U.S. COMPANY FILING
JD.com, Inc. — Form 20-F filed 2026-04-16
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JD.com's 2025 annual report shows total net revenues reached RMB1,309 billion, up 13.0% year-over-year, but net income fell to RMB23.1 billion from RMB44.7 billion in 2024, due to losses in new businesses and higher marketing expenses. JD Logistics revenue grew, but new business losses widened to RMB46.6 billion. Operational metrics like inventory turnover days increased.
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