JD reported double-digit full-year revenue growth, with JD Retail operating margin rising 52 basis points to 4.6% despite electronics price investments, fueled by 15.3% general merchandise growth and 18.9% marketplace marketing revenue gains. Food delivery narrowed losses with 270% merchant expansion and added 2-3% to ad revenue, while AI tools like JoyAI drove massive query volumes for cost savings. Management highlighted a sixth year of margin expansion from supply chain scale and announced a $3B buyback plus $1.4B dividend with European expansion, though risks remain from competition and soft consumer demand.

Company: JD.com, Inc. (JD) — Q4 FY2025

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