Company profile · E-commerce
JD.com
京东集团股份有限公司
JD.com is China's largest retailer by revenue and its leading first-party e-commerce company: unlike marketplace rivals it buys and holds inventory and delivers through its own nationwide logistics network, which makes it the platform of choice for electronics, appliances and authenticity-sensitive brands, and JD Logistics a service offered to third parties.
Key facts
Overview
Richard Liu (Liu Qiangdong) opened a Beijing electronics stall in 1998 and moved it online in 2004 as 360buy, later JD.com. The company chose the Amazon-style model — buying goods, warehousing and delivering them itself — and built one of the largest logistics networks in China, with more than a thousand warehouses and same- or next-day delivery in most cities. It listed on Nasdaq in 2014 with Tencent as strategic shareholder and in Hong Kong in 2020; JD Logistics and JD Health listed separately. Revenue passed one trillion yuan in 2023.
JD.com sells through its own first-party retail and a third-party marketplace; JD Worldwide is the cross-border channel for foreign brands; JD Logistics sells warehousing and delivery to other companies; JD Health, JD Industrials and international ventures such as Ochama in Europe extend the group.
Market position
China's largest retailer by revenue and the leading platform for electronics and home appliances; third in e-commerce gross merchandise value after Alibaba and PDD but first in first-party retail and integrated logistics.
Key strengths
- Own logistics network with warehouses across China
- First-party retail with authenticity guarantee
- Leadership in electronics and appliances
- JD Worldwide for cross-border brands
- JD Logistics as a third-party service
What the company does
Retail
- JD.com first-party retail
- Third-party marketplace
- JD Worldwide (cross-border for foreign brands)
Logistics
- JD Logistics warehousing and delivery
- Cross-border and international logistics
- Supply-chain services for enterprises
Other
- JD Health
- JD Industrials (industrial supplies)
- Ochama (Europe)
Present in about 20 countries. Regions: China, Europe (Ochama, logistics), Southeast Asia. International operations are smaller than Alibaba's or PDD's; logistics hubs in Europe support cross-border flows.
For a foreign counterparty
- Control of fulfilment
- Own warehouses and couriers give reliable delivery and returns, valued by brands with authenticity concerns.
- Electronics and appliance channel
- The dominant online channel for those categories in China.
- JD Logistics for foreign sellers
- Warehousing, delivery and cross-border services available to third parties.
Considerations
- Lower margins
- The first-party model carries inventory and logistics costs; JD reported its first quarterly loss since 2022 in late 2025 amid competition and new-business investment.
- Competition
- PDD on price, Douyin on live commerce and Alibaba on breadth have taken growth.
- Governance history
- Founder-controlled through super-voting shares; leadership transitions have been abrupt.
Milestones
- 1998-06 — Founded as a Beijing electronics retailer
- 2004-01 — Goes online as 360buy
- 2014-05 — Nasdaq IPO; Tencent strategic investment
- 2020-06 — Secondary listing in Hong Kong
- 2021-05 — JD Logistics listed in Hong Kong
- 2023 — Revenue passes one trillion yuan
- 2025 — First quarterly loss since 2022 reported for the fourth quarter
Official site: www.jd.com
Frequently asked questions
Other companies in e-commerce: Alibaba · PDD Holdings
Sources
- JD.com — 2024 annual report (Form 20-F) — JD.com Investor Relations (retrieved 6 September 2026)
- Tencent and JD.com earnings preview, Q3 2025 — IG (retrieved 6 September 2026)
- JD.com (9618) filings — Hong Kong Exchanges and Clearing (retrieved 6 September 2026)
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