京东 (09618.HK，JD.US) 2026年第二季度业绩电话会
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会议摘要
JD.com reported a 21% year-on-year increase in non-GAAP net income, driven by JD Retail's record margins and reduced losses from JD Food Delivery. The company emphasizes sustainable development, investing in new businesses like food delivery and European ventures, while maintaining strict financial discipline. JD.com is committed to maximizing shareholder returns through dividends and share repurchases, having returned $13 billion since 2023. Strategic initiatives, including AI integration and supply chain enhancements, are expected to drive further growth and profitability in the second half of the year.
会议速览
JD.com's Q2 2026 Earnings Call: Management to Discuss Financial Results and Q&A SessionJD.com's Q2 2026 earnings call is underway, with management set to share financial updates. CEO will open with remarks, followed by CFO's detailed financial report. A Q&A session with analysts will conclude the call, covering non-GAAP measures and forward-looking statements.
Strong Q2 Performance Amid Challenges: GD Retail's Profitability Surge and Food Delivery Loss ReductionThe company reported steady Q2 2020 performance, highlighting a 21% year-on-year increase in non-GAAP net income to 8.9 billion RD. This was driven by robust profitability, particularly in GD retail with margin expansion, and a reduction in losses for GD food delivery services, despite facing macro and industry headwinds.
Q2 Financial Highlights and Strategic Roadmap for JD.comJD.com achieved record-high margins and narrowed losses, demonstrating resilience and efficiency. The company emphasized user engagement, strategic investments, and AI integration to enhance operational excellence and sustainable growth.
Strong Bottom Line Growth Amid External ChallengesDespite a slight year-on-year revenue decrease, robust profitability and strategic focus on supply chain and efficiency led to a 20.8% increase in non-GAAP net income. The company repurchased shares, demonstrating commitment to shareholder returns, and anticipates positive top-line growth and enhanced profitability in the second half of the year.
Q2 Financials: Divergent Category Performances and Accelerating Growth MomentumQ2 revenues dipped 2.9% year-over-year, with electronics and home appliances facing challenges, while general merchandise, led by supermarket categories, showed resilience. Service revenue grew 6.8%, driven by advertising, signaling ongoing margin expansion. Logistics and other services increased 5.9%, stabilizing post-initial food delivery launch.
Q2 Financials Highlight Profitability Growth and Strategic Investment in JD.comJD.com's Q2 results showcased a recovery trajectory for JD Retail with a decline in revenue, yet achieved record high operating margins. JD Logistics expanded its revenue and operating income, while New Business segment saw a reduction in operating losses. The company emphasized its strategic focus on operational efficiency, AI integration, and disciplined capital allocation, aiming for sustainable long-term growth and shareholder value.
QA Session Guidelines: Dual-Language Management Responses and Fair Questioning PolicyThe call opens for a QA session where questions can be asked in Chinese or English, with management providing responses in Chinese and English translations. A fair policy is introduced, allowing two questions per caller, with further questions requiring re-entry into the queue. Instructions for requesting to ask or cancel a question, and a note on language discrepancies, are provided.
Outlook for Electronics, Appliances, and General Merchandise Growth Amidst Retail ChallengesDespite macro uncertainties, JD retail's performance was highlighted, with inquiries on electronics, appliances' front-loaded demand and price hikes, and a slowdown in general merchandise growth. Management's views on these trends for the second half of the year were sought.
Cultural Translation and Communication: Bridging Language Barriers in DialogueThe conversation highlights the challenges of translating and understanding cultural nuances, emphasizing the importance of clear communication across different languages and backgrounds.
JD Retail's Resilience and Growth Strategies in Electronics and General MerchandiseDespite short-term pressures from high bases and price hikes, JD Retail maintains strong market positions in electronics and home appliances, bolstered by supply chain efficiency and AI-driven product innovation. General merchandise growth, though moderated, sees steady market share gains, especially in supermarket and healthcare categories, driven by strategic programs and cross-selling efforts.
General Merchandise Category Growth Driven by Operational Excellence, User Base Expansion, and Platform Ecosystem ImprovementGeneral merchandise category growth is anticipated, supported by operational enhancements, user base expansion through new businesses, and a strengthening platform ecosystem with high-quality merchants and emerging brands, alongside accelerated JD retail growth and potential advertising revenue increases.
JD's Financial Strategy and Global Expansion: Focus on Shareholder Returns and Joyo's European Market DifferentiationJD discusses its commitment to shareholder returns through dividends and share repurchases, while also outlining its strategy for differentiating its European subsidiary, Joyo, in home appliances and electronics through localized supply chain and logistics capabilities, enhancing user experience, and increasing market share.
Joy Buy's Localized E-commerce Model Boosts Same-Day Delivery and Customer Satisfaction in EuropeJoy Buy, leveraging its warehouse network, offers same-day and next-day delivery to over 40 million European customers, enhancing user experience and retention. During a recent sale, strong electronics and home appliance sales were driven by one-stop delivery and installation services, particularly during a heat wave, boosting brand reputation and customer satisfaction.
Strategies for Enhancing Supply Chain Efficiency and Market Share in Food DeliveryDiscussed plans to fortify supply chain, improve food delivery efficiency, and integrate with core business for sustainable growth and profitability.
Strategies for Sustained Advertising Revenue Growth and Efficiency ImprovementsThe dialogue outlines strategies for enhancing advertising revenue through tech-driven efficiency gains, category mix optimization, and traffic pool expansion, while maintaining a focus on user experience. AI integration into algorithms optimizes recommendation accuracy, boosting conversions. Faster-growing merchandise categories with higher ad monetization rates are gaining a larger sales share. New businesses like food delivery contribute incremental traffic and mature advertising capabilities, supporting long-term revenue growth.
Outlook on Retail Margins and Investment Strategies for New BusinessesThe dialogue discusses the outlook for retail margins, highlighting improvements due to enhanced supply chain efficiency and AI investments. It also covers strategies for new business investments, emphasizing financial discipline and ROI, with a focus on long-term growth and profitability across various initiatives.
Conference Call Concludes with Appreciation for Support and Anticipation for Future UpdatesThe host expresses gratitude to participants, encourages further contact for inquiries, and looks forward to next quarter's update, officially ending the call.
要点回答
Q：What were the key financial results for the second quarter?
A：The non GAAP net income attributable to ordinary shareholders surged by 21% year on year to 8.9 billion RMB, driven by robust profitability across JD Retail and reduced losses in JD Food Deliveries. JD Retail gross margin and operating margin reached historic highs for peak promotional seasons, and the losses in JD Food Delivery were narrowed by over 50% year over year.
Q：How did user metrics perform and what strategic shift was mentioned?
A：User momentum was maintained with improvements in marketing efficiency across key metrics including MAU, quarterly active users, and Plus members. The company achieved double digits year-on-year growth. The June 18 grand promotion set a new record for purchasing users. The strategic shift from rapid user acquisition to elevating user quality and lifetime value through disciplined lifecycle management was mentioned.
Q：What was the resilience shown by core JD Retail in the second quarter?
A：Core JD Retail showed resilience with a top line performance while continuing to unlock profitability upside, with an expectation to reaccelerate into positive top line expansion and sustain a healthy bottom line in Q3. Revenues from electronics and home appliances were moderated by high comparison base and upstream price increase but momentum picked up in June. The market position and user mind share remained intact.
Q：How did the supermarket category perform in the second quarter?
A：The supermarket category performed well with near double-digit year-on-year revenue growth, maintaining a multi-year record. It established itself as the most attractive platform for both users and suppliers, demonstrating the company's commitment to superior user experience, cost optimization, and operational efficiency.
Q：What was the impact of operational efficiency on CD Retail's profitability?
A：CD Retail achieved further profitability improvement with a growth margin expanding by 1.3 percentage points year on year and a favorable revenue mix supported by high marketplace and marketing revenues, particularly rapid growth in advertising revenues. This resulted in a record-high operating margin of 4.6% for a peak promotional quarter.
Q：What progress has been made in the new businesses, especially in JD Food Delivery?
A：New businesses have substantially reduced losses, especially in JD Food Delivery, with a 50% year-on-year reduction in total losses within one year of execution. This was driven by a focus on operational efficiency and revenue diversification, and there is a substantial runway for further unit economics optimization in the food delivery business.
Q：What progress has been made in physical logistics automation?
A：Progress in physical logistics automation includes the seamless integration of generative AI into automated customer service and cross-departmental workflows, optimizing cost structure and driving long-term operational efficiency. The company has expanded the deployment of its proprietary Langzhou goods-to-person solution across more warehouses and product categories.
Q：What autonomous delivery capabilities have been developed by CDL?
A：CDL has scaled autonomous delivery vehicles, including air and ground vehicles, across more than 20 provinces. The company has also launched a 24/7 overnight autonomous delivery route in Shenzhen, with the use of the Jingdong Logistics Meta Ring LLM for real-time intelligent decision-making within the automated operating framework.
Q：What are the expectations for the second half of 2023 according to the company's strategic plan?
A：The company remains fully committed to its strategic plan while responding to micro trends. The core JD retail business will continue to drive efficiency gains along the supply chain, and new businesses will unlock strategic potential. The company will maintain strict financial discipline and leverage integrated AI capabilities to build a resilient business for high-quality, sustainable development through all market cycles.
Q：What was the year-over-year change in total revenues for the second quarter, and what factors contributed to this?
A：The total revenues for the second quarter decreased slightly by 2.9% year on year. Factors contributing to this include robust profitability of JD retail and ongoing financial optimization of JD food delivery. The decrease was also influenced by category dynamics and a high base effect from electronics and home appliances.
Q：How did marketplace and marketing revenues perform in the second quarter?
A：Marketplace and marketing revenues grew, driven primarily by higher advertising revenue. This growth was consistent with the previous quarters but moderated due to a high user traffic base. The structural divergence is expected to continue serving as an important driver for margin expansion.
Q：How did JD logistics perform in the second quarter?
A：JD logistics revenues grew by 24.3% year over year to RMB 6.6028 billion in Q2. The non-GAAP operating income reached RMB 2.3 billion, up 15.6% year on year, representing an operating margin of 3.5%. The near-term margin fluctuations were mainly attributable to delivery performance, while the rest of JD logistics business maintained a healthy profitability trajectory.
Q：What improvements were observed in the company's liquidity and cash flow?
A：Free cash flow as of the end of Q2 reached RMB 31 billion, a significant improvement from RMB 10 billion in the prior year period. This was primarily due to disciplined working capital management, including a healthy acceleration in account receivable collection and normalized cash outflows associated with the trading program. The company's liquidity position was further bolstered by cash and cash equivalents, restricted cash, and short-term investments totaling RMB 230.25 billion by the end of Q2.
Q：What is the outlook for the top line growth and profitability in the second half of 2023?
A：For the second half of 2023, the company believes it has reached a clear inflection point with top line growth accelerating, profitability on an upward trajectory, and deep AI integration actively enhancing both user experience and enterprise efficiency. With solid operational momentum and a strong balance sheet, the company remains fully committed to delivering sustainable long-term value to shareholders through high-quality growth, expanding profitability, a disciplined approach to capital allocation, and consistent shareholder returns.
Q：How does the management view the electronics and home appliance category's growth in the second half of the year?
A：Management remains confident about the electronics and home appliance category's growth in the second half of the year for three reasons: normalization of last year's high base effect starting from Q3, mitigation of price pressures through the supply chain capabilities, and product innovation that leverages rapid AI growth for new offerings. JD's unique value proposition becomes even more pronounced as it continues to deliver competitive prices and service to customers, while providing brands with a highly predictable and efficient sales channel.
Q：What factors contributed to the general merchandise category's growth moderation in Q2?
A：The general merchandise category's growth in Q2 moderated somewhat due to a high base from last year's third quarter. However, the JD MALL program in Shanghai and Hong Kong, alongside the food delivery business, helped drive multiple traffic to the platform and cross-selling, which in turn impacted the category's growth. Notably, JD continued to steadily gain market share across all general merchandise subcategories, with supermarkets performing particularly well.
Q：What are the strategies to enhance user experience and solidify JD's user mind share in the general merchandise category?
A：To enhance user experience and solidify JD's user mind share in the general merchandise category, strategies include expanding product selection, building price competitiveness, and elevating service quality.
Q：How is JD Retail's GMV growth performing and what is expected for the second half of the year?
A：JD Retail's GMV growth has outpaced Edp for the past consecutive quarter, with a contribution to total GMB extending Q on Q in Q2. It is expected that JD Retail growth will accelerate quarter by quarter in the second half of the year.
Q：What is the projected growth for the electronics and home appliances sectors?
A：The electronics and home appliance sectors are projected to steadily recover well and maintain healthy growth.
Q：What is the investment approach of JD in terms of real estate and shareholder returns?
A：JD has a strategy of incremental investment including some real estate. It will consider allocating a more official percentage of annual profits for shareholder returns.
Q：What are the details of JD's share repurchase program?
A：JD has purchased around 69.9 million of its ordinary shares for a total amount of $1 billion under a three-year $5 billion share repurchase program. With a remaining amount of around $1 billion, JD is executing the program as planned.
Q：How does JD differentiate its price, user experience, and logistics experience?
A：JD differentiates its price, user experience, and logistics experience by leveraging its long-standing supply chain capabilities overseas, particularly in home appliances and electronics, offering efficient one key retail and logistic fulfillment capabilities, and providing highly differentiated user experiences such as integrated delivery and installation services.
Q：What are the plans for user growth and cross-sell synergy in the food delivery segment?
A：In the food delivery segment, plans include solidifying market share and user growth while pursuing cross-sell synergy targets. JD Food Delivery has shown solid progress with healthy volume growth and a significant year-over-year reduction in total loss. It aims to maintain scale growth, boost operating efficiency and unit economics, and deepen integration with the core business to drive sustainable user and revenue growth while lifting overall efficiency and profitability.
Q：What are the strategies that JD is implementing to enhance user experience and monetize the platform?
A：JD is committed to improving efficiency in the second quarter through the optimization of marketplace and marketing revenues, aiming for sustainable growth that outpaces total revenues while advertising revenue shows faster momentum.
Q：What new businesses are contributing to JD's advertising traffic pool?
A：New businesses such as food delivery are bringing incremental traffic to JD's platform, which extends the overall traffic pool for advertising.
Q：How is the platform ecosystem and technology expected to impact advertising revenue growth?
A：As the platform ecosystem continues to improve and grow with technology driving further efficiency gains, it is expected that advertising revenue will maintain steady growth, becoming a core driver of revenue and profit growth.
Q：Can management comment on the second half of the year outlook for JD retail's retail margin?
A：Management expects improved supply chain efficiency to continue driving a higher growth margin for daily retail in the second half of the year, while maintaining a growth trajectory for near-term RD expenses. Long-term, they remain confident in achieving a high single-digit margin target.
Q：What are the key drivers for achieving a high single-digit margin target for JD retail?
A：The key drivers for achieving the high single-digit margin target include the强化 of first-party supply chain capabilities, product sales growth margin improvements, category expansion with categories such as supermarkets and electronics & home appliances, and the rapid growth of high-margin service revenues like commissions and advertising.
Q：How should investors consider the investment in new businesses in terms of JD Group's consolidated profitability?
A：Investors should consider that the JD Group's new business investments are long-term initiatives focusing on enhancing the supply chain strength. As these new businesses mature, they will support long-term healthy growth and profit contribution.
Q：What is the current status of new businesses in terms of development and investment cycles?
A：The new businesses are at different stages of development and investment cycles. JD remains committed to financial discipline, focusing on ROI efficiency, and dynamically balancing resource allocation.
Q：How is the unit economics for JD's food delivery business and its outlook for the remainder of the year?
A：JD's food delivery business narrowed its losses by 50% year on year. Looking ahead, the focus remains on optimizing unit economics, with expectations for further efficiency gains and a substantial narrowing of year-on-year losses in the second half of the year.
Q：What impact is the lower-tier market penetration by JD having on user growth and engagement?
A：JD's penetration into lower-tier markets with differentiated supplies has brought in a large amount of new users and enhanced user engagement for the platform.
Q：What are the expectations for the JB group's profitability in the second half of the year?
A：The JB group's profitability is marked by a clear inflection and is expected to return to healthy year-on-year expansion. With core business health and investment discipline, the group is confident in driving accelerated profit growth over the long term.
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