JD.com reported its first quarterly loss in nearly four years, with a 2.7 billion yuan loss in Q4 contrasting sharply with a profit a year earlier. The company also saw its annual profit for 2025 nearly halved, pressured by an expensive battle in food delivery and dampened consumer spending.
However, on a non-GAAP basis which excludes one-off items, the company remained profitable, indicating core operations generated income. The losses are attributed to intense competition in on-demand delivery and a tapering of national consumer subsidies.
The main topics covered are JD.com's financial losses, the competitive delivery battle impacting revenue, and the context of weakened consumer demand.