| Page(s) |
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| F-2 ~ F- 3 |
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| F- 4 ~ F- 5 |
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| F- 6 ~ F- 8 |
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| F- 9 |
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| F-1 0 ~ F- 65 |
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As of |
||||||||||||
December 31, 2018 |
September 30, 2019 |
|||||||||||
RMB |
RMB |
US$ |
||||||||||
Note 2(f) |
||||||||||||
ASSETS |
|
|
||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
||||||||||||
Restricted cash |
||||||||||||
Short-term investments |
||||||||||||
Accounts receivable, net |
||||||||||||
Advance to suppliers |
||||||||||||
Inventories, net |
||||||||||||
Loan receivables, net |
||||||||||||
Prepayments and other current assets |
||||||||||||
Amount due from related parties |
||||||||||||
Total current assets |
||||||||||||
Non-current assets |
||||||||||||
Property, equipment and software, net |
||||||||||||
Construction in progress |
||||||||||||
Intangible assets, net |
||||||||||||
Land use rights, net |
||||||||||||
Operating lease right-of-use assets |
— |
|||||||||||
Goodwill |
||||||||||||
Investment in equity investees |
||||||||||||
Investment securities |
||||||||||||
Deferred tax assets |
||||||||||||
Other non-current assets |
||||||||||||
Amount due from related parties |
— |
— |
||||||||||
Total non-current assets |
||||||||||||
Total assets |
||||||||||||
As of |
||||||||||||
December 31, 2018 |
September 30, 2019 |
|||||||||||
RMB |
RMB |
US$ |
||||||||||
Note 2(f) |
||||||||||||
LIABILITIES |
||||||||||||
Current liabilities |
||||||||||||
Short-term borrowings |
||||||||||||
Nonrecourse securitization debt |
||||||||||||
Accounts payable |
||||||||||||
Advance from customers |
||||||||||||
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB |
||||||||||||
Taxes payable |
||||||||||||
Amount due to related parties |
||||||||||||
Accrued expenses and other current liabilities |
||||||||||||
Operating lease liabilities |
||||||||||||
Total current liabilities |
||||||||||||
Non-current liabilities |
||||||||||||
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB |
||||||||||||
Unsecured senior notes |
||||||||||||
Deferred tax liabilities |
||||||||||||
Long-term borrowings |
||||||||||||
Operating lease liabilities |
||||||||||||
Other non-current liabilities |
||||||||||||
Total non-current liabilities |
||||||||||||
Total liabilities |
||||||||||||
Commitments and contingencies (Note 27) |
||||||||||||
MEZZANINE EQUITY |
||||||||||||
Convertible redeemable non-controlling interests (Note 16) |
||||||||||||
SHAREHOLDERS’ EQUITY: |
||||||||||||
JD.com, Inc. shareholders’ equity |
||||||||||||
Ordinary shares (US$0.00002 par value; |
||||||||||||
Additional paid-in capital |
||||||||||||
Statutory reserves |
||||||||||||
Treasury stock |
( |
) |
( |
) |
( |
) | ||||||
Accumulated deficit |
( |
) |
( |
) |
( |
) | ||||||
Accumulated other comprehensive income |
||||||||||||
Total JD.com, Inc. shareholders’ equity |
||||||||||||
Non-controlling interests |
||||||||||||
Total shareholders’ equity |
||||||||||||
Total liabilities, mezzanine equity and shareholders’ equity |
||||||||||||
| For the nine months ended September 30, |
||||||||||||
| 2018 |
2019 |
|||||||||||
| RMB |
RMB |
US$ |
||||||||||
| Note 2(f) |
||||||||||||
| Net revenues |
||||||||||||
| Net product revenues |
|
|
|
|||||||||
| Net service revenues |
|
|
|
|||||||||
| Total net revenues |
|
|
|
|||||||||
| Cost of revenues |
( |
) | ( |
) | ( |
) | ||||||
| Fulfillment |
( |
) | ( |
) | ( |
) | ||||||
| Marketing |
( |
) | ( |
) | ( |
) | ||||||
| Technology and content |
( |
) | ( |
) | ( |
) | ||||||
| General and administrative |
( |
) | ( |
) | ( |
) | ||||||
| Impairment of goodwill and intangible assets |
( |
) | — |
— |
||||||||
| Gain on disposals of long-lived assets |
— |
|
|
|||||||||
| Income/(loss) from operations |
( |
) | |
|
||||||||
| Other income/(expense) |
||||||||||||
| Share of results of equity investees |
( |
) | ( |
) | ( |
) | ||||||
| Interest income |
|
|
|
|||||||||
| Interest expense |
( |
) | ( |
) | ( |
) | ||||||
| Others, net |
|
|
|
|||||||||
| Income before tax |
|
|
|
|||||||||
| Income tax expenses |
( |
) | ( |
) | ( |
) | ||||||
| Net income |
|
|
|
|||||||||
| Net loss attributable to non-controlling interests shareholders |
( |
) | ( |
) | ( |
) | ||||||
| Net income attributable to mezzanine equity classified non-controlling interests shareholders |
|
|
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to ordinary shareholders |
|
|
|
|||||||||
| For the nine months ended September 30, |
||||||||||||
| 2018 |
2019 |
|||||||||||
| RMB |
RMB |
US$ |
||||||||||
| Note 2(f) |
||||||||||||
| Net income |
|
|
|
|||||||||
| Other comprehensive income: |
||||||||||||
| Foreign currency translation adjustments |
|
|
|
|||||||||
| Net change in unrealized gains/(losses) on available-for-sale securities: |
||||||||||||
| Unrealized gains, |
|
|
|
|||||||||
| Reclassification adjustment for losses recorded in net income, |
( |
) | ( |
) | ( |
) | ||||||
| Net unrealized gains/(losses) on available-for-sale securities |
( |
) | |
|
||||||||
| Total other comprehensive income |
|
|
|
|||||||||
| Total comprehensive income |
|
|
|
|||||||||
| Total comprehensive loss attributable to non-controlling interests shareholders |
( |
) | ( |
) | ( |
) | ||||||
| Total comprehensive income attributable to mezzanine equity classified non-controlling interests shareholders |
|
|
|
|||||||||
| Total comprehensive income attributable to ordinary shareholders |
|
|
|
|||||||||
| Net income per share |
||||||||||||
| Basic |
|
|
|
|||||||||
| Diluted |
|
|
|
|||||||||
| Weighted average number of shares |
||||||||||||
| Basic |
|
|
|
|||||||||
| Diluted |
|
|
|
|||||||||
| For the nine months ended September 30, |
||||||||||||
| 2018 |
2019 |
|||||||||||
| RMB |
RMB |
US$ |
||||||||||
| Note2(f) |
||||||||||||
| Cash flows from operating activities: |
||||||||||||
| Net income |
|
|
|
|||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
| Depreciation and amortization |
|
|
|
|||||||||
| Share-based compensation |
|
|
|
|||||||||
| Losses from disposal of property, equipment and software |
|
|
|
|||||||||
| Deferred income tax |
( |
) | |
|
||||||||
| Amortization of discounts and issuance costs of the unsecured senior notes |
|
|
|
|||||||||
| Impairment of goodwill and intangible assets |
|
— |
— |
|||||||||
| Impairment of investments |
|
|
|
|||||||||
| Fair value change of long-term investments |
( |
) | |
|
||||||||
| Gain from disposals of long-lived assets |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
| Gain from business and investment disposals |
( |
) | ( |
) | ( |
) | ||||||
| Share of results of equity investees |
|
|
|
|||||||||
| Foreign exchange (gains)/losses |
|
( |
) | ( |
) | |||||||
| Changes in operating assets and liabilities: |
||||||||||||
| Accounts receivable |
|
|
|
|||||||||
| Inventories |
|
( |
) | ( |
) | |||||||
| Advance to suppliers |
( |
) | ( |
) | ( |
) | ||||||
| Prepayments and other current assets |
( |
) | |
|
||||||||
| Operating lease right-of-use assets |
|
( |
) | ( |
) | |||||||
| Amount due from related parties |
|
( |
) | ( |
) | |||||||
| Other non-current assets |
( |
) | ( |
) | ( |
) | ||||||
| Accounts payable |
|
|
|
|||||||||
| Advance from customers |
( |
) | |
|
||||||||
| Deferred revenues |
( |
) | |
|
||||||||
| Taxes payable |
( |
) | |
|
||||||||
| Accrued expenses and other current liabilities |
|
|
|
|||||||||
| Operating lease liabilities |
— |
|
|
|||||||||
| Amount due to related parties |
|
|
|
|||||||||
| Net cash provided by operating activities |
|
|
|
|||||||||
| For the nine months ended September 30, |
||||||||||||
| 2018 |
2019 |
|||||||||||
| RMB |
RMB |
US$ |
||||||||||
| Note2(f) |
||||||||||||
| Cash flows from investing activities: |
||||||||||||
| Purchase of short-term investments |
( |
) | ( |
) | ( |
) | ||||||
| Maturity of short-term investments |
|
|
|
|||||||||
| Purchases of investment securities |
( |
) | ( |
) | ( |
) | ||||||
| Cash received from disposal of investment securities |
|
|
|
|||||||||
| Prepayments and investments in equity investees |
( |
) | ( |
) | ( |
) | ||||||
| Cash received from disposal of equity investment s |
|
|
|
|||||||||
| Cash paid for loan originations |
( |
) | ( |
) | ( |
) | ||||||
| Cash received from loan repayments |
|
|
|
|||||||||
| Purchase of property, equipment and software |
( |
) | ( |
) | ( |
) | ||||||
| Purchase of intangible assets |
( |
) | ( |
) | ( |
) | ||||||
| Cash paid for construction in progress |
( |
) | ( |
) | ( |
) | ||||||
| Purchase of land use rights |
( |
) | ( |
) | ( |
) | ||||||
| Cash received from the sales of long-lived asset s |
— |
|
|
|||||||||
| Cash paid for business combination, net of cash acquired |
( |
) | — |
— |
||||||||
| Loans settled by JD Digits |
|
|
|
|||||||||
| Other investing activities |
— |
( |
) | ( |
) | |||||||
| Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ||||||
| For the nine months ended September 30, |
||||||||||||
| 2018 |
2019 |
|||||||||||
| RMB |
RMB |
US$ Note 2(f) |
||||||||||
| Cash flows from financing activities: |
||||||||||||
| Proceeds from issuance of ordinary shares |
|
— |
— |
|||||||||
| Repurchase of ordinary shares |
|
( |
) | ( |
) | |||||||
| Proceeds from issuance of ordinary shares pursuant to stock plans |
|
|
|
|||||||||
| Proceeds from issuance of convertible redeemable preferred shares of JD Logistics, net |
|
— |
— |
|||||||||
| Capital injection from non-controlling interest shareholders |
|
|
|
|||||||||
| Proceeds from short-term borrowings |
|
|
|
|||||||||
| Repayment of short-term borrowings |
( |
) | ( |
) | ( |
) | ||||||
| Proceeds from long-term borrowings |
|
— |
— |
|||||||||
| Repayment of nonrecourse securitization debt |
( |
) | ( |
) | ( |
) | ||||||
| Proceeds from other financing activities, net |
|
— |
— |
|||||||||
| Net cash provided by /(used in) financing activities |
|
( |
) | ( |
) | |||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
|
|||||||||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash |
|
( |
) | ( |
) | |||||||
| Cash, cash equivalents, and restricted cash at beginning of the period |
|
|
|
|||||||||
| Cash, cash equivalents, and restricted cash at end of the period |
|
|
|
|||||||||
| Supplemental cash flow disclosures: |
||||||||||||
| Cash paid for income taxes |
( |
) | ( |
) | ( |
) | ||||||
| Cash paid for interest |
( |
) | ( |
) | ( |
) | ||||||
| Supplemental disclosures of non-cash investing and financing activities: |
||||||||||||
| Issuance of ordinary shares in connection with strategic cooperation agreement with Tencent |
— |
|
|
|||||||||
| Equity investments obtained through commitment of future services and contribution of certain business |
|
|
|
|||||||||
Ordinary shares |
Treasury stock |
Additional paid-in capital |
Statutory reserves |
Accumulated other comprehensive income |
Accumulated deficit |
Non-controlling interests |
Total Shareholders’ equity |
|||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
|||||||||||||||||||||||||||||||||
Balance as of January 1, 2018 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||
Cumulative effect of changes in accounting principles related to revenue recognition and financial instruments |
— |
— |
— |
— |
— |
— |
( |
) |
— |
|||||||||||||||||||||||||||||||
Issuance of ordinary shares |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Accretion of convertible redeemable non-controlling interests |
— |
— |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||||||||||||||
Exercise of share-based awards |
— |
— |
( |
) |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Share-based compensation and vesting of share-based awards |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Net income/(loss) |
— |
— |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Net change in unrealized loss on available-for-sale debt securities |
— |
— |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||||||||
Change of the capital from non-controlling interest shareholders |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Share of changes in the equity investee’s capital accounts |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Balance as of September 30, 2018 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||
Ordinary shares |
Treasury stock |
Additional paid-in capital |
Statutory reserves |
Accumulated other comprehensive income |
Accumulated deficit |
Non-controlling interests |
Total Shareholders’ equity |
|||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
|||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||
Issuance of ordinary shares |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares |
— |
— |
( |
) |
( |
) |
— |
— |
— |
— |
— |
( |
) | |||||||||||||||||||||||||||
Accretion of convertible redeemable non-controlling interests |
— |
— |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||||||||||||||
Exercise of share-based awards |
— |
— |
( |
) |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Share-based compensation and vesting of share-based awards |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Net income/(loss) |
— |
— |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Net change in unrealized gains on available-for-sale debt securities |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Change of the capital from non-controlling interest shareholders |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Share of changes in the equity investee’s capital accounts |
— |
— |
— |
— |
( |
) |
— |
— |
— |
— |
( |
) | ||||||||||||||||||||||||||||
Balance as of September 30, 2019 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||
1. |
Principal activities and organization |
1. |
Principal activities and organization (Continued) |
| Equity interest held |
Place and date of incorporation | |||||
| Subsidiaries |
||||||
| Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”) |
|
% | Beijing, China, April 2007 | |||
| Jiangsu Jingdong Information Technology Co., Ltd. |
|
% | Jiangsu, China, June 2009 | |||
| Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”) |
|
% | Shanghai, China, April 2011 | |||
| Jingdong E-Commerce (Express) Hong Kong Co., Ltd. |
|
% | Hong Kong, China, August 2011 | |||
| Jingdong Technology Group Corporation |
|
% | Cayman Islands, November 2011 | |||
| Jingdong Logistics Group Corporation |
|
% | Cayman Islands, January 2012 | |||
| Jingdong Express Group Corporation (“Jingdong Express”) |
|
% | Cayman Islands, January 2012 | |||
| JD.com E-Commerce (Technology) Hong Kong Co., Ltd. |
|
% | Hong Kong, China, February 2012 | |||
| Jingdong E-Commerce (Logistics) Hong Kong Co., Ltd. |
|
% | Hong Kong, China, February 2012 | |||
| Jingdong E-Commerce (Trade) Hong Kong Co., Ltd. |
|
% | Hong Kong, China, February 2012 | |||
| JD.com International Limited |
|
% | Hong Kong, China, February 2012 | |||
| Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”) |
|
% | Beijing, China, March 2012 | |||
| JD.com E-Commerce (Investment) Hong Kong Co., Ltd |
|
% | Hong Kong, China, July 2013 | |||
| JD.com American Technologies Corporation |
|
% | Delaware, USA, August 2013 | |||
| Chongqing Jingdong Haijia E-commerce Co., Ltd. (“Chongqing Haijia”) |
|
% | Chongqing, China, June 2014 | |||
| JD.com Overseas Innovation Limited |
|
% | Hong Kong, China, October 2014 | |||
| JD.com International (Singapore) Pte. Ltd. |
|
% | Singapore, November 2014 | |||
| JD.com Investment Limited |
|
% | British Virgin Islands, January 2015 | |||
| JD.com Asia Investment Corporation |
|
% | Cayman Islands, March 2015 | |||
| Suqian Hanbang Investment Management Co., Ltd |
|
% | Jiangsu, China, January 2016 | |||
| Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) |
|
% | Shaanxi , China, May 2017 | |||
| Xi’an Jingdong Xuncheng Logistics Co., Ltd. |
|
% | Shaanxi , China, June 2017 | |||
| Jingdong Express International Limited |
|
% | British Virgin Islands, November 2017 | |||
| Beijing Jinghong Logistics Co., Ltd. |
|
% | Beijing, China, November 2017 | |||
| JD Assets Holding Limited |
|
% | Cayman Islands, March 2018 | |||
| JD Logistics Holding Limited |
|
% | Cayman Islands, March 2018 | |||
| Place and date of incorporation | ||||||
| Consolidated VIEs |
||||||
| Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”) |
Beijing, China, April 2007 | |||||
| Fortune Rising Holdings Ltd. (“Fortune Rising”) |
British Virgin Islands, May 2008 | |||||
| Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”) |
Jiangsu, China, September 2010 | |||||
| Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”) |
Jiangsu, China, August 2015 | |||||
| Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”) |
Shaanxi , China, June 2017 | |||||
| Consolidated VIEs’ Subsidiaries |
||||||
| Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) |
Beijing, China, August 2012 | |||||
| Hengqin Junze Management Consulting Co., Ltd. |
Guangdong, China, April 2017 | |||||
| Suqian Jingdong Mingfeng Enterprise Management Co., Ltd. |
Jiangsu, China, July 2017 | |||||
| Suqian Jingdong Jinyi Enterprise Management Co., Ltd. |
Jiangsu, China, August 2017 | |||||
| Suqian Jingdong Sanhong Enterprise Management Center (limited partnership) |
Jiangsu, China, August 2017 | |||||
1. |
Principal activities and organization (Continued) |
1. |
Principal activities and organization (Continued) |
1. |
Principal activities and organization (Continued) |
1. |
Principal activities and organization (Continued) |
| • | revoke or refuse to grant or renew the Group’s business and operating licenses; |
| • | restrict or prohibit related party transactions between the Group’s relevant PRC subsidiaries and their subsidiaries, the VIEs; |
| • | impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; |
| • | require the Group to alter the corporate structure operations; and |
| • | restrict or prohibit the Group’s ability to finance its operations. |
1. |
Principal activities and organization (Continued) |
| As of |
||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||
| RMB |
RMB |
|||||||
| Total assets |
|
|
||||||
| Total liabilities |
|
|
||||||
| |
|
| ||||||
| For the nine months ended September 30, |
||||||||
| 2018 |
2019 |
|||||||
| RMB |
RMB |
|||||||
| Total net revenues |
|
|
||||||
| Net loss |
( |
) | ( |
) | ||||
| |
|
| ||||||
| For the nine months ended September 30, |
||||||||
| 2018 |
2019 |
|||||||
| RMB |
RMB |
|||||||
| Net cash provided by operating activities |
|
|
||||||
| Net cash used in investing activities |
( |
) | ( |
) | ||||
| Net cash provided by financing activities |
|
|
||||||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash |
( |
) | |
|||||
| Cash, cash equivalents, and restricted cash at beginning of the period |
|
|
||||||
| Cash, cash equivalents, and restricted cash at end of the period |
|
|
||||||
1. |
Principal activities and organization (Continued) |
2. |
Summary of significant accounting policies |
a. |
Basis of presentation |
b. |
Principles of consolidation |
c. |
Non-controlling interests |
2. |
Summary of significant accounting policies (Continued) |
d. |
Use of estimates |
e. |
Foreign currency translation |
f. |
Convenience translation |
g. |
Cash and cash equivalents |
2. |
Summary of significant accounting policies (Continued) |
h. |
Restricted cash |
i. |
Short-term investments |
j. |
Accounts receivable, net |
k. |
Inventories, net |
2. |
Summary of significant accounting policies (Continued) |
l. |
Loan receivables, net |
2. |
Summary of significant accounting policies (Continued) |
m. |
Investment in equity investees |
2. |
Summary of significant accounting policies (Continued) |
n . |
Investment securities |
o |
Nonrecourse securitization debt and transfer of financial assets |
2. |
Summary of significant accounting policies (Continued) |
o |
Nonrecourse securitization debt and transfer of financial assets (Continued) |
p . |
Unsecured senior notes and long-term borrowings |
q . |
Fair value |
2. |
Summary of significant accounting policies (Continued) |
r. |
Revenues |
2. |
Summary of significant accounting policies (Continued) |
r. |
Revenues (Continued) |
2. |
Summary of significant accounting policies (Continued) |
s. |
Contract balances |
t. |
Customer incentives and loyalty programs |
● |
D Coupons are given to a customer upon current purchase or can be given for free to promote future purchases. This coupon requires the customer to make future purchase of a minimum value in order to enjoy the value provided by the coupon. The rights to purchase discounted products in the future are not considered an element of an arrangement within the scope of the multiple-element arrangements guidance in ASC 606, as the rights do not represent a significant and incremental discount to the customer. The Group assesses the significance of the discount by considering its percentage of the total future minimum purchase value, historical usage pattern by the customers and relative outstanding volume and monetary value of D Coupons compared to the other discounts offered by the Group. D Coupons are accounted for as a reduction of revenues on the future purchase . |
2. |
Summary of significant accounting policies (Continued) |
t . |
Customer incentives and loyalty programs (Continued) |
● |
J Coupons are given to a customer upon their qualified purchase or can be given for free to promote future purchases and are to be used on a future purchase, with no limitation as to the minimum value of the future purchase. Accordingly, the Group has determined that J Coupons awarded are considered an element of an arrangement within the scope of ASC 606, as J Coupons represent a significant and incremental discount to the customer. Therefore, the delivered products and J Coupons awarded are treated as separate unit of accounting. The selling price of J Coupons awarded is generally determined by management’s best estimate of the selling price in the absence of both vendor specific objective evidence and third-party evidence. The amount allocated to J Coupons is deferred and recognized when J Coupons are redeemed or at the coupon’s expiration, whichever occurs first. J Coupons have an expiration of |
u . |
Cost of revenues |
v . |
Rebates and subsidies |
w . |
Fulfillment |
2. |
Summary of significant accounting policies (Continued) |
x. |
Marketing |
y . |
Technology and content |
z . |
General and administrative |
aa . |
Share-based compensation |
2. |
Summary of significant accounting policies (Continued) |
aa. |
Share-based compensation (Continued) |
bb. |
Income tax |
2. |
Summary of significant accounting policies (Continued) |
cc |
Leases |
dd. |
Comprehensive income |
ee |
Net income per share |
ff |
Segment reporting |
2. |
Summary of significant accounting policies (Continued) |
gg |
Recent accounting pronouncements |
2. |
Summary of significant accounting policies (Continued) |
gg |
Recent accounting pronouncements (Continued) |
3. |
Concentration and risks |
4 . |
Fair value measurement |
Fair value measurement at reporting date using |
||||||||||||||||
Description |
Fair value as of December 31, 2018 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
Significant Other Observable Inputs (Level 2) |
|
Significant Unobservable Inputs (Level 3) |
|||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||
Assets: |
||||||||||||||||
Cash equivalents |
||||||||||||||||
Money market funds |
— |
— |
||||||||||||||
Restricted cash |
— |
— |
||||||||||||||
Short-term investments |
||||||||||||||||
Wealth management products |
— |
— |
||||||||||||||
Investment securities |
||||||||||||||||
Listed equity securities |
— |
— |
||||||||||||||
Total assets |
— |
|||||||||||||||
Fair value measurement at reporting date using |
||||||||||||||||
Description |
Fair value as of September 30, 2019 |
Quoted Prices in Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||
Assets: |
||||||||||||||||
Cash equivalents |
||||||||||||||||
Money market funds |
— |
— |
||||||||||||||
Restricted cash |
— |
— |
||||||||||||||
Short-term investments |
||||||||||||||||
Wealth management products |
— |
— |
||||||||||||||
Investment securities |
||||||||||||||||
Listed equity securities |
— |
— |
||||||||||||||
Total assets |
— |
|||||||||||||||
4 . |
Fair value measurement (Continued) |
Cost Basis |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||
December 31, 2018 |
( |
) | ||||||||||||||
September 30, 2019 |
( |
) | ||||||||||||||
4 . |
Fair value measurement (Continued) |
5 . |
Investment in equity investees |
| |
As of August 11, 2016 |
|
|
As of December 31, 2018 |
|
|
As of September 30, 2019 |
| ||||
| |
RMB |
|
|
RMB |
|
|
RMB |
| ||||
| Carrying value of investment in Yonghui |
|
|
|
|
|
|
|
|
|
|
|
|
| Proportionate share of Yonghui’s net tangible and intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Positive basis difference |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Positive basis difference has been primarily assigned to: |
|
|
|
|
|
|
|
|
|
|
|
|
| Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
| Amortizable intangible assets (*) |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
| |
|
|
|
|
|
|
|
|
|
|
| |
| Cumulative gains in equity interest in Yonghui |
|
|
— |
|
|
|
|
|
|
|
|
|
| (*) | As of September 30, 2019, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was |
5 . |
Investment in equity investees (Continued) |
5 . |
Investment in equity investees (Continued) |
As of February 16, 2015 |
As of December 31, 2018 |
As of September 30, 2019 |
||||||||||
RMB |
RMB |
RMB |
||||||||||
Carrying value of investment in Bitauto (*) |
||||||||||||
Proportionate share of Bitauto’s net tangible and intangible assets |
||||||||||||
Positive / (negative) basis difference |
( |
) | ( |
) | ||||||||
Positive / (negative) basis difference has been primarily assigned to: |
||||||||||||
Goodwill (*) |
— |
— |
||||||||||
Amortizable intangible assets (**) |
( |
) | ( |
) | ||||||||
Deferred tax liabilities |
( |
) | — |
— |
||||||||
( |
) | ( |
) | |||||||||
Cumulative losses in equity interest in Bitauto |
— |
( |
) | ( |
) | |||||||
| (*) | In the first quarter of 2019, the Group conducted impairment assessment on its investment in Bitauto considering the duration and severity of the decline of Bitauto’s stock price after the investment, as well as the financial condition, operating performance and the prospects of Bitauto, and concluded the decline in fair value of the investment w as other-than-temporary. Accordingly, the Group recorded impairment charge of RMB |
| (**) | As of September 30, 2019, the negative basis difference between carrying value of investment in Bitauto and proportionate share of Bitauto’s net tangible and intangible assets was RMB . This difference would not be amortized. |
5 . |
Investment in equity investees (Continued) |
As of April 26, 2016 |
||||
RMB |
||||
Assets/investments received by the Group |
||||
Dada’s ordinary shares |
||||
Dada’s preferred shares |
||||
Warrant to purchase Dada’s preferred shares |
||||
As of April 26, 2016 |
As of December 31, 2018 |
As of September 30, 2019 |
||||||||||
RMB |
RMB |
RMB |
||||||||||
Carrying value of investment in Dada’s ordinary shares |
— |
— |
||||||||||
Proportionate share of Dada’s net tangible and intangible assets |
( |
) | ( |
) | ||||||||
Positive basis difference |
||||||||||||
Positive basis difference has been primarily assigned to: |
||||||||||||
Goodwill |
||||||||||||
Amortizable intangible assets (*) |
||||||||||||
Deferred tax liabilities |
( |
) | ( |
) | ( |
) | ||||||
Cumulative losses in equity interest in Dada’s ordinary shares |
— |
( |
) | ( |
) | |||||||
| (*) | As of September 30, 2019, the weighted average remaining life of the intangible assets not included in Dada’s consolidated financial statements was |
5 . |
Investment in equity investees (Continued) |
As of May 22, 2015 |
As of December 31, 2018 |
As of September 30, 2019 |
||||||||||
RMB |
RMB |
RMB |
||||||||||
Carrying value of investment in Tuniu (*) |
||||||||||||
Proportionate share of Tuniu’s net tangible and intangible assets |
||||||||||||
Positive / (negative) basis difference |
( |
) | ||||||||||
Positive / (negative) basis difference has been primarily assigned to: |
||||||||||||
Goodwill (*) |
— |
|||||||||||
Amortizable intangible assets (**) |
( |
) | ||||||||||
Deferred tax liabilities |
( |
) | ( |
) | — |
|||||||
( |
) | |||||||||||
Cumulative losses in equity interest in Tuniu |
— |
( |
) | ( |
) | |||||||
| (*) | In the second quarter of 2019, the Group conducted impairment assessment on its investment in Tuniu considering the duration and severity of the decline of Tuniu’s stock price after the investment, and concluded the decline in fair value of the investment w RMBas other-than-temporary. Accordingly, the Group recorded impairment charge ofto write down the carrying value of its investment in Tuniu to its fair value, based on quoted closing price of Tuniu as of June 30, 2019. |
| (**) | As of September 30, 2019, the negative basis difference between carrying value of investment in Tuniu and proportionate share of Tuniu’s net tangible and intangible assets was RMB |
5 . |
Investment in equity investees (Continued) |
As of April 29, 2019 |
As of September 30, 2019 |
|||||||
RMB |
RMB |
|||||||
Carrying value of investment in Jiangsu Five Star |
||||||||
Proportionate share of Jiangsu Five Star’s net tangible and intangible assets |
||||||||
Positive basis difference |
||||||||
Positive basis difference has been primarily assigned to: |
||||||||
Goodwill |
||||||||
Amortizable intangible assets (*) |
||||||||
Property, e quipment and software (*) |
||||||||
Deferred tax liabilities |
( |
) |
( |
) | ||||
Cumulative gains in equity interest in Jiangsu Five Star |
— |
|||||||
(*) |
As of September 30, 2019, the weighted average remaining lives of the intangible assets and property, equipment and software were |
As of November 16, 2017 |
As of December 31, 2018 |
As of September 30, 2019 |
||||||||||
RMB |
RMB |
RMB |
||||||||||
Carrying value of investment in Yixin |
||||||||||||
Proportionate share of Yixin’s net tangible and intangible assets |
||||||||||||
N egative basis difference |
( |
) | ( |
) | ( |
) | ||||||
Cumulative gains in equity interest in Yixin |
— |
|||||||||||
5 . |
Investment in equity investees (Continued) |
6 |
Accounts receivable, net |
| As of |
||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||
| RMB |
RMB |
|||||||
| Online direct sales and online marketplace receivables (*) |
|
|
||||||
| Logistics receivables |
|
|
||||||
| Advertising receivables |
|
|
||||||
| Accounts receivable |
|
|
||||||
| Allowance for doubtful accounts |
( |
) | ( |
) | ||||
| Accounts receivable, net |
|
|
||||||
| A s |
||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||
| RMB |
RMB |
|||||||
| Balance at beginning of the period |
( |
) | ( |
) | ||||
| Additions |
( |
) | ( |
) | ||||
| Write-off |
|
|
||||||
| Balance at end of the period |
( |
) | ( |
) | ||||
| (*) |
For the accounts receivable in relation to consumer financing business, which is recorded in online direct sales and online marketplace receivables, as JD Digits performs credit risk assessment services for the individuals and purchases the over-due receivables from the Group at carrying values to absorb the risks and obtain the rewards from such business, |
7 |
Inventories, net |
| As of |
||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||
| RMB |
RMB |
|||||||
| Products |
|
|
||||||
| Packing materials and others |
|
|
||||||
| Inventories |
|
|
||||||
| Inventory valuation allowance |
( |
) | ( |
) | ||||
| Inventories, net |
|
|
||||||
8 . |
Accounts payable |
| As of |
||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||
| RMB |
RMB |
|||||||
| Vendor payable |
|
|
||||||
| Shipping charges payable and others |
|
|
||||||
| Total |
|
|
||||||
9 . |
Accrued expenses and other current liabilities |
| As of |
||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||
| RMB |
RMB |
|||||||
| Deposits |
|
|
||||||
| Salary and welfare |
|
|
||||||
| Rental fee payables of short-term lease |
|
|
||||||
| Internet data center fee |
|
|
||||||
| Liabilities for return allowance s |
|
|
|
|
|
| ||
| Accrued administrative expense s |
|
|
|
|
|
|
|
|
| Professional fee |
|
|
||||||
| Vehicle fee |
|
|
||||||
| Interest payable |
|
|
|
|
|
| ||
| Payable related to employees’ exercise of share-based awards |
|
|
||||||
| Others |
|
|
||||||
| Total |
|
|
||||||
1 0 |
Unsecured senior notes |
| |
Effective interest rate |
|||||||||||
| As of |
||||||||||||
| December 31, 2018 |
September 30, 2019 |
|||||||||||
| RMB |
RMB |
|||||||||||
| US$ |
|
|
|
% | ||||||||
| US$ |
|
|
|
% | ||||||||
| Carrying value |
|
|
||||||||||
| Unamortized discount and debt issuance costs |
|
|
||||||||||
| Total principal amounts of unsecured senior notes |
|
|
||||||||||
1 1 |
Leases |
As of September 30, 2019 |
||||
RMB |
||||
Operating lease ROU |
||||
Operating lease liabilities-current |
||||
Operating lease liabilities-non - current |
||||
Total operating lease liabilities |
||||
Weighted average remaining lease term |
||||
Weighted average discount rate |
% | |||
For the nine months ended September 30, 2019 |
||||
RMB |
||||
Operating lease cost |
||||
Short-term lease cost |
||||
Total(*) |
||||
Operating cash flows from operating leases |
||||
| (*) | The lease expense was RMB |
As of September 30, 2019 |
||||
RMB |
||||
Remainder of 2019 |
||||
2020 |
||||
2021 |
||||
2022 |
||||
2023 |
||||
2024 and thereafter |
||||
Total lease payments |
||||
Less : interest |
( |
) | ||
Present value of operating lease liabilities |
||||
1 . 2 |
Gain on disposals of long-lived assets |
1 3 |
Interest income and interest expense |
For the nine months ended September 30, |
||||||||
2018 |
2019 |
|||||||
RMB |
RMB |
|||||||
Interest income: |
||||||||
Interest income in relation to nonrecourse securitization debt charged to JD Digits |
||||||||
Interest income in relation to loans provided to JD Digits |
||||||||
Interest income in relation to bank deposits, wealth management products and others |
||||||||
Total |
||||||||
Interest expense: |
||||||||
Interest expense in relation to nonrecourse securitization debt |
( |
) | ( |
) | ||||
Interest expense in relation to unsecured senior notes and bank borrowings |
( |
) | ( |
) | ||||
Total |
( |
) | ( |
) | ||||
1 . 4 |
Others, net |
For the nine months ended September 30, |
||||||||
2018 |
2019 |
|||||||
RMB |
RMB |
|||||||
Gains from business and investment disposals |
||||||||
Government financial incentives |
||||||||
Impairment of investments |
( |
) | ( |
) | ||||
Foreign exchange gains/(losses), net |
( |
) | ||||||
Gains/(losses) from fair value change of long-term investments |
( |
) | ||||||
Others |
||||||||
Total |
||||||||
1 . 5 |
Taxation |
a) |
Value added tax (“VAT”) |
1 . 5 |
Taxation (Continued) |
b) |
Income tax |
1 . 5 |
Taxation (Continued) |
b) |
Income tax (Continued) |
| For the nine months ended September 30, |
||||||||
| 2018 |
2019 |
|||||||
| RMB |
RMB |
|||||||
| Current income tax expenses |
( |
) | ( |
) | ||||
| Deferred tax benefits/(expenses) |
|
( |
) | |||||
| Total income tax expenses |
( |
) | ( |
) | ||||
| Effective income tax rate |
|
|
|
% |
|
|
% | |
1 . 5 |
Taxation (Continued) |
b) |
Income tax (Continued) |
1 . 6 |
Convertible redeemable non-controlling interests |
1 . 6 |
Convertible redeemable non-controlling interests (Continued) |
Number of shares |
Amount |
|||||||
RMB |
||||||||
Balance as of January 1, 2018 |
||||||||
Issuance |
||||||||
Less: preferred shares issuance costs |
( |
) | ||||||
Net income attributable to mezzanine equity classified non-controlling interests shareholders |
||||||||
Balance as of September 30, 2018 |
||||||||
Balance as of January 1, 2019 |
||||||||
Net income attributable to mezzanine equity classified non-controlling interests shareholders |
||||||||
Balance as of September 30, 2019 |
||||||||
1 . 7 |
Financing for JD Health |
1 . 8 |
Ordinary shares |
19 . |
Share repurchase program |
2 . 0 |
Other comprehensive income |
Foreign currency translation adjustments |
Net unrealized gains/(losses) on available-for-sale securities |
Total |
||||||||||
RMB |
RMB |
RMB |
||||||||||
Balances as of January 1, 2018 |
||||||||||||
Cumulative effect of changes in accounting principles related to financial instruments |
( |
) | ( |
) | ||||||||
Other comprehensive income/(loss) |
( |
) | ||||||||||
Balances as of September 30, 2018 |
||||||||||||
Balances as of January 1, 2019 |
||||||||||||
Other comprehensive income |
||||||||||||
Balances as of September 30, 2019 |
||||||||||||
2 1 |
Share-based compensation |
For the nine months ended September 30, |
||||||||
2018 |
2019 |
|||||||
RMB |
RMB |
|||||||
Cost of revenues |
||||||||
Fulfillment |
||||||||
Marketing |
||||||||
Technology and content |
||||||||
General and administrative |
||||||||
Total |
||||||||
2 1 |
Share-based compensation (Continued) |
(1) |
Employee and non-employee awards |
2 1 |
Share-based compensation (Continued) |
(2) |
Founder awards |
(3) |
Share-based compensation of subsidiaries |
2 2 . |
Net income per share |
For the nine months ended September 30, |
||||||||
2018 |
2019 |
|||||||
RMB |
RMB |
|||||||
Numerator: |
||||||||
Net income attributable to ordinary shareholders |
||||||||
Denominator: |
||||||||
Weighted average number of shares – basic |
||||||||
Adjustments for dilutive options and RSUs |
||||||||
Weighted average number of shares – diluted |
||||||||
Basic net income per share attributable to ordinary shareholders |
||||||||
Diluted net income per share attributable to ordinary shareholders |
||||||||
2 . 3 |
Related party transactions |
| Name of related parties |
Relationship with the Group | |
| Tencent and its subsidiaries (“Tencent Group”) |
A shareholder of the Group | |
| Bitauto and its subsidiaries (“Bitauto Group”) |
An investee of the Group | |
| Tuniu and its subsidiaries (“Tuniu Group”) |
An investee of the Group | |
| Dada and its subsidiaries (“Dada Group”) |
An invest e e of the Group | |
| JD Digits |
An entity and its subsidiaries controlled by the Founder | |
| Core Fund |
An investee of the Group | |
| AiHuiShou and its subsidiaries (“AiHuiShou Group”) |
An investee of the Group | |
Farfetch and its subsidiaries (“Farfetch Group”) |
An investee of the Group |
| (a) | The Group entered into the following transactions with the major related parties: |
| Transactions |
For the nine months ended September 30, |
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| 2018 |
2019 |
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| RMB |
RMB |
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| Revenues: |
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| Commission from cooperation on advertising business with Tencent Group (*) |
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| Services to Tencent Group (*) |
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| Services and sales of goods to Dada Group |
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| Services and sales of goods to AiHuiShou Group |
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| Traffic support, marketing and promotion services provided to AiHuiShou Group |
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| Traffic support, marketing and promotion services provided to Bitauto Group |
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| Traffic support, marketing and promotion services provided to Tuniu Group |
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| Traffic support, marketing and promotion services provided to Dada Group |
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| Services and sales of goods to JD Digits |
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| Traffic support, marketing and promotion services provided to Digits |
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| Traffic support, marketing and promotion services provided to Farfetch Group |
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| Operating expenses: |
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| Services and purchases from Tencent Group (*) |
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| Services from Dada Group |
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| Payment processing and other services from JD Digits |
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| Service from Core Fund |
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— |
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| Other income: |
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| Income from non-compete agreement with Dada Group |
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| Interest income from loans provided to JD Digits |
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| Interest income from loans provided to Core Fund |
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(*) |
In March 2014, the Group entered into a series of agreements with Tencent and its affiliates pursuant to which the Group acquired s previously granted to the Group in March 2014. |
(*) |
On May 10, 2019, the Company renewed the strategic cooperation agreement with Tencent, for a period of three years starting from May 27, 2019. Tencent continued to offer the Group prominent level 1 and level 2 access points on its Weixin platform to provide traffic support, and the two parties also intend to continue to cooperate in a number of areas including communications, advertising and membership services, among others. As part of the total consideration, the Company agreed to issue to Tencent a certain number of the Company’s Class A ordinary shares for a consideration of approximately US$ |
2 3 |
Related party transactions (Continued) |
| (b) | The Group had the following balances with the major related parties: |
| As of |
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| December 31, 2018 |
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September 30, 2019 |
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| RMB |
RMB |
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| Due from Tencent Group |
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| Due from JD Digits |
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| Loans provided to JD Digits(* * ) |
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| Other receivables from/(payables to) JD Digits |
( |
) | |
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| Due from Core Fund |
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| Due from AiHuiShou Group |
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| Total |
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| Due to Tuniu Group |
( |
) | ( |
) | ||||
| Due to Dada Group |
( |
) | ( |
) | ||||
| Due to AiHuiShou Group |
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( |
) | |||||
| Total |
( |
) | ( |
) | ||||
| Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Bitauto Group |
( |
) | ( |
) | ||||
| Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Tuniu Group |
( |
) | ( |
) | ||||
| Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group |
( |
) | ( |
) | ||||
| Deferred revenues in relation to traffic support, marketing and promotion services to be provided to AiHuiShou Group |
|
( |
) | |||||
| Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Farfetch Group |
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( |
) | |
| Total |
( |
) | ( |
) | ||||
| Other liabilities in relation to non-compete obligation to Dada Group |
( |
) | ( |
) | ||||
| Total |
( |
) | ( |
) | ||||
| (* * ) |
In relation to the loans provided to JD Digits, the Group charged JD Digits based on fair market interest rate, and cash flows resulted from the loans were presented within investing activities in the unaudited interim condensed consolidated statements of cash flows. |
2 3 |
Related party transactions (Continued) |
| (c) | Other information related to related party transactions: |
2 . 4 |
Segment reporting |
| For the nine months ended September 30, |
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| 2018 |
2019 |
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| RMB |
RMB |
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| Net revenues: |
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| JD Retail |
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| New Businesses |
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| Inter-segment(*) |
( |
) | ( |
) | ||||
| Total segment net revenues |
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| Unallocated items(**) |
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| Total consolidated net revenues |
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| Operating income/(loss): |
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| JD Retail |
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| New Businesses |
( |
) | ( |
) | ||||
| Total segment operating income |
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| Unallocated items(**) |
( |
) | |
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| Total consolidated operating income/(loss) |
( |
) | |
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| Total other income |
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| Income before tax |
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| (*) | The inter-segment eliminations mainly consist of services provided by JD Retail to overseas business, and certain services provided by JD Logistics to the vendors of JD Retail, which the Group records as a deduction of cost of revenues at the consolidated level. |
| (**) | Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on disposals of long-lived assets, and impairment of goodwill and intangible assets, which are not allocated to segments. |
2 . 5 |
Employee benefit |
2 . 6 |
Lines of credit and loan facilities |
2 . 7 |
Commitments and contingencies |
2 . 7 |
Commitments and contingencies (Continued) |
| As of September 30, 2019 |
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| RMB |
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| Remainder of 2019 |
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| 2020 |
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| 2021 |
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| 2022 |
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| 2023 |
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| 2024 and thereafter |
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| Total |
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