JD.com Inc.在截至2025年12月的季度录得近4年来首次季度亏损，反映其高成本切入外送业务之压力，亦显示中国消费支出疲弱仍未明显改善。当季营收仅年增1.5%，至人民币3523亿元（原文 352.3 billion yuan，约US$511亿），略高于分析师平均预估的人民币3499亿元（原文 349.9 billion yuan）。公司季度净亏损为人民币27亿元（原文 2.7 billion yuan），为自2022年以来首次亏损，但盘后股价仍上升约1%。
宏观背景仍以低消费信心为主，政府虽以补贴刺激家电等大额商品需求，效果有限。Bloomberg Intelligence指出，全国家电零售额于2025年第4季下滑18%，显示可选性大额支出明显疲弱，可能抵消一般商品与物流业务较稳定的动能，从而压缩JD.com的整体营收成长与营运杠杆。Li Qiang于2026年3月5日在北京发表政府工作报告时承诺提振内需，但目前仍缺乏大幅加码消费补贴之明确迹象。
竞争方面，JD.com正与Alibaba Group Holding Ltd.及Meituan投入中国外送价格战，各方以数十亿元人民币补贴争夺新客。依据JD.com上周声明，公司目标是在2026年底前将外送市占率由逾15%提高至30%，相当于至少再增加约15个百分点。监管面亦出现变化，中国最高反垄断机关已于2026年1月启动调查，使市场竞争略为降温。同时，JD.com正扩张海外，已在欧洲推出JoyExpress，并准备上线Joybuy平台。
JD.com Inc. reported its first quarterly loss in nearly four years for the quarter ended December 2025, showing the cost pressure of its push into food delivery and the continued weakness of Chinese consumer spending. Quarterly revenue rose only 1.5% year on year to 352.3 billion yuan (about US$51.1 billion), slightly above the analyst average estimate of 349.9 billion yuan. Net loss reached 2.7 billion yuan, the first since 2022, although the shares still rose about 1% in extended trading.
The broader backdrop remains weak consumer confidence, and government subsidies for big-ticket goods such as home appliances have had limited visible effect. Bloomberg Intelligence said national home-appliance retail sales fell 18% in the fourth quarter of 2025, indicating pronounced softness in discretionary big-ticket demand that likely offset steadier momentum in general merchandise and logistics, limiting JD.com’s revenue growth and operating leverage. Li Qiang pledged on March 5, 2026 in Beijing to boost domestic consumption, but there are still few signs of a major expansion of consumer subsidies.
On competition, JD.com is fighting Alibaba Group Holding Ltd. and Meituan in China’s food-delivery price war, with all sides spending billions of yuan on subsidies to attract users. According to JD.com’s statement last week, it aims to raise its food-delivery market share to 30% by the end of 2026 from more than 15%, implying an increase of at least 15 percentage points. Regulation is also shifting, as China’s top antitrust body opened a probe in January 2026, helping cool competition somewhat. At the same time, JD.com is expanding abroad, launching JoyExpress in Europe and preparing to roll out the Joybuy platform there.