Author North Window
Editor Wen Ding
We’re more optimistic about 2025.
On the evening of March 6, Jingdong released its 2024 fourth quarter and full year financial results. Xu Ran, CEO of Jingdong Group, said that Jingdong’s profitability has continued to improve, and it is confident that it will gradually realize its long-term profitability goal In 2024, Jingdong’s revenue was 1,158.8 billion yuan, a year-on-year increase of 6 8 .
A brighter figure is Jingdong’s profit, the earnings report shows that Jingdong’s non-GAAP operating profit in 2024 was 44 billion yuan, a year-on-year jump of 24 3 , and the operating profit margin was also raised from 3 3 in 2023 to 3 8 .
Shares of Jingdong briefly rose more than 10 in the pre-market U.S. session after the earnings release, but the rally quickly retreated, and at the close of trading on March 7, Jingdong’s shares were down 3 71 . Although it has preserved its retail fundamentals and its logistics business continues to grow, Jingdong’s new business is dragging its feet, and Jingdong’s new story is not convincing enough.
On the contrary, the cat and dog spell three e-commerce veterans, Ali pulled out AI, Pinduoduo backed by overseas, Jingdong in addition to the national complement, the most attention is the takeaway. But heavy investment long cycle of the takeaway business, has been a low head to pick up coins of the hard work, now into the Jingdong prospect is not clear.
In the past, Jingdong has been getting up early and catching up late, can it still find Liu Qiangdong’s wolfish nature?
Jingdong borrows the east wind, the country to make up for the great work
Retail, logistics, and new business are three of Jingdong’s revenue segments.
One of the basic plates, Jingdong Retail, has a revenue of 101,594,800,000,000 yuan in 2024, accounting for 87 7 , an increase of 7 5 year-on-year.
In Jingdong’s retail business, 3C home appliances are still the lifeblood, while the day hundred category contributes incremental growth.
3C home appliance revenue accounted for 48 7, the annual year-on-year growth rate of 4 9, in the fourth quarter of the revenue also reached 174.15 billion yuan, a year-on-year growth rate of up to 15 8 The day hundred category annual revenue of 363 billion yuan, the annual growth rate of 9 2, the fourth quarter revenue of 106.83 billion yuan, a year-on-year growth of 11 1.
Where did the growth come from? On the one hand, it is Jingdong’s low price mind, on the other hand, it is Jingdong’s category expansion.
In terms of low price mind, Jingdong offered two tricks.
First, with the help of the national complementary wind. The state money to engage in home appliances for new digital subsidies, Jingdong is relying on the 3C home appliances mind Self-supporting logistics and supply chain advantages to grab the state subsidy orders, directly pulling the 3C digital category growth.
The second is the tens of billions of subsidies.2022 At the end of the year, Liu Qiangdong initiated changes internally, and listed the low price strategy as the most important strategy of Jingdong retail in the next three years. Vertical point of view, Jingdong March 2023 on line for brand merchants 10 billion subsidies, in November 2023 for the factory type merchants Jingxi self-supporting official store on line, in the second half of 2024 Jingdong APP revamped, specials Entrance is more obvious Jingdong while undertaking the demand for consumer downgrading, while penetrating the sinking market.
In terms of category expansion, Jingdong is targeting third-party merchants.
Jingdong, which is mainly based on the self-supporting model, has been called classical e-commerce by former CEO Xu Lei, who said bluntly that Jingdong is not sexy, relying on self-supporting and self-built logistics to play a good and fast mind, but the energy is limited and the categories are limited, and for a very long time, the consumer mind of Jingdong is to buy home appliances.
At the beginning of 2023, Jingdong launched the Spring Dawn program, with fast entry 0 yuan entry and open personal entry and other strategies to attract third-party merchants, especially small and medium-sized merchants operating in the day hundred categories, and rapid expansion of the platform’s categories.
Although in 2023, Jingdong’s day hundred category had fallen for three consecutive quarters, the effect was finally reflected in 2024.
Of course, the deeper level of the low price strategy and category expansion is aimed at user growth and experience improvement.
QuestMobile data shows that Jingdong’s monthly active users are 550 million, Pinduoduo 716 million, Taobao 945 million, and Jieyin 852 million, which has fallen to the oldest four in terms of the number of users. In addition, 36 Krypton reported in February this year that in 2024, Jitterbug’s e-commerce market share continued to increase, and has become the third in the industry.
Jingdong, which was squeezed out of the third seat, is one step closer than Pinduoduo Cheap Mind, proposing Cheap and Good Mind, while doing low prices, upgrading through PLUS membership services, complementing the ecology within the platform with third-party sellers, and activating old users Attracting new users.
The effect is also quite remarkable, in the fourth quarter of 2024, the number of active users and shopping frequency of Jingdong once again realized double-digit growth.
The logistics business, which is strongly tied to the retail business, also saw growth, with revenues of 182,837 million yuan in 2024, up 9 7 year-on-year.
In October 2024, Jingdong Logistics comprehensively upgraded the global network weaving plan 20 plan, and in December made clear to the outside world the overseas strategic roadmap, plans to double the area of overseas warehouses, covering 19 countries and regions around the world, to build more than 50 overseas warehouses, to realize the overseas warehouse and distribution of the 23-day time limit circle, in order to replicate the fast and good overseas.
The only negative growth and loss business in the Jingdong financial report is the new business.
This segment contains Dada Jingdong production hair Jingxi and overseas business, etc., in 2024 revenue of 19.157 billion yuan, a year-on-year decline of 28 03, totaling a loss of 2.865 billion yuan.
In 2024, Jingdong likewise invested in promising businesses. Jingdong Global Sale opened sites in South Korea Vietnam and other countries, expanding the overseas parcel area, and tapping into the incremental volume of the sinking market through Jingxi Self-support, expanding factory-type white label manufacturers. From the dynamic of Jingdong doing local life business, the new business segment may also be impacted by Jingdong takeaway, or will become a new potential increment of Jingdong.
In 2024, Jingdong zoomed in
The past year can be called the year of change of Jingdong.
Once with the price war broke Suning When the Jingdong, was Pinduoduo with the price war to steal home, has been the lack of content ecology of the Jingdong, but also in 2024 by the content of the e-commerce platform jittery voice to take away the old three thrones
In the face of competition from external platforms, Jingdong put two big moves in 2024, one is the layout of AI tools, leaving merchants, and the second is to enrich the platform content ecology, leaving users.
Compared to Ali Jitterbug and other platforms, Jingdong’s AI layout is more biased toolman property, aiming to give merchants to reduce costs and increase efficiency in the real world, merchants save labor costs, but also let Jingdong earn advertising fees The annual growth rate of service revenue was 8 1 , slightly higher than the 6 5 growth rate of commodity revenue.
As for the content ecological part of the enhancement of user stickiness, Jingdong chose to start from the live broadcast.
During the 2023 Double 11, Jingdong picking and selling live room relied on shouting Li Jiaqi to break the circle, and ate a wave of live e-commerce dividends. Jingdong 2023 double 11 war report shows that the picking and selling live broadcast on October 25, the total number of viewers during the double 11 period exceeded 380 million.
Digital man Dong and Jingdong picking and selling live room
2024 to start the year, Jingdong officially announced the recruitment of the anchor of the GMV without assessment, followed by the digital man Dong brother shouted brother in the live room to place an order, while publicizing the Jingdong’s speech rhino digital man business, while borrowing the name of the netroots entrepreneur to launch the Jingdong live ecology.
Only, time past nearly a year, Jingdong’s live content ecology still did not break out any sound volume, once red-hot pick and sell live room also returned to normalization.
Jingdong in the face of external competition adjustment, internal action is also quite a lot. It can be said that Jingdong’s profits, some of them are gouged out.
At the same time as Jingdong’s revenue and profit growth, Jingdong’s cost control and operational efficiency capabilities are constantly improving. 2024, Jingdong’s general and administrative expenses amounted to 8.9 billion yuan, compared with 9.7 billion yuan in 2023, a year-on-year reduction of 8.5 .
In addition to cutting costs, Jingdong also needs to open up sources to find a potential second growth curve.
In the second half of 2024, Jingdong launched takeout on the Second Delivery channel, and then made a high-profile entry into the takeout track in 2025. Relying on the self-owned agent model, attracted 100,000 ground push army, with 0 commission of the expansion of offline merchants, with the news of paying social security to the riders to attract the attention of the market, playing the banner of quality dine-in store to make bitter takeaway store for a long time of the batters heartbeat!
Low head to pick up coins of the takeaway industry heavy investment, long cycle, Jingdong has also been prepared for a possible long term war Jingdong as of the end of the fourth quarter held cash Cash equivalents Restricted cash and short-term investments totaled 241.4 billion yuan, an increase of 22 1 over the same period in 2023.
But behind the open source and cut costs, Jingdong still has not broken away from the situation of spending money in exchange for user scale and revenue, and the marketing level pays quite a lot, according to the financial report, Jingdong’s marketing expenditure in 2024 amounted to 47.953 billion yuan, a year-on-year increase of 19 5 .
Jingdong, there is still a dream?
In 2024, Jingdong did its job well, but also drove the logistics sector to grow together, proving its ability to make money, but the contribution of new business is small, still in the red, but also make Jingdong appear to be lack of strength.
After the release of the earnings report, the U.S. pre-market Jingdong’s share price rose briefly more than 10 , but at the close of trading on March 7, Jingdong’s share price fell 3 71 Some netizens commented that Jingdong There is no AI, there is no cloud, there is no story, there is no dream, there is no suffocating for the dream, there is no lofty, there is only cold and ice-cold numbers and simple business.
Cat and Dog Spelling Of the three old e-commerce players, Ali came up with AI and opened the earnings call as an AI strategy conference, and Pinduoduo’s call didn’t talk much about globalization, but we all know that Temu is sweeping overseas. And Jingdong’s conference call, talking about the same old topics.
In the short term, Jingdong was milked by the national subsidy a mouthful of blood, but the end of the national subsidy, Jingdong basic disk performance can continue to grow?2023 third quarter, Jingdong 3C home appliances because of the end of the national subsidy, revenue growth rate to zero.
In the long run, the user’s stereotype of Jingdong is still not broken, Jingdong will still only sell appliances.
Perhaps, taking advantage of the window period of the national subsidy to deepen the consumer mind of the day hundred categories, to break the stereotype, can also win more opportunities for Jingdong.
Jingdong phone earnings meeting the most attention, may be the takeaway business. Xu Ran said that the strategic focus of Jingdong retail has not changed, takeaway is to enrich the consumption scene, to meet user needs and enhance user experience, this high-frequency business can strengthen user stickiness, quality takeaway mind and Jingdong itself is consistent with the consumer mind.
At the beginning of 2025, Jingdong has relied on the payment of social security 0 commission dine-in stores and other new business head shots, causing some pressure on competitors in the market, but takeaway, is a bitter business.
For one thing, the supply of merchants within the platform is insufficient, the United States group and hungry one rely on the ground push iron army one by one strategy offline merchants, although the Jingdong has the advantage of 0 commission, but the merchants are looking at the platform user scale and mind, to be the final turnover.
Secondly, Jingdong 1.2 million riders, it is difficult to compare with the 7.45 million riders of the United States group, and the takeaway business wants to spread over a large area, the need for a perfect distribution network and sufficient capacity.
Third, the layout of the platform is not yet perfect, and the consumer mind is not strong. On the social platform, the takeaway delivery fee is expensive and the slow delivery speed is still a pain point to be solved. A stationed Jingdong takeaway merchants told us that Jingdong is indeed commission-free, some times counting the subsidies merchants to hand more than the actual payment of the customer, but the single volume is too small, and now a day out of seven or eight single.
At present, it seems that Jingdong bet on the takeaway business, there are topics, attractive enough, but for the time being can not become the second growth curve, want to steal the cake from the Meituan Hungry and Jitterbug these local life old players, Jingdong to do a good job of burning money to grab the market is ready to spend a long time to build the infrastructure of the platform.
2024, jingdong did make money, but the new story has not yet formed. 2025 jingdong, want to reclaim the old three throne, either in the national complementary window period under the new e-commerce story, or bet on a takeaway business to kill a bloody road. Liu Qiangdong’s return may be worth looking forward to.
Reference
1 Jingdong 2024 fourth quarter and full year financial report Jingdong
2 Revenue Double-digit growth in the number of active users and shopping frequency A chart of Jingdong Group’s fourth-quarter and full-year results for 2024 Jingdong Blackboard
3 Liu Qiangdong explains Jingdong’s low price strategy One consensus, two formulas and three pain points LatePost
4 Jitterbug e-commerce GMV of about 3.5 trillion in 2024, with head darens contributing about 9% to the broader market 36 Krypton
5 Jingdong tens of billions of subsidies , merchant strategy exposure E-commerce online
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