# meituan

JD’s Big Bet on Food Delivery: Revenue Gains, Profit Pain and a High‑stakes Gamble for Market Share

JD.com grew revenue to ¥1.3 trillion in 2025 but saw operating profit collapse and free cash flow shrink sharply as losses from new businesses, especially food delivery, ballooned. Management says investment intensity could ease in 2026 if competition stabilises, but the company must show that its retail margins and newly listed subsidiaries can deliver independent, durable profits.