JD.com Beats Q2 Revenue Forecasts as 618 Promotions Drive Growth

The quarter showcased JD’s core playbook in a soft macro: sharpen prices, compress delivery times and lean on supply-chain muscle to defend share in durable goods and fast-moving categories. Promotional intensity around 618, combined with government consumption incentives that favored big-ticket and everyday essentials, helped keep order volumes firm even as consumers continued to trade down. The trade-off was margin pressure from discounting and mix, a familiar pattern in China’s e-commerce recoveries.

Management is also extending JD’s offline and value footprint to meet bargain hunting head-on. The company moved to launch five discount stores as competition tightened, a signal that it wants more touchpoints across lower-tier cities and price-sensitive segments while reinforcing logistics advantages and merchant services on the main platform. The broader objective is to keep frequency high and customer acquisition costs in check as rivals step up their own low-price pushes.

Looking ahead, the key questions are endurance and efficiency. If promotions normalize after 618 and consumption steadies into autumn, JD can convert more of its volume edge into operating leverage, but competitive pricing and a watchful consumer base will likely cap near-term margin expansion. The second quarter nevertheless suggests that scale logistics, disciplined merchandising and selective offline experiments are helping JD thread the needle between growth and profitability in a demanding retail climate.