JD.com, a leading supply chain-based technology and service provider, reported a 3.7% increase in total net revenues from RMB1,046,236 million in 2022 to RMB1,084,662 million (US$152,771 million) in 2023. The growth was attributed to enhanced user engagement and competitive pricing, despite macroeconomic uncertainties and the impact of strategic refocusing. Net product revenues saw a modest rise of 0.7%, while net service revenues, driven by logistics services to external customers, surged by 17.8%. Cost of revenues increased by 2.9%, in line with business growth. Fulfillment expenses rose by 2.5% due to higher personnel costs, while marketing expenses grew by 6.3% due to increased promotional activities. Research and development expenses decreased slightly by 3.0%, and general and administrative expenses dropped by 12.2% due to lower share-based compensation expenses. The company recorded...Show More

JD.com, a leading supply chain-based technology and service provider, reported a 3.7% increase in total net revenues from RMB1,046,236 million in 2022 to RMB1,084,662 million (US$152,771 million) in 2023. The growth was attributed to enhanced user engagement and competitive pricing, despite macroeconomic uncertainties and the impact of strategic refocusing. Net product revenues saw a modest rise of 0.7%, while net service revenues, driven by logistics services to external customers, surged by 17.8%. Cost of revenues increased by 2.9%, in line with business growth. Fulfillment expenses rose by 2.5% due to higher personnel costs, while marketing expenses grew by 6.3% due to increased promotional activities. Research and development expenses decreased slightly by 3.0%, and general and administrative expenses dropped by 12.2% due to lower share-based compensation expenses. The company recorded an impairment loss of goodwill and long-lived assets totaling RMB5.2 billion (US$0.7 billion), primarily related to JD Property and Dada. Gains from the sale of development properties contributed RMB2,283 million (US$322 million) to the income. The share of results of equity investees turned from a loss in 2022 to a gain of RMB1,010 million (US$142 million) in 2023. Other net income saw a significant positive shift, mainly from increased interest income and decreased losses in equity investments. Overall, JD.com reported a net income of RMB23,257 million (US$3,275 million) for 2023, compared to a net income of RMB9,691 million in 2022.