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Segment reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment reporting |
28. | Segment reporting
The Group derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Group currently does not allocate assets, share-based compensation expenses and certain operating expenses to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from the PRC, no geographical information is presented. As disclosed in Note 2(nn), from the first quarter of 2024, the Company started to report three reportable segments, JD Retail, JD Logistics and New Businesses (including Dada), to reflect changes made to the reporting structure whose financial information is reviewed by the CODM under its ongoing operating strategies. The Company allocates to segment results the operating expenses “Fulfillment”, “Marketing”, “Research and development” and “General and administrative” based on usage, which is generally reflected in the segment in which the expenses are incurred. The CODM manages the business primarily by reviewing consolidated results by segment on a quarterly basis, and using those results along with forecasts and other non-financial information in the Company’s annual financing planning process. The prior periods’ segment operating results have been retrospectively recast to conform to current period presentation.
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (RMB in millions) |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |
JD Retail |  |  | 929,929 |  |  |  | 945,343 |  |  |  | 1,015,948 |
JD Logistics |  |  | 137,402 |  |  |  | 166,625 |  |  |  | 182,837 |
New Businesses |  |  | 29,809 |  |  |  | 26,617 |  |  |  | 19,157 |
Inter-segment eliminations (1) |  |  | (50,904 | ) |  |  | (53,923 | ) |  |  | (59,123 | )
Total consolidated net revenues |  |  | 1,046,236 |  |  |  | 1,084,662 |  |  |  | 1,158,819 |
Less: cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
JD Retail |  |  | (791,396 | ) |  |  | (798,380 | ) |  |  | (847,917 | )
JD Logistics |  |  | (127,612 | ) |  |  | (154,494 | ) |  |  | (164,689 | )
New Businesses |  |  | (26,307 | ) |  |  | (21,004 | ) |  |  | (15,109 | )
Inter-segment eliminations (1) |  |  | 46,295 |  |  |  | 49,053 |  |  |  | 52,844 |
Less: operating expenses (2) : |  |  |  |  |  |  |  |  |  |  |  |
JD Retail |  |  | (103,681 | ) |  |  | (111,038 | ) |  |  | (126,954 | )
JD Logistics |  |  | (9,262 | ) |  |  | (11,126 | ) |  |  | (11,831 | )
New Businesses |  |  | (11,298 | ) |  |  | (7,102 | ) |  |  | (7,413 | )
Inter-segment eliminations (1) |  |  | 4,609 |  |  |  | 4,870 |  |  |  | 6,279 |
Income/(loss) from operations |  |  |  |  |  |  |  |  |  |  |  |
JD Retail |  |  | 34,852 |  |  |  | 35,925 |  |  |  | 41,077 |
JD Logistics |  |  | 528 |  |  |  | 1,005 |  |  |  | 6,317 |
New Businesses |  |  | (6,417 | ) |  |  | (329 | ) |  |  | (2,865 | )
Including other segment items: Gain on sale of development properties (Note 17) |  |  | 1,379 |  |  |  | 2,283 |  |  |  | 1,527 |
Impairment of long-lived assets |  |  | — |  |  |  | (1,123 | ) |  |  | (1,027 | )
Total segment income from operations |  |  | 28,963 |  |  |  | 36,601 |  |  |  | 44,529 |
Unallocated items (3) |  |  | (9,240 | ) |  |  | (10,576 | ) |  |  | (5,793 | )
Total consolidated income from operations |  |  | 19,723 |  |  |  | 26,025 |  |  |  | 38,736 |
Share of results of equity investees |  |  | (2,195 | ) |  |  | 1,010 |  |  |  | 2,327 |
Interest expense |  |  | (2,106 | ) |  |  | (2,881 | ) |  |  | (2,896 | )
Others, net |  |  | (1,555 | ) |  |  | 7,496 |  |  |  | 13,371 |
Total consolidated income before tax |  |  | 13,867 |  |  |  | 31,650 |  |  |  | 51,538 |
(1) | The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics. Transactions between segments are mainly determined based on the arm’s length basis. Among them, net revenues generated from the services provided by JD Logistics to other reportable segments were RMB48,261 million, RMB50,063 million and RMB55,062 million for the years ended December 31, 2022, 2023 and 2024, respectively. Other than that, inter-segment net revenues for JD Retail and New Businesses were not material. All net revenues from each reportable segment were generated from external customers except for the inter-segment net revenues mentioned above.
(2) | A summary of depreciation and amortization expenses for the years presented is as follows ：
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (RMB in millions) |
JD Retail |  |  | (799 | ) |  |  | (594 | ) |  |  | (978 | )
JD Logistics |  |  | (3,521 | ) |  |  | (4,346 | ) |  |  | (4,650 | )
New Businesses |  |  | (1,699 | ) |  |  | (2,071 | ) |  |  | (2,266 | )
(3) | A summary of unallocated items for the years presented is as follows ：
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (RMB in millions) |
Share-based compensation |  |  | (7,548 | ) |  |  | (4,804 | ) |  |  | (2,999 | )
Amortization of intangible assets resulting from assets and business acquisitions |  |  | (1,217 | ) |  |  | (1,281 | ) |  |  | (1,010 | )
Effects of business cooperation arrangements |  |  | (475 | ) |  |  | (446 | ) |  |  | (450 | )
Impairment of goodwill |  |  | — |  |  |  | (3,143 | ) |  |  | (799 | )
Impairment of intangible assets |  |  | — |  |  |  | (902 | ) |  |  | (535 | )
Total |  |  | (9,240 | ) |  |  | (10,576 | ) |  |  | (5,793 | )

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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