JD com : 2Q2023 Financial and Operational Highlights

JD.com, Inc.

Financial and Operational Highlights

Aug 2023

Disclaimer

The following document has been prepared by JD.com, Inc. ("JD" or the "Company") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise.

This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance.

You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of the market and

the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

This document contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook and quotations from management in this document, as well as JD.com's strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.

Statements that are not historical facts, including statements about JD.com's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and

uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks

associated with JD.com's acquisitions, investments and alliances, including fluctuation in the market value of JD.com's investment portfolio; impact of the COVID-19 pandemic; natural disasters and

geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com's filings with the SEC and the documents on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this document, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.

This document also contains non-GAAP financial measures, the document of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America. In addition, the Company's calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is contained within this document or

available at our website http://ir.jd.com.

This document speaks as of June 30, 2023. Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

1

Solid Growth Momentum

Net Revenues

Net Revenues Breakdown

24%			(RMB Billions)				21%			(RMB Billions)
2017 - 2022 CAGR							43%
					1,046.2
												865.1
				951.6				2017 - 2022 CAGR			815.7
										Net Product Revenues
			745.8								651.9			YoY 3%
		576.9				Net Revenues			510.7				Net Service Revenues
						416.1
	462.0					YoY 8%						YoY 30%
					331.8
362.3
						287.9							226.0	233.9
						267.6
												181.2
												135.9
											93.9
									45.9	66.2			41.6	54.1
								30.5
2017	2018	2019	2020	2021	2022	2022Q2	2023Q2	2017	2018	2019	2020	2021	2022	2022Q2	2023Q2

Net Product Revenues Net Service Revenues

				Net Product Revenues Breakdown										Net Service Revenues Breakdown
						(RMB Billions)													(RMB Billions)
30%															26%
17%						815.7	865.1						81%						181.2
2017 - 2022 CAGR						General Merchandise	2017 - 2022 CAGR							Marketplace and Marketing
											135.9				YoY 9%
								YoY -9%
						651.9
					510.7								Electronics and Home Appliance							93.9					Logistics and Other Services
																							YoY 51%
331.8	416.1									YoY 11%						66.2
																									54.1
													226.0	233.9		30.5	45.9							41.6
	2017	2018	2019	2020	2021		2022	2022Q2	2023Q2		2017	2018	2019	2020		2021	2022	2022Q2	2023Q2
			General Merchandise Revenues			Electronics and Home Appliance Revenues				Marketplace and Marketing Revenues		Logistics and Other Services Revenues

2

Diversified Businesses in a Wide Spectrum of Sectors

(1)

JD Retail		JD Logistics		Dada		New Businesses

Revenues

(RMB Billions)

Operating

Income/(Loss)

(RMB Billions)

300.0

250.0

200.0

150.0

100.0

50.0

-

241.6	253.3
	31.3	41.0		6.3	4.3
	2.3	2.8

8.2	8.1
	0.0	0.5	0.0	1.1
			(0.4)	(2.0)

2022Q2	2023Q2	2022Q2	2023Q2	2022Q2	2023Q2	2022Q2	2023Q2
Resilient performance	Continued	Synergistic growth in	Rationalized Investment for
in core categories	growth momentum	intra-city business	long-term sustainable business

1. The company reports four segments, JD Retail, JD Logistics, Dada and New businesses. JD Retail, including JD Health and JD Industrials, among other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. Dada is a local on-demand delivery and retail platform in China. New businesses mainly include JD Property, Jingxi and overseas businesses.

3

Resilient Core Profitability with the Benefits of Scale

JD Retail Operating Income(1)

(RMB Billions)

18.0
			5.2%		4.6%
16.0
14.0	3.6%	3.4%				3.2%
		3.0%
		10.9
12.0			9.8
10.0	7.9	8.2		7.9		8.1
8.0
6.0
4.0
2.0							+
0.0						(2.0%)
	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2

JD Retail - Operating Income		JD Retail - Operating Margin

		Non-GAAP Net Profit(2)			+
			(RMB Billions)
40.0								+
			2.3%		2.7%	2.4%	3.0%
35.0		1.9%	1.8%
1.4%
0.7%				28.2
30.0						2.0%
25.0
20.0			16.8	17.2
15.0		10.7
					6.5	8.6
10.0
5.0	3.5
5.0
0.0								(8.0%)
2017	2018	2019	2020	2021	2022	2022Q2	2023Q2
Non-GAAP Net Profit(2)	Non-GAAP Net Margin

Drivers of Profitability

Improving operating efficiency & economies of

scale in core business over the long term

Fast growth from marketing service

and logistic business

Financial discipline in investment and spending

Investment in new initiatives for

incremental opportunities

1. JD Logistics and other subsidiaries within JD Group (including JD Retail), on an annual basis, engage an industry consultant or conduct researches on comparable companies to determine the applicable market rates for the services provided under the Supply Chain Solutions and Logistics Services Framework Agreement.
2. Non-GAAPnet income attributable to ordinary shareholders; refer to the company's quarterly results for Non-GAAP adjustments.

4