JD.com reported second-quarter revenue of RMB356.7 billion (US$49.8 billion), up 22.4% from a year earlier and comfortably ahead of the RMB335 billion consensus. Adjusted earnings per American depositary share rose to 4.97 yuan, beating the 3.78 yuan market forecast, while the core JD Retail segment expanded sales 20.6% to RMB310.1 billion and lifted its operating margin to a record 4.5%. Growth was driven by strong take-up during the mid-year 618 shopping festival and continued traction from New Businesses, notably JD Food Delivery, which exceeded 25 million daily orders and now counts more than 1.5 million merchants. Management said quarterly active customers grew more than 40% year-on-year as discounts and supply-chain efficiencies attracted shoppers despite a still-soft Chinese consumer backdrop. Heavy investment weighed on profitability. Net income fell 51% to RMB6.2 billion as marketing expenses surged 128% to RMB27 billion and fulfilment costs climbed to 6.2% of revenue. Operating margin for the group turned slightly negative on a GAAP basis, but executives argued spending is essential to scale food delivery and other initiatives that broaden the company’s ecosystem. JD.com finished the quarter with RMB223.4 billion in cash, equivalents and short-term investments and repurchased US$1.5 billion of its own shares in the first half, leaving US$3.5 billion on its current buyback authorisation. Management reiterated its focus on balancing growth investments with cost discipline and said the core retail business would remain the company’s profit anchor.