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.
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She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.