includes computers, communications and consumer electronics, home appliances, and general merchandise such as groceries, fresh food, household goods, beauty products, apparel, healthcare products and industrial supplies. It also provides marketplace and marketing services to merchants. JD PLUS is a paid membership offering benefits including selected-product pricing, coupons, shipping and returns benefits, and customer support.[7]+3

JD Logistics provides integrated supply-chain services spanning warehousing, distribution and delivery, including express and freight services for regular and specialized goods. JD Health combines pharmaceutical and healthcare-product retail with online healthcare services, including medical consultations. JD Industrials supplies industrial customers with digital supply-chain technology and services.[11]+3

In 2024, electronics and home appliances generated 48.8% of JD.com’s net revenue, while general merchandise generated 31.3%. Marketplace and marketing services contributed 7.8%, and logistics and other services contributed 12.1%.[15]+3 [7]+11

Geographic presence

JD.com conducts its business primarily in China. Most of its revenue is derived from the People’s Republic of China, where most of its long-lived assets are located; it does not report a country-by-country revenue breakdown. Its principal executive offices are in Beijing.[16][17]

Its fulfillment network covers almost all counties and districts in China. At the end of 2024, it included more than 1,600 company-operated warehouses and more than 2,000 third-party cloud warehouses. JD Logistics also operates warehouses in the Netherlands, United Kingdom, France, Poland, Germany and Spain, and has announced international express delivery services to seven Southeast Asian countries. These overseas activities are not accompanied by a disclosed regional revenue breakdown.[18]+3 [16]+4

Business segments

JD.com reports three business segments: JD Retail, JD Logistics and New Businesses. JD Retail focuses on online retail, marketplace and marketing services in China and includes JD Health and JD Industrials. JD Logistics provides logistics and supply-chain services to JD.com’s businesses and external customers. New Businesses mainly comprises JD Food Delivery, Jingxi, JD Property and overseas businesses.[21][22]

In 2025, JD Retail generated RMB1,126.4 billion in segment revenue, JD Logistics RMB217.1 billion and New Businesses RMB49.3 billion. These represented approximately 80.9%, 15.6% and 3.5%, respectively, of combined segment revenue before inter-segment eliminations. The eliminations, primarily for services between segments, were RMB83.7 billion; consolidated net revenue was RMB1,309.1 billion.[1] [21]+7

Company history

JD.com traces its origins to a retail shop opened by Richard Liu in Beijing in 1998. The business moved online in 2004, and JD began building its own logistics network in 2007. In 2014, it formed a strategic e-commerce partnership with Tencent and listed on Nasdaq.[24]+3

JD established JD Logistics as a business group and separated JD Finance from its consolidated business in 2017. JD.com obtained a secondary listing in Hong Kong in 2020; JD Health listed there later that year, followed by JD Logistics in 2021. Liu stepped down as chief executive in 2022 while remaining chairman. Lei Xu succeeded him, and Sandy Ran Xu became chief executive in 2023.[28]+5 [28]+9

Sources

• www.sec.gov[1]
• www.sec.gov[2]
• corporate.jd.com[3]
• jdcorporateblog.com[4]
• JD.com, Inc. — Full financial report (2025 Y)
  5 citations

  [5][6][21][22][23]
• JD.com, Inc. — Full financial report (2024 Y)
  14 citations

  [7][8][9][10][11][12][13][14][15][16][18][28][31][33]
• www.sec.gov[17]
• jdcorporateblog.com[19]
• www.prnewswire.com[20]
• jdcorporateblog.com[24]
• www1.hkexnews.hk[25]
• static.www.tencent.com[26]
• ir.jd.com[27]
• ir.jd.com[29]
• ir.jd.com[30]
• ir.jd.com[32]