Despite ongoing economic uncertainty and rising U.S.-China trade tensions, Chinese e-commerce giant JD.com has reported stronger-than-expected revenue for the first quarter of 2025. The company posted revenue of 301.08 billion yuan (approximately $41.82 billion) for the quarter ending March 31—a 15.8% year-over-year increase, outpacing analyst projections of 289.22 billion yuan, according to LSEG data.
China’s retail sector has struggled in recent years, held back by a lingering property market downturn, rising youth unemployment, and sluggish post-pandemic recovery. Still, major e-commerce platforms like JD.com and Alibaba have responded by launching aggressive discount campaigns and capitalizing on government-led consumption incentives to stimulate demand.
JD.com, a key player in electronics and home appliance retail, appears to have benefited from this price-focused strategy. The company’s ability to draw shoppers—despite challenging macroeconomic factors—signals resilience in China’s online retail ecosystem.
With the highly anticipated “618 Shopping Festival” approaching, investors and analysts will be closely watching how consumer demand holds up. The annual mid-year event, which JD.com first launched, is expanding in duration. This year, Taobao began pre-sales early, while JD.com kicked off a promotional campaign called the “Heartbeat Shopping Festival” ahead of its official 618 launch on May 31.
Jacob Cooke, CEO of e-commerce consultancy WPIC Marketing + Technologies, remains optimistic. He noted signs of consumer recovery, highlighting solid retail growth in recent months and strong domestic travel figures during public holidays like May Day and Qingming Festival.
Although JD.com’s U.S.-listed shares dipped over 1% in premarket trading on Tuesday—following a 6.5% surge the previous day due to positive developments in U.S.-China trade talks—market sentiment around the company remains largely favorable.
As the 618 season begins, JD.com’s performance will offer valuable insight into the state of Chinese consumer confidence in 2025.
