CEO Liu Qiangdong Announces 2020 Earnings Report for

JD, Inc. is an e-commerce company based in Beijing, China. It’s one of the two largest business-to-customer (B2C) online retailers in that country by revenue and transaction volume. Liu Qiangdong founded on June 18, 1998, and its retail platform went online in 2004. initially sold magnetic and optical storage media, but it soon diversified into many other areas such as electronics. Its domain name was originally, but it changed to in 2013 in anticipation of the company’s IPO under that name. has invested in a number of emerging technologies for delivering its products, including drones and robots. As of 2021, it has the largest infrastructure and capability for drone deliveries in the world. The firm also started testing an autonomous truck in 2017. announced its unaudited financial results for the quarter and year ending December 31, 2020 on March 11, 2021.

Overview experienced increased revenue during the fourth quarter (Q4) of 2020, which was driven by its long-term operating philosophy of providing customer-focused value. This achievement is especially impressive given the current market challenges in China. also continued its transformation from an online retailer into a supply chain-based provider of services and technology during this period.’s sources of revenue are becoming more diversified, allowing it to continue its momentum into 2021. Furthermore, the firm has recently reorganized its structure to better allow it to invest in the innovation it will need to sustain long-term growth.

Sandy Xu, Chief Financial Officer (CFO) of, reported her firm is “pleased to conclude the year on a strong note with another quarter of solid top and bottom-line results as well as excellent cash flow.” She added that’s operational efficiency continued to improve at the end of 2020, allowing it to develop new businesses. These include JD Health’s successful initial public offering (IPO) and JD Logistics’s application to be listed on the Hong Kong Stock Exchange (HKSE).

Revenue’s net revenue for Q4 2020 was 224.3 billion renminbi (RMB), equal to about $34.4 billion. This figure is a 31.4 percent increase over the same period in 2019.’s net revenue for services was RMB32.1 billion (US$4.9 billion) for Q4 2020, which was an increase of 53.2 percent over Q4 2019. The total net revenue for 2020 was RMB745.8 billion (US$114.3 billion) an increase of 29.3 percent over 2019. Net revenue for services was RMB93.9 billion (US$14.4 billion) in 2020, 42 percent more than in 2019.


Generally accepted accounting practices (GAAP) operational income for was RMB594.9 million (US$91.2 million) for Q4 2020, as compared to RMB529.5 million ($81.8 million) for the same period in 2019. Non-GAAP2 operational income for Q4 2020 was RMB1.2 billion (US$186.0 million), compared to RMB704.0 million ($108 million) for Q4 20190. GAAP operational income for 2020 was RMB12.3 billion (US$1.9 billion), compared to RMB9.0 billion ($1.38 billion) for 2019. Non-GAAP operational income for 2020 was RMB15.3 billion (US$2.4 billion). The non-GAAP operating margin for 2020 was 2.1 percent, compared to 1.5 percent for 2019.

The GAAP net income from ordinary shareholders was RMB24.3 billion (US$3.7 billion) for Q4 2020, compared to RMB3.6 billion ($552 million) for the same period for the previous year. The non-GAAP net income from ordinary shareholders for Q4 was RMB2.4 billion ($368 million), a 194 percent increase over the same period in 2019. The GAAP net income from ordinary shareholders for all of 2020 was RMB49.4 billion ($7.6 billion), compared to RMB12.2 billion ($1.87 billion) for 2019. The non-GAAP net income from ordinary shareholders for all of 2020 was RMB16.8 billion ($2.6 billion), compared to RMB12.2 billion ($1.87 billion) for 2019.

The diluted GAAP net income per American Depository Share (ADS) was RMB15.18 (US$2.33) for Q4 2020, compared to RMB2.44 ($0.37) for Q4 2020. Diluted non-GAAP net income per ADS was RMB1.49 (US$0.23) for Q4 2020, compared to RMB0.54 ($0.08) for Q4 2020. Diluted GAAP net income per ADS was RMB31.68 ($4.86) for 2020, compared to RMB8.21 ($1.26) for 2019. Diluted non-GAAP net income per ADS was RMB10.56 ($1.62) for 2020, compared to RMB7.25 ($1.11) for 2019.

Cash Flow’s operating cash flow for 2020 was RMB42.5 billion ($6.5 billion), compared to RMB24.8 billion ($3.8 billion) for 2019. Free cash flow increased from RMB19.5 billion ($3 billion) in 2019 to RMB34.9 billion ($5.4 billion) in 2020. These figures don’t include receivables from JD Baitiao, JD’s lending platform.

Subsidiary Highlights’s subsidiaries include JD Retail, JD Health and JD Logistics, each of which has contributed towards JD’s total earnings.

JD Retail

Multiple brands launched stores on in 2020, resulting in awards from many advertising organizations. These include awards from Greater China, Modern Advertising and ROI, recognizing’s contribution for supporting the online marketing strategies of retailers. Fashion brands joining the platform in 2020 include John Lobb, Stefano Ricci, Vivienne Westwood and JW Anderson. The French jewelry brand Christofle and Japanese streetwear label White Mountaineering also started selling their products on in the past year. The platform also provides customers with access to exclusive items from physical stores for brands like MiuMiu and Prada.

JD Health

JD Health is a technology-driven platform for that focuses on healthcare products and services, including pharmaceuticals. It was listed on the HKSE on December 8, 2020 under the stock code “6618.” JD Health’s initial offering was 439,185,000 shares, including the full exercise of the over-allotment option. The gross proceeds from this offering were about 31 billion Hong Kong dollars (HK), before deducting underwriting fees and other expenses.

JD Logistics

JD Logistics was operating more than 900 warehouses at the end of 2020, with a total gross floor space of about 21 million square meters. This platform also formed a partnership with confectionary manufacturer Xu Fu Chi that will use JD Logistics’s capabilities to support Xu Fu Chi’s efforts in digitalizing its supply chain management system. INFORMS also selected as a finalist for the Franz Edelman Award for Advanced Analytics, Operations Research and Management Science. The nomination recognized’s research on unmanned warehouse scheduling systems.


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