A：JD closed the fourth quarter with results in line with expectations, having navigated short-term challenges while delivering a solid overall performance for the full year 2025. The company's core business, JD Retail, experienced notable growth in marketing expansion and leveraged supply chain advantages.

A：Despite a high year-on-year comparison base in electronics and home appliances, the pipeline remained resilient due to continued strong momentum in general merchandise categories and marketplace and marketing revenues.JD strategically invested gains from its core retail segment into price competitiveness, particularly in electronics and home appliances categories, as well as in R&D capabilities and talent to secure a long-term edge.

A：User base and engagement grew significantly, with a 14% year-over-year increase in user shopping frequency and broad-based gains across all user segments. The expansion of users and engagement is a long-term strategic driver expected to further amplify in 2026.

A：The retail business showed remarkable resilience, maintaining stable operating margins despite short-term top-line headwinds. On a full-year basis, JD Retail delivered strong double-digit growth in revenue and profits, with opportunities ahead.

A：Advertising revenue grew by 15% in the fourth quarter and 18.9% for the full year, driven by optimized traffic allocation, enhanced conversion efficiency, and the rollout of AI algorithms and agents for all suppliers. The robust growth was also aided by strategic shifts in budget reallocation by advertisers.

A：JD's new business initiatives, particularly JD Food Delivery, have made healthy progress, with maintained order momentum and a reduction in total investment scale by nearly 20% year over year since inception. The segment is focusing on healthy volume growth and improving unit economics.

A：JD is embedding AI across its entire value chain, which includes intelligence for customer experience, procurement, merchant services, and operations. Some outcomes include faster and smarter decision-making, enhanced user experience through AI-driven recommendations, and significant gains in logistics automation.

A：Despite navigating a short-term macro environment and high base comparison, December experienced a year of constructive progress and strategic fortitude, maintaining a steady and focused approach on supply chain optimization and long-term future foundation strengthening.

A：The projected outlook for financial growth in 2026 is positive, with robust user momentum and consistent upgrades in the financial performance of the company. This includes growth in original merchandise, marketplace, and marketing services carried over seamlessly into the new year, alongside a focus on strengthening competitiveness across product supply, price competitiveness, and fulfillment experience. The company remains committed to driving sustainable, profitable growth and creating long-term value for shareholders.

A：The quarterly and full-year revenue growth for total net revenues is as follows: Q4 saw a two percent year-over-year increase to RMB 362 billion, while on a full-year basis, total net revenues grew thirteen percent to RMB 1.3 trillion in 2025.

A：Product revenues faced a three percent decline in Q4 due to a high trading base but grew by ten percent for the full year. Revenues from electronics and home appliances were down twelve percent in Q4 but up seven percent for the full year. General merchandise revenues, on the other hand, showed a robust performance with a twelve percent increase in Q4 and fifteen percent for the full year, driven by sustained momentum in supermarket, fashion, and healthcare segments.

A：Service revenues grew by twenty percent year-over-year in Q4 and twenty-four percent for the full year. Similarly, marketplace and marketing revenues increased by fifteen percent and nineteen percent for the quarter and full year, respectively. The growth was attributed to advertising revenues, which achieved double-digit growth across all quarters of 2025, and these revenues are expected to maintain solid growth momentum in 2026.

A：JD Retail revenues grew two percent year-over-year in Q4 but increased eleven percent for the full year. The operating margin for JD Retail has shown a consistent improvement across multiple years. JD Logistics revenues grew twenty-two percent year-over-year in Q4 and nineteen percent for the full year. The non-GAAP operating income for JD Logistics was down seventeen percent year-over-year in 2025 but up three percent in Q4. JD Logistics remains committed to investing in customer experience and advancing AI and robotic technologies.

A：The New Business segment experienced a significant increase in revenues, surging two hundred and one percent year-over-year in Q4 and 157 percent for the full year, primarily driven by rapid growth in food delivery, jingxi, and international business. The segment's operating loss narrowed to RMB 14.8 billion in Q4. The focus for full delivery in 2026 remains on driving healthy order volume while deepening synergies with the core retail business. The company continues to explore promising opportunities in jingxi and international business with financial discipline.

A：The divestiture impacted financial results by resulting in a loss that narrowed in Q4 compared to the previous quarter, as the company focused on strategic investments in new business initiatives. This divestiture contributed to the group's potential for sustainable growth and margin improvement over the long term.

A：Operating income for the group expanded by thirty-two percentage points year-over-year to 15.6 percent in Q4 and by 18 percentage points to 16 percent for the full year. Net income attributable to ordinary shareholders was RMB 1.1 billion in Q4 and RMB 27 billion for the full year. These results reflect strategic investments in new business.

A：The projected free cash flow for the full year of 2025 was RMB 6 billion, compared to RMB 44 billion last year. This was primarily due to cash outflows associated with the trading program and fluctuations in operating income. As of the end of the year, the company had robust liquidity with cash and cash equivalents, restricted cash, and short-term investments totaling RMB 225 billion.

A：We will continue to strengthen our supply chain capabilities, actively deploy offline business, and further enhance the service experience to strengthen the user's mind, thereby driving sales. At the same time, we will pay close attention to the innovation opportunities and new category opportunities brought by AI core technologies, and continue to develop new products and quickly apply new technologies to meet the changing needs of users.

A：We expect the 100 categories to continue to grow healthily in 2026, while the advertising and services business will also maintain a rapid and healthy growth trend. The growth rate of the home appliance mobile phone category in the first half of the year is still affected by the high base, and the second half will be better than the first half. We will continue to apply technological innovation to promote the development of the industry, overlay Jingdong platform traffic, user base and shopping frequency increase, the full year is expected to achieve healthy high-quality growth.

A：In 2025, the takeaway business invested heavily in operations and research and development. In 2026, we will continue to strengthen capacity building, increase the supply of high-quality merchants and products, improve user experience, and gradually realize orderly monetization through the provision of services. The goal is to continue to improve operational efficiency while maintaining a healthy scale. It is expected that the total investment in takeout in 2026 will be lower than that in 2025, and the actual result will depend on the market competition situation. In terms of differentiation advantages, we will adhere to the positioning of quality takeaway, maintain full-time riders to provide quality services, and give full play to the advantages of Jingdong's supply chain. In addition, the 7,000 small kitchen business, as an innovative and differentiated model, will deeply integrate supply chain capabilities and create synergies with instant retail. In the long run, takeout and instant retail are important strategic directions for JD. We will continue to promote the healthy development of our business, improve operational efficiency, and release synergy potential to achieve long-term healthy growth of the company. In 2025, the takeaway business has brought new users and increased purchase frequency to Jingdong. In 2026, we will continue to release the synergies of cross-selling and incremental advertising revenue.

A：Management can confirm that the acquisition of C Column is still pending finalization, with updates on progress and timing to be shared in due course. However, the strategic positioning of this business within the company's overall framework, as well as potential synergies with existing operations such as京东零售、物流体系和其他供应链, will be crucial considerations once the acquisition is complete.

A：The company aims to balance growth and profitability by continuing to make long-term business布局, especially in international business,下沉市场以及 retail. They will persist in enhancing their foundation through investing in technology and research and development, and increasing operational efficiency to release new growth opportunities. The profitability targets for core retail in 2026 will be able to achieve a healthy increase, driven by improved自营能力, robust growth in high-margin advertising business, and profit improvement in various product categories.

A：While specific details on how the company plans to leverage intelligent agent e-commerce opportunities were not provided, the company's long-term focus on technological systems and ongoing investment in supply chain capabilities are anticipated to be key differentiators in navigating these upcoming changes.

A：Despite the significant long-term strategic investments made by the Group last year, we are firmly committed to rewarding shareholders through a combination of over-dividends and buybacks. Including the announcement of an actual dividend of $0.5 billion in cash for 2025, the overall total cash share of approximately $1.4 billion is maintained, demonstrating our long-term commitment to provide shareholders with a stable cash return based on our ability to long-term earnings and cash flow. At the same time, we will repurchase a total amount of US $3 billion in 2025, write off all shares, and will continue to repay shareholders through the healthy development of the company's business, dividends and repurchases. Regulators continue to promote the standardized development of the platform economy, which is conducive to the healthy development of the industry, and we very much welcome the attitude of the government to support the compliance development of enterprises. Strict regulation is not a constraint, but an opportunity to promote the high-quality development of the industry. Jingdong has always regarded compliance management as the premise of enterprise development. Whether it is anti-monopoly, tax regulation or avoidance of industry internal volume, it is highly consistent with our long-term compliance management concept. Therefore, in this environment of normalization of supervision, enterprises with standardized operation will get fairer development opportunities. In the long run, the advantages of our compliant and sustainable business model will gradually enlarge.