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v3.25.1

Segment reporting (Details) ¥ in Millions, $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2024 CNY (¥) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥)
Net revenues |  | ¥ 1,158,819 | $ 158,758 | ¥ 1,084,662 | ¥ 1,046,236
Income/(loss) from operations |  | 38,736 | 5,307 | 26,025 | 19,723
Including other segment items: Gain on sale of development properties |  | 1,527 | 209 | 2,283 | 1,379
Impairment of long-lived assets |  | (1,562) | (214) | (2,025) | 0
Operating Expenses |  |  |  |  |
Share of results of equity investees |  | 2,327 | 319 | 1,010 | (2,195)
Interest expense |  | (2,896) | (397) | (2,881) | (2,106)
Others, net |  | 13,371 | 1,832 | 7,496 | (1,555)
Income before tax |  | 51,538 | $ 7,061 | 31,650 | 13,867
Operating segments |  |  |  |  |
Income/(loss) from operations |  | 44,529 |  | 36,601 | 28,963
Inter-segment |  |  |  |  |
Net revenues | [1] | (59,123) |  | (53,923) | (50,904)
Cost of Revenue |  |  |  |  |
Cost of revenue | [1] | 52,844 |  | 49,053 | 46,295
Operating Expenses |  |  |  |  |
Operating expenses | [1],[2] | 6,279 |  | 4,870 | 4,609
Unallocated items |  |  |  |  |
Income/(loss) from operations | [3] | (5,793) |  | (10,576) | (9,240)
JD Retail | Operating segments |  |  |  |  |
Net revenues |  | 1,015,948 |  | 945,343 | 929,929
Income/(loss) from operations |  | 41,077 |  | 35,925 | 34,852
Cost of Revenue |  |  |  |  |
Cost of revenue |  | (847,917) |  | (798,380) | (791,396)
Operating Expenses |  |  |  |  |
Operating expenses | [2] | (126,954) |  | (111,038) | (103,681)
JD Logistics |  |  |  |  |
Operating Expenses |  |  |  |  |
Revenues |  | 55,062 |  | 50,063 | 48,261
JD Logistics | Operating segments |  |  |  |  |
Net revenues |  | 182,837 |  | 166,625 | 137,402
Income/(loss) from operations |  | 6,317 |  | 1,005 | 528
Cost of Revenue |  |  |  |  |
Cost of revenue |  | (164,689) |  | (154,494) | (127,612)
Operating Expenses |  |  |  |  |
Operating expenses | [2] | (11,831) |  | (11,126) | (9,262)
New Businesses | Operating segments |  |  |  |  |
Net revenues |  | 19,157 |  | 26,617 | 29,809
Income/(loss) from operations |  | (2,865) |  | (329) | (6,417)
Including other segment items: Gain on sale of development properties |  | 1,527 |  | 2,283 | 1,379
Impairment of long-lived assets |  | (1,027) |  | (1,123) |
Cost of Revenue |  |  |  |  |
Cost of revenue |  | (15,109) |  | (21,004) | (26,307)
Operating Expenses |  |  |  |  |
Operating expenses | [2] | ¥ (7,413) |  | ¥ (7,102) | ¥ (11,298)
[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 included in the operating expense for the years presented is as follows:
[3] | A summary of unallocated items for the years presented is as follows:

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