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Bloomberg

JD.com’s revenue grew a faster-than-anticipated 22 per cent in the June quarter, benefiting from government-directed consumer subsidies as well as an aggressive drive into new arenas such as food delivery.
The Nasdaq-listed shares of China’s top online retailer by revenue rose about 1 per cent in pre-market US trading.
The Beijing-based company reported sales of 356.7 billion yuan (US$49.7 billion) for the quarter ended June 30, about 6 per cent above projections.
Net income halved to 6.2 billion yuan, though that fall was better than feared. Margins dwindled to 1.7 per cent, reflecting the cost of that push into China’s food delivery market.
JD.com ignited a three-way battle in e-commerce this year after hiring and launching promotions to break into the food delivery and instant commerce markets.
That months-long battle of discounts with Meituan and larger rival Alibaba Group Holding has begun to weigh on industry margins. Alibaba owns the South China Morning Post.

After years of regulatory scrutiny and Covid-19 era disruption, the country’s biggest tech firms are once again ramping up deals and competing fiercely for users to propel growth.
Investors have piled into the tech resurgence theme over the past year, especially after a rapprochement with Chinese President Xi Jinping’s government in February.
Yet many tech firms are trading far below their peaks. At the same time, Beijing is struggling to revitalise flagging consumption, curb overcapacity in industries such as electric vehicles, and protect the world’s No 2 economy from US tariffs.
More narrowly, JD.com’s entry into food delivery threatens to reshape a landscape long dominated by Meituan and Alibaba.
To counter JD.com, Meituan for the first time offered discounts on products like electronics and alcohol over the “618” summer shopping festival, a significant foray beyond its core business.
Alibaba stepped up discounts to protect its Ele.me business, merging it with flagship e-commerce service Taobao to attract more users.

On Thursday, JD.com reported that marketing expenses more than doubled to 27 billion yuan, which was blamed on promotions for new business initiatives.
Price wars are intensifying deflationary pressures in China, where consumer demand remains fragile. The government has launched a campaign to curb cutthroat competition among businesses that has eroded profits and driven down wages.
Beijing intervened and this month all three companies put out coordinated statements vowing to curb self-destructive competition.
“Profit declines will likely persist through December, as JD.com upholds its investments in food and on-demand delivery with new expenditure into related supply chains such as centralised kitchens,” a Bloomberg Intelligence report said.
“The firm is also set to incur higher costs as it expands overseas. Earlier this year, JD.com benefited from Beijing’s subsidies to prompt belt-tightening consumers to spend more.”


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JD.com

JD.com quarterly sales beat expectations, but food delivery foray cuts into profit

JD.com ignited a three-way battle with Meituan and Alibaba in China’s food delivery and instant commerce markets. Photo: Reuters

JD.com launched its food delivery service in February after a trial last year, sparking a turf war in a sector long dominated by Meituan and Alibaba’s Ele.me. Photo: Handout

Food delivery riders from Ele.me, left, and Meituan seen on the street in Yancheng, a city in eastern Jiangsu province. Photo: VCG via Getty Images

Alibaba tops Meituan’s China on-demand delivery, fuelled by 1 million cups of tea daily

A delivery rider for Ele.me (l;eft) and Meituan (right) on the streets of Yancheng city in eastern China’s Jiangsu province on May 14, 2025. Photo: Getty Images

Delivery riders on the streets of Shanghai on November 29, 2023. Photo: Shutterstock

A JD Logistics delivery driver on the streets of Beijing on February 26, 2021. Photo: Hu Minghe

China urged to curb excessive cash burn, not competition, to fight ‘neijuan’

Ele.me food deliveryman and a Meituan food deliveryman ride on the street on May 14, 2025 in Yancheng, Jiangsu province of China. Photo: VCG via Getty Images

Alibaba, Meituan, JD.com commit to truce after regulator calls for ‘rational’ competition

An Ele.me courier (blue) and a Meituan courier pass each other on the street in Yancheng, Jiangsu province, on May 14, 2025. Photo: VCG via Getty Images

The JD.com (left) and Meituan logos are shown on smartphone screens in this arranged photograph. Photo: Shutterstock Images

Meituan food delivery workers promote meal discounts in Chongqing, China, on March 10, 2025. Photo: Getty Images

China’s delivery war intensifies as Meituan, JD.com build central kitchens for takeaways

Instant commerce rivals JD.com and Meituan are changing mainland China’s catering industry. Photo: Shutterstock

The facade of Meituan’s Raccoon Restaurant in Beijing’s Dongzhimen neighbourhood. Photo: Ben Jiang

Around a dozen branded food operators’ kitchens are located inside Meituan’s Raccoon Restaurant in Beijing. Photo: Ben Jiang

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The Beijing-based firm reported sales of US$49.7 billion for the quarter ended June, about 6 per cent above projections


The Beijing-based firm reported sales of US$49.7 billion for the quarter ended June, about 6 per cent above projections.


JD.com quarterly sales beat expectations, but food delivery foray cuts into profit

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Beijing-based firm reported sales of US$49.7 billion for the quarter ended June, about 6 per cent above projections

The Beijing-based firm reported sales of US$49.7 billion for the quarter ended June, about 6 per cent above projections