業績摘要
4Q24 公司收入增長重回雙位數，同比增長 13.4%至 3470 億元（人民幣，下同），
主要受益於商品收入增長推動。分類型看，商品收入（1P）2810 億元，同比增長
14.0%，服務收入（3P）660 億元，同比增長 10.8%。分業務看，京東零售收入同比
增長 14.7%至 3071 億元，京東物流收入同比增長 10.4%至 521 億元，新業務收入同
比減少 31.0%至 47 億元。整體來看，4Q24 經營利潤同比增長 319.3%至 85 億元，
經營利潤率達 2.4%。Non-GAAP 歸母淨利潤為 113 億元，同比增長 34.2%。
2024 年全年，公司實現總營業收入 11588 億元，同比增加 6.8%；經營利潤達到 387
億元，同比增加 48.8%，經營利潤率達到 3.3%；Non-GAAP 歸母淨利潤 478 億元，
同比增加 35.9%。股東回報方面，公司通過分紅和回購回饋股東，2024 年全年派息總
額提升至 15 億美元，全年回購金額達 36 億美元，股東回報率達 7.6%，創下歷史新
高。
業績點評
京東零售
2024 年第四季度，京東零售（包括京東健康及京東工業等組成部分）收入為 3071 億
元，同比增長 14.7%，經營利潤為 100 億元，不含未分配項目的經營利潤率為
3.3%，同比增長 2.6%。商品收入達 2810 億元，同比增長 14.0%。其中，帶電品類
與日百品類收入均取得雙位數增長。電子產品及家用電器商品收入為 1741 億元，同
比增長 15.8%；日用百貨商品收入同比增長 11.1%。服務收入達 660 億元，同比增長
10.8%。其中，平臺及廣告服務收入同比增長 12.7%。
產品收入（1P）：根據國家統計局數據，2024 年社會消費品零售總額 487895 億
元，同比增長 3.5%。全國網上零售額 155225 億元，同比增長 7.2%。其中，實物商
品網上零售額 130816 億元，同比增長 6.5%，占社會消費品零售總額的比重為
26.8%，高於整體社零總額增速，穩健復蘇中。
服務收入（3P）：公司通過完善協力廠商商家生態，用戶心智不斷提升，4Q24 季度
活躍用戶數和購物頻次同比繼續保持雙位數增長。同時，公司加大對 3P 生態建設，
2025 年 1 月，京東宣佈 PLUS 會員全面升級：重磅推出「生活服務包」，會員用積分
可免費兌換 7 大服務；新增「180 天只換不修」，會員購買家電和 3C 數碼等自營電
器可享受 180 天內有質量問題直接換新；此外，「無限免郵」服務範圍也進一步擴大
至自營秒送業務。

Financial performance
In Q4 2024, the company’s revenue rebounded to double-digit growth, rising 13.4% YoY to
CNY 347 billion, driven mainly by strong product revenue growth. Product sales (1P)
increased 14.0% YoY to CNY 281.0 billion, while service revenue (3P) grew 10.8% to CNY 66.0
billion. By segment, JD Retail revenue climbed 14.7% to CNY 307.1 billion, JD Logistics
revenue rose 10.4% to CNY 52.1 billion, and New Business revenue declined 31.0% to CNY
4.7 billion. Operating profit surged 319.3% YoY to CNY 8.5 billion, with a 2.4% margin, while
Non-GAAP net profit attributable to shareholders jumped 34.2% to CNY 11.3 billion.
For full-year 2024, total revenue reached CNY 1,158.8 billion (+6.8% YoY), operating profit
grew 48.8% to CNY 38.7 billion (3.3% margin), and Non-GAAP net profit rose 35.9% to CNY
47.8 billion. The company enhanced shareholder returns, raising dividends to 1.5 billion and
3.6 billion in shares, achieving a record 7.6% total shareholder return ratio.
Performance summary
JD Retail
In Q4 2024, JD Retail (including JD Health, JD Industry, and other components) reported
revenue of CNY 307.1 billion, up 14.7% YoY, with an operating profit of CNY 10.0 billion and
an operating profit margin (excluding unallocated items) of 3.3%, an increase of 2.6
percentage points YoY. Product revenue rose 14.0% YoY to CNY 281.0 billion, with both
electronics & home appliances and general merchandise categories achieving double-digit
growth. Electronics and home appliance sales reached CNY 174.1 billion (+15.8% YoY), while
daily necessities revenue grew 11.1%. Service revenue increased 10.8% to CNY 66.0 billion,
with platform and advertising service revenue up 12.7%.
On the product revenue (1P) side, according to China's National Bureau of Statistics, total
retail sales of consumer goods in 2024 reached CNY 48.8 trillion (+3.5% YoY), while online
retail sales grew 7.2% to CNY 15.5 trillion. Within this, online sales of physical goods rose
6.5% to CNY 13.08 trillion, accounting for 26.8% of total retail sales—outpacing overall
consumption growth and reflecting steady recovery.
For service revenue (3P), JD continued to enhance its third-party merchant ecosystem and
strengthen user engagement, with both quarterly active users and purchase frequency
maintaining double-digit YoY growth in Q4 2024. The company also expanded its 3P
ecosystem—in January 2025, JD announced a major upgrade to its PLUS membership
program, introducing a "Lifestyle Services Package" (allowing members to redeem seven
premium services with points), a new "180-Day No-Questions-Asked Replacement" policy
(covering appliances and 3C products), and an expanded "Unlimited Free Shipping" benefit
(now including instant-delivery services).
On the user experience front, JD has revamped its search and recommendation systems
using AI, improving search satisfaction and traffic distribution efficiency. For consumers, the
company introduced an AI shopping assistant and AI digital avatars to provide
comprehensive product information and professional advice, reducing the time and effort
required to find and select products. For merchants, JD rolled out a suite of AI-powered
tools covering product listings, order management, after-sales service, customer support,
and data analytics to enhance operational efficiency and reduce costs.
Given that JD Retail’s business adjustments have shown initial success and continue to
benefit from China’s "trade-in" policy, but factoring in the high base effect in the second half
of 2024, we estimate JD Retail’s segment valuation at CNY 444.0 billion based on a 12.0x
forward 2025 P/E ratio.

公司簡介
京東集團（09618.HK）以自營為核心商業模式，已經從一家電子商務平臺發展成為一
家以供應鏈為核心的領先技術和服務提供者，現已擴展到零售、技術、物流、醫療保
健等領域，集團旗下公司包括京東健康、京東物流、達達集團等。在當前宏觀經濟溫
和復蘇的環境下，消費者對商品價格的高敏感度持續，電商行業競爭激烈，公司採取
低價和下沉的策略，同時聚焦品質與服務，提升核心使用者購物體驗與消費頻次。
2Q24 業績整體優於市場預期，股東回報力度加大
2Q24 公司收入同比增長1.2%至2914 億元（人民幣，下同），主要受益於服務收入
增長推動。分類型看，商品收入（1P）2339 億元，同比穩定，服務收入（3P）575
億元，同比增長6.3%。分業務看，京東零售收入同比增長1.5%至2571 億元，京東
物流收入同比增長7.7%至442 億元。整體來看，2Q24 Non-GAAP 經營利潤同比增
長33.7%至116 億元，Non-GAAP 經營利潤率達到4.0%，主要受益於京東物流經營
利潤率表現超過預期。歸屬於上市公司普通股股東的Non-GAAP 淨利潤為145 億
元，同比增長69.0%。股東回報方面，截至2024 年6 月30 日，公司已累計回購33
億美元，回購股份總數約占2023 年末普通股的7.1%。
京東零售：平臺生態延續健康改善趨勢，宏觀消費恢復下低價和補貼仍是戰略重點
2024 年第二季度，京東零售收入達2571 億元，同比增長1.5%，主要由活躍用戶及
訂單量雙增所驅動，本季度購物頻率和訂單量均實現同比兩位數增長，其中，第三方
商家訂單量同比增長20.0%，增速創兩年內新高；經營利潤達101 億元，經營利潤率
3.9%，同比提高0.7pct，主要受免郵門檻降低、大促營銷費用增加影響。分品類來
看：

Company profile
JD.com (09618.HK) is a company that started as an e-commerce platform and has evolved into a leading technology and service provider with a core focus on self-operated business models. It has expanded its operations into various sectors, including retail, technology, logistics, and healthcare. The group's subsidiaries include JD Health, JD Logistics, Dada Group, and others. In the current environment of moderate economic recovery, consumers continue to be highly sensitive to product prices, and the e-commerce industry is fiercely competitive. The company adopts a strategy of low prices and market penetration while also emphasizing quality and service to enhance the shopping experience and frequency of use for its core users.
Overall performance in 2Q24 exceeded market expectations with growing shareholder returns
In 2Q24, JD.com reported a year-on-year revenue growth of 1.2% to 291 billion yuan, mainly driven by the growth of service revenue. In terms of category, product revenue (1P) reached 234 billion yuan, while service revenue (3P) reached 58 billion yuan, with a 6.3% YoY increase. Breaking it down by business segment, JD Retail's revenue grew by 1.5% YoY to 257 billion yuan, and JD Logistics' revenue grew by 7.7% YoY to 44 billion yuan. Overall, the company's Non-GAAP operating profit increased by 33.7% YoY to 12 billion yuan, with an operating profit margin of 4.0%, primarily driven by the beyond-expectation performance of JD logistics. The Non-GAAP net profit attributable to ordinary shareholders of the listed company was 15 billion yuan, a 69.0% YoY increase. In terms of shareholder returns, as of June 30, 2024, the company has cumulatively repurchased US$3.3 billion, representing approximately 7.1% of the total outstanding common shares as of the end of 2023.
JD Retail: Platform ecosystem continues to show healthy improvement, and low prices and subsidies remain strategic focal points in the context of macroeconomic recovery
In the second quarter of 2024, JD.com achieved retail revenue of 257 billion yuan, representing a year-on-year growth of 1.5%, primarily driven by the growth in active users and order volume. Both purchase frequency and order volume achieved double-digit year-on-year growth this quarter, with third-party merchant order volume increasing by 20% year-on-year, reaching a new high in the past two years. Operating profit reached 10.1 billion yuan, with an operating profit margin of 3.9%, an increase of 0.7 percentage points year-on-year, mainly influenced by the reduction in free shipping thresholds and increased promotional marketing expenses. In terms of the breakdown by revenue category

投資概要
公司簡介
京東集團（下稱「京東」）於中國經營線上零售及電商平台業務，以及提供物流服
務。在線上零售業務方面，京東透過自家線上電商平台銷售自營產品及第三方商家產
品，並向線上零售業務的供應商、第三方商家及其他合作夥伴提供數字營銷服務。公
司亦與沃爾瑪在電商領域展開合作，於京東的平台上開設沃爾瑪和山姆會員商店官方
旗艦店，並為其提供物流解決方案。另外，公司旗下的京東物流與國內的即時零售和
配送平台達達集團展開合作，通過京東到家為京東的客戶提供多種超市雜貨及其他生
鮮產品的最後一公里按需配送服務。京東同時通過線下生鮮市場七鮮超市（7FRESH）
探索線下零售市場，打通全渠道線上線下結合的模式。

Company Profile
JD.com, Inc. (JD) operates online retail and marketplace e-commerce businesses, as well as
fulfillment services. For the online retail business, JD sells self-operated products and thirdparty merchant products through its own online e-commerce platform, and provides digital
marketing services to online retail business suppliers, third-party merchants and other
partners. JD also collaborate with Walmart on e-commerce by launching Walmart and Sam’s
Club Flagship Stores on its platform and providing fulfillment solutions to them. Through
strategic partnership with Dada Group, JD Logistics to provide customers with on-demand
and last-mile delivery services of a wide selection of grocery and other fresh products
through JD-Daojia. JD also explores in the offline retail market through 7FRESH, an offline
fresh food markets, experimenting on the omni-channel model.