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Consolidated Balance Sheets (Parenthetical) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries	¥ 265,650	$ 37,415	¥ 266,561
Deferred revenues - current	2,097	295	3,351
Deferred revenues - non-current	¥ 964	$ 136	¥ 1,107
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00002		$ 0.00002
Ordinary shares, shares authorized (in shares)	100,000,000,000	100,000,000,000	100,000,000,000	100,000,000,000
Class A ordinary shares
Ordinary shares, shares issued (in shares)	2,860,222,213	2,860,222,213	2,793,298,344	2,793,298,344
Ordinary shares, shares outstanding (in shares)	2,820,978,543	2,820,978,543	2,756,458,772	2,756,458,772
Class B ordinary shares
Ordinary shares, shares issued (in shares)	323,212,124	323,212,124	386,374,723	386,374,723
Ordinary shares, shares outstanding (in shares)	316,685,372	316,685,372	379,220,475	379,220,475
Traffic support, marketing and promotion services
Deferred revenues - current \| ¥	¥ 182		¥ 431
Deferred revenues - non-current \| ¥			179
Consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries	¥ 27,923		¥ 27,450

Investment in equity investees

12 Months Ended

Dec. 31, 2023

Investment in equity investees

Investment in equity investees

8.	Investment in equity investees

Measurement Alternative and NAV practical expedient

The carrying amount of the Group’s equity investments measured at fair value using the Measurement Alternative was RMB20,707 million and RMB18,153 million as of December 31, 2022 and 2023, respectively, and the carrying amount of the Group’s investments under NAV practical expedient was RMB7,982 million and RMB8,133 million as of December 31, 2022 and 2023, respectively. For the years ended December 31, 2021, 2022 and 2023, the Group invested RMB4,787 million, RMB1,683 million and RMB346 million in multiple private companies and private equity funds accounted for under the Measurement Alternative and NAV practical expedient, respectively, which may have operational synergy with the Group’s core business. During the years ended December 31, 2021, 2022 and 2023, fair value changes recognized for equity investments which were measured using the Measurement Alternative, excluding the gain from fair value change recognized on ATRenew Inc. (“ATRenew”, formerly known as AiHuiShou International Co., Ltd.) for the year ended December 31, 2021, and NAV practical expedient were not significant, respectively.

Equity method

As of December 31, 2023, the Group’s investments accounted for under the equity method totaled RMB30,460 million (as of December 31, 2022: RMB28,952 million), which mainly included the investment in Yonghui Superstores Co., Ltd, (“Yonghui”) amounting to RMB3,426 million and investment in JD Technology amounting to RMB13,423 million. The Group applies the equity method of accounting to account for its equity investments, in common stock or

in-substance

common stock, over which it has significant influence but does not own a majority equity interest or otherwise control.

Investment in Yonghui

Yonghui is a leading hypermarket and supermarket operator in China and is listed on the Shanghai Stock Exchange. As of December 31, 2023, total consideration for the investment in Yonghui was RMB6,462 million in cash. The Group held approximately 13.4% of Yonghui’s issued and outstanding shares and accounted for the investment in Yonghui using the equity method as the Group obtained significant influence by the rights to nominate one board member out of nine. The Group received dividend of RMB25 million, RMB24 million from Yonghui for the years ended December 31, 2021

and

2022, respectively, which have been recorded as a reduction to the carrying amount of investment in Yonghui.

Investment in Yonghui is accounted for using the equity method with the investment cost allocated as follows:


	As of December 31,
	2022			2023

	(RMB in millions)
Carrying value of investment in Yonghui’s ordinary shares		4,056			3,426
Proportionate share of Yonghui’s net tangible and intangible assets		1,768			1,477

Positive basis difference		2,288			1,949

Positive basis difference has been assigned to:
Goodwill(*)		1,111			845
Amortizable intangible assets (**)		1,569			1,472
Deferred tax liabilities		(392	)		(368	)

		2,288			1,949

(*)

In the third quarter of 2021 and fourth quarter of 2023, the Group conducted impairment assessments on its investment in Yonghui considering the duration and severity of the decline of Yonghui’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB1,492 million and RMB266 million, respectively, to write down the carrying value of its investment in Yonghui to its fair value, based on quoted closing prices of Yonghui as of September 30, 2021 and December 31, 2023.

(**)	As of December 31, 2023, the weighted average remaining life of the amortizable intangible assets not included in Yonghui’s consolidated financial statements was 12 years.

As of December 31, 2022 and 2023, the market value of the Group’s investment in Yonghui was RMB4,435 million and RMB3,426 million based on its quoted closing price, respectively.

Investment in JD Technology

As disclosed in Note 6, investment in JD Technology has been accounted for using the equity method subsequent to June 2020.

In June 2020, the Group entered into agreements with JD Technology, pursuant to which the Group has acquired an aggregate of 36.8% equity interest in JD Technology by converting the profit sharing right and investing additional RMB1.78 billion in cash in JD Technology. Upon the completion of the acquisition of JD Technology’ equity interests, the investment in JD Technology is accounted for using the equity method. In March 2021, the Group transferred JD Cloud & AI with investing additional RMB4 billion in cash in exchange of ordinary shares in JD Technology, and the Group’s equity interest in JD Technology increased to approximately 41.7%. As the Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the acquisition of JD Technology’ equity interests, the acquisition is considered a transaction under common control. Pursuant to ASC

805-50-25-2,

the Group recorded the investment in JD Technology amounting to RMB2.62 billion in 2021, based on its proportioned net assets of JD Technology. The difference between consideration transferred and the carrying amounts of the net assets received, which was a decrease of RMB901 million into additional

paid-in

capital was recorded for the year ended December 31, 2021.

Investment in ATRenew

ATRenew is a leading technology-driven pre-owned consumer electronics transactions and services platform in China. Historically, the Company invested ATRenew’s preferred shares amounted to

RMB4,270

million and accounted for the investment under the Measurement Alternative.

On June 18, 2021, ATRenew completed its initial public offering on the Nasdaq Stock Market (“ATRenew IPO”), upon which the preferred shares investment in ATRenew were converted to ordinary shares in entirety. Pursuant to ASU

2020-01,

the Group remeasured its previously held interest based on the observable price in orderly transactions and recorded a gain from fair value change of RMB2,305 million in others, net in the consolidated statements of operations and comprehensive income/(loss) for the year ended December 31, 2021. Concurrently, the Group subscribed additional 2,333,333 ordinary shares of ATRenew with cash consideration of RMB321 million. Upon the offering, the Group held approximately 34% of ATRenew’s issued and outstanding shares and had two out of seven board seats. Accordingly, investment in ATRenew’s ordinary shares was accounted for using the equity method as the Group obtained significant influence. In December 2021, the Group purchased additional ordinary shares of ATRenew with cash consideration of RMB41 million.

The investment in ATRenew is accounted for using the equity method with the investment cost allocated as follows:


	As of December 31,
	2022			2023

	(RMB in millions)
Carrying value of investment in ATRenew’s ordinary shares		1,449			677
Proportionate share of ATRenew’s net tangible and intangible assets		2,080			1,308

N egative basis difference		(631	)		(631	)

Negative basis difference has been assigned to:
Amortizable intangible assets (**)		(450	)		(450	)
Deferred tax liabilities		(181	)		(181	)

		(631	)		(631	)

(*)

In the fourth quarter of 2021 and the second quarter of 2022, the Group conducted impairment assessments on its investment in ATRenew considering the duration and severity of the decline of ATRenew’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB3,909 million and RMB1,191 million, respectively, to write down the carrying value of its investment in ATRenew to its fair value, based on quoted closing prices of ATRenew as of December 31, 2021 and June 30, 2022, respectively.

(**)	As of December 31, 2023, the negative basis difference between carrying value of investment in ATRenew and proportionate share of ATRenew’s net tangible and intangible assets was RMB631 million. This difference would not be amortized.

As of December 31, 2022 and 2023, the market value of the Group’s investment in ATRenew was RMB1,505 million and RMB1,017 million based on its quoted closing price, respectively.

The Group recorded its share of the profits and losses of Yonghui, JD Technology and ATRenew one quarter in arrears to enable the Group to provide its financial disclosure independent of the reporting schedule of these equity investees.

The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule

4-08

of Regulation

S-X:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)

Revenues		145,582			160,554			149,237
Gross profit		39,736			47,369			48,134
Income/(loss) from operations		1,877			(2,158	)		(274	)
Net loss		(250	)		(1,583	)		(1,733	)
Net income/(loss) attributable to the investees’ ordinary shareholders		675			(1,327	)		(1,506	)


	As of December 31,
	2022		2023

	(RMB in millions)

Current assets		149,946		155,283
Non-current assets		142,288		145,171
Current liabilities		116,158		118,886
Non-current liabilities		54,494		50,228
Non-controlling interests		623		359

The Group performs impairment assessment of its investments under the Measurement Alternative and equity method whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. Impairment charges in connection with the equity method investments of RMB5,514 million, RMB1,316 million and RMB266 million were recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2021, 2022 and 2023, respectively. The valuation of impairment in privately held companies under the Measurement Alternative is discussed in Note 5.

Unsecured senior notes (Tables)

12 Months Ended

Dec. 31, 2023

Unsecured senior notes

Schedule of unsecured senior notes

A summary of the Company’s unsecured senior notes as of December 31, 2022 and 2023 is as follows:


	As of December 31,				Effective interest rate
	2022		2023		Effective interest rate
	(RMB in millions)
US$500 million 3.875% notes due 2026		3,453		3,520		4.15	%
US$700 million 3.375% notes due 2030		4,812		4,898		3.47	%
US$300 million 4.125% notes due 2050		1,959		1,993		4.25	%

Carrying value		10,224		10,411
Unamortized discount and debt issuance costs		98		86

Total principal amounts of unsecured senior notes		10,322		10,497

Summary of Principal Amounts due of Unsecured Senior Notes

As of December 31, 2023, the principal of the unsecured senior notes of RMB3,541 million, RMB4,922 million and RMB2,034 million will be due in 2026, 2030 and 2050, respectively. The principal of the unsecured senior notes will be due according to the following schedule:


	Principal amounts
	(RMB in millions)
Within 1 year		—
Between 1 to 2 years		—
Between 2 to 3 years		3,541
Between 3 to 4 years		—
Between 4 to 5 years		—
Beyond 5 years		6,956

Total		10,497

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Gain on sale of development properties (Details) ¥ in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Feb. 08, 2023 CNY (¥)	Feb. 28, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020
Gain on sale of development properties [Line Items]
Gain on sale of development properties			¥ 2,283	$ 322	¥ 1,379	¥ 767
Investments accounted for under the equity method			30,460		28,952
Real Estate Investment Trust [Member]
Gain on sale of development properties [Line Items]
Gain on sale of development properties		¥ 519
Proceeds from REIT listed on the shanghai stock exchange	¥ 1,700
Investments accounted for under the equity method	¥ 597
Percentage of subscription of units issued by real estate investment trust	34.00%
Description of principal activities	Company obtained significant influence but no power to control the key activities
Development Fund [Member]
Gain on sale of development properties [Line Items]
Gain on sale of development properties						112
Minimum \| Real Estate Investment Trust [Member]
Gain on sale of development properties [Line Items]
Lease term		5 years
Maximum \| Real Estate Investment Trust [Member]
Gain on sale of development properties [Line Items]
Lease term		6 years
General partner \| Development Fund [Member]
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)							40.00%
Third Party Investor \| Development Fund [Member]
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)							60.00%
Core Funds
Gain on sale of development properties [Line Items]
Gain on sale of development properties			¥ 1,764		¥ 1,289	¥ 637
Rental rate adjusted with growth rate of fair market rent			5 years	5 years			5 years
Core Funds \| Minimum
Gain on sale of development properties [Line Items]
Lease term			4 years
Core Funds \| Maximum
Gain on sale of development properties [Line Items]
Lease term			10 years
Core Funds \| General partner \| Minimum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			10.00%
Core Funds \| General partner \| Maximum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			20.00%
Core Funds \| Third Party Investor \| Minimum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			80.00%
Core Funds \| Third Party Investor \| Maximum
Gain on sale of development properties [Line Items]
Committed percentage of the total capital (as a percent)			90.00%

Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

13.	Intangible assets, net

Intangible assets, net consist of the following:


	As of December 31, 2022
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount

	Year		(RMB in millions)
Non-compete		8.0		2,467		(2,279	)		—			188
Domain names and trademarks		17.8		6,756		(1,440	)		(27	)		5,289
Customer relationship		8.7		2,823		(765	)		(60	)		1,998
Technology and others		5.4		2,890		(1,141	)		(85	)		1,664

Total		12.1		14,936		(5,625	)		(172	)		9,139


	As of December 31, 2023
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount

	Year		(RMB in millions)
Non-compete		8.0		2,467		(2,407	)		—			60
Domain names and trademarks		17.8		6,756		(1,855	)		(551	)		4,350
Customer relationship		8.7		2,823		(1,087	)		(60	)		1,676
Technology and others		5.4		2,842		(1,546	)		(447	)		849

Total		12.1		14,888		(6,895	)		(1,058	)		6,935

Amortization expenses for intangible assets were RMB956 million, RMB1,248 million and RMB1,304 million for the years ended December 31, 2021, 2022 and 2023, respectively. No impairment

loss

was recorded for the years ended December 31, 2021 and 2022, respectively. For the year ended December 31, 2023, the Group recorded an impairment loss of RMB902 million for the intangible assets

identified

from the acquisition of Dada.

As of December 31, 2023, amortization expenses related to the intangible assets for future periods are estimated to be as follows:


	For the year ended December 31,
	2024		2025		2026		2027		2028		2029 and thereafter

	(RMB in millions)

Amortization expenses		1,173		897		738		699		568		2,860

Loan facilities and lines of credit (Details) ¥ in Millions, $ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	May 31, 2022 CNY (¥)	Apr. 30, 2022 USD ($)	Feb. 28, 2022 HKD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Feb. 28, 2023 HKD ($)
Lines of credit and loan facilities
Proceeds from long-term borrowings				¥ 13,157	$ 1,853	¥ 14,101
Short-term debts				5,034		¥ 12,146		$ 709
Debt Instrument, Collateral Amount				23,390
Collateral Pledged [Member]
Lines of credit and loan facilities
Short-term debts				796
long-term borrowings				10,591
Uncollateralized [Member]
Lines of credit and loan facilities
Short-term debts				4,027
long-term borrowings				¥ 2,816
LIBOR
Lines of credit and loan facilities
Percentage over variable rate basis				0.85%	0.85%
Prime Rate [Member]
Lines of credit and loan facilities
Term (in years)						7 years
Maximum borrowing capacity under facilities				¥ 3,000
Percentage over variable rate basis				0.65%	0.65%
Percentage below variable rate basis				1.45%	1.45%
Undrawn balance which will be expired one month prior to the final maturity date				¥ 2,945
Proceeds from long-term borrowings				1,000		¥ 2,000
Term and Revolving Credit Facilities
Lines of credit and loan facilities
Term (in years)							5 years
Maximum borrowing capacity under facilities \| $							$ 2,000
Number of arrangers \| item							5
Undrawn balance which will be expired one month prior to the final maturity date \| $								$ 1,000
Proceeds from long-term borrowings \| $		$ 1,000
long-term borrowings				7,083
Term loan facility agreement
Lines of credit and loan facilities
Undrawn balance which will be expired one month prior to the final maturity date				8,500					$ 15,931	$ 9,041
Proceeds from long-term borrowings	¥ 2,741		$ 6,300
Term loan facility agreement \| Long Term Borrowings [Member]
Lines of credit and loan facilities
Expected to be proceeds from issuance of long term debt				¥ 8,286
Expected to be repaid the borrowings				December 2028	December 2028
Term loan facility agreement \| Hong Kong Interbank Offered Rate \| Date falling 6 months from the initial utilization date
Lines of credit and loan facilities
Percentage over variable rate basis				0.70%	0.70%
Term loan facility agreement \| Hong Kong Interbank Offered Rate \| Initial Utilization date
Lines of credit and loan facilities
Percentage over variable rate basis				0.50%	0.50%
Short-term Debt
Lines of credit and loan facilities
Short-term debts				¥ 10
Long-Term Debt \| Prime Rate [Member]
Lines of credit and loan facilities
long-term borrowings				45
Line of Credit [Member]
Lines of credit and loan facilities
Short-term debts				166
long-term borrowings				¥ 8,120

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation

Schedule of share-based compensation expenses


	For the year ended December 31,
	2021		2022		2023

	(RMB in millions)
Cost of revenues		102		143		133
Fulfillment		882		930		697
Marketing		586		631		426
Research and development		1,781		1,557		859
General and administrative		5,783		4,287		2,689

Total		9,134		7,548		4,804

Employee and non-employee

Share-based compensation

Schedule of RSUs activity

A summary of activities of the service-based RSUs for the years ended December 31, 2021, 2022 and 2023 is presented as follows:


	Number of RSUs			Weighted- Average Grant-Date Fair Value
				US$
Unvested as of December 31, 2020		108,269,242			19.62

Granted		30,069,498			39.93
Vested		(23,834,466	)		18.89
Forfeited or cancelled		(19,395,408	)		21.30

Unvested as of December 31, 2021		95,108,866			25.89

Granted		13,951,100			29.81
Vested		(23,123,292	)		23.04
Forfeited or cancelled		(14,295,620	)		25.94

Unvested as of December 31, 2022		71,641,054			27.56

Granted		16,682,380			18.24
Vested		(19,416,652	)		24.83
Forfeited or cancelled		(14,918,722	)		28.48

Unvested as of December 31, 2023		53,988,060			25.40

Schedule of service-based share options activity

A summary of activities of the servi

e-based share options for the years ended December 31, 2021, 2022 and 2023 is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
				US$		Year		US$ in millions
Outstanding as of December 31, 2020		4,907,060			6.38		3.0		184

Exercised		(1,962,856	)		5.49
Forfeited or cancelled		(7,092	)		13.42

Outstanding as of December 31, 2021		2,937,112			6.95		2.9		82

Exercised		(620,476	)		5.70
Forfeited or cancelled		(2,500	)		3.96

Outstanding as of December 31, 2022		2,314,136			7.29		2.2		48

Exercised		(1,485,726	)		4.44
Forfeited or cancelled		(24,590	)		11.65

Outstanding as of December 31, 2023		803,820			12.43		3.7		2

Vested and expected to vest as of December 31, 2023		799,483			12.43		3.7		2
Exercisable as of December 31, 2023		787,140			12.42		3.6		2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of g

odwill are as follows:


	JD Retail			JD Logistics		Dada			New Businesses			Total

	(RMB in millions)
Transaction in 2021
Additions		1,529			—		—			—			1,529
Balance as of December 31, 2021
Goodwill		10,807			1,633		—			2,593			15,033
Accumulated impairment loss		(7	)		—		—			(2,593	)		(2,600	)

		10,800			1,633		—			—			12,433

Transaction in 2022
Additions		1,399			5,350		3,143			1,586			11,478
Disposal of a subsidiary		(788	)		—		—			—			(788	)
Balance as of December 31, 2022
Goodwill		11,418			6,983		3,143			4,179			25,723
Accumulated impairment loss		(7	)		—		—			(2,593	)		(2,600	)

		11,411			6,983		3,143			1,586			23,123

Transaction in 2023
Impairment		—			—		(3,143	)		—			(3,143	)
Balance as of December 31, 2023
Goodwill		11,418			6,983		3,143			4,179			25,723
Accumulated impairment loss		(7	)		—		(3,143	)		(2,593	)		(5,743	)

		11,411			6,983		—			1,586			19,980

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Share-based compensation (Details 2) $ / shares in Units, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 CNY (¥) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Additional disclosures
Share-based compensation expenses \| ¥	¥ 4,804		¥ 7,548		¥ 9,134
Share Incentive Plan \| Employee and non-employee \| RSU \| Service-based
Number of Shares
Unvested at the beginning of the year (in shares)	71,641,054		95,108,866		108,269,242
Granted (in shares)	16,682,380		13,951,100		30,069,498
Vested (in shares)	(19,416,652)		(23,123,292)		(23,834,466)
Forfeited or cancelled	(14,918,722)		(14,295,620)		(19,395,408)
Unvested at the end of the year (in shares)	53,988,060		71,641,054		95,108,866		108,269,242
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the year (in dollars per share) \| $ / shares		$ 27.56		$ 25.89		$ 19.62
Granted (in dollars per share) \| $ / shares		18.24		29.81		39.93
Vested (in dollars per share) \| $ / shares		24.83		23.04		18.89
Forfeited or cancelled \| $ / shares		28.48		25.94		21.3
Unvested at the end of the year (in dollars per share) \| $ / shares		$ 25.4		27.56		25.89	$ 19.62
Additional disclosures
Share-based compensation expenses \| ¥	¥ 1,840		¥ 3,877		¥ 4,129
Unrecognized share-based compensation expense related to awards other than options \| ¥	¥ 3,765	$ 3,765
Weighted-average period over which share-based compensation expense is expected to be recognized	3 years 3 months 18 days
Total fair value of RSUs vested \| ¥	¥ 2,930		4,590		6,359
Total intrinsic value of RSUs vested \| ¥	¥ 2,930		¥ 4,590		¥ 6,359
Share Incentive Plan \| Employee and non-employee \| Options \| Service-based
Number of share options
Outstanding at the beginning of the year (in shares)	2,314,136		2,937,112		4,907,060
Granted (in shares)	0		0		0
Exercised (in shares)	(1,485,726)		(620,476)		(1,962,856)
Forfeited or cancelled	(24,590)		(2,500)		(7,092)
Outstanding at the end of the year (in shares)	803,820		2,314,136		2,937,112		4,907,060
Vested and expected to vest at the end of the year (in shares)	799,483	799,483						799,483
Exercisable at the end of the year (in shares)	787,140	787,140						787,140
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share) \| $ / shares		$ 7.29		6.95		6.38
Exercised (in dollars per share) \| $ / shares		4.44		5.7		5.49
Forfeited or cancelled (in dollars per share) \| $ / shares		11.65		3.96		13.42
Outstanding at the end of the year (in dollars per share) \| $ / shares		$ 12.43		$ 7.29		$ 6.95	$ 6.38
Vested and expected to vest at the end of the year (in dollars per share) \| $ / shares								$ 12.43
Exercisable at the end of the year (in dollars per share) \| $ / shares								$ 12.42
Weighted Average Remaining Contractual Term (years)
Outstanding at the end of the year	3 years 8 months 12 days		2 years 2 months 12 days		2 years 10 months 24 days		3 years
Vested and expected to vest at the end of the year	3 years 8 months 12 days
Exercisable at the end of the year	3 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding at the end of the year (in dollars) \| $				$ 48		$ 82	$ 184	$ 2
Vested and expected to vest at the end of the year (in dollars) \| $								2
Exercisable at the end of the year (in dollars) \| $								$ 2
Additional disclosures
Weighted-average period over which share-based compensation expense is expected to be recognized	9 months 18 days
Total intrinsic value of options exercised \| ¥	¥ 98		¥ 98		¥ 453
Share Incentive Plan \| Non-employees \| RSU \| Service-based
Number of Shares
Unvested at the beginning of the year (in shares)	5,526,834
Unvested at the end of the year (in shares)	2,838,656		5,526,834
Share Incentive Plan \| Non-employees \| Options \| Service-based
Number of share options
Outstanding at the beginning of the year (in shares)	78,706
Outstanding at the end of the year (in shares)	57,206		78,706
Share Incentive Plan \| Year two \| Employee and non-employee \| RSUs and options
Share-based compensation
Vesting schedule	2 years
Share Incentive Plan \| Year ten \| Employee and non-employee \| RSUs and options
Share-based compensation
Vesting schedule	6 years

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Summary of supplemental information related to operating leases

A summary of supplemental information related to operating leases as of December 31, 2022 and 2023 is as follows:


	As of December 31,
	2022			2023

	(RMB in millions)
Operating lease ROU assets		22,267			20,863
Operating lease liabilities-current		7,688			7,755
Operating lease liabilities-non-current		14,978			13,676

Total operating lease liabilities		22,666			21,431

Weighted average remaining lease term		5.4 years			5.4 years
Weighted average discount rate		5.0	%		4.7	%

Summary of lease cost recognized and supplemental cash flow information related to operating leases

A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income/(loss) and supplemental cash flow information related to operating leases is as follows:


	For the year ended December 31,
	2021		2022		2023

	(RMB in millions)
Operating lease cost		6,763		7,951		8,917
Short-term lease cost		2,782		3,181		3,358

Total		9,545		11,132		12,275

Cash paid for operating leases		6,715		7,915		9,086

Summary of maturity of lease liabilities

A summary of maturity of operating lease liabilities under the Group’s

non-cancelable

operating leases as of December 31, 2023 is as follows:


	As of December 31, 2023
	(RMB in millions)
2024		8,111
2025		5,029
2026		3,039
2027		1,943
2028		1,515
2029 and thereafter		5,467

Total lease payments		25,104
Less: interest		(3,673	)

Present value of operating lease liabilities		21,431

Leases (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Leases
Operating lease ROU assets	¥ 20,863	$ 2,938	¥ 22,267
Operating lease liabilities-current	7,755	1,092	7,688
Operating lease liabilities-non-current	13,676	$ 1,926	14,978
Total operating lease liabilities	¥ 21,431		¥ 22,666
Weighted average remaining lease term	5 years 4 months 24 days	5 years 4 months 24 days	5 years 4 months 24 days
Weighted average discount rate	4.70%	4.70%	5.00%

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related party transactions

Schedule of the major related parties and their relationships with the Group

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2023:


Name of related parties		Relationship with the Group
Tencent and its subsidiaries (“Tencent Group”)(*)		A shareholder of the Group
Dada and its subsidiaries (“Dada Group”)(**)		An investee of the Group
JD Technology (***)		An investee of the Group, and controlled by the Founder
Property Funds		Investees of the Group
ATRenew and its subsidiaries (“ATRenew Group”)		An investee of the Group

(*)

In March 2022, Tencent completed a distribution of approximately 460 million Class A ordinary shares of the Company owned by Tencent to its shareholders. As of March 31, 2022, Tencent’s shareholding in the Company was approximately 2.3% and Tencent had no significant influence over the Company. As a result, Tencent Group was not considered as the Group’s related party since then.

(**)	Dada became the subsidiary of the Company since February 28, 2022 as disclosed in Note 7. As a result, Dada Group was not considered as the Group’s related party since then.

(***)

JD Technology became an investee of the Group since June 2020 (Note 6).

Schedule of the major related party transactions

(a)	The Group entered into the following transactions with the major related parties:


Transactions	For the year ended December 31,
	2021		2022		2023

	(RMB in millions)
Revenues:
Commission from cooperation on advertising business with Tencent Group		248		44		—	*
Services provided and products sold to Tencent Group		553		77		—	*
Services provided and products sold to Dada Group		523		135		—	**
Services provided and products sold to ATRenew Group		894		806		845
Services provided and products sold to JD Technology		882		1,044		1,696
Operating expenses:
Services received and purchases from Tencent Group		5,010		1,314		—	*
Services received from Dada Group		1,087		212		—	**
Payment processing and other services received from JD Technology		8,762		11,494		13,833
Lease and property management services received from Property Funds		1,180		1,249		1,681
Services received from ATRenew Group		31		4		—
Other income:
Income from non-compete agreement with Dada Group		77		13		—	**
Interest income from loans provided to JD Technology		253		301		287
Interest income from loans provided to Property Funds		39		43		56

Schedule of the major related party balances

(b)	The Group had the following balances with the major related parties:


	As of December 31,
	2022			2023

	(RMB in millions)
Due from/(to) JD Technology
Loans provided to JD Technology (* *** )		3,378			50
Other payables to JD Technology		(637	)		(1,497	)
Due from Property Funds
Loans provided to Property Funds (* *** )		1,746			1,136
Other receivables from Property Funds		1,068			427
Due from ATRenew Group		22			53

Total		5,577			169

Deferred revenues in relation to traffic support, marketing and promotion services to be provided to ATRenew Group		(610	)		(182	)

(****)

In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds based on fair market interest rate, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows.

Financing for major subsidiaries

12 Months Ended

Dec. 31, 2023

Financing for major subsidiaries

22.	Financing for major subsidiaries

JD Logistics

In May 2021, JD Logistics completed its IPO and issued 700,534,900 ordinary shares, including the exercise of the over-allotment option, at HK$40.36 per share. The net proceeds after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB22.9 billion. Among the proceeds received, RMB6.1 billion was recorded as

non-controlling

interests and RMB16.8 billion was recorded as additional

paid-in

capital.

On March 25, 2022, JD Logistics entered into a placing agreement to issue its ordinary shares to a group of third-party investors for net proceeds of approximately HK$3,102 million in a placement (the “JDL Placement”). Concurrently, the Company, through its wholly-owned subsidiary, had entered into a subscription agreement with JD Logistics to subscribe for ordinary shares of JD Logistics, at the same per share price for the JDL Placement, for net proceeds of approximately US$692 million in cash (the “JD Subscription”). Upon completion of the JDL Placement and the JD Subscription in 2022, the Company maintained its shareholding in JD Logistics at approximately 63.56%, and continued to consolidate JD Logistics’s financial results into its financial statements. The Company recorded the net proceeds of financing in

non-controlling

interests of RMB2,221 million and additional

paid-in

capital of RMB295 million.

JD Industrials

In March 2023, JD Industrials entered into definitive agreements for

non-redeemable

series B preference share financing (“JD Industrials Series B Preference Shares”) with a group of third-party investors. The total amount of financing arising from JD Industrials Series B Preference Shares was approximately US$210 million. Among the proceeds received, RMB431 million was recorded as

non-controlling

interests and RMB1,031 million was recorded as additional

paid-in

capital.

The Group determined that JD Industrials Series B Preference Shares should be classified as

non-controlling

interests upon its issuance since they were not redeemable by the holders.

JD Property

In March 2021, JD Property entered into definitive agreements for the

non-redeemable

series A preference share financing (“JD Property Series A Preference Shares”) with a group of third-party investors. The total amount of financing arising from JD Property Series A Preference Shares was US$703 million. Among the proceeds received, RMB3.1 billion was recorded as

non-controlling

interests and RMB1.3 billion was recorded as additional

paid-in

capital.

In March and June 2022, JD Property entered into definitive agreements for its

non-redeemable

series B preferred share financing (“JD Property Series B Preference Shares”) with investors led by Hillhouse Investment, Warburg Pincus, and one leading global institutional investor, among others. The total amount of financing raised was approximately US$803 million. Among the proceeds received, RMB3.9 billion was recorded as

non-controlling

interests and RMB1.4 billion was recorded as additional

paid-in

capital.

The Group determined that JD Property Series A Preference Shares and JD Property Series B Preference Shares should be classified as

non-controlling

interests upon its issuance since they were not redeemable by the holders.

Others, net (Tables)

12 Months Ended

Dec. 31, 2023

Others, net

Schedule of others non-operating income (expense), net

Others, net consist of the following:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Losses from fair value change of long-term investments		(7,252	)		(4,096	)		(855	)
Government financial incentives		2,482			2,773			2,557
Interest income		4,213			5,742			9,576
Gains/(losses) from acquirements or disposals of business es and investment s		140			(3,558	)		89
Impairment of investments		(574	)		(1,969	)		(3,043	)
Foreign exchange gains/(losses), net		42			114			(28	)
Others		359			(561	)		(800	)

Total		(590	)		(1,555	)		7,496

Net income/(loss) per share

12 Months Ended

Dec. 31, 2023

Net income/(loss) per share

Net income/(loss) per share

28.	Net income/(loss) per share

Basic and diluted net income/(loss) per share for each of the years presented are calculated as follows:


	For the year ended December 31,
	2021			2022			2023
Numerator:
Net income/(loss) attributable to the Company’s ordinary shareholders – basic (RMB in millions)		(3,560	)		10,380			24,167
Impact of subsidiaries’ diluted earnings (RMB in millions)		(2	)		(170	)		(30	)

Net income/(loss) attributable to the Company’s ordinary shareholders – diluted (RMB in millions)		(3,562	)		10,210			24,137

Denominator:
Weighted average number of shares – basic		3,107,436,665			3,125,571,110			3,144,233,160
Adjustments for dilutive options and RSUs		—			55,315,026			26,309,236

Weighted average number of shares – diluted		3,107,436,665			3,180,886,136			3,170,542,396

Basic net income/(loss) per share attributable to the Company’s ordinary shareholders (RMB)		(1.15	)		3.32			7.69

Diluted net income/(loss) per share attributable to the Company’s ordinary shareholders (RMB)		(1.15	)		3.21			7.61

Generally, basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the respective year. Diluted net income/(loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. The potentially dilutive ordinary shares included RSUs and options to purchase ordinary shares of 127,098,868, 105,899,185 and 77,073,699 for the years ended December 31, 2021, 2022 and 2023 on a weighted average basis, respectively. They were not included in the calculation of diluted net income/(loss) per share in the periods presented where their inclusion would be anti-dilutive.

Goodwill (Details) ¥ in Millions, $ in Millions	12 Months Ended
Goodwill (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Goodwill
Additions			¥ 11,478	¥ 1,529
Impairment	¥ (3,143)	$ (443)	0	0
Goodwill	25,723		25,723	15,033
Disposal of a subsidiary			(788)
Accumulated impairment loss	(5,743)		(2,600)	(2,600)
Goodwill, ending balance	19,980	$ 2,814	23,123	12,433
JD Retail
Goodwill
Additions			1,399	1,529
Goodwill	11,418		11,418	10,807
Disposal of a subsidiary			(788)
Accumulated impairment loss	(7)		(7)	(7)
Goodwill, ending balance	11,411		11,411	10,800
JD Logistics
Goodwill
Additions			5,350
Goodwill	6,983		6,983	1,633
Goodwill, ending balance	6,983		6,983	1,633
Dada
Goodwill
Additions			3,143
Impairment	(3,143)
Goodwill	3,143		3,143
Accumulated impairment loss	(3,143)
Goodwill, ending balance			3,143
New Businesses
Goodwill
Additions			1,586
Goodwill	4,179		4,179	2,593
Accumulated impairment loss	(2,593)		(2,593)	¥ (2,593)
Goodwill, ending balance	¥ 1,586		¥ 1,586

Share-based compensation (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Share-based compensation (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Share-based compensation expenses	¥ 4,804	¥ 7,548	¥ 9,134
Share Incentive Plan \| Employee and non-employee
Share-based compensation
Number of ordinary shares available for future grants	223,666,717
Cost of revenues
Share-based compensation
Share-based compensation expenses	¥ 133	143	102
Fulfillment
Share-based compensation
Share-based compensation expenses	697	930	882
Marketing
Share-based compensation
Share-based compensation expenses	426	631	586
Research and development
Share-based compensation
Share-based compensation expenses	859	1,557	1,781
General and administrative
Share-based compensation
Share-based compensation expenses	¥ 2,689	¥ 4,287	¥ 5,783

Net income/(loss) per share (Details 2) - shares	12 Months Ended
Net income/(loss) per share (Details 2) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-vested ordinary shares, RSUs and options
Anti-dilutive securities
Anti-dilutive securities	77,073,699	105,899,185	127,098,868

Other comprehensive income

12 Months Ended

Dec. 31, 2023

Other comprehensive income/(loss)

Other comprehensive income

26.	Other comprehensive income

Changes in the composition of accumulated other comprehensive income attributable to the Company’s ordinary shareholders for the years ended December 31, 2021, 2022 and 2023 are as follows:


	Translation adjustments and hedge of net investments in foreign operations, net of tax

	(RMB in millions)


Balances as of December 31, 2020		(3,548	)
Other comprehensive loss		(2,542	)

Balances as of December 31, 2021		(6,090	)
Other comprehensive income		5,131

Balances as of December 31, 2022		(959	)
Other comprehensive income		1,862

Balances as of December 31, 2023		903

The income tax effects related to the accumulated other comprehensive income were insignificant for all periods presented.

Restricted net assets (Details) ¥ in Millions	12 Months Ended
Restricted net assets (Details) ¥ in Millions	Dec. 31, 2023 CNY (¥)
Restricted net assets
Restricted net assets	¥ 67,625
The ratio of restricted net assets to the Company's total consolidated net assets	29.00%
PRC
Restricted net assets
Required minimum percentage of annual appropriations to general reserve fund or statutory surplus fund	10.00%
PRC \| General reserve fund \| Foreign invested enterprise
Restricted net assets
Required minimum percentage of annual appropriations to general reserve fund	10.00%
Maximum percentage of statutory general reserve related to entity's registered capital	50.00%
PRC \| Statutory surplus reserve \| Domestic enterprise
Restricted net assets
Required minimum percentage of annual appropriations to statutory surplus fund	10.00%
Maximum percentage of statutory surplus reserve related to entity's registered capital	50.00%

Net income/(loss) per share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income/(loss) attributable to the Company's ordinary shareholders – basic	¥ 24,167	¥ 10,380	¥ (3,560)
Impact of subsidiaries' diluted earnings	(30)	(170)	(2)
Net income/(loss) attributable to the Company's ordinary shareholders – diluted	¥ 24,137	¥ 10,210	¥ (3,562)
Denominator:
Weighted average number of shares – basic	3,144,233,160	3,125,571,110	3,107,436,665
Adjustments for dilutive options and RSUs	26,309,236	55,315,026	0
Weighted average number of shares – diluted	3,170,542,396	3,180,886,136	3,107,436,665
Basic net income/(loss) per share attributable to the Company's ordinary shareholders	¥ 7.69	¥ 3.32	¥ (1.15)
Diluted net income/(loss) per share attributable to the Company's ordinary shareholders	¥ 7.61	¥ 3.21	¥ (1.15)

Restricted net assets

12 Months Ended

Dec. 31, 2023

Restricted net assets

Restricted net assets

34.	Restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries and consolidated VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual

after-tax

profits to the general reserve fund until such reserve fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserved funds can only be used for specific purposes and are not distributable as cash dividends.

Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual

after-tax

profits until such statutory surplus fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. A domestic enterprise is also required to provide discretionary surplus fund, at the discretion of the board of directors, from the net profits reported in the enterprise’s PRC statutory financial statements. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends.

As a result of these PRC laws and regulations that require annual appropriations of 10% of net

after-tax

profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Company’s PRC subsidiaries and consolidated VIEs are restricted in their ability to transfer a portion of their net assets to the Company.

Amounts restricted include

paid-in

capital, additional

paid-in

capital and statutory reserve funds, totaling approximately R

67,625

million, or

% of the Company’s total consolidated net assets, as of December 31, 2023. Except for the above, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries and consolidated VIEs to satisfy any obligations of the Company.

Land use rights, net

12 Months Ended

Dec. 31, 2023

Land use rights, net

Land use rights, net

12.	Land use rights, net

Land use rights, net consist of the following:


	As of December 31,
	2022			2023

	(RMB in millions)
Land use rights		35,481			42,219
Less: accumulated amortization and impairment		(1,633	)		(2,656	)

Net book value		33,848			39,563

Amortization expenses for land use rights were RMB276 million, RMB693 million and RMB900 million for the years ended December 31, 2021, 2022 and 2023, respectively. No impairment

loss

was recorded for the years ended December 31, 2021 and 2022, respectively. For the year ended December 31, 2023, the Group recorded impairment loss of RMB210 million.

As of December 31, 2023, amortization expenses related to the land use rights for future periods are estimated to be as follows:


	For the year ended December 31,
	2024		2025		2026		2027		2028		2029 and thereafter

	(RMB in millions)
Amortization expenses		944		944		944		943		943		34,845

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment reporting

Schedule of the Group's operating segment results

The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2021, 2022 and 2023:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Net revenues:
JD Retail		866,303			929,929			945,343
JD Logistics		104,693			137,402			166,625
Dada		—			8,030			10,506
New Businesses		26,063			21,779			16,111
Inter-segment(*)		(46,043	)		(50,904	)		(53,923	)

Total segment net revenues		951,016			1,046,236			1,084,662
Unallocated items		576			—			—

Total consolidated net revenues		951,592			1,046,236			1,084,662

Operating income/(loss):
JD Retail		26,613			34,852			35,925
JD Logistics		(1,827	)		528			1,005
Dada		—			(1,122	)		(488	)
New Businesses		(10,600	)		(5,295	)		159
Including: gain on sale of development properties (Note 19)		767			1,379			2,283
impairment of long-lived assets		—			—			(1,123	)

Total segment operating income		14,186			28,963			36,601
Unallocated items(**)		(10,045	)		(9,240	)		(10,576	)

Total consolidated operating income		4,141			19,723			26,025
Total other income/(expense)		(6,721	)		(5,856	)		5,625

Income/(loss) before tax		(2,580	)		13,867			31,650

(*)

The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail,

on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics,

and property leasing services provided by JD Property to JD Logistics.

(**)	A summary of unallocated ite m s for the years presented is as follows ：


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Share-based compensation		(9,134	)		(7,548	)		(4,804	)
Amortization of intangible assets resulting from assets and business acquisitions		(940	)		(1,217	)		(1,281	)
Effects of business cooperation arrangements		29			(475	)		(446	)
Impairment of goodwill		—			—			(3,143	)
Impairment of intangible assets		—			—			(902	)

Total		(10,045	)		(9,240	)		(10,576	)

Loan facilities and lines of credit (Details 3) - Line of Credit [Member] ¥ in Millions	Dec. 31, 2023 CNY (¥)
Debt Instrument [Line Items]
2024	¥ 471
2025	3,836
2026	2,745
2027	8,239
2028	9,288
2029 and thereafter	7,447
Total	¥ 32,026

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair value measurement (Details 2) - CNY (¥) ¥ in Millions	12 Months Ended
Fair value measurement (Details 2) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-term investments
Gain (loss) from changes in fair value option	¥ 2,092	¥ 1,921
Investment, Type [Extensible Enumeration]	Wealth Management Product [Member]	Wealth Management Product [Member]

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

+ Details

Consolidated Statements of Operations and Comprehensive Income/(Loss) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Net revenues
Total net revenues	¥ 1,084,662	$ 152,771	¥ 1,046,236	¥ 951,592
Cost of revenues	(924,958)	(130,277)	(899,163)	(822,526)
Fulfillment	(64,558)	(9,093)	(63,011)	(59,055)
Marketing	(40,133)	(5,653)	(37,772)	(38,743)
Research and development	(16,393)	(2,309)	(16,893)	(16,332)
General and administrative	(9,710)	(1,368)	(11,053)	(11,562)
Impairment of goodwill	(3,143)	(443)	0	0
Impairment of long-lived assets	(2,025)	(285)
Gain on sale of development properties	2,283	322	1,379	767
Income from operations	26,025	3,665	19,723	4,141
Other income/(expense)
Share of results of equity investees	1,010	142	(2,195)	(4,918)
Interest expense	(2,881)	(406)	(2,106)	(1,213)
Others, net	7,496	1,056	(1,555)	(590)
Income/(loss) before tax	31,650	4,457	13,867	(2,580)
Income tax expenses	(8,393)	(1,182)	(4,176)	(1,887)
Net income/(loss)	23,257	3,275	9,691	(4,467)
Net loss attributable to non-controlling interests shareholders	(910)	(128)	(697)	(923)
Net income attributable to mezzanine equity classified as non-controlling interests shareholders \| ¥			8	16
Net income/(loss) attributable to the Company's ordinary shareholders	24,167	3,403	10,380	(3,560)
Net income/(loss)	23,257	3,275	9,691	(4,467)
Other comprehensive income/(loss):
Foreign currency translation adjustments	1,374	194	7,810	(2,872)
Total other comprehensive income/(loss)	1,374	194	7,810	(2,872)
Total comprehensive income/(loss)	24,631	3,469	17,501	(7,339)
Total comprehensive income/(loss) attributable to non-controlling interests shareholders	(1,398)	(197)	1,982	(1,253)
Total comprehensive income attributable to mezzanine equity classified as non-controlling interests shareholders \| ¥			8	16
Total comprehensive income/(loss) attributable to the Company's ordinary shareholders	¥ 26,029	$ 3,666	¥ 15,511	¥ (6,102)
Basic
Basic \| (per share)	¥ 7.69	$ 1.08	¥ 3.32	¥ (1.15)
Diluted
Diluted \| (per share)	¥ 7.61	$ 1.07	¥ 3.21	¥ (1.15)
Weighted average number of shares
Basic \| shares	3,144,233,160	3,144,233,160	3,125,571,110	3,107,436,665
Diluted \| shares	3,170,542,396	3,170,542,396	3,180,886,136	3,107,436,665
Products
Net revenues
Total net revenues	¥ 871,224	$ 122,709	¥ 865,062	¥ 815,655
Service
Net revenues
Total net revenues	¥ 213,438	$ 30,062	¥ 181,174	¥ 135,937

Commitments and contingencies (Details) - Internet data center (IDC) service - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Internet data center (IDC) service related expenses	¥ 4,738	¥ 3,661	¥ 2,236
Future minimum payments under these non-cancelable agreements with initial terms of one year or more
2024	829
2025	398
2026	363
2027	360
2028	360
2029 and thereafter	2,129
Total	¥ 4,439

Taxation (Details) - PRC	12 Months Ended	36 Months Ended	57 Months Ended
Taxation (Details) - PRC	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Sales of audio, video products and books
Taxation
Statutory VAT rate (as a percent)			9.00%
Sales of other products
Taxation
Statutory VAT rate (as a percent)			13.00%
Logistics services \| Minimum [Member]
Taxation
Statutory VAT rate (as a percent)	6.00%
Logistics services \| Maximum [Member]
Taxation
Statutory VAT rate (as a percent)	9.00%
Online advertising and other services
Taxation
Statutory VAT rate (as a percent)	6.00%
Percentage of cultural undertaking development fees	3.00%
Value Added Tax
Taxation
Reduction percentage of cultural undertaking development fees		50.00%

Subsequent events (Details) $ / shares in Units, ¥ in Millions, $ in Millions				3 Months Ended	12 Months Ended								48 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 06, 2024 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Mar. 17, 2024 USD ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) shares	Mar. 17, 2024 USD ($) shares
Subsequent events
Shares repurchased during the year \| ¥					¥ 2,497		¥ 1,823		¥ 5,246
American Depositary Share [Member] \| 2020 Share repurchase program
Subsequent events
Stock repurchase program authorized amount			$ 2,000
Stock repurchase program period			24 months
Shares repurchased during the year (in ADS shares) \| shares					11,339,490	11,339,490	5,010,203	5,010,203	10,214,827	10,214,827	1,191,370	1,191,370
Shares repurchased during the year					¥ 2,497	$ 356	¥ 1,823	$ 286	¥ 5,246	$ 806	¥ 312	$ 44
Subsequent event
Subsequent events
Cash dividend, per ordinary share \| $ / shares		$ 0.38
Dividends Payable		$ 1,200
Dividends Payable, expected payment date		Apr. 23, 2024
Subsequent event \| American Depositary Share [Member]
Subsequent events
Cash dividend, per ordinary share \| $ / shares		$ 0.76
Dividends Payable, expected payment date		Apr. 29, 2024
Subsequent event \| American Depositary Share [Member] \| New share repurchase program
Subsequent events
Stock repurchase program authorized amount		$ 3,000
Stock repurchase program period		36 months
Subsequent event \| Class A Common Stock Including Amercian Depository Shares [Member] \| 2020 Share repurchase program
Subsequent events
Shares repurchased during the year (in ADS shares) \| shares				48,230,474									103,742,254
Shares repurchased during the year				$ 645									$ 2,138
Subsequent event \| Class A Common Stock Including Amercian Depository Shares [Member] \| New share repurchase program
Subsequent events
Shares repurchased during the year (in ADS shares) \| shares	39,273,924
Shares repurchased during the year	$ 533

Accounts payable (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts payable
Vendor payable	¥ 131,421		¥ 126,821
Shipping charges payable and others	34,746		33,786
Total	166,167	$ 23,404	160,607
Outstanding payment obligations	¥ 21,316		¥ 16,671

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent events

35.	Subsequent events

Dividends

On March 6, 2024, the Company announced that the Board of Directors approved an annual cash dividend of

US$0.38 per ordinary share, or US$0.76 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 5, 2024, payable in U.S. dollars. The aggregate amount of the dividend will be approximately US$1.2 billion. The payment date is expected to be on or around April 23, 2024 and on or around April 29, 2024 for holders of ordinary shares and holders of ADSs, respectively.

Share Repurchase Program

Under the 2020 share repurchase program, as of the date of this report, the Company had repurchased 103,742,254

Class A ordinary shares (including ADSs) for approximately US$

2,138

million, including

48,230,474

Class A ordinary shares (including ADSs) for approximately US

645

million during the period from

January 1, 2024 to March 17, 2024

(the expiration date of 2020 share repurchase program)

On March 6, 2024, the Company announced that the Board of Directors approved a new share repurchase program (the “New Share Repurchase Program”), effective upon the expiry of the 2020 share repurchase program in March 2024. Pursuant to the New Share Repurchase Program, the Company may repurchase up to

US$3.0 billion worth of its shares (including ADSs) over the next 36 months through March

2027. The Company had repurchased 39,273,924 Class A ordinary shares (including ADSs) for approximately US$533

million during the period from March 18, 2024 to March 31, 2024 under New Share Repurchase Program

Inventories, net (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Inventories
Inventory, Gross	¥ 72,428		¥ 82,064
Inventory valuation allowance	(4,370)		(4,115)
Inventories, net	68,058	$ 9,586	77,949
Products
Inventories
Inventory, Gross	71,297		80,966
Packing materials and others
Inventories
Inventory, Gross	¥ 1,131		¥ 1,098

Land use rights, net (Tables)

12 Months Ended

Dec. 31, 2023

Land use rights, net

Schedule of land use rights, net

Land use rights, net consist of the following:


	As of December 31,
	2022			2023

	(RMB in millions)
Land use rights		35,481			42,219
Less: accumulated amortization and impairment		(1,633	)		(2,656	)

Net book value		33,848			39,563

Schedule of amortization expenses related to the land use rights for future periods

As of December 31, 2023, amortization expenses related to the land use rights for future periods are estimated to be as follows:


	For the year ended December 31,
	2024		2025		2026		2027		2028		2029 and thereafter

	(RMB in millions)
Amortization expenses		944		944		944		943		943		34,845

Accounts receivable, net

12 Months Ended

Dec. 31, 2023

Accounts receivable, net

Accounts receivable, net

9.	Accounts receivable, net

Accounts receivable, net consist of the following:


	As of December 31,
	2022			2023

	(RMB in millions)
Logistics receivables		11,063			12,305
Online retail and online marketplace receivables (*)		9,982			8,842
Advertising receivables and others		1,113			1,043

Accounts receivable		22,158			22,190
Allowance for doubtful accounts		(1,582	)		(1,888	)

Accounts receivable, net		20,576			20,302

The movements in the allowance for doubtful accounts are as follows:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Balance at beginning of the year		(566	)		(1,034	)		(1,582	)
Additions		(535	)		(615	)		(542	)
Write-off		67			67			236

Balance at end of the year		(1,034	)		(1,582	)		(1,888	)

(*)

The accounts receivable in relation to consumer financing business is included in online retail and online marketplace receivables. As JD Technology performs credit risk assessment services for the individuals and purchases the past-due receivables from the Group at carrying values to absorb the risks and obtain the returns from such financing arrangements

, no allowance

for doubtful accounts in relation to consumer financing receivables was provided.

Share-based compensation (Details 3) ¥ / shares in Units, ¥ in Millions		1 Months Ended	12 Months Ended
	Oct. 31, 2020 $ / shares shares	May 31, 2015 $ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) $ / shares	Dec. 31, 2023 CNY (¥) $ / shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 $ / shares	Dec. 31, 2021 $ / shares
Share-based compensation
Share-based compensation expenses			¥ 4,804			¥ 7,548			¥ 9,134
Share Incentive Plan \| Options \| Founder
Share-based compensation
Vesting schedule		10 years
Share-based compensation expenses			38			¥ 54			¥ 73
Unrecognized share-based compensation expense related to the share options granted			¥ 26	¥ 26	¥ 26
Weighted-average period over which share-based compensation expense is expected to be recognized			1 year 4 months 24 days
Share Incentive Plan \| Options \| Founder \| Each anniversary
Share-based compensation
Vesting percentage (as a percent)		10.00%
Share Incentive Plan \| Options \| Founder \| Class A ordinary shares
Share-based compensation
Granted (in shares) \| shares		26,000,000
Granted (in dollars per share) \| $ / shares		$ 16.7
Share Incentive Plan \| Options \| Founder \| ADS
Share-based compensation
Granted (in dollars per share) \| $ / shares		$ 33.4
Share Incentive Plan \| Options \| Service-based \| Employees and Non-employees
Share-based compensation
Granted (in shares) \| shares			0			0			0
Weighted-average period over which share-based compensation expense is expected to be recognized			9 months 18 days
Share Incentive Plan \| RSU \| Service-based \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses			¥ 1,840			¥ 3,877			¥ 4,129
Weighted-average period over which share-based compensation expense is expected to be recognized			3 years 3 months 18 days
Granted (in shares) \| shares			16,682,380			13,951,100			30,069,498
Granted (in dollars per share) \| $ / shares				¥ 18.24			$ 29.81			$ 39.93
Unrecognized share-based compensation expense related to awards other than options			¥ 3,765	¥ 3,765	3,765
JD Logistics Plan \| Options \| Employees and Non-employees
Share-based compensation
Granted (in shares) \| shares									30,030,446
Share-based compensation expenses			387			¥ 702			¥ 1,162
Weighted average grant date fair value of options granted \| $ / shares										4.31
Unrecognized share-based compensation expense related to the share options granted			¥ 500	500	¥ 500
Weighted-average period over which share-based compensation expense is expected to be recognized			2 years 8 months 12 days
JD Logistics Plan \| Options \| Liu
Share-based compensation
Granted (in shares) \| shares	99,186,705
Granted (in dollars per share) \| $ / shares	$ 0.01
Vesting schedule	6 years
Vesting percentage (as a percent)	16.70%
JD Logistics Plan \| RSU \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses			¥ 406			¥ 259			¥ 39
Weighted-average period over which share-based compensation expense is expected to be recognized			2 years 10 months 24 days
Granted (in shares) \| shares			55,937,435			41,570,538			9,663,953
Granted (in dollars per share) \| $ / shares					¥ 12.93			$ 18.23			$ 35
Unrecognized share-based compensation expense related to awards other than options			¥ 500	500	¥ 500
JD Health \| Options \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses			617			¥ 960			¥ 1,133
Unrecognized share-based compensation expense related to the share options granted			¥ 663	663	¥ 663
Weighted-average period over which share-based compensation expense is expected to be recognized			3 years 4 months 24 days
JD Health \| Options \| Liu
Share-based compensation
Granted (in shares) \| shares	53,042,516
Granted (in dollars per share) \| $ / shares	$ 0.0000005
Vesting schedule	6 years
Vesting percentage (as a percent)	16.70%
JD Health Plan \| RSU \| Employees and Non-employees
Share-based compensation
Weighted-average period over which share-based compensation expense is expected to be recognized			3 years
Granted (in shares) \| shares			6,051,558			4,638,422			80,582,712
Granted (in dollars per share) \| $ / shares					¥ 52.87			$ 52.33			$ 112.31
JD Health Plan \| RSU \| Service-based \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses			¥ 1,161			¥ 1,108			¥ 1,428
Unrecognized share-based compensation expense related to awards other than options			993	993	¥ 993
JD Property Plan [Member] \| Options \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses			¥ 34			¥ 354
Weighted-average period over which share-based compensation expense is expected to be recognized			3 years 1 month 6 days
Granted (in shares) \| shares			11,348,777			108,399,512
Granted (in dollars per share) \| ¥ / shares			¥ 5.18			¥ 4.03
Unrecognized share-based compensation expense related to awards other than options			¥ 48	48	48
JD Property Plan [Member] \| Options \| Liu
Share-based compensation
Granted (in shares) \| shares						81,446,610
Granted (in dollars per share) \| $ / shares							0.0000005
JD Property Plan [Member] \| RSU \| Liu
Share-based compensation
Granted (in shares) \| shares									193,059,698
JD Property [Member] \| RSU \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses									¥ 467
Granted (in shares) \| shares									193,059,698
Granted (in dollars per share) \| ¥ / shares									¥ 2.42
Jd Industrials Plan [Member] \| Liu
Share-based compensation
Granted (in shares) \| shares									90,629,636
Jd Industrials Plan [Member] \| Options \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses			180			¥ 7
Unrecognized share-based compensation expense related to the share options granted			¥ 166	¥ 166	¥ 166
Weighted-average period over which share-based compensation expense is expected to be recognized			3 years
Granted (in shares) \| shares			47,915,455			2,660,000
Granted (in dollars per share) \| $ / shares				¥ 1.46			$ 1.4
Jd Industrials Plan [Member] \| RSU \| Employees and Non-employees
Share-based compensation
Share-based compensation expenses									¥ 684
Granted (in shares) \| shares									90,629,636
Granted (in dollars per share) \| $ / shares										$ 1.18

Employee benefit

12 Months Ended

Dec. 31, 2023

Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract]

Employee benefit

31.	Employee benefit

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and consolidated VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses recorded in cost of revenues and expenses, which were expensed as incurred, were approximately RMB8,901 million, RMB10,848 million and RMB12,659 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Principal activities and organization

12 Months Ended

Dec. 31, 2023

Principal activities and organization

Principal activities and organization

1.	Principal activities and organization

JD.com, Inc. (the “Company”) is a leading supply chain-based technology and service provider, providing products and services to consumers, third-party merchants, suppliers and other business partners through its subsidiaries, consolidated variable interest entities (“VIEs”) and consolidated VIEs’ subsidiaries (collectively, the “Group”).

The Group operates

e-commerce

business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, “JD Platform”). The Group serves consumers through online retail, focusing on product selection, price and convenience, serves third-party merchants through online marketplace, offering programs that enable the merchants to sell their products on JD Platform and to fulfill the orders either by themselves or through the Group’s logistics services. Leveraging its AI capabilities and technologies, the Group provides a variety of marketing services to business partners through its proprietary advertisement technology platform. Leveraging its leading logistics network, the Group provides integrated supply chain solutions and logistics services, primarily including warehousing and distribution services, express and freight services and other value-added services to third parties, including both third-party merchants and suppliers on JD Platform and other business partners, through JD Logistics, Inc. (“JD Logistics”), the Group’s logistics subsidiary. The Group also operates healthcare business through JD Health International Inc. (“JD Health”), establishes platform for developing and managing modern infrastructure through JINGDONG Property, Inc. (“JD Property”, formerly known as JD Property Group Corporation), empowers industrial development by supply chain technology and services through JINGDONG Industrials, Inc. (“JD Industrials”, formerly known as JD Industrial Technology Inc.) and provides

on-demand

retail platform services and

on-demand

delivery services through Dada Nexus Limited (“Dada”).

The Company’s American depositary share (“ADS”) have been listed on the Nasdaq Global Select Market under the symbol “JD” and the Company’s ordinary shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”) under the stock codes “

9618

(HKD counter)” and “

89618

(RMB counter)”.

The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries.

As of December 31, 2023, the Company’s major subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries are as follows:


	Equity interest held	Place and date of incorporation
Subsidiaries
Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”)	100%	Beijing, China, April 2007
Jiangsu Jingdong Information Technology Co., Ltd.	100%	Jiangsu, China, June 2009
Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”)	100%	Shanghai, China, April 2011
JD Logistics Holding Limited	63%	Hong Kong, China, August 2011
Jingdong Technology Group Corporation	100%	Cayman Islands, November 2011
JINGDONG Property, Inc.	75%	Cayman Islands, January 2012
JD Logistics, Inc.	63%	Cayman Islands, January 2012
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd.	100%	Hong Kong, China, February 2012
JD.com International Limited	100%	Hong Kong, China, February 2012
Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”)	100%	Beijing, China, March 2012
Chongqing Jingdong Haijia E-commerce Co., Ltd. (“Chongqing Haijia”)	100%	Chongqing, China, June 2014
JD.com Investment Limited	100%	British Virgin Islands, January 2015
JD Asia Development Limited	75%	British Virgin Islands, February 2015
Suqian Hanbang Investment Management Co., Ltd.	100%	Jiangsu, China, January 2016
Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”)	63%	Shaanxi, China, May 2017
JD Assets Holding Limited	100%	Cayman Islands, March 2018
JD Property Holding Limited	100%	Cayman Islands, March 2018
Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”)	100%	Beijing, China, May 2018
JD Health International Inc.	67%	Cayman Islands, November 2018
JD Jiankang Limited	100%	British Virgin Islands, April 2019
JD Industrial Technology Limited	100%	British Virgin Islands, October 2019
JINGDONG Industrials, Inc.	77%	Cayman Islands, November 2019
Jingdong Logistics Supply Chain Co., Ltd.	63%	Jiangsu, China, June 2020
Jiangsu Huiji Space Technology Co., Ltd. (“Jiangsu Huiji”)	100%	Jiangsu, China, March 2019
JD Sunflower Investment Limited	100%	British Virgin Islands, February 2016
Windcreek Limited	100%	British Virgin Islands, January 2016
Dada Nexus Limited (“Dada”)	53%	Cayman Islands, July 2014

Consolidated VIEs
Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”)		Beijing, China, April 2007
Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”)		Jiangsu, China, September 2010
Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”)		Jiangsu, China, August 2015
Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”)		Shaanxi, China, June 2017
Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”)		Jiangsu, China, June 2020

Consolidated VIEs’ Subsidiaries
Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”)		Beijing, China, August 2012

•

Organization

The Company was incorporated in the British Virgin Islands (“BVI”) in November 2006 and was

re-domiciled

in the Cayman Islands in January 2014 as an exempted company registered under the laws of the Cayman Islands.

In April 2007, April 2011, May 2017, March 2019 and June 2019, the Company established Jingdong Century, Shanghai Shengdayuan, Xi’an Jingxundi, Jiangsu Huiji and Beijing Jingdong Jiankang Co., Ltd. (“Jingdong Jiankang”) as wholly foreign-owned enterprises in the PRC, respectively. In April 2007, September 2010, August 2015, June 2017, June 2019 and June 2020, Jingdong 360, Jiangsu Yuanzhou, Jingdong Bangneng, Xi’an Jingdong Xincheng, Suqian Jingdong Tianning Jiankang Technology Co., Ltd. (“Suqian Jingdong Tianning”) and Suqian Juhe were incorporated in the PRC, respectively. The

paid-in

capital of each of these entities was funded by the Company, and they were established to facilitate the Group’s operation and business expansion plans and comply with the PRC laws and regulations which prohibit or restrict foreign ownership of the companies where the PRC operating licenses are required. By entering into a series of agreements, Jingdong 360, Jiangsu Yuanzhou and Jingdong Bangneng became VIEs of Jingdong Century, Xi’an Jingdong Xincheng became a VIE of Xi’an Jingxundi, Suqian Jingdong Tianning became a VIE of Jingdong Jiankang and Suqian Juhe became a VIE of Jiangsu Huiji. Consequently, Jingdong Century became the primary beneficiary of Jingdong 360, Jiangsu Yuanzhou and Jingdong Bangneng, Xi’an Jingxundi became the primary beneficiary of Xi’an Jingdong Xincheng, Jingdong Jiankang became the primary beneficiary of Suqian Jingdong Tianning and Jiangsu Huiji became the primary beneficiary of Suqian Juhe. In September 2022, the Group renewed certain agreements, among which Jiangsu Yuanzhou and Jingdong Bangneng became VIEs of Shanghai Shengdayuan and Shengdayuan became the primary beneficiary of Jiangsu Yuanzhou and Jingdong Bangneng.

•

Consolidated variable interest entities

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates its websites and other restricted businesses in the Chinese mainland through certain PRC domestic companies, whose equity interests are held by certain individuals (“Nominee Shareholders”). The Group obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements are substantially similar in key aspects governing the contractual arrangements with a variable interest entity of the Group, include loan agreements, exclusive purchase option agreements, exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, intellectual property rights license agreement, equity pledge agreements, powers of attorney, business cooperation agreement and business operation agreements. These contractual agreements can be extended at the Group’s relevant PRC subsidiaries’ options prior to the expiration date. Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the ultimate primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. Refer to Note 2(b) to the consolidated financial statements for the principles of consolidation.

The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through its subsidiaries, entered into with the consolidated VIEs and their Nominee Shareholders:

•

Loan agreements

Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries have granted interest-free loans to the relevant Nominee Shareholders of the VIEs with the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. The loans for initial and subsequent capital injections are eliminated with the capital of the relevant VIEs during consolidation. The Group’s relevant PRC subsidiaries can require the Nominee Shareholders to settle the loan amount with the equity interests of the relevant VIEs, subject to any applicable PRC laws, rules and regulations. The loan agreements are renewable upon expiration.

•

Exclusive purchase option agreements

The Nominee Shareholders of the VIEs have granted the Group’s relevant PRC subsidiaries the exclusive and irrevocable rights to purchase from the Nominee Shareholders, to the extent permitted under the PRC laws and regulations, part or all of the equity interests in these entities for a purchase price equal to the lowest price permitted by the PRC laws and regulations. The Group’s relevant PRC subsidiaries may exercise such option at any time. In addition, the VIEs and their Nominee Shareholders have agreed that without prior written consent of the Group’s relevant PRC subsidiaries, they will not transfer or otherwise dispose the equity interests or declare any dividend.

•

Exclusive technology consulting and services agreements or exclusive business cooperation agreements

The Group’s relevant PRC subsidiaries and relevant VIEs entered into exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, under which the relevant VIEs engage the Group’s relevant PRC subsidiaries as their exclusive provider of technical platform and technical support, business support, maintenance and other services. The VIEs shall pay to the Group’s relevant PRC subsidiaries service fees determined based on the volume and market price of the service provided. All the benefits and interests generated from the agreements, including but not limited to intellectual property rights,

know-how

and trade secrets, will be the Group’s relevant PRC subsidiaries’ sole and exclusive rights. During the term of the agreements, the relevant VIEs may not enter into any agreement with third parties for the provision of identical or similar services without prior consent of the Group’s relevant PRC subsidiaries.

•

Equity pledge agreements

Pursuant to the relevant equity pledge agreements, the Nominee Shareholders of the VIEs have pledged all of their equity interests in the relevant VIEs to the Group’s relevant PRC subsidiaries as collateral for all of their payments due to the Group’s relevant PRC subsidiaries and to secure their obligations under the above agreements. The Nominee Shareholders may not transfer or assign the equity interests, the rights and obligations in the equity pledge agreements or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Group’s relevant PRC subsidiaries without the Group’s relevant PRC subsidiaries’ preapproval. The Group’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Group’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate repayment of the loans or to dispose of the pledged equity interests through transfer or assignment.

•

Powers of attorney

Pursuant to the irrevocable powers of attorney, each of the Nominee Shareholders appointed any person designated by the Group’s relevant PRC subsidiaries as their

attorney-in-fact

to exercise all shareholder rights under the PRC laws and the relevant articles of association, including but not limited to, voting on their behalf on all matters requiring shareholder approval, disposing of all or part of the Nominee Shareholders’ equity interests, and electing, appointing or removing directors and the general managers of the VIEs. Each power of attorney will remain in force during the period when the Nominee Shareholders continue to be the shareholders of the VIEs. Each of the Nominee Shareholders has waived all the rights which have been authorized to the person designated by the Group’s relevant PRC subsidiaries under each power of attorney.

•

Business operation agreements

Pursuant to the business operation agreements, the relevant Nominee Shareholders of the VIEs must appoint the candidates nominated by the Group’s relevant PRC subsidiaries to be the directors on the VIEs’ board of directors in accordance with applicable laws and the articles of association of the VIEs, and must cause the persons recommended by the Group’s relevant PRC subsidiaries to be appointed as the VIEs’ general manager, chief financial officer and other senior executives.

•

Risks in relations to the VIE structure

The Company believes that the contractual arrangements among its subsidiaries, the VIEs and their owners are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. The Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholders’ approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholders’ voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with the VIEs are found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or potentially be forced to relinquish Company’s interests in those operations. The Company believes the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks is remote.

The following table sets forth the assets, liabilities, results of operations and changes in cash, cash equivalents, and restricted cash of the consolidated VIEs (wh

re appropriate, the term “VIEs” also refers to its subsidiaries as a whole) structured by the Contractual Agreements, which have eliminated the intercompany transactions within the consolidated VIEs:


	As of December 31,
	2022		2023

	(RMB in millions)

Total assets		78,162		81,301
Total liabilities		74,553		74,855


	For the year ended December 31,
	2021			2022		2023

	(RMB in millions)

Total net revenues		117,419			134,516		145,795
Net income/(loss)		(3,069	)		1,137		2,503


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)

Net cash provided by operating activities		1,593			5,434			3,291
Net cash provided by/(used in) investing activities		(10,089	)		(4,498	)		3,324
Net cash provided by/(used in) financing activities		11,611			(1,306	)		(900	)

Net increase/(decrease) in cash, cash equivalents, and restricted cash		3,115			(370	)		5,715
Cash, cash equivalents, and restricted cash at beginning of year		2,445			5,560			5,190

Cash, cash equivalents, and restricted cash at end of year		5,560			5,190			10,905

As of December 31, 2022 and 2023, the total assets of the consolidated VIEs excluding the intra-company balances and transactions within the Group were RMB71,527 million and RMB78,316 million, respectively, which were consisting of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, net, inventories, net,

marketable

securities

and other investments

, investment in equity investees, property, equipment and software, net, operating lease

right-of-use

assets and prepayments and other

non-current

assets. As of December 31, 2022 and 2023, the total liabilities of the consolidated VIEs after eliminating the intra-company balances and transactions within the Group were RMB39,368 million and RMB40,607 million, respectively, which were consisting of short-term debts, accounts payable, operating lease liabilities, long-term borrowings, accrued expenses and other

non-current

liabilities.

For the years ended December 31, 2021, 2022 and 2023, the total net revenues of the consolidated VIEs were RMB59,124 million, RMB72,666 million and RMB85,140 million, respectively, which have been reflected in the Group’s consolidated financial statements with the intra-company transactions within the Group eliminated.

In accordance with the Contractual Agreements, the Group’s relevant PRC subsidiaries have the power to direct activities of the consolidated VIEs, and can have assets transferred out of the consolidated VIEs. Therefore, the Group’s relevant PRC subsidiaries consider that there is no asset in the consolidated VIEs that can be used only to settle their obligations except for registered capitals and the PRC statutory reserves of the consolidated VIEs amounting to

RMB3,378 million

as of December 31, 2023. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of the Group’s relevant PRC subsidiaries for all the liabilities of the consolidated VIEs. As of December 31, 2022 and 2023, the total shareholders’ equity of the consolidated VIEs

was RMB3,609 million and RMB6,446 million, respectively.

Currently there is no contractual arrangement that could require the Group’s relevant PRC subsidiaries or the Group to provide additional financial support to the consolidated VIEs. As the Group conducts certain businesses in the Chinese mainland through the consolidated VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

Business acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Dada Acquisition [Member]

Business Acquisition [Line Items]

Summary of purchase price as of the date of acquisition

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		3,452
Business cooperation agreement as consideration of the acquisition		1,606
Fair value of previously held equity interests		5,702

Total		10,760

Schedule of allocation of the purchase price as of the date of acquisition

The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows:


	Amounts
	(RMB in millions)
Net assets acquired		7,549
Newly identified and appreciation of intangible assets
- Trademarks and domain names		805
- Technology		525
- Relationship with riders		640
- Consumer base		120
Premium not reflected in goodwill		3,623
Goodwill		4,542
Deferred tax liabilities		(522	)
Non-controlling interests		(6,522	)

Total		10,760

CNLP [Member]

Business Acquisition [Line Items]

Summary of purchase price as of the date of acquisition

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		10,538
Fair value of previously held equity interests		1,293

Total		11,831

Schedule of allocation of the purchase price as of the date of acquisition


	Amounts
	(RMB in millions)

Net assets acquired		4,309
Appreciation of property, equipment and software, construction in progress and land use rights		10,908
Goodwill		1,586
Deferred tax liabilities		(2,679	)
Non-controlling interests		(2,293	)

Total		11,831

Deppon Holdco [Member]

Business Acquisition [Line Items]

Summary of purchase price as of the date of acquisition

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		8,976

Schedule of allocation of the purchase price as of the date of acquisition


	Amounts
	(RMB in millions)
Net assets acquired		6,570
Newly identified and appreciation of intangible assets
- Trademarks and domain names		1,661
- Technology		676
- Customer relationships		8
Appreciation of construction in progress and land use rights		15
Goodwill		5,350
Deferred tax liabilities		(590	)
Non-controlling interests		(4,714	)

Total		8,976

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

16.	Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2022		2023

	(RMB in millions)
Deposits		18,211		19,577
Salary and welfare		11,303		10,781
Accrued administrative expenses		1,917		2,263
Professional fee		1,348		1,559
Rental fee payable		1,361		1,330
Liabilities for return allowances		743		950
Vehicle fee		520		726
Deferred consideration payables		575		445
Internet data center fee		409		366
Payable related to employees’ exercise of share-based awards		1,273		221
Interest payable		167		134
Others		4,743		5,181

Total		42,570		43,533

Ordinary shares (Details) - USD ($) $ in Millions			1 Months Ended
Ordinary shares (Details) - USD ($) $ in Millions	Jun. 29, 2022	May 10, 2019	May 31, 2023	Jul. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	May 31, 2020	May 31, 2019	Dec. 31, 2023	Dec. 31, 2022
RSUs and share options
Ordinary shares
Ordinary shares reserved for issuance									71,791,880	90,955,190
Class A ordinary shares \| Huang River Investment Limited
Ordinary shares
Shares Issued			3,761,270	2,164,236	1,914,998		2,938,584	8,127,302
Class A ordinary shares \| Huang River Investment Limited \| Transaction with Tencent
Ordinary shares
Business combination, consideration transferred	$ 220	$ 250
Class A ordinary shares \| HKSE
Ordinary shares
Shares Issued						152,912,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Dividends

12 Months Ended

Dec. 31, 2023

Dividends [Abstract]

Dividends

24.

Dividends

On May 4, 2022, the Company announced that the Board of Directors approved a special cash dividend of

US$0.63 per ordinary share, or US$1.26

per ADS, to the holders of ordinary shares and ADSs, respectively, as of the close of business on May 20, 2022. Dividends are recognized when declared. The aggregate amount of the special dividend was approximately

US$2 billion.

On March 9, 2023, the Company announced that the Board of Directors approved a cash dividend of

US$0.31 per ordinary share, or US$0.62

per ADS, to the holders of ordinary shares and ADSs, respectively, as of the close of business on April 6, 2023. Dividends are recognized when declared. The aggregate amount of the dividend was approximately

US$1 billion. The Company adopted an annual dividend policy, under which the Company may choose to declare and distribute a cash dividend each year, starting from 2023, at an amount determined in relation to the Company’s financial performance in the previous fiscal year, among other factors.

No dividends had been paid or declared by the Company for the year ended December 31, 202

Unsecured senior notes (Details) ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016 CNY (¥) item	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Jan. 31, 2020 CNY (¥)	Jan. 31, 2020 USD ($)	Apr. 30, 2016 USD ($)
Unsecured senior notes
Aggregate principal amount		¥ 8,300
Carrying value		10,411	¥ 10,224			$ 1,466
Total principal amounts of unsecured senior notes		47,000
Unsecured senior notes
Unsecured senior notes
Number of maturities for debt issued \| item	2
Aggregate principal amount \| $							$ 500				$ 1,000	$ 1,000
Carrying value		10,411	10,224
Unamortized discount and debt issuance costs		86	98
Total principal amounts of unsecured senior notes		10,497	10,322
Debt discount	¥ 79									¥ 37
Debt issuance costs	¥ 36									¥ 45
Future principal payments for unsecured senior notes due
Due in 2026		3,541
Due in 2030		4,922
Due in 2050		¥ 2,034
Debt instrument maturity date		Apr. 29, 2021
Unsecured senior notes \| 3.875% notes due 2026
Unsecured senior notes
Aggregate principal amount \| $												$ 500
Interest rate (as a percent)	3.875%											3.875%
Carrying value		¥ 3,520	3,453
Effective interest rate (as a percent)		4.15%				4.15%
Unsecured senior notes \| 3.375% notes due 2030
Unsecured senior notes
Aggregate principal amount \| $												$ 700
Interest rate (as a percent)	3.375%											3.375%
Carrying value		¥ 4,898	4,812
Effective interest rate (as a percent)		3.47%				3.47%
Unsecured senior notes \| 4.125% notes due 2050
Unsecured senior notes
Aggregate principal amount \| $												$ 300
Interest rate (as a percent)	4.125%											4.125%
Carrying value		¥ 1,993	1,959
Effective interest rate (as a percent)		4.25%				4.25%
Unsecured senior notes \| Unsecured Senior Notes [Member]
Future principal payments for unsecured senior notes due
Debt instrument repurchase amount		¥ 42				$ 6		¥ 78	$ 12
Take as Extension		¥ 35				$ 5		¥ 72	$ 10
Unsecured Debt [Member]
Future principal payments for unsecured senior notes due
Repayments of debt \| $				$ 500
Interest Expense [Member] \| Unsecured senior notes \| Unsecured Senior Notes [Member]
Future principal payments for unsecured senior notes due
Debt Instrument Repurchased Gain			¥ 6		¥ 11

Principal activities and organization (Details)	Dec. 31, 2023
Jingdong Century
Organization
Equity interest held (as a percent)	100.00%
Jiangsu Jingdong Information Technology Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
Shanghai Shengdayuan
Organization
Equity interest held (as a percent)	100.00%
JD Logistics Holding Limited
Organization
Equity interest held (as a percent)	63.00%
Jingdong Technology Group Corporation
Organization
Equity interest held (as a percent)	100.00%
JINGDONG Property, Inc
Organization
Equity interest held (as a percent)	75.00%
JD Logistics, Inc. (formerly known as Jingdong Express Group Corporation) ("JD Logistics")
Organization
Equity interest held (as a percent)	63.00%
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd
Organization
Equity interest held (as a percent)	100.00%
JD.com International Limited
Organization
Equity interest held (as a percent)	100.00%
Beijing Jingdong Shangke Information Technology Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
Chongqing Jingdong Haijia E-commerce Co., Ltd. ("Chongqing Haijia")
Organization
Equity interest held (as a percent)	100.00%
JD.com Investment Limited
Organization
Equity interest held (as a percent)	100.00%
JD Asia Development Limited
Organization
Equity interest held (as a percent)	75.00%
Suqian Hanbang Investment Management Co., Ltd.
Organization
Equity interest held (as a percent)	100.00%
Xi'an Jingxundi Supply Chain Technology Co., Ltd. ("Xi'an Jingxundi")
Organization
Equity interest held (as a percent)	63.00%
JD Assets Holding Limited
Organization
Equity interest held (as a percent)	100.00%
JD Property Holding Limited
Organization
Equity interest held (as a percent)	100.00%
Beijing Wodong Tianjun Information Technology Co., Ltd. ("Beijing Wodong Tianjun")
Organization
Equity interest held (as a percent)	100.00%
JD Health International Inc.
Organization
Equity interest held (as a percent)	67.00%
JD Jiankang Limited
Organization
Equity interest held (as a percent)	100.00%
JD Industrial Technology Limited
Organization
Equity interest held (as a percent)	100.00%
JINGDONG Industrials, Inc
Organization
Equity interest held (as a percent)	77.00%
Jingdong Logistics Supply Chain Co., Ltd.
Organization
Equity interest held (as a percent)	63.00%
Jiangsu Huiji Space Technology Co., Ltd. ("Jiangsu Huiji")
Organization
Equity interest held (as a percent)	100.00%
JD Sunflower Investment Limited
Organization
Equity interest held (as a percent)	100.00%
Windcreek Limited
Organization
Equity interest held (as a percent)	100.00%
Dada Nexus Limited ("Dada")
Organization
Equity interest held (as a percent)	53.00%

Commitments and contingencies (Details 1) ¥ in Millions	12 Months Ended
Commitments and contingencies (Details 1) ¥ in Millions	Dec. 31, 2023 CNY (¥)
Investment Commitment
Capital commitments and Long-Term Debt Obligations
Investment commitments primarily related to capital contribution obligation	¥ 2,287
Capital commitments
Capital commitments and Long-Term Debt Obligations
Total commitments contracted but not yet reflected	¥ 8,150
Purchase Commitment \| Total net revenues \| Customer \| Customer Concentration Risk
Capital commitments and Long-Term Debt Obligations
Concentration risk (as a percentage)	1.00%

Business acquisition - Summary of purchase price as of the date of deppon holdco acquisition (Details) ¥ in Millions	Jul. 26, 2022 CNY (¥)
Deppon Holdco [Member]
Summary of purchase price as of the date of acquisition [Line Items]
Cash	¥ 8,976

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill

Goodwill

14.

Goodwill

The changes in the carrying amount of g

odwill are as follows:


	JD Retail			JD Logistics		Dada			New Businesses			Total

	(RMB in millions)
Transaction in 2021
Additions		1,529			—		—			—			1,529
Balance as of December 31, 2021
Goodwill		10,807			1,633		—			2,593			15,033
Accumulated impairment loss		(7	)		—		—			(2,593	)		(2,600	)

		10,800			1,633		—			—			12,433

Transaction in 2022
Additions		1,399			5,350		3,143			1,586			11,478
Disposal of a subsidiary		(788	)		—		—			—			(788	)
Balance as of December 31, 2022
Goodwill		11,418			6,983		3,143			4,179			25,723
Accumulated impairment loss		(7	)		—		—			(2,593	)		(2,600	)

		11,411			6,983		3,143			1,586			23,123

Transaction in 2023
Impairment		—			—		(3,143	)		—			(3,143	)
Balance as of December 31, 2023
Goodwill		11,418			6,983		3,143			4,179			25,723
Accumulated impairment loss		(7	)		—		(3,143	)		(2,593	)		(5,743	)

		11,411			6,983		—			1,586			19,980

impairment loss of goodwill was recorded for the years ended December 31, 2021 and 2022, respectively. For the year ended December 31, 2023, considered duration and severity of the decline of Dada’s stock price, the Company

assessed

that it is more likely than not that the fair value of Dada reporting unit is less than its carrying amount and performed quantitative impairment test on Dada reporting unit. The fair value of Dada was determined based on the discounted cash flow analysis using the following significant assumptions (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a long-term future growth rate; and (c) a discount rate. As a result, the fair value of Dada reporting unit was estimated to be below the carrying value and the Group recorded a

RMB3,143

million goodwill impairment

for

the year ended December 31, 2023.

Financing for major subsidiaries (Details) $ / shares in Units, ¥ in Millions, $ in Millions, $ in Millions			1 Months Ended	5 Months Ended	12 Months Ended
	Apr. 01, 2022 USD ($)	Apr. 01, 2022 HKD ($)	May 31, 2021 $ / shares shares	Sep. 30, 2021 CNY (¥)	Dec. 31, 2023 shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)
Common Stock [Member]
Issuance of ordinary shares (in shares) \| shares					3,761,270	2,164,236	1,914,998
JD Logistics [Member]
Ownership percentage, on a fully-diluted (as a percentage)						63.56%
Issuance non controlling interest						¥ 2,221
Additional Paid in Capital, Preferred Stock						¥ 295
JD Logistics [Member] \| IPO
Issuance non controlling interest							¥ 6,100
Additional Paid in Capital, Preferred Stock							16,800
Sale of stock net consideration received on the transaction				¥ 22,900
JD Logistics [Member] \| IPO \| Common Stock [Member]
Issuance of ordinary shares (in shares) \| shares			700,534,900
Sale of stock issue price per share \| $ / shares			$ 40.36
JD Logistics [Member] \| JDL Placement [Member]
Sale of stock net consideration received on the transaction \| $		$ 3,102
JD Logistics [Member] \| JD Subscription [Member]
Sale of stock net consideration received on the transaction \| $	$ 692
Series A Preferred Shares \| JD Property [Member]
Total amount received by issuance of the non-redeemable preferred preference shares \| $												$ 703
Issuance non controlling interest							3,100
Additional Paid in Capital, Preferred Stock							¥ 1,300
Series B Preferred Shares \| JD Industry [Member]
Total amount received by issuance of the non-redeemable preferred preference shares \| $									$ 210
Issuance non controlling interest								¥ 431
Additional Paid in Capital, Preferred Stock								¥ 1,031
Series B Preferred Shares \| JD Property [Member]
Total amount received by issuance of the non-redeemable preferred preference shares \| $										$ 803
Issuance non controlling interest											¥ 3,900
Additional Paid in Capital, Preferred Stock											¥ 1,400

Segment reporting (Details 2) ¥ in Millions, $ in Millions	12 Months Ended
Segment reporting (Details 2) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Share-based compensation	¥ (4,804)		¥ (7,548)	¥ (9,134)
Impairment of goodwill	(3,143)	$ (443)	0	0
Impairment of intangible assets	(902)		0	0
Total	26,025	$ 3,665	19,723	4,141
Unallocated items
Share-based compensation	(4,804)		(7,548)	(9,134)
Amortization of intangible assets resulting from assets and business acquisitions	(1,281)		(1,217)	(940)
Effects of business cooperation arrangements	(446)		(475)	29
Impairment of goodwill	(3,143)
Total	¥ (10,576)		¥ (9,240)	¥ (10,045)

Concentration and risks

12 Months Ended

Dec. 31, 2023

Concentration and risks

Concentration and risks

3.	Concentration and risks

Concentration of customers and suppliers

There are no customers nor suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2021, 2022 and 2023.

Concentration of credit risk

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, short-term investments and certain wealth management products and time deposits with maturities more than one year recorded in marketable securities and other investments. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2022 and 2023, majority of the Group’s cash and cash equivalents, restricted cash, short-term investments and certain wealth management products and time deposits with maturities more than one year recorded in marketable securities and other investments were held at major financial institutions located in the Chinese mainland and Hong Kong which the management believes are of high credit quality. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents, restricted cash, short-term investments and certain wealth management products and time deposits with maturities more than one year recorded in marketable securities and other investments are financially sound based on publicly available information. Accounts receivable are typically unsecured and are mainly derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring processes of outstanding balances. Besides, JD Technology performs the related credit assessment of the consumer financing receivables recorded in the Group’s consolidated balance sheets. JD Technology purchases the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agrees to bear other cost directly related to the consumer financing business to absorb the risks.

Currency convertibility risk

The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the Chinese mainland must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

The Group’s cash and cash equivalents, restricted cash, short-term investments and time deposits with maturities more than one year recorded in marketable securities and other investments denominated in RMB that are subject to such government

policies amounted to

MB146,152 million and RMB172,383 million as of December 31, 2022 and 2023, respectively.

Foreign currency exchange rate risk

The RMB has fluctuated against the US$, at times significantly and unpredictably during the reporting periods. The depreciation of the RMB against the US$ was approximately 8% and 2% for the years ended December 31, 2022 and 2023, respectively. It is difficult to predict how market forces or the PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

Others, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
Others, net (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Others, net
Losses from fair value change of long-term investments	¥ (855)		¥ (4,096)	¥ (7,252)
Government financial incentives	2,557		2,773	2,482
Interest income	9,576		5,742	4,213
Gains/(losses) from acquirements or disposals of businesses and investments	89	$ 13	(3,558)	140
Impairment of investments	(3,043)	(429)	(1,969)	(574)
Foreign exchange gains/(losses), net	(28)	(4)	114	42
Others	(800)		(561)	359
Total	¥ 7,496	$ 1,056	¥ (1,555)	¥ (590)

Business acquisition - Schedule of allocation of the purchase price as of the date of deppon holdco acquisition (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jul. 26, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Goodwill.	¥ 19,980	$ 2,814	¥ 23,123		¥ 12,433
Deppon Holdco [Member]
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Net assets acquired				¥ 6,570
Appreciation of construction in progress and land use rights				15
Goodwill.				5,350
Deferred tax liabilities				(590)
Non-controlling interests				(4,714)
Total				8,976
Deppon Holdco [Member] \| Trademarks and domain names
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Newly identified and appreciation of intangible assets				1,661
Deppon Holdco [Member] \| Technology
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Newly identified and appreciation of intangible assets				676
Deppon Holdco [Member] \| Customer relationships
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Newly identified and appreciation of intangible assets				¥ 8

Share repurchase program (Details) $ / shares in Units, ¥ in Millions, $ in Millions		12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Nov. 30, 2021 USD ($)
Shares repurchased during the year \| ¥		¥ 2,497		¥ 1,823		¥ 5,246
ADS \| 2020 Share repurchase program
Authorized amount	$ 2,000
Repurchase period (in months)	24 months
Shares repurchased during the year (in ADS shares) \| shares		11,339,490	11,339,490	5,010,203	5,010,203	10,214,827	10,214,827	1,191,370	1,191,370
Shares repurchased during the year		¥ 2,497	$ 356	¥ 1,823	$ 286	¥ 5,246	$ 806	¥ 312	$ 44
Weighted average repurchase price (in dollars per ADS) \| $ / shares			$ 31.41		$ 57.14		$ 78.92		$ 37.04
Share Repurchase Authorization							$ 3,000			$ 2,000

Business acquisition (Details 2) - CNLP [Member] ¥ in Millions, $ in Millions			5 Months Ended
	Mar. 01, 2022 CNY (¥)	Mar. 01, 2022 HKD ($)	Jul. 31, 2022 CNY (¥)	Jul. 31, 2022 HKD ($)	Jan. 28, 2022
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	80.00%				26.38%
Percentage of equity in the acquiree held by the acquirer immediately before the acquisition date in a business combination	10.60%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	¥ 8,886
Business Combination Recognized Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment Construction In Progress And Land Use Right	12,026
Cash consideration	10,538	$ 13,066
Business Combination, Consideration Transferred	¥ 11,831		¥ 2,637	$ 3,072

Accounts receivable, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Accounts receivable
Accounts receivable	¥ 22,190	¥ 22,158
Allowance for doubtful accounts	(1,888)	(1,582)	¥ (1,034)
Accounts receivable, net	20,302	20,576		$ 2,859
Movements in the allowance for doubtful accounts
Balance at beginning of the year	(1,582)	(1,034)	(566)
Additions	(542)	(615)	(535)
Write-off	236	67	67
Balance at end of the year	(1,888)	(1,582)	¥ (1,034)
Logistics receivables
Accounts receivable
Accounts receivable	12,305	11,063
Online retail and online marketplace receivables
Accounts receivable
Accounts receivable	8,842	9,982
Advertising receivables and others
Accounts receivable
Accounts receivable	1,043	1,113
Consumer financing receivables
Movements in the allowance for doubtful accounts
Additions	¥ 0	¥ 0

Taxation (Details 3) ¥ in Millions, $ in Millions	12 Months Ended
Taxation (Details 3) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income/(loss) before tax
Income from Chinese mainland operations	¥ 33,130		¥ 16,800	¥ 14,518
Loss from non-Chinese mainland operations	(1,480)		(2,933)	(17,098)
Total income/(loss) before tax	31,650	$ 4,457	13,867	(2,580)
Income tax benefits/(expenses) applicable to Chinese mainland operations
Current income tax expenses	(6,265)		(4,418)	(2,538)
Deferred tax benefits	410		732	651
Subtotal income tax expenses applicable to Chinese mainland operations	(5,855)		(3,686)	(1,887)
Income tax expenses applicable to non-Chinese mainland operations
Current income tax expenses	(1,259)		(307)	0
Deferred tax expenses	(1,279)		(183)	0
Subtotal income tax expenses applicable to non-Chinese mainland operations	(2,538)		(490)	0
Total income tax expenses	¥ (8,393)	$ (1,182)	¥ (4,176)	¥ (1,887)

Inventories, net

12 Months Ended

Dec. 31, 2023

Inventories, net

Inventories, net

10.	Inventories, net

Inventories, net consist of the following:


	As of December 31,
	2022			2023

	(RMB in millions)
Products		80,966			71,297
Packing materials and others		1,098			1,131

Inventories		82,064			72,428
Inventory valuation allowance		(4,115	)		(4,370	)

Inventories, net		77,949			68,058

Parent company only condensed financial information (Details 3) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Statements of Cash Flows
Net cash used in operating activities	¥ 59,521	$ 8,383	¥ 57,819	¥ 42,301
Cash flows from investing activities:
Purchase of short-term investments	(193,605)	(27,269)	(180,291)	(167,684)
Maturity of short-term investments	217,184	30,590	165,093	113,362
Loans (provided to)/settled by internal companies	3,328	469	(502)	(169)
Other investing activities	(696)	(97)	(88)	1,587
Net cash used in investing activities	(59,543)	(8,386)	(54,026)	(74,248)
Cash flows from financing activities:
Repurchase of ordinary shares	(2,497)	(352)	(1,823)	(5,246)
Cash paid for dividends	(6,741)	(949)	(13,087)	0
Proceeds from short-term borrowings	17,343	2,443	33,208	7,133
Repayment of short-term borrowings	(16,192)	(2,281)	(31,804)	(5,982)
Proceeds from long-term borrowings	13,157	1,853	14,101
Other financing activities	(773)	(108)	(195)	(8)
Net cash provided by/(used in) financing activities	(5,808)	(818)	1,180	19,503
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	125	17	3,490	(1,498)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(5,705)	(804)	8,463	(13,942)
Cash, cash equivalents, and restricted cash at beginning of year	85,115	11,988	76,693	90,519
Cash, cash equivalents, and restricted cash at end of year	79,398	11,183	85,115	76,693
Parent company
Condensed Statements of Cash Flows
Net cash used in operating activities	(765)	(108)	(509)	(411)
Cash flows from investing activities:
Purchase of short-term investments	(2,833)	(399)		(3,189)
Maturity of short-term investments			1	6,546
Loans (provided to)/settled by internal companies	12,633	1,779	7,426	(20,900)
Other investing activities				3,147
Net cash used in investing activities	9,800	1,380	7,427	(14,396)
Cash flows from financing activities:
Repurchase of ordinary shares	(2,497)	(352)	(1,823)
Cash paid for dividends	(6,741)	(949)	(13,087)
Proceeds from short-term borrowings			3,945
Repayment of short-term borrowings			(7,005)
Proceeds from long-term borrowings			6,618
Repayment of unsecured senior notes				(3,246)
Other financing activities	33	5	1,043	62
Net cash provided by/(used in) financing activities	(9,205)	(1,296)	(10,309)	(3,184)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(71)	(10)	1,003	(136)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(241)	(34)	(2,388)	(18,127)
Cash, cash equivalents, and restricted cash at beginning of year	5,029	708	7,417	25,544
Cash, cash equivalents, and restricted cash at end of year	¥ 4,788	$ 674	¥ 5,029	¥ 7,417

Land use rights, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
Land use rights, net (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Land Use Rights, Net [Line Items]
Land use rights	¥ 42,219	¥ 35,481
Less: accumulated amortization and impairment	(2,656)	(1,633)
Net book value	39,563	33,848		$ 5,572
Amortization expenses	900	693	¥ 276
Amortization expenses related to the land use rights for future periods
2024	944
2025	944
2026	944
2027	943
2028	943
2029 and thereafter	34,845
Impairment charge	¥ 210	¥ 0	¥ 0

Parent company only condensed financial information (Details 2) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating expenses
Marketing	¥ (40,133)	$ (5,653)	¥ (37,772)	¥ (38,743)
General and administrative	(9,710)	(1,368)	(11,053)	(11,562)
Income from operations	26,025	3,665	19,723	4,141
Other income/(expense)
Other income/(expense), net	7,496	1,056	(1,555)	(590)
Income/(loss) before tax	31,650	4,457	13,867	(2,580)
Income tax expenses	(8,393)	(1,182)	(4,176)	(1,887)
Net income/(loss)	23,257	3,275	9,691	(4,467)
Net income/(loss) attributable to the Company's ordinary shareholders	24,167	3,403	10,380	(3,560)
Other comprehensive income/(loss):
Foreign currency translation adjustments	1,374	194	7,810	(2,872)
Total comprehensive income/(loss)	24,631	3,469	17,501	(7,339)
Parent company
Operating expenses
Marketing	(4)	(1)	(2)	(4)
General and administrative	(204)	(29)	(331)	(465)
Income from operations	(208)	(30)	(333)	(469)
Other income/(expense)
Income/(loss) from subsidiaries and consolidated VIEs	24,967	3,516	10,667	(2,708)
Other income/(expense), net	(591)	(83)	48	(376)
Income/(loss) before tax	24,168	3,403	10,382	(3,553)
Income tax expenses	(1)		(2)	(7)
Net income/(loss)	24,167	3,403	10,380	(3,560)
Net income/(loss) attributable to the Company's ordinary shareholders	24,167	3,403	10,380	(3,560)
Net income/(loss)	24,167	3,403	10,380	(3,560)
Other comprehensive income/(loss):
Foreign currency translation adjustments	1,862	263	5,131	(2,542)
Total other comprehensive income/(loss)	1,862	263	5,131	(2,542)
Total comprehensive income/(loss)	¥ 26,029	$ 3,666	¥ 15,511	¥ (6,102)

Unsecured senior notes

12 Months Ended

Dec. 31, 2023

Unsecured senior notes

Unsecured senior notes

17.	Unsecured senior notes

In April 2016, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on October 29, 2016. The unsecured senior notes were issued at a discount amounting to RMB79 million. The debt issuance costs of RMB36 million were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets. The five-year unsecured senior notes due 2021 for the principle amount of US$500 million were mature on April 29, 2021, and the Company repaid the principle amount of US$500 million and the last semi-annual interests.

In January 2020, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on July 14, 2020. The unsecured senior notes were issued at a discount amounting to RMB37 million. The debt issuance costs of RMB45 million were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets.

In 2020, the Group repurchased the Company’s unsecured senior notes from the open market with a total principal amounts of US$12 million (RMB78 million) at a reacquisition price of US$10 million (RMB72 million). In 2022, the Group further repurchased the unsecured senior notes from the open market with a total principal amounts of US$6 million (RMB42 million) at a reacquisition price of US$5 million (RMB35 million). The repurchased unsecured senior notes were derecognized from the Group’s consolidated balance sheets, and the relevant repurchase gains amounting to RMB11 million and RMB6 million were recognized in “interest expense” in the Group’s consolidated statements of operations and comprehensive income/(loss) for the years ended December 31,

2020 and 2022, respectively.

A summary of the Company’s unsecured senior notes as of December 31, 2022 and 2023 is as follows:


	As of December 31,				Effective interest rate
	2022		2023		Effective interest rate
	(RMB in millions)
US$500 million 3.875% notes due 2026		3,453		3,520		4.15	%
US$700 million 3.375% notes due 2030		4,812		4,898		3.47	%
US$300 million 4.125% notes due 2050		1,959		1,993		4.25	%

Carrying value		10,224		10,411
Unamortized discount and debt issuance costs		98		86

Total principal amounts of unsecured senior notes		10,322		10,497

The effective interest rates for the unsecured senior notes include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs.

The unsecured senior notes contain covenants including, among others, limitation on liens, consolidation, merger and sale all or substantially all of the Company’s assets. The notes will rank senior in rights of payment to all of the Company’s existing and future obligations expressly subordinated in rights of payment to the notes and rank at least equal in rights of payment with all of the Company’s existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law).


	Principal amounts
	(RMB in millions)
Within 1 year		—
Between 1 to 2 years		—
Between 2 to 3 years		3,541
Between 3 to 4 years		—
Between 4 to 5 years		—
Beyond 5 years		6,956

Total		10,497

Accounts payable (Tables)

12 Months Ended

Dec. 31, 2023

Accounts payable

Schedule of accounts payable

Accounts payable consist of the following:


	As of December 31,
	2022		2023

	(RMB in millions)
Vendor payable		126,821		131,421
Shipping charges payable and others		33,786		34,746

Total		160,607		166,167

Loan facilities and lines of credit (Table)

12 Months Ended

Dec. 31, 2023

Lines of credit and loan facilities

Schedule of long-term borrowings

As of December 31, 2023, the long-term borrowings, including the portion due within one year which were recoded in “short-term debts”, will be repaid according to the following schedule:


	As of December 31, 2023
	(RMB in millions)
2024		471
2025		3,836
2026		2,745
2027		8,239
2028		9,288
2029 and thereafter		7,447

		32,026

Schedule of debt

As of December 31, 2023, the Group’s loan facilities were classified into different types as follows:


	As of December 31, 2023
	(RMB in millions)
Unsecured senior notes (Note 17)		10,411
Unsecured borrowings (*)		25,202
Secured borrowings (**)		11,387

Total		47,000

(*)	As of December 31, 2023, the unsecured borrowings mainly consisted of borrowings without collaterals under loan facility agreements from well-known financial institutions. The major unsecured borrowings are listed as below.

Taxation (Details 4) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of differences between statutory tax rate and effective tax rate
Statutory income tax rate (as a percent)	25.00%	25.00%	25.00%
Tax effect of preferential tax rates and tax holiday	(7.60%)	(19.30%)	86.00%
Tax effect of tax-exempt entities (as a percent)	3.30%	12.10%	(143.70%)
Effect on tax rates in different tax jurisdiction (as a percent)	(0.90%)	(3.20%)	(2.30%)
Tax effect of non-deductible expenses (as a percent)	0.10%	4.00%	(13.80%)
Tax effect of non-taxable income (as a percent)	(0.50%)	(0.40%)	1.40%
Tax effect of Super Deduction and others (as a percent)	(9.60%)	(19.00%)	105.90%
Changes in valuation allowance (as a percent)	9.10%	28.30%	(131.60%)
Effect on withholding income tax	7.60%	2.60%	0.00%
Effective tax rates (as a percent)	26.50%	30.10%	(73.10%)
Effect of tax holiday
Tax holiday effect	¥ 2,397	¥ 2,677	¥ 2,219
Effect of tax holiday on basic net income per share	¥ 0.76	¥ 0.86	¥ 0.71
Effect of tax holiday on diluted net income per share	¥ 0.76	¥ 0.84	¥ 0.71
Deferred tax assets
Net operating loss carry forwards and others	¥ 15,909	¥ 12,715
Deferred revenues	464	472
Inventory valuation allowance	1,092	1,029
Allowance for doubtful accounts	1,098	1,001
Unrealized fair value losses for certain investments	238	595
Less: valuation allowance	(17,057)	(14,276)	¥ (7,670)	¥ (4,289)
Net deferred tax assets	1,744	1,536
Deferred tax liabilities
Long-lived assets arisen from business combinations and asset acquisitions	6,638	5,598
Withholding tax on undistributed earnings	1,779	183
Accelerated tax depreciation and others	850	730
Total deferred tax liabilities	9,267	¥ 6,511
Company's subsidiaries incorporated in Singapore and Hong Kong
Net operating loss carry forwards
Net operating loss carry forwards	11,918
Company's subsidiaries, consolidated VIEs and VIEs' subsidiaries established in PRC and Indonesia
Net operating loss carry forwards
Net operating loss carry forwards	¥ 34,586

JD Technology reorganization (Details) - CNY (¥) ¥ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2017	Dec. 31, 2018
JD Technology [Member]
JD Technology reorganization
Additional cash in investment	¥ 4,000	¥ 1,780
Equity method investment, ownership percentage	41.70%	36.80%
JD Technology [Member]
JD Technology reorganization
Percentage of equity interest converted from profit sharing right		36.80%
Additional cash in investment	¥ 4,000	¥ 1,780
Dual Class Voting Shareholding Structure [Member] \| JD Technology [Member]
JD Technology reorganization
Percentage of Voting Right		18.70%
Held-for-sale \| JD Technology [Member]
JD Technology reorganization
Percentage of equity stake disposed			68.60%
Amount raised			¥ 14,300
Percentage of profit sharing right			40.00%	36.00%
Percentage of equity interest can be converted from profit sharing right			40.00%	36.00%

JD Technology reorganization

12 Months Ended

Dec. 31, 2023

JD Technology reorganization

JD Technology reorganization

6.	JD Technology reorganization

In the first half of 2017, the Group entered into a series of definitive agreements relating to the reorganization of JD Technology. Pursuant to the definitive agreements, the Group disposed all its equity stake of 68.6% in JD Technology so that it held neither legal ownership nor effective control of JD Technology, received RMB14.3 billion in cash and is entitled to a royalty and software technical services fee of 40% of the future

pre-tax

profit of JD Technology when JD Technology has a positive

pre-tax

income on a cumulative basis. In addition, the Group would be able to convert its profit sharing right with respect to JD Technology into 40% of JD Technology’s equity interest, subject to applicable regulatory approvals. Upon the completion of the reorganization on June 30, 2017, JD Technology was deconsolidated from the Group. After JD Technology’s additional round of financing in 2018, the Group’s percentage of JD Technology’s

pre-tax

profit sharing has been diluted to approximately 36%, and if permitted by the regulation, the Group is entitled to convert its profit-sharing right into approximately 36% of JD Technology’s equity interest.

In June 2020, the Group entered into agreements with JD Technology, pursuant to which the Group has, through a consolidated PRC domestic company, acquired an aggregate of 36.8% equity interest in JD Technology by converting the profit sharing right and investing additional RMB1.78 billion in cash in JD Technology. In addition, in June 2020, the shareholders of JD Technology passed a unanimous resolution to restructure JD Technology as a company limited by shares and adopt the dual class voting structure. As a result of this dual class voting shareholding structure, the Group held approximately 18.7% voting power of JD Technology. The transaction has been completed in June 2020. Accordingly, subsequent to the completion of the transaction, investment in JD Technology has been accounted for using equity method, as the Group has significant influence but does not own a majority equity interest or otherwise control. The Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the transaction, so the acquisition of JD Technology’s equity interest was achieved through an under the common control transaction.

Pursuant to the supplemental agreement entered between JD Technology and its shareholders in June 2020, upon certain redemption events of JD Technology, the Group and Suqian Dongtai Jinrong Investment Management Center, Suqian Mingjin Chuangyuan Enterprise Management Consulting Partnership, Mr. Richard Qiangdong Liu have the obligation to make up the shortfall (if any) of the redemption price to the other shareholders of JD Technology when all other means are exhausted, and the shortfall is capped by the proceeds from the sales of the guarantor’s shares of JD Technology. As the Group and JD Technology both are entities under common control of Mr. Richard Qiangdong Liu, the Group is therefore exempted from recording a guarantee liability in its consolidated financial statements. Based on the Group’s assessment, the chance to settle the guarantee obligation by the Group is not probable as of December 31, 2023.

On March 31, 2021, the Group entered into definitive agreements with JD Technology relating to the reorganization of the Group’s cloud computing and artificial intelligence business (“JD Cloud & AI”). Pursuant to the definitive agreements, the Group transferred JD Cloud & AI and additional RMB4 billion in cash, as consideration in exchange for newly issued ordinary shares of JD Technology. To support the smooth business transition of JD Cloud & AI, the Group also transferred some equipment and reserved some restricted share units of the Group for the employees of JD Cloud & AI, for which JD Technology paid cash consideration. Upon completion of the transactions on March 31, 2021, JD Cloud & AI was deconsolidated from the Group’s consolidated financial statements, and the Group’s equity interest in JD Technology increased from 36.8% to 41.7%. The Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the transaction, so the acquisition of JD Technology’s equity interest was achieved through an under the common control transaction.

Principal activities and organization (Tables)

12 Months Ended

Dec. 31, 2023

Principal activities and organization

Schedule of percentage of legal ownership in major subsidiaries, VIEs and VIEs' subsidiaries


	Equity interest held	Place and date of incorporation
Subsidiaries
Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”)	100%	Beijing, China, April 2007
Jiangsu Jingdong Information Technology Co., Ltd.	100%	Jiangsu, China, June 2009
Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”)	100%	Shanghai, China, April 2011
JD Logistics Holding Limited	63%	Hong Kong, China, August 2011
Jingdong Technology Group Corporation	100%	Cayman Islands, November 2011
JINGDONG Property, Inc.	75%	Cayman Islands, January 2012
JD Logistics, Inc.	63%	Cayman Islands, January 2012
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd.	100%	Hong Kong, China, February 2012
JD.com International Limited	100%	Hong Kong, China, February 2012
Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”)	100%	Beijing, China, March 2012
Chongqing Jingdong Haijia E-commerce Co., Ltd. (“Chongqing Haijia”)	100%	Chongqing, China, June 2014
JD.com Investment Limited	100%	British Virgin Islands, January 2015
JD Asia Development Limited	75%	British Virgin Islands, February 2015
Suqian Hanbang Investment Management Co., Ltd.	100%	Jiangsu, China, January 2016
Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”)	63%	Shaanxi, China, May 2017
JD Assets Holding Limited	100%	Cayman Islands, March 2018
JD Property Holding Limited	100%	Cayman Islands, March 2018
Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”)	100%	Beijing, China, May 2018
JD Health International Inc.	67%	Cayman Islands, November 2018
JD Jiankang Limited	100%	British Virgin Islands, April 2019
JD Industrial Technology Limited	100%	British Virgin Islands, October 2019
JINGDONG Industrials, Inc.	77%	Cayman Islands, November 2019
Jingdong Logistics Supply Chain Co., Ltd.	63%	Jiangsu, China, June 2020
Jiangsu Huiji Space Technology Co., Ltd. (“Jiangsu Huiji”)	100%	Jiangsu, China, March 2019
JD Sunflower Investment Limited	100%	British Virgin Islands, February 2016
Windcreek Limited	100%	British Virgin Islands, January 2016
Dada Nexus Limited (“Dada”)	53%	Cayman Islands, July 2014

Consolidated VIEs
Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”)		Beijing, China, April 2007
Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”)		Jiangsu, China, September 2010
Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”)		Jiangsu, China, August 2015
Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”)		Shaanxi, China, June 2017
Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”)		Jiangsu, China, June 2020

Consolidated VIEs’ Subsidiaries
Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”)		Beijing, China, August 2012

Schedule of consolidated financial information


	As of December 31,
	2022		2023

	(RMB in millions)

Total assets		78,162		81,301
Total liabilities		74,553		74,855


	For the year ended December 31,
	2021			2022		2023

	(RMB in millions)

Total net revenues		117,419			134,516		145,795
Net income/(loss)		(3,069	)		1,137		2,503


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)

Net cash provided by operating activities		1,593			5,434			3,291
Net cash provided by/(used in) investing activities		(10,089	)		(4,498	)		3,324
Net cash provided by/(used in) financing activities		11,611			(1,306	)		(900	)

Net increase/(decrease) in cash, cash equivalents, and restricted cash		3,115			(370	)		5,715
Cash, cash equivalents, and restricted cash at beginning of year		2,445			5,560			5,190

Cash, cash equivalents, and restricted cash at end of year		5,560			5,190			10,905

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2022		2023

	(RMB in millions)
Deposits		18,211		19,577
Salary and welfare		11,303		10,781
Accrued administrative expenses		1,917		2,263
Professional fee		1,348		1,559
Rental fee payable		1,361		1,330
Liabilities for return allowances		743		950
Vehicle fee		520		726
Deferred consideration payables		575		445
Internet data center fee		409		366
Payable related to employees’ exercise of share-based awards		1,273		221
Interest payable		167		134
Others		4,743		5,181

Total		42,570		43,533

Related party transactions (Details 2) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tencent Group \| Commission service revenue from cooperation on advertising business
Related Party Transaction [Line Items]
Revenues		¥ 44	¥ 248
Tencent Group \| Services provided and products sold
Related Party Transaction [Line Items]
Revenues		77	553
Tencent Group \| Services received and purchases
Related Party Transaction [Line Items]
Operating expenses		1,314	5,010
Dada Group \| Non-compete agreement
Related Party Transaction [Line Items]
Other income		13	77
Dada Group \| Services provided and products sold
Related Party Transaction [Line Items]
Revenues		135	523
Dada Group \| Services received
Related Party Transaction [Line Items]
Operating expenses		212	1,087
ATRenew Group \| Services provided and products sold
Related Party Transaction [Line Items]
Revenues	¥ 845	806	894
ATRenew Group \| Services received
Related Party Transaction [Line Items]
Operating expenses		4	31
JD Technology \| Loan
Related Party Transaction [Line Items]
Other income	287	301	253
JD Technology \| Services provided and products sold
Related Party Transaction [Line Items]
Revenues	1,696	1,044	882
JD Technology \| Payment processing and other services received
Related Party Transaction [Line Items]
Operating expenses	13,833	11,494	8,762
Property Funds \| Loan
Related Party Transaction [Line Items]
Other income	56	43	39
Property Funds \| Lease and property management services received
Related Party Transaction [Line Items]
Operating expenses	¥ 1,681	¥ 1,249	¥ 1,180

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of future minimum payments under these non-cancelable agreements with initial terms of one year or more

Future minimum payments under these

non-cancelable

agreements with initial terms of one year or more consist of the following:


	As of December 31, 2023
	(RMB in millions)
2024		829
2025		398
2026		363
2027		360
2028		360
2029 and thereafter		2,129

		4,439

Business acquisition - Schedule of allocation of the purchase price as of the date of CNLP acquisition (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Mar. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Goodwill	¥ 19,980	$ 2,814	¥ 23,123		¥ 12,433
CNLP [Member]
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items]
Net assets acquired				¥ 4,309
Appreciation of property, equipment and software, construction in progress and land-use rights				10,908
Goodwill				1,586
Deferred tax liabilities				(2,679)
Non-controlling interests				(2,293)
Total				¥ 11,831

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Leases (Details 2) - CNY (¥) ¥ in Millions	12 Months Ended
Leases (Details 2) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	¥ 8,917	¥ 7,951	¥ 6,763
Short-term lease cost	3,358	3,181	2,782
Total	12,275	11,132	9,545
Cash paid for operating leases	¥ 9,086	¥ 7,915	¥ 6,715

Loan facilities and lines of credit

12 Months Ended

Dec. 31, 2023

Lines of credit and loan facilities

Loan facilities and lines of credit

32.	Loan facilities and lines of credit

As of December 31, 2023, the Group’s loan facilities were classified into different types as follows:


	As of December 31, 2023
	(RMB in millions)
Unsecured senior notes (Note 17)		10,411
Unsecured borrowings (*)		25,202
Secured borrowings (**)		11,387

Total		47,000

(*)	As of December 31, 2023, the unsecured borrowings mainly consisted of borrowings without collaterals under loan facility agreements from well-known financial institutions. The major unsecured borrowings are listed as below.

In October 2021, the Group entered into a

one-year

HK$15,931 million term loan facility agreement. The term loans under this facility were priced at

basis points over Hong Kong Interbank Offered Rate (“HIBOR”) on and from the date of first loan made or to be made (“Initial Utilization Date”) to and including the date falling 6 months from the Initial Utilization Date, and thereafter at

basis points over HIBOR. In February and May 2022, the Group drew down HK$6,300 million and HK$2,741 million under the facility commitment, respectively, and the borrowings were fully repaid in February 2023. The Group entered into another

one-year

HK$9,041 million term loan facility agreement to refinance the loan and drew down all the facility in February 2023 and the borrowings were fully repaid in December 2023. In December 2023, the Group entered into a RMB8,500 million term loan agreement with interest rate at

basis poin

s below Loan Prime Rate (“LPR”) to refinance the loan and drew down RMB8,286 million, which was expected to be repaid

hrough

December 2028

in installments.

As of December 31, 2023,

RMB166 million and RMB8,120 million of

the borrowings were recorded in

short-term debts and

long-term borrowings in the consolidated balance sheets

, respectively

In December 2021, the Group entered into a

five-year

US$2,000 million unsecured term and revolving loan facility with 5 lead arrangers. The term and revolving loans under this facility were priced at

basis points over London Interbank Offered Rate, which was amended to the secured overnight financing rate (“SOFR”) in September

2022. In the second quarter of 2022

, the Group drew down US$

1,000

million under the facility commitment, which will be due in 2027. As of December 31, 2023, RMB

7,083

million of the borrowings above were recorded in long-term borrowings in the consolidated balance sheets and the undrawn balance was US$

1,000

million under the credit facilities agreement.

In December 2022, the Group entered into a seven-year RMB3,000 million term loan facility agreement. The term loans under this facility were priced at

145

basis points

below LPR.

The Group drew down RMB2,000 million and RMB1,000 million under the facility commitment in December 2022 and December 2023, respectively. In December 2023, the Group repaid the borrowings of RMB10 million. As of December 31, 2023, RMB45 million was recorded in short-term debts and RMB2,945 million borrowings were recorded in long-term borrowings in the consolidated balance sheets.

As of December 31, 2023, in addition to the above unsecured borrowings, RMB4,027 million and RMB2,816 million borrowings recorded in short-term debts and long-term borrowings, respectively, were without collaterals and borrowed from well-known financial institutions.

(**)

As of December 31, 2023, RMB796 million and RMB10,591 million borrowings, were recorded in short-term debts and long-term borrowings, respectively, with collaterals of RMB23,390

million which mainly comprised of construction in progress, buildings, land use rights and certain subsidiary’s equity interests measured at fair value.

As of December 31, 2023, the long-term borrowings, including the portion due within one year which were recoded in “short-term debts”, will be repaid according to the following schedule:


	As of December 31, 2023
	(RMB in millions)
2024		471
2025		3,836
2026		2,745
2027		8,239
2028		9,288
2029 and thereafter		7,447

		32,026

As of December 31, 2023, the weighted average interest rate for the outstanding short-term debts was 3.1% per annum.

As of December 31, 2023, the Group had agreements with reputable commercial banks for unsecured revolving lines of credit, and increased its revolving lines of credit to RMB164,333 million, which can be used for borrowings, bank acceptance, bank guarantee, etc., pursuant to the underlying agreements. The Group was in compliance with the financial covenants, if any, under those lines of credit as of December 31, 2023. As of December 31, 2023, under the lines of credit, the Group mainly had RMB120,695 million unused.

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair value measurement

Schedule of assets and liabilities that are measured at fair value on a recurring basis

As of December 31, 2022 and 2023, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(RMB in millions)
Assets:
Restricted cash		6,254		—		6,254		—
Short-term investments
Wealth management products		71,496		—		71,496		—
Marketable securities and other investments
Listed equity securities		11,611		11,611		—		—
Wealth management products		2,649		—		2,649		—

Total assets		92,010		11,611		80,399		—


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(RMB in millions)
Assets:
Restricted cash		7,506		—		7,506		—
Short-term investments
Wealth management products		56,847		—		56,847		—
Marketable securities and other investments
Listed equity securities		2,765		2,765		—		—
Wealth management products		2,808		—		2,808		—

Total assets		69,926		2,765		67,161		—

Ordinary shares

12 Months Ended

Dec. 31, 2023

Ordinary shares

Ordinary shares

23.	Ordinary shares

On May 10, 2019, the Company renewed the strategic cooperation agreement in March 2014 with Tencent Holdings Limited (“Tencent”), for a period of three years starting from May 27, 2019. Tencent continued to provide traffic support, and the two parties also intend to continue to cooperate in a number of areas. As part of the total consideration, the Company agreed to issue to Huang River Investment Limited, a wholly owned subsidiary of Tencent, a certain number of the Company’s Class A ordinary shares for a consideration of approximately US$250 million at prevailing market prices at certain

pre-determined

dates during the three-year period, of which 8,127,302, 2,938,584 and 1,914,998 of the Company’s Class A ordinary shares were issued in May 2019, May 2020 and June 2021, respectively.

On June 29, 2022, the Company renewed the strategic cooperation agreement with Tencent, for a period of three years starting from May 27, 2022. As part of the total consideration, the Company agreed to issue to Tencent a certain number of the Company’s Class A ordinary shares for a consideration of up to US$220 million at prevailing market prices at certain

pre-determined

dates during the three-year period, of which 2,164,236 and 3,761,270 of the Company’s Class A ordinary shares

had

been issued in July 2022 and May 2023.

In June 2020, the Company completed its global offering and the Company’s shares have been listed on the Main Board of the HKEX. Accordingly, the Company issued 152,912,100 Class A ordinary shares, including the exercise of the over-allotment option.

The ordinary shares reserved for future exercise of the RSUs and share options were 90,955,190 and 71,791,880 as of December 31, 2022 and 2023, respectively.

Investment in equity investees (Details 4) ¥ in Millions, $ in Millions		1 Months Ended
	Mar. 31, 2021 CNY (¥)	Jun. 30, 2020 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jun. 30, 2021 CNY (¥)
Equity method investments
Investments accounted for under the equity method			¥ 30,460		¥ 28,952
Additional paid-in capital			184,204	$ 25,945	¥ 184,041
JD Technology
Equity method investments
Investments accounted for under the equity method			¥ 13,423				¥ 2,620
Percentage of the issued and outstanding ordinary shares (in percentage)	41.70%	36.80%
Total consideration in cash	¥ 4,000	¥ 1,780
Additional paid-in capital						¥ (901)
Percentage of equity interest	41.70%

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

18.

Leases

The Group has operating leases for warehouses, stores, office spaces, delivery centers and other corporate assets that the Group utilizes under lease arrangements.

A summary of supplemental information related to operating leases as of December 31, 2022 and 2023 is as follows:


	As of December 31,
	2022			2023

	(RMB in millions)
Operating lease ROU assets		22,267			20,863
Operating lease liabilities-current		7,688			7,755
Operating lease liabilities-non-current		14,978			13,676

Total operating lease liabilities		22,666			21,431

Weighted average remaining lease term		5.4 years			5.4 years
Weighted average discount rate		5.0	%		4.7	%


	For the year ended December 31,
	2021		2022		2023

	(RMB in millions)
Operating lease cost		6,763		7,951		8,917
Short-term lease cost		2,782		3,181		3,358

Total		9,545		11,132		12,275

Cash paid for operating leases		6,715		7,915		9,086

A summary of maturity of operating lease liabilities under the Group’s

non-cancelable

operating leases as of December 31, 2023 is as follows:


	As of December 31, 2023
	(RMB in millions)
2024		8,111
2025		5,029
2026		3,039
2027		1,943
2028		1,515
2029 and thereafter		5,467

Total lease payments		25,104
Less: interest		(3,673	)

Present value of operating lease liabilities		21,431

As of December 31, 2023, the Group has no significant lease contract that has been entered into but not yet commenced.

Accounts payable

12 Months Ended

Dec. 31, 2023

Accounts payable

Accounts payable

15.	Accounts payable

Accounts payable consist of the following:


	As of December 31,
	2022		2023

	(RMB in millions)
Vendor payable		126,821		131,421
Shipping charges payable and others		33,786		34,746

Total		160,607		166,167

JD Technology and other financial institutions (the “Institutions”) offer supply chain financing services to the Group’s suppliers. Suppliers can sell one or more of the Group’s payment obligations at their sole discretion to the Institutions to receive funds ahead of time to meet their cash flow needs. The Group’s rights and obligations are not impacted and the original payment terms, timing or amount, remain unchanged. The Group did not provide assets pledged as security or other forms of guarantees under the supply chain financing arrangements. As of December 31, 2022 and

2023, RMB16,671 million and RMB21,316 million, respectively, of the outstanding payment obligations were elected by the suppliers and sold to the Institutions.

Net income/(loss) per share (Tables)

12 Months Ended

Dec. 31, 2023

Net income/(loss) per share

Schedule of basic and diluted net income/(loss) per share

Basic and diluted net income/(loss) per share for each of the years presented are calculated as follows:


	For the year ended December 31,
	2021			2022			2023
Numerator:
Net income/(loss) attributable to the Company’s ordinary shareholders – basic (RMB in millions)		(3,560	)		10,380			24,167
Impact of subsidiaries’ diluted earnings (RMB in millions)		(2	)		(170	)		(30	)

Net income/(loss) attributable to the Company’s ordinary shareholders – diluted (RMB in millions)		(3,562	)		10,210			24,137

Denominator:
Weighted average number of shares – basic		3,107,436,665			3,125,571,110			3,144,233,160
Adjustments for dilutive options and RSUs		—			55,315,026			26,309,236

Weighted average number of shares – diluted		3,107,436,665			3,180,886,136			3,170,542,396

Basic net income/(loss) per share attributable to the Company’s ordinary shareholders (RMB)		(1.15	)		3.32			7.69

Diluted net income/(loss) per share attributable to the Company’s ordinary shareholders (RMB)		(1.15	)		3.21			7.61

Business Acquisition

12 Months Ended

Dec. 31, 2023

Business Combination

Business Acquisition

7.	Business acquisition

Acquisition of Dada

In February 2022, the Group acquired additional number of ordinary shares of Dada, China’s leading local

on-demand

delivery and retail platform, for a total consideration of US$800 million with a combination of cash and certain strategic resources to Dada. The Group held, taking into account its existing shareholding, approximately 52% of Dada’s issued and outstanding shares and consolidated the financial results of Dada into the Group’s consolidated financial statements since February 28, 2022.

The Group recognized a remeasurement gain of RMB72 million associated with the previously held equity interests of Dada in “Share of results of equity investees”. The fair value of the previously held equity interests was determined by the market price of shares of Dada at the acquisition date.

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		3,452
Business cooperation agreement as consideration of the acquisition		1,606
Fair value of previously held equity interests		5,702

Total		10,760


	Amounts
	(RMB in millions)
Net assets acquired		7,549
Newly identified and appreciation of intangible assets
- Trademarks and domain names		805
- Technology		525
- Relationship with riders		640
- Consumer base		120
Premium not reflected in goodwill		3,623
Goodwill		4,542
Deferred tax liabilities		(522	)
Non-controlling interests		(6,522	)

Total		10,760

The premium not reflected in goodwill was recognized as a loss of RMB3,623 million in “others, net” resulting from the change of Dada’s share price prior to the closing of the acquisition.

Net assets acquired primarily consisted of cash and cash equivalents and restricted cash of RMB4,623 million as of the date of acquisition. Acquired amortizable intangible assets had a weighted-average amortization period of 7.0 years. Fair value of the

non-controlling

interests was determined by the market price of shares of Dada

as of

the

date of

acquisition.

Goodwill arising from the acquisition of Dada was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and assigned to Dada reporting unit of RMB3,143 million and JD Retail reporting unit of RMB1,399 million on the basis of the expected synergies from the acquisition of Dada. Goodwill arising from the acquisition is not expected to be deductible for tax purposes.

Had the acquisition date of Dada been January 1, 2021, the revenue

and net loss of the Group would have been RMB956.8 billion and RMB6.3 billion in 2021, respectively, and the revenue

and net income of the Group would have been RMB1,047.2 billion and RMB9.5 billion in 2022, respectively. The

pro-forma

information is for illustrative purposes only and is not necessarily an indication of revenue

and results of operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2021, nor is it intended to be a projection of future results. The

pro-forma

amounts have been calculated after adjusting the results of Dada to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2021.

Acquisition of CNLP

In September 2021, the Group, through JD Property, entered into a sale and purchase agreement to acquire additional shares of CNLP, which is principally engaged in the leasing of storage facilities and the related management services and was listed on the Main Board of the HKEX, representing approximately 26.38% of the issued share capital of CNLP. In accordance with relevant listing rules, JD Property was required to make an offer for all the issued shares of CNLP and an offer for all the outstanding convertible bonds of CNLP. As of March 1, 2022, JD Property obtained all the outstanding convertible bonds and certain number of CNLP’s issued and outstanding shares with a cash consideration of HK$13,066 million. The Group obtained control of CNLP since it assigned all the board members of CNLP on March 1, 2022 and held approximately 80% of shareholding interests. Prior to the acquisition, the Group held 10.6% of the issued share capital of CNLP and measured its investment in CNLP at fair value. The fair value of the previously held equity interests was determined by the market price of shares of CNLP

as of

the

date of

acquisition.

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		10,538
Fair value of previously held equity interests		1,293

Total		11,831


	Amounts
	(RMB in millions)

Net assets acquired		4,309
Appreciation of property, equipment and software, construction in progress and land use rights		10,908
Goodwill		1,586
Deferred tax liabilities		(2,679	)
Non-controlling interests		(2,293	)

Total		11,831

Net assets acquired primarily consisted of property, equipment and software, construction in progress and land use rights of RMB12,026 million and borrowings of RMB8,886 million as of the date of acquisition. Fair value of the

non-controlling

interests was determined based on the market price of shares of CNLP

as of

the

date of

acquisition.

Goodwill arising from the acquisition of CNLP was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and recorded in New Businesses segment. Goodwill arising on the acquisition is not expected to be deductible for tax purposes.

From March to July 2022, the Group acquired the remaining equity interest in CNLP with a total consideration of HK$3,072 million (RMB2,637 million), which is treated as an equity transaction. CNLP was privatized on July 15, 2022. Upon completion of the transaction, CNLP became a wholly-owned subsidiary of the Company.

Results of operations attributable to the acquisition of CNLP and pro forma results of operations for the acquisition of CNLP have not been presented because they are not material to the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2021 and 2022.

Acquisition of Deppon Holdco

On March 11, 2022, the Group, through a subsidiary of JD Logistics, entered into a series of agreements with the shareholders of Deppon Holdco, in relation to the acquisition of approximately 99.99% equity interest of Deppon Holdco, which in turn holds approximately 66.5% of the issued share capital of Deppon Logistics Co., Ltd (“Deppon”), for a total consideration of approximately RMB8,976 million. Deppon is a company established under the laws of the PRC, the shares of which are listed on the Shanghai Stock Exchange (stock code: 603056). Deppon is an integrated, customer-centered logistics company providing a wide range of solutions including Less-Than-Truckload (LTL) transportation, Full Truck Load (FTL) transportation, delivery services, and warehousing management. The acquisition was completed on July 26, 2022. Upon completion of the transaction, Deppon Holdco became a consolidated subsidiary of the Group.

Deppon Holdco owns certain entities, assets and liabilities that the Group and the founding vendors have agreed to exclude from the consolidated financial statements of Deppon Holdco (the “Excluded Business”), which the founding vendors shall be solely responsible for the costs, expenses and liabilities relating to the Excluded Business and its subsequent disposal. Accordingly, for those subsidiaries under the Excluded Business, the Group considers that it has no power, no exposures, nor rights to variable returns from involvement of their business operations. Further, the Group also does not have any ability to affect the amount of the Group’s returns from the aforesaid subsidiaries. Therefore, the Group considers that the control of these subsidiaries will not be obtained through the acquisition, thus the financial information of these subsidiaries under the Excluded Business will not be consolidated into the consolidated financial statements of the Group after the acquisition.

The purchase price as of the date of acquisition is comprised of:


	Amounts
	(RMB in millions)
Cash		8,976


	Amounts
	(RMB in millions)
Net assets acquired		6,570
Newly identified and appreciation of intangible assets
- Trademarks and domain names		1,661
- Technology		676
- Customer relationships		8
Appreciation of construction in progress and land use rights		15
Goodwill		5,350
Deferred tax liabilities		(590	)
Non-controlling interests		(4,714	)

Total		8,976

Net assets acquired primarily consisted of property, equipment and software, construction in progress and land use rights of RMB5,306 million, short-term investments of RMB1,270 million and borrowings of RMB3,776 million as of the date of acquisition. Acquired amortizable intangible assets had a weighted-average amortization period of 15.3 years. Fair value of the

non-controlling

interests was determined based on the market price of shares of Deppon

as of

the

date of

acquisition.

The fair value of the trade receivables acquired was RMB2,101 million

as of

the date of acquisition. The best estimate

as of the date of

acquisition of the contractual cash flows not expected to be collected was not material.

Goodwill arising from the acquisition of Deppon Holdco was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and recorded in JD Logistics segment. Goodwill arising on the acquisition is not expected to be deductible for tax purposes.

In March 2022, the Group and Mr. Weixing Cui, one of the founding vendors of Deppon, entered into an option agreement in relation to the 43,009,184 shares of Deppon (the “Option Shares”) pledged to the Group, whereas Mr. Weixing Cui shall have the right to cause the Group to purchase all (but not less than all) of the Option Shares at put option price. The exercise of the put option is subject to certain conditions as set out in the option agreement, which is not solely within the control of JD Logistics. The Option Shares were recorded as redeemable

non-controlling

interests under mezzanine equity in amount of RMB589 million

as of

the

date of

acquisition.

Had the acquisition date of Deppon been January 1, 2021, the revenue

and net loss of the Group would have been RMB982.8 billion and RMB4.5 billion in 2021, respectively, and the revenue

and net income of the Group would have been RMB1,063.2 billion and RMB9.7 billion in 2022, respectively. The

pro-forma

information is for illustrative purposes only and is not necessarily an indication of revenue

and results of operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2021, nor is it intended to be a projection of future results. The

pro-forma

amounts have been calculated after adjusting the results of Deppon to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2021.

The consideration of the acquisition shall be settled in installments. As of December 31, 2023, deferred consideration payables of RMB445 million

were

recorded in “Accrued expenses and other current liabilities”.

The related transaction costs of these business combinations are not material to the consolidated financial statements.

Concentration and risks (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Concentration and risks (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022
Concentration and risks
Foreign currency exchange appreciation (depreciation) rate	2.00%	8.00%
Currency convertibility risk
Concentration and risks
Cash and cash equivalents, restricted cash and short-term investments	¥ 172,383	¥ 146,152

Parent company only condensed financial information (Tables)

12 Months Ended

Dec. 31, 2023

Parent company only condensed financial information

Condensed Balance Sheets


	As of December 31,
	2022			2023
	RMB			RMB			US$
							Note 2(g)
	(in millions, except share and per share data)
ASSETS
Cash and cash equivalents		5,029			4,788			674
Short-term investments		—			2,843			400
Internal balance		63,708			53,088			7,478
Investments in subsidiaries and consolidated VIEs		162,015			188,817			26,595
Prepayments and other assets		308			154			22

Total assets		231,060			249,690			35,169

LIABILITIES
Unsecured senior notes		10,347			10,536			1,484
Long-term borrowings		6,965			7,083			998
Accrued expenses and other liabilities		382			213			30

Total liabilities		17,694			17,832			2,512

SHAREHOLDERS’ EQUITY:
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022; 2,860,222,213 Class A ordinary shares issued and 2,820,978,543 outstanding, 323,212,124 Class B ordinary shares issued and 316,685,372 outstanding as of December 31, 2023.)		—	*		—	*		—	*
Additional paid-in capital		184,041			184,204			25,945
Statutory reserves		3,473			6,109			860
Treasury stock		(2,493	)		(3,409	)		(480	)
Retained earnings		29,304			44,051			6,205
Accumulated other comprehensive income/(loss)		(959	)		903			127

Total shareholders’ equity		213,366			231,858			32,657

Total liabilities and shareholders’ equity		231,060			249,690			35,169

*	Absolute amount is less than RMB1 million.

Condensed Statements of Operations and Comprehensive Income

Condensed Statements of Operations and Comprehensive Income/(Loss)


	For the year ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(g)
	(in millions)
Operating expenses
Marketing		(4	)		(2	)		(4	)		(1	)
General and administrative		(465	)		(331	)		(204	)		(29	)

Loss from operations		(469	)		(333	)		(208	)		(30	)

Other income/(expense)
Income/(loss) from subsidiaries and consolidated VIEs		(2,708	)		10,667			24,967			3,516
Other income/(expense), net		(376	)		48			(591	)		(83	)

Income/(loss) before tax		(3,553	)		10,382			24,168			3,403
Income tax expenses		(7	)		(2	)		(1	)		—

Net income/(loss)		(3,560	)		10,380			24,167			3,403

Net income/(loss) attributable to the Company’s ordinary shareholders		(3,560	)		10,380			24,167			3,403


Net income/(loss)		(3,560	)		10,380			24,167			3,403
Other comprehensive income/(loss):
Foreign currency translation adjustments		(2,542	)		5,131			1,862			263

Total other comprehensive income/(loss)		(2,542	)		5,131			1,862			263

Total comprehensive income/(loss)		(6,102	)		15,511			26,029			3,666

Condensed Statements of Cash Flows


	For the year ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(g)
	(in millions)
Net cash used in operating activities		(411	)		(509	)		(765	)		(108	)

Cash flows from investing activities:
Purchase of short-term investments		(3,189	)		—			(2,833	)		(399	)
Maturity of short-term investments		6,546			1			—			—
Loans (provided to)/settled by internal companies		(20,900	)		7,426			12,633			1,779
Other investing activities		3,147			—			—			—

Net cash provided by/(used in) investing activities		(14,396	)		7,427			9,800			1,380

Cash flows from financing activities:
Repurchase of ordinary shares		—			(1,823	)		(2,497	)		(352	)
Cash paid for dividends		—			(13,087	)		(6,741	)		(949	)
Proceeds from short-term borrowings		—			3,945			—			—
Repayment of short-term borrowings		—			(7,005	)		—			—
Proceeds from long-term borrowings		—			6,618			—			—
Repayment of unsecured senior notes		(3,246	)		—			—			—
Other financing activities		62			1,043			33			5

Net cash used in financing activities		(3,184	)		(10,309	)		(9,205	)		(1,296	)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(136	)		1,003			(71	)		(10	)

Net decrease in cash, cash equivalents, and restricted cash		(18,127	)		(2,388	)		(241	)		(34	)
Cash, cash equivalents, and restricted cash at beginning of year		25,544			7,417			5,029			708

Cash, cash equivalents, and restricted cash at end of year		7,417			5,029			4,788			674

Summary of significant accounting policies (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Foreign currency translation
Debt Instrument, Face Amount	¥ 8,300
Convenience translation
Convenience translation rate (RMB to USD)	7.0999
Loan receivables, net
Provision for the doubtful loan receivables	¥ 0	¥ 0	¥ 0
Minimum
Loan receivables, net
Loan periods extended range	1 month
Maximum
Loan receivables, net
Loan periods extended range	24 months
Electronic equipment \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	3 years
Electronic equipment \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Office equipment
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Vehicles \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	3 years
Vehicles \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	6 years
Logistic,warehouse and other heavy equipment \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Logistic,warehouse and other heavy equipment \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	10 years
Leasehold improvement
Property, equipment and software, net
Estimated useful Lives	Over the shorter of the expected life of leasehold improvements or the lease term
Software \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	3 years
Software \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Land
Property, equipment and software, net
Estimated useful Lives	Indefinite
Building \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	30 years
Building \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	40 years
Building improvement \| Minimum
Property, equipment and software, net
Estimated useful Lives (in Years)	5 years
Building improvement \| Maximum
Property, equipment and software, net
Estimated useful Lives (in Years)	10 years
Other non-current assets
Loan receivables, net
The loan receivables with the collection period over one year	¥ 251	142
Prepayments and other current assets
Loan receivables, net
The loan receivables with the collection period less than one year	¥ 1,711	¥ 2,131

Parent company only condensed financial information

12 Months Ended

Dec. 31, 2023

Parent company only condensed financial information

Parent company only condensed financial information

36.	Parent company only condensed financial information

The Company performed a test on the restricted net assets of the consolidated subsidiaries and VIEs in accordance with Rule

5-04

S-X,

and concluded that it was applicable for the Company to disclose the financial information for the parent company only.

As of December 31, 2023, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements.

Condensed Balance Sheets


	As of December 31,
	2022			2023
	RMB			RMB			US$
							Note 2(g)
	(in millions, except share and per share data)
ASSETS
Cash and cash equivalents		5,029			4,788			674
Short-term investments		—			2,843			400
Internal balance		63,708			53,088			7,478
Investments in subsidiaries and consolidated VIEs		162,015			188,817			26,595
Prepayments and other assets		308			154			22

Total assets		231,060			249,690			35,169

LIABILITIES
Unsecured senior notes		10,347			10,536			1,484
Long-term borrowings		6,965			7,083			998
Accrued expenses and other liabilities		382			213			30

Total liabilities		17,694			17,832			2,512

SHAREHOLDERS’ EQUITY:
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022; 2,860,222,213 Class A ordinary shares issued and 2,820,978,543 outstanding, 323,212,124 Class B ordinary shares issued and 316,685,372 outstanding as of December 31, 2023.)		—	*		—	*		—	*
Additional paid-in capital		184,041			184,204			25,945
Statutory reserves		3,473			6,109			860
Treasury stock		(2,493	)		(3,409	)		(480	)
Retained earnings		29,304			44,051			6,205
Accumulated other comprehensive income/(loss)		(959	)		903			127

Total shareholders’ equity		213,366			231,858			32,657

Total liabilities and shareholders’ equity		231,060			249,690			35,169

*	Absolute amount is less than RMB1 million.

Condensed Statements of Operations and Comprehensive Income/(Loss)


	For the year ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(g)
	(in millions)
Operating expenses
Marketing		(4	)		(2	)		(4	)		(1	)
General and administrative		(465	)		(331	)		(204	)		(29	)

Loss from operations		(469	)		(333	)		(208	)		(30	)

Other income/(expense)
Income/(loss) from subsidiaries and consolidated VIEs		(2,708	)		10,667			24,967			3,516
Other income/(expense), net		(376	)		48			(591	)		(83	)

Income/(loss) before tax		(3,553	)		10,382			24,168			3,403
Income tax expenses		(7	)		(2	)		(1	)		—

Net income/(loss)		(3,560	)		10,380			24,167			3,403

Net income/(loss) attributable to the Company’s ordinary shareholders		(3,560	)		10,380			24,167			3,403


Net income/(loss)		(3,560	)		10,380			24,167			3,403
Other comprehensive income/(loss):
Foreign currency translation adjustments		(2,542	)		5,131			1,862			263

Total other comprehensive income/(loss)		(2,542	)		5,131			1,862			263

Total comprehensive income/(loss)		(6,102	)		15,511			26,029			3,666

Condensed Statements of Cash Flows


	For the year ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(g)
	(in millions)
Net cash used in operating activities		(411	)		(509	)		(765	)		(108	)

Cash flows from investing activities:
Purchase of short-term investments		(3,189	)		—			(2,833	)		(399	)
Maturity of short-term investments		6,546			1			—			—
Loans (provided to)/settled by internal companies		(20,900	)		7,426			12,633			1,779
Other investing activities		3,147			—			—			—

Net cash provided by/(used in) investing activities		(14,396	)		7,427			9,800			1,380

Cash flows from financing activities:
Repurchase of ordinary shares		—			(1,823	)		(2,497	)		(352	)
Cash paid for dividends		—			(13,087	)		(6,741	)		(949	)
Proceeds from short-term borrowings		—			3,945			—			—
Repayment of short-term borrowings		—			(7,005	)		—			—
Proceeds from long-term borrowings		—			6,618			—			—
Repayment of unsecured senior notes		(3,246	)		—			—			—
Other financing activities		62			1,043			33			5

Net cash used in financing activities		(3,184	)		(10,309	)		(9,205	)		(1,296	)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(136	)		1,003			(71	)		(10	)

Net decrease in cash, cash equivalents, and restricted cash		(18,127	)		(2,388	)		(241	)		(34	)
Cash, cash equivalents, and restricted cash at beginning of year		25,544			7,417			5,029			708

Cash, cash equivalents, and restricted cash at end of year		7,417			5,029			4,788			674

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and consolidated VIEs.

For the parent company only condensed financial information, the Company records its investments in subsidiaries and consolidated VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented in the condensed balance sheets as “Investments in subsidiaries and consolidated VIEs” and shares in the subsidiaries and consolidated VIEs’ financial results are presented as “Income/(loss) from subsidiaries and consolidated VIEs” in the condensed statements of operations and comprehensive income/(loss). The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements.

Related party transactions (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Tencent Group [Member]
Related party transactions
Noncontrolling interest, ownership percentage by parent				2.30%
Common Class A [Member]
Related party transactions
Common stock, shares, issued	2,860,222,213	2,793,298,344
Common Class A [Member] \| Tencent Group [Member]
Related party transactions
Common stock, shares, issued				460,000,000
JD Technology
Related party transactions
Amount of over-due receivable transferred	¥ 240	¥ 237	¥ 77
JD Technology \| Finance receivables past due over certain agreed period of time
Related party transactions
Accounts receivables transferred without recourse and derecognized	55,028	50,282	¥ 43,299
Related party transaction, Amounts of transaction		1,462
Related parties, other than the major related parties
Related party transactions
Amount due from related parties	¥ 498	¥ 565
Amount due from related parties as a percentage of total accounts receivable, net and prepayments and other current assets	1.39%	1.58%
Amount due to and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties	¥ 173	¥ 488
Amount due to and deferred revenues from related parties as a percentage of total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other non-current liabilities	0.07%	0.20%
Related parties, other than the major related parties \| Total net revenues \| Related parties concentration risk
Related party transactions
Concentration risk (as a percentage)	0.12%	0.26%	0.24%
Related parties, other than the major related parties \| Total operating expenses \| Related parties concentration risk
Related party transactions
Concentration risk (as a percentage)	0.12%	0.13%	0.17%

Taxation (Details 5) - CNY (¥) ¥ in Millions	12 Months Ended
Taxation (Details 5) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Balance at beginning of the Year	¥ 14,276	¥ 7,670	¥ 4,289
Additions	6,630	7,694	5,052
Reversals	(3,849)	(1,088)	(1,671)
Balance at end of the Year	¥ 17,057	¥ 14,276	¥ 7,670

Segment reporting (Details) ¥ in Millions, $ in Millions	12 Months Ended
Segment reporting (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Net revenues	¥ 1,084,662	$ 152,771	¥ 1,046,236	¥ 951,592
Operating income/(loss)	26,025	3,665	19,723	4,141
Including: gain on sale of development properties	2,283	322	1,379	767
Impairment of long-lived assets	(2,025)	(285)
Total other income/(expense)	5,625		(5,856)	(6,721)
Income/(loss) before tax	31,650	$ 4,457	13,867	(2,580)
Operating segments
Net revenues	1,084,662		1,046,236	951,016
Operating income/(loss)	36,601		28,963	14,186
Inter-segment
Net revenues	(53,923)		(50,904)	(46,043)
Unallocated items
Net revenues				576
Operating income/(loss)	(10,576)		(9,240)	(10,045)
JD Retail \| Operating segments
Net revenues	945,343		929,929	866,303
Operating income/(loss)	35,925		34,852	26,613
JD Logistics \| Operating segments
Net revenues	166,625		137,402	104,693
Operating income/(loss)	1,005		528	(1,827)
Dada \| Operating segments
Net revenues	10,506		8,030
Operating income/(loss)	(488)		(1,122)
New Businesses \| Operating segments
Net revenues	16,111		21,779	26,063
Operating income/(loss)	159		(5,295)	(10,600)
Including: gain on sale of development properties	2,283		¥ 1,379	¥ 767
Impairment of long-lived assets	¥ (1,123)

Accrued expenses and other current liabilities (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accrued expenses and other current liabilities
Deposits	¥ 19,577		¥ 18,211
Salary and welfare	10,781		11,303
Accrued administrative expenses	2,263		1,917
Professional fee	1,559		1,348
Rental fee payable	1,330		1,361
Liabilities for return allowances	950		743
Vehicle fee	726		520
Deferred consideration payables	445		575
Internet data center fee	366		409
Payable related to employees' exercise of share-based awards	221		1,273
Interest payable	134		167
Others	5,181		4,743
Total	¥ 43,533	$ 6,132	¥ 42,570

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-based compensation

Share-based compensation

27.	Share-based compensation

For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized were RMB9,134 million, RMB7,548 million and RMB4,804 million, respectively. The following table sets forth the allocation of share-based compensation expenses:


	For the year ended December 31,
	2021		2022		2023

	(RMB in millions)
Cost of revenues		102		143		133
Fulfillment		882		930		697
Marketing		586		631		426
Research and development		1,781		1,557		859
General and administrative		5,783		4,287		2,689

Total		9,134		7,548		4,804

Share incentive plan

The Company granted share-based awards to eligible employees and

non-employees

pursuant to a share incentive plan entitled “Share Incentive Plan”. On November 14, 2023, the Board of Directors approved the 2023 Share Incentive Plan which w

ill

expire on December 20, 2033 as a renewal of the prior Share Incentive Plan adopted on November 13, 2014 and

governs

the terms of the awards.

As of December 31, 2023, the Group had reserved 223,666,717 ordinary shares available to be granted as share-based awards under the Share Incentive Plan.

(1)	Employee and non-employee awards

The RSUs and share options are

mainly

scheduled to be vested over

four or six years.

One-fourth or

one-sixth

of the awards, depending on different vesting schedules of the plans, are usually vested upon the end of the calendar year in which the awards were granted or the first anniversary dates of the grants, and the remaining of the awards shall be vested on straight line basis at the end of the remaining calendar or the anniversary years.

Upon the reorganization of JD Technology, the employees’ status of JD Technology changed from the employees of the Company’s subsidiary to

non-employees

of the Company. Subsequent to June 2020, the employees’ status of JD Technology changed from

non-employees

of the Company to employees of the Company’s equity method investee. Share-based awards granted by the Company to employees of JD Technology and share-based awards granted by JD Technology to employees of the Company were insignificant for all periods presented.

RSUs

Service-based RSUs

A summary of activities of the service-based RSUs for the years ended December 31, 2021, 2022 and 2023 is presented as follows:


	Number of RSUs			Weighted- Average Grant-Date Fair Value
				US$
Unvested as of December 31, 2020		108,269,242			19.62

Granted		30,069,498			39.93
Vested		(23,834,466	)		18.89
Forfeited or cancelled		(19,395,408	)		21.30

Unvested as of December 31, 2021		95,108,866			25.89

Granted		13,951,100			29.81
Vested		(23,123,292	)		23.04
Forfeited or cancelled		(14,295,620	)		25.94

Unvested as of December 31, 2022		71,641,054			27.56

Granted		16,682,380			18.24
Vested		(19,416,652	)		24.83
Forfeited or cancelled		(14,918,722	)		28.48

Unvested as of December 31, 2023		53,988,060			25.40

As of December 31, 2022 and 2023, 5,526,834 and 2,838,656 outstanding service-based RSUs were held by

non-employees

and employees of the Company’s equity method investee, respectively, mainly including employees of JD Technology.

For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were RMB4,129 million, RMB3,877 million and RMB1,840 million, respectively.

As of December 31, 2023, there were RMB3,765 million of unrecognized share-based compensation expenses related to the service-based RSUs granted. The expenses are expected to be recognized over a weighted-average period of 3.3 years. The total fair value of service-based RSUs vested was RMB6,359 million, RMB4,590 million and RMB2,930 million during the years ended December 31, 2021, 2022 and 2023, respectively.

Share options

A summary of activities of the servi

e-based share options for the years ended December 31, 2021, 2022 and 2023 is presented as follows:


	Number of Share Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
				US$		Year		US$ in millions
Outstanding as of December 31, 2020		4,907,060			6.38		3.0		184

Exercised		(1,962,856	)		5.49
Forfeited or cancelled		(7,092	)		13.42

Outstanding as of December 31, 2021		2,937,112			6.95		2.9		82

Exercised		(620,476	)		5.70
Forfeited or cancelled		(2,500	)		3.96

Outstanding as of December 31, 2022		2,314,136			7.29		2.2		48

Exercised		(1,485,726	)		4.44
Forfeited or cancelled		(24,590	)		11.65

Outstanding as of December 31, 2023		803,820			12.43		3.7		2

Vested and expected to vest as of December 31, 2023		799,483			12.43		3.7		2
Exercisable as of December 31, 2023		787,140			12.42		3.6		2

As of December 31, 2022 and 2023, 78,706 and 57,206 outstanding share options were held by

non-employees

and employees of the Company’s equity method investee, respectively, mainly including employees of JD Technology.

There was no option granted during the years ended December 31, 2021, 2022 and 2023.

The total intrinsic value of options exercised during the years ended December 31, 2021, 2022 and 2023 was RMB453 million, RMB98 million and RMB98 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the share options.

For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized by the Group for the share options granted were insignificant. As of December 31, 2023, the unrecognized share-based compensation expenses related to the share options granted were insignificant. The expenses are expected to be recognized over a weighted-average period of 0.8 year.

(2)	Founder awards

In May 2015, with approval of the

oard of

irectors of the Company, Mr. Richard Qiangdong Liu (Mr. Liu), the Founder, was granted an option to acquire a total of 26,000,000 Class A ordinary shares of the Company with an exercise price of US$16.70 per share (or US$33.40 per ADS) under the Company’s Share Incentive Plan, subject to a

10-year

vesting schedule with 10% of the awards vesting on each anniversary of the grant date. The Company will not grant any additional equity incentive to Mr. Liu during the

10-year

period.

For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized for the Founder’s share options were RMB73 million, RMB54 million and RMB38 million, respectively.

As of December 31, 2023, there were RMB26 million of unrecognized share-based compensation expenses related to the Founder’s share options. The expenses are expected to be recognized over a weighted-average period of 1.4 years.

(3)	Share-based compensation of subsidiaries

JD Logistics

JD Logistics approved and adopted a

Pre-IPO

share incentive plan on March 31, 2018 and a Post- IPO share option scheme and a Post-IPO share award scheme on May 10, 2021, collectively the “JD Logistics Plan”. The JD Logistics Plan consists of share options, RSUs and other types of awards.

JD Logistics granted 30,030,446 share options of JD Logistics to its employees and

non-employees

for the years ended December 31, 2021, including the share options granted to Mr. Liu as mentioned below. There was no share option granted in 2022 and 2023. The estimated fair value of each option granted is estimated on the date of grant using the binomial option-pricing model. The weighted average grant date fair value of options granted for the year ended December 31, 2021 was US$4.31 per share. For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses for the share options granted under the JD Logistics Plan were RMB1,162 million, RMB702 million and RMB387 million, respectively. As of December 31, 2023, there were RMB500 million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 2.7 years.

In October 2020, options to acquire 99,186,705 ordinary shares of JD Logistics with an exercise price of US$0.01 per share were granted to Mr. Liu according to the JD Logistics Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Logistics. The grant by JD Logistics is subject to a

6-year

vesting schedule with 16.7% of the awards vesting on each anniversary of the grant date.

Starting July 2021, JD Logistics granted RSUs to its employees and

non-employees.

JD Logistics granted

9,663,953

41,570,538

and

55,937,435

RSUs of JD Logistics to its employees and

non-employees

for the years ended December 31, 2021, 2022 and 2023, respectively. The estimated fair value of each RSU granted is based on market value of the JD Logistics’s shares on each date of grant. The weighted average grant date fair value of RSUs granted for the years ended December 31, 2021, 2022 and 2023 was HK$35.00, HK$18.23 and HK$12.93 per share, respectively. For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses for the RSUs granted under JD Logistics Plan were RMB39 million, RMB259 million and RMB406 million, respectively. As of December 31, 2023, there were RMB500 million of unrecognized share-based compensation expenses related to the RSUs granted. The expenses are expected to be recognized over a weighted-average period of 2.9 years.

JD Health

JD Health approved and adopted a

Pre-IPO

share incentive plan on September 14, 2020 and a

Post-IPO

share option scheme and a Post-IPO share award scheme on November 23, 2020, collectively the “JD Health Plan”. The JD Health Plan consists of share options, RSUs and other types of awards.

There was no share option granted from 2021 to 2023. The estimated fair value of each option grant is estimated on the date of grant using the binomial option-pricing model. For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses for the share options granted under the JD Health Plan were RMB1,133 million, RMB960 million and RMB617 million, respectively. As of December 31, 2023, there were RMB663 million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 3.4 years.

In October 2020, options to acquire 53,042,516 ordinary shares of JD Health with an exercise price of US$

0.0000005

per share were granted to Mr. Liu according to the JD Health Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Health. The grant by JD Health is subject to a

6-year

vesting schedule with 16.7% of the awards vesting on each anniversary of the grant date.

Starting January 2021, JD Health granted RSUs to its employees and

non-employees.

JD Health granted 80,582,712, 4,638,422 and 6,051,558 RSUs of JD Health to its employees and

non-employees

for the years ended December 31, 2021, 2022 and 2023, respectively. The estimated fair value of each RSU granted is based on market value of the JD Health’s shares on each date of grant. The weighted average grant date fair value of RSUs granted for the years ended December 31, 2021, 2022 and 2023 was HK$112.31, HK$52.33 and HK$52.87 per share, respectively. For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses for the RSUs granted under the JD Health Plan were RMB1,428 million, RMB1,108 million and RMB1,161 million, respectively. As of December 31, 2023, there were RMB993 million of unrecognized share-based compensation expenses related to the RSUs granted. The expenses are expected to be recognized over a weighted-average period of 3.0 years.

Other Subsidiaries

In 2021, JD Property and JD Industrials each approved and adopted their own share incentive plan (“JD Property Plan” and “JD Industrials Plan”), respectively. The JD Property Plan and JD Industrials Plan both consist of share options, RSUs and other types of awards.

JD Property granted 193,059,698 RSUs, 108,399,512 share options and 11,348,777 share options for the years ended December 31, 2021, 2022 and 2023, respectively. The estimated fair value of each RSU and share option granted is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average grant date fair value of RSUs granted for the year ended December 31, 2021 was RMB2.42 and the weighted average grant date fair value of share options granted for the year ended December 31, 2022 and 2023 were RMB4.03 and RMB5.18 per share, respectively. 193,059,698 RSUs and options to acquire 81,446,610 ordinary shares of JD Property with an exercise US

0.0000005

per share were granted to Mr. Liu according to the JD Property Plan, which were fully vested on November 25, 2021 and October 1, 2022, respectively. Total share-based compensation expenses for the RSUs granted under

the

JD Property Plan for the year ended December 31, 2021 were RMB467 million and expenses for the share options granted under

the

JD Property Plan for the

year

ended December 31, 2022 and 2023 were RMB354 million and RMB34 million, respectively. As of December 31, 2023, there were RMB48 million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 3.1 years.

JD Industrials granted 90,629,636 RSUs, 2,660,000 share options and 47,915,455 share options for the years ended December 31, 2021, 2022 and 2023, respectively. The estimated fair value of each RSU and share option granted is estimated on the date of grant based on the recent rounds of financing or binomial option-pricing model. The weighted average grant date fair value of RSUs granted for the year ended December 31, 2021 was US$1.18 and the weighted average grant date fair value of share options granted for the

year

ended December 31, 2022 and 2023 was US$1.40 and US$1.46 per share, respectively. 90,629,636 RSUs, which were fully vested on December 30, 2021, were granted to Mr. Liu according to the JD Industrials Plan for the year ended December 31, 2021. Total share-based compensation expenses for the RSUs granted under

the

JD Industrials Plan for the year ended December 31, 2021 were RMB684 million and expenses for the share options granted under

the

JD Industrials Plan for the year

ended December 31, 2022 and 2023 were RMB7 million and RMB180 million, respectively. As of December 31, 2023, there were RMB166 million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 3.0 years.

Other than those disclosed above, the share-based compensation expenses of other subsidiaries in aggregate were insignificant for the years ended December 31, 2021, 2022 and 2023.

Fair value measurement (Details 3) ¥ in Millions, $ in Millions	12 Months Ended						24 Months Ended	36 Months Ended	60 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2023 CNY (¥)
Investment securities
Unrealized gain/(loss) of the investment securities	¥ (379)		¥ (4,304)	¥ (9,344)
Accumulated Impairment of Measurement Alternative	5,132		2,610				¥ 5,132		¥ 5,132
Gain (loss) from changes in fair value of product	¥ 2,092		¥ 1,921
Investment, Type [Extensible Enumeration]	Wealth Management Product [Member]		Wealth Management Product [Member]				Wealth Management Product [Member]		Wealth Management Product [Member]
Description of impairment indicators	When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value.	When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value.
Impairment of long-lived assets	¥ 2,025	$ 285
Other Noncurrent Assets [Member]
Investment securities
Gain (loss) from changes in fair value of product	¥ (25)		¥ (137)
Investment, Type [Extensible Enumeration]	Wealth Management Product [Member]		Wealth Management Product [Member]				Wealth Management Product [Member]		Wealth Management Product [Member]
China Unicom
Investment securities
Total consideration for the investment						¥ 5,000
Percentage of disposal			15.20%
Unrealized gain/(loss) of the investment securities			¥ 341	(388)
Realized gain (loss) of investment securities							¥ (1,243)
Vipshop
Investment securities
Total consideration for the investment								¥ 3,917
Unrealized gain/(loss) of the investment securities				(6,560)
Realized gain (loss) of investment securities			¥ (839)
ESR cayman limited
Investment securities
Total consideration for the investment					¥ 1,952
Percentage of disposal			6.30%
Unrealized gain/(loss) of the investment securities			¥ (1,722)	(396)
Realized gain (loss) of investment securities									¥ 715
Significant Other Observable Inputs (Level 2)
Investment securities
Unsecured senior notes	¥ 9,445		9,045				9,445		9,445
Fair value of held to maturity debt securities	4,476		4,725				4,476		4,476
Significant Other Observable Inputs (Level 2) \| Other Assets [Member]
Investment securities
Fair value of held to maturity debt securities	7,836						7,836		7,836
Significant Unobservable Inputs (Level 3) \| Nonrecurring basis \| Others, net
Investment securities
Impairment of investments	2,856		504	¥ 119
Time deposits \| Significant Other Observable Inputs (Level 2)
Investment securities
Time deposits	59,452		86,780				59,452		59,452
Other Assets, Fair Value Disclosure	¥ 67,426		¥ 100				¥ 67,426		¥ 67,426

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Summary of significant accounting policies

Summary of significant accounting policies

2.	Summary of significant accounting policies

a. Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. All amounts, except for share, per share data or otherwise noted, are rounded to the nearest million.

b. Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

A consolidated VIE is an entity in which the Company, or its subsidiaries, through the Contractual Arrangements, bear the risks of, and enjoy the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity.

All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation.

c. Reclassifications

Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no impact on net income/(loss), shareholders’ equity, or cash flows as previously reported.

Non-controlling

interests

For the Company’s subsidiaries and consolidated VIEs,

non-controlling

interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder.

Non-controlling

interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations and comprehensive income/(loss) to distinguish the interests from that of the Company. With respect to impairment losses of goodwill and intangible assets of the Company’s subsidiaries and consolidated VIEs, the Company attributes impairment losses on the basis of the relative ownership interests of the parent and non

controlling shareholders.

e. Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, returns allowance, vendor rebates and customer incentives, determination of the stand-alone selling price (“SSP”), the valuation and recognition of share-based compensation arrangements, taxation, fair value of assets and liabilities acquired in business combinations, fair value of certain equity investees, assessment for impairment of long-lived assets, investment in equity investees, marketable securities and goodwill, allowance for doubtful accounts including expected credit losses, inventory reserve for excess and obsolete inventories, lower of cost and net realizable value of inventories, depreciable lives of property, equipment and software, useful lives of intangible assets and the discount rate for lease. Actual results may differ materially from those estimates.

f. Foreign currency translation

The Group’s reporting currency is RMB. The functional currency of the Group’s entities incorporated in Cayman Islands, BVI, Hong Kong, Singapore and the United States of America generally is U.S. dollars (“US$”). The Group’s PRC subsidiaries and consolidated VIEs generally determined their functional currency to be RMB. The Group’s subsidiaries incorporated in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830,

Foreign Currency Matters

Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss).

The consolidated financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current year are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity.

The Company designates certain non-derivative instruments to hedge its net investments in certain foreign operations, to manage exposure in exchange rates. In December 2023, the Company designated the principal of

its 8.3 billion

of RMB denominated debt to hedge its $US denominated net investment in a certain subsidiary with functional currency of RMB. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in “accumulated other comprehensive income/(loss)”, net of income taxes, while the ineffective portion and the operating costs are recognized in the consolidated statements of operations and comprehensive income/(loss). For the year ended December 31, 2023, the net investment hedge is deemed to be perfectly effective. The gain or loss on the hedging instrument that has been recognized directly in “accumulated other comprehensive income/(loss)” shall be recognized in the consolidated statements of operations and comprehensive income/(loss) when the disposal of the foreign subsidiary occurs.

g. Convenience translation

Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate.

h. Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand, time deposits and highly liquid investments which have original maturities of three months or less.

i. Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash mainly represents security deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee.

j. Short-term investments

Short-term investments include wealth management products and time deposits placed with banks with original maturities longer than three months but less than one year and maturities less than one year. Wealth management products are certain deposits with variable interest rates or principal

not-guaranteed

with certain financial institutions. The Group elects the fair value option to record wealth management products with variable interest rates as well as principal not guaranteed and deposits mainly indexed to foreign exchange with maturities less than one year at fair value in accordance with ASC 825

Financial Instruments

. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive income/(loss). The Group also holds deposits that earn fixed interest rate return only if the Group hold the securities to maturity. As the Group has the positive intent and ability to hold the deposits to maturity, they are classified as

held-to-maturity

and recorded at amortized cost.

k. Accounts receivable, net

Accounts receivable mainly represent amounts due from customers and online payment channels and are recorded net of allowance for doubtful accounts.

The Group, in collaboration with Jingdong Technology Holding Co., Ltd. (“JD Technology”, formerly known as Jingdong Digits Technology Holding Co., Ltd), provides consumer financing to the qualified customers in the online retail business, such consumer financing receivables are recorded as accounts receivable. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, where JD Technology performs the related credit assessment and is obligated to purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values to absorb the risks and obtain the returns from such financing arrangements, as such, no allowance for doubtful accounts were provided. The Group, in collaboration with JD Technology, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(w).

Other than the accounts receivable arising from the consumer financing, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.

l. Inventories, net

Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is mainly determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Group takes ownership, risks and rewards of the products purchased, but has arrangements to return unsold goods with certain vendors. Write downs are recorded in cost of revenues in the consolidated statements of operations and comprehensive income/(loss).

The Group also provides fulfillment-related services in connection with the Group’s online marketplace. Third-party merchants maintain ownership of their inventories and therefore these products are not included in the Group’s inventories.

m. Loan receivables, net

Loan receivables represent the consumer financing, in collaboration with JD Technology, provided to qualified individual customers on the Group’s online marketplace. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Technology performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from 1 month to 24 months. As JD Technology is obligated to purchase the receivables past due over certain agreed period of time from the Group at carrying values to absorb the credit risks, no provision for doubtful accounts was recorded for the years ended December 31, 2021, 2022 and 2023. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2022 and 2023, the loan receivables with the collection period less than one year amounting to RMB2,131 million and RMB1,711 million, respectively, were classified into prepayments and other current assets in the consolidated balance sheets. As of December 31, 2022 and 2023, the loan receivables with the collection period over one year amounting to RMB142 million and RMB251 million, respectively, were classified into other

non-current

assets in the consolidated balance sheets. Cash paid for loan originations and cash received from loan repayments are classified as investing activities in the consolidated statements of cash flows. The Group, in collaboration with JD Technology, periodically securitizes loan receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(w).

n. Property, equipment and software, net

Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives of major property, equipment and software are as follows:


Category		Estimated useful lives
Electronic equipment		3-5 years
Office equipment		5 years
Vehicles		3-6 years
Logistics, warehouse and other heavy equipment		5-10 years
Leasehold improvement		Over the shorter of the expected life of leasehold improvements or the lease term
Software		3-5 years
Land		Indefinite
Building		30-40 years
Building improvement		5-10 years

Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive income/(loss).

o. Construction in progress

Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2022 and 2023, construction in progress were primarily relating to the construction of office buildings and warehouses.

p. Land use rights, net

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 18 to 70 years and represent the shorter of the estimated usage periods or the terms of the agreements.

q. Intangible assets, net

Intangible assets purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The Group determines the fair value using the appropriate approach which requires management to make significant estimates and assumptions. The acquired intangible assets are recognized and measured at fair value and are expensed or amortized using the straight-line approach over the estimated economic useful lives of the assets.

The estimated useful lives of major intangible assets are as follows:


Category		Estimated useful lives
Non-compete		5-8 years
Domain names and trademarks		5-20 years
Customer relationship		3—10 years
Technology and others		3-10 years

r. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU

2017-04,

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

(“ASU

2017-04”)

issued by the Financial Accounting Standards Board (“FASB”) guidance on testing of goodwill for impairment, the Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the fair value of the reporting unit and its carrying amount will be recorded.

Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

s. Asset acquisition

When the Group acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on their cost, which generally includes the transaction costs of the asset acquisition. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values and does not give rise to goodwill.

For the year ended December 31, 2023, the Group entered into several transactions, which were accounted for as asset acquisitions, to acquire certain assets for development purpose, mainly including RMB5,997 million of property, equipment and software, net, RMB1,009 million of construction in progress and RMB2,638 million of land use rights.

t. Investment in equity investees

Investment in equity investees represents the Group’s investments in privately held companies, publicly traded companies and private equity funds. The Group applies the equity method of accounting to account for an equity investment, in common stock or

in-substance

common stock, according to ASC Topic 323,

Investment—Equity Method and Joint Ventures

(“ASC 323”), over which it has significant influence but does not own a majority equity interest or otherwise control.

An investment in

in-substance

common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock.

Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investees are recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income/(loss) and its share of post-acquisition movements of accumulated other comprehensive income/(loss) are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. The Group records its share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee.

The Group continually reviews its investment in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value.

Private equity funds pursue various investment strategies, including event driven and multi-strategy. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. These private equity funds, over which the Group does not have the ability to exercise significant influence, are accounted for under the existing practical expedient in ASC Topic 820,

Fair Value Measurements and Disclosures

(“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”).

The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative (the “Measurement Alternative”) in accordance with ASU

2016-01,

Financial Instruments—Overall (Subtopic

825-10)—Recognition

and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016-01”).

Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in “others, net” in the consolidated statements of operations and comprehensive income/(loss). The Group makes assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. The Group recognizes an impairment loss equal to the difference between the carrying value and fair value in “others, net” in the consolidated statements of operations and comprehensive income/(loss) if there is any. When the investments become qualified for use of the equity method, the Group remeasures the previously held interest in the investments at fair value, if any observable price changes in orderly transactions identified for an identical or a similar investment, immediately before it applying the equity method, in accordance with ASU

2020-01,

Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323).

u. Marketable securities and other investments

The Group invests in marketable equity securities and other investments to meet business objectives. The marketable securities are classified as investments with readily determinable fair values, which are reported at fair value in the consolidated balance sheets, the unrealized gains and losses on equity securities are recorded in “others, net” in the consolidated statements of operations and comprehensive income/(loss) under ASU

2016-01.

Other investments are comprised of time deposits placed with banks and wealth management products with maturities more than one year. For wealth management products with variable interest rates as well as principal not guaranteed and deposits mainly indexed to foreign exchange, the Group elected the fair value option to account for them at fair value with changes in fair value recorded under “others, net” in the consolidated statement of operations and comprehensive income/(loss). For wealth management products and deposits that earn fixed interest rate return only if the Group h

ld the securities to maturity, the Group classified them as held-to-maturity and recorded at amortized cost considering its positive intent and ability to hold them to maturity.

v. Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset or an asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the asset or the asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or the asset group and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or the asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or the asset group over its fair value.

w. Nonrecourse securitization debt and transfer of financial assets

The Group, in collaboration with JD Technology, periodically securitizes accounts receivable and loan receivables arising from consumer financing through the transfer of those assets to securitization vehicles. The securitization vehicles then issue (1) debt securities to third-party investors and JD Technology, or (2) trust beneficiary rights to the Group which are immediately transferred to third-party investors, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles and the trust beneficiary rights transferred by the Group are nonrecourse to the Group and are payable only out of collections on their respective underlying collateralized assets.

The securitization vehicles are considered variable interest entities pursuant to ASC Topic 810,

Consolidation

. The Group will consolidate the securitization vehicles when economic interests are retained in the form of subordinated interests, and acting as the servicer of securitization vehicles. Accordingly, the Group is precluded from recording the related transfers of assets in securitization transactions as sales. Asset-backed debt securities issued by the consolidated securitization vehicles are accounted for as the financing type transactions.

The Group does not consolidate the securitization vehicles when no economic interests are retained by the Group, and the Group has no continuing involvements, including the servicer of the securitization vehicles. Transfers are accounted for as sale and corresponding transferred accounts receivable are

de-recognized

in the consolidated balance sheets pursuant to ASC Topic 860,

Transfers and Servicing

(“ASC 860”), only if they meet all of the three criteria: (i) the transferred financial assets have been isolated from the transferor and its creditor, (ii) each transferee has the rights to pledge or exchange the transferred assets, or the transferor has no continuing involvement with the transferred financial assets, and (iii) the transferor does not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. Otherwise, the transfers of the assets are accounted for as a financing type transaction if the conditions in ASC

860-10-40-5

are not met. The under common control relationship of the transferor and transferee should be ignored when applying ASC 860, as long as the transferee is not consolidated by the transferor. The gain/loss recorded upon the sale accounting was immaterial for the periods presented.

x. Unsecured senior notes and long-term borrowings

Unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums and debt issuance costs. Debt discounts or premiums and debt issuance costs are recorded as a reduction of the principal amount and the related accretion is recorded as interest expense in the consolidated statements of operations and comprehensive income/(loss) over the maturities of the notes using the effective interest method.

Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive income/(loss).

y. Fair value

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The Group measures certain financial assets, including investments under the equity method on other-than-temporary basis, investments under the Measurement Alternative, intangible assets, goodwill and fixed assets at fair value when an impairment charge is recognized.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

z. Revenues

Consistent with the criteria of ASC Topic 606,

Revenue from Contracts with Customers

(“ASC 606”), the Group recognizes revenues when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer. An asset is transferred when the customer obtains control of that asset.

In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group is a principal, that the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value added taxes.

The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant

judgment

is required to estimate return allowances. For online retail business with return conditions, the Group reasonably estimates the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. As of December 31, 2022 and 2023, liabilities for return allowances were RMB743 million and RMB950 million, respectively, which were included in “Accrued expenses and other current liabilities”. The rights to recover products from customers associated with the Group’s liabilities for return allowances are the Group’s assets, which were RMB785 million and RMB989 million as of December 31, 2022 and 2023, respectively, and were included in “Prepayments and other current assets”.

The Group also sells prepaid cards which can be redeemed to purchase products sold on the JD Platform. In accordance with ASC 606, the cash collected from the sales of prepaid cards is initially recorded in advance from customers in the consolidated balance sheets and subsequently recognized as revenues upon the sales of the respective products through redemption of prepaid cards are completed. The Group recognizes revenues from estimated unredeemed prepaid cards over the expected customer redemption periods, rather than waiting until prepaid cards expire or when the likelihood of redemption becomes remote in accordance with ASC 606.

Revenue arrangements with multiple deliverables are divided into separate units of accounting based on the SSP of each separate unit. In instances where SSP is not directly observable, such as the Group does not have vendor-specific objective evidence or third-party evidence of the selling prices of the deliverables, considerations are allocated using estimated selling prices. Determining the SSP of each separate unit may require significant judgments, and significant assumptions and estimates have been made in estimating the relative selling price of each single-element.

Net Product Revenues

The Group recognizes the product revenues from the online retail business on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods. Revenues from the sales of electronics and home appliance products were RMB492,592 million, RMB515,945 million and RMB538,799 million, and revenues from the sales of general merchandise products were RMB323,063 million, RMB349,117 million and RMB332,425 million, for the years ended December 31, 2021, 2022 and 2023, respectively. The Group’s net product revenues were mainly generated by the JD Retail segment.

Net Service Revenues

The Group charges commission fees to third-party merchants for participating in the Group’s online marketplace, where the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those third-party merchants. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of products, net of return allowances.

The Group provides marketing services to third-party merchants, suppliers and other business partners on its various website channels and third-party marketing affiliate’s websites, including but not limited to pay for performance marketing services on which the customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services ratably over the period during which the advertising services are provided or on the number of times that the advertisement has been displayed based on cost per thousand impressions. The Group did not enter into material

advertising-for-advertising

barter transactions for the periods presented.

The Group opens its fulfillment infrastructure by offering integrated supply chain solutions and logistics services to third parties through JD Logistics, primarily including warehousing and distribution services, express and freight delivery services and other value-added services. Revenues generated from these services are primarily recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers.

JD Plus memberships provide the Group’s core customers with a better shopping experience, access to an evolving suite of benefits that represent a single stand-ready obligation. Subscriptions are paid for at the time of or in advance of delivering the services. Revenues from such arrangements are recognized over the subscription period.

The Group offers comprehensive customer services, primarily include 7*24 hours customer services to respond to customers’ post-sales requests, return and exchange services to facilitate customers’ return, exchange and repair of defective goods. These services are free of charge. The Group also provides return/exchange logistics services to the customers, of which the revenues recognized were not material for the periods presented.

The Group also provides

on-demand

retail platform services and

on-demand

delivery services through Dada. For

on-demand

retail platform services, the Group acts as an agent and charges the retailer a fixed rate commission fee based on the sales amount and commission fee revenues on a net basis at the point of delivery of merchandise upon successful sales. For

on-demand

delivery services, the Group acts as an agent and recognizes revenues on a net basis at the point of delivery of merchandise. In addition, the Group fulfills the delivery needs of retailers and other business customers on Dada’s platforms, the Group has determined that it acts as the principal in these transactions and recognizes revenues on a gross basis at a fixed rate or a

pre-determined

amount for each completed delivery.

Revenues from online marketplace and marketing services were RMB72,118 million, RMB81,970 million and RMB84,726 million for the years ended December 31, 2021, 2022 and 2023, respectively, which were mainly generated by the JD Retail segment. Revenues from logistics and other services were RMB63,819 million, RMB99,204 million and RMB128,712 million, for the years ended December 31, 2021, 2022 and 2023, respectively, which were mainly generated by the JD Logistics segment.

aa. Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment.

Unearned revenues consist of payments received or awards to customers related to unsatisfied performance obligation at the end of the period, included in current and

non-current

deferred revenues and advance from customers in the Group’s consolidated balance sheets. As of December 31, 2022, the Group’s total unearned revenues were RMB33,325 million, of which RMB24,227 million was recognized as revenues for the year ended December 31, 2023. The Group’s total unearned revenues were RMB29,143 million as of December 31, 2023.

The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include certain partner sales incentive programs. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets.

bb. Customer incentives and loyalty programs

The Group provides two types of discounted coupons, referred to as D Coupons and J Coupons, for free to its customers to incentivize purchase.

•

D Coupons are given to a customer upon current purchase or can be given for free to promote future purchases. This coupon requires the customer to make future purchase of a minimum value in order to enjoy the value provided by the coupon. The rights to purchase discounted products in the future does not represent a material rights to the customer. The Group assesses the significance of the discount by considering its percentage of the total future minimum purchase value, historical usage pattern by the customers and relative outstanding volume and monetary value of D Coupons compared to the other discounts offered by the Group. D Coupons are accounted for as a reduction of revenues on the future purchase.

•

J Coupons are given to a customer upon their qualified purchase or can be given for free to promote future purchases and are to be used on a future purchase, with no limitation as to the minimum value of the future purchase. Accordingly, the Group has determined that J Coupons awarded are considered as a separate performance obligation within the scope of ASC 606, as J Coupons represent a material rights to the customer. Therefore, the delivered products and J Coupons awarded are treated as two distinct performance obligations identified in the contract. The total sales consideration is allocated based on management’s best estimate of the relative SSP of each performance obligation. The amount allocated to J Coupons is deferred and recognized when J Coupons are redeemed or at the coupon’s expiration, whichever occurs first. For the years ended December 31, 2021, 2022 and 2023, the amounts of expired J Coupons were not material.

Registered customers may also earn J Beans, which were launched based on certain activities performed on the Group’s website by the customers and can be used against qualified purchases on JD Platform, which will directly reduce the amount paid by the customer, or redeemed for D Coupons that can be used in certain shops on JD Platform. The Group considers J Beans awarded to be a separate performance obligation identified in the contract. Therefore, the sales consideration is allocated to the products and J Beans based on the relative SSP of the products and J Beans awarded. Consideration allocated to J Beans is initially recorded as deferred revenues, and recognized as revenues when J Beans are used or expired. J Beans will expire at the subsequent year end after issuance. For the years ended December 31, 2021, 2022 and 2023, the amounts of expired J Beans were not material.

cc. Cost of revenues

Cost of revenues consists primarily of purchase price of products, inbound shipping charges, write-downs of inventories, traffic acquisition costs related to online marketing services, and cost related to logistics services provided to third parties.

dd. Rebates and subsidies

The Group periodically receives considerations from certain vendors, representing rebates for products sold and subsidies for the sales of the vendors’ products over a period of time. The rebates are not sufficiently separable from the Group’s purchase of the vendors’ products and they do not represent a reimbursement of costs incurred by the Group to sell vendors’ products. The Group accounts for the rebates received from its vendors as a reduction to the prices it pays for the products purchased and therefore the Group records such amounts as a reduction of cost of revenues when recognized in the consolidated statements of operations and comprehensive income/(loss). Rebates are earned upon reaching minimum purchase thresholds for a specified period. When volume rebates can be reasonably estimated based on the Group’s past experiences and current forecasts, a portion of the rebates is recognized as the Group makes progress towards the purchase threshold. Subsidies are calculated based on the volume of products sold through the Group and are recorded as a reduction of cost of revenues when the sales have been completed and the amount is determinable.

ee. Fulfillment

Fulfillment expenses consist primarily of (i) expenses incurred in operating the Group’s fulfillment centers, customer service centers and physical stores, including personnel cost and expenses attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging, and preparing customer orders for shipment, processing payment and related transaction costs, (ii) expenses charged by third-party couriers for dispatching and delivering the Group’s products, (iii) lease expenses of warehouses, delivery and pickup stations, and physical stores, and (iv) depreciation and amortization of logistics and electronic equipment. The cost related to logistics services provided to third parties is classified in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). Shipping cost included in fulfillment expenses amounted to RMB27,786 million, RMB28,958 million and RMB29,858 million for the years ended December 31, 2021, 2022 and 2023, respectively.

ff. Marketing

Marketing expenses consist primarily of advertising costs, public relations expenditures, and payroll and related expenses for employees involved in marketing and business development activities. The Group pays commissions to participants in the associates program when their customer referrals result in successful product sales and records such costs in marketing in the consolidated statements of operations and comprehensive income/(loss).

Advertising costs, which consist primarily of online advertising, offline television, movie and outdoor advertising, and incentive programs to attract or retain consumers for the Group’s online marketplace, are expensed as incurred, and totaled RMB32,704 million, RMB29,898 million and RMB31,761 million for the years ended December 31, 2021, 2022 and 2023, respectively.

gg. Research and development

Research and development expenses consist primarily of payroll and related expenses for research and development employees involved in designing, developing and maintaining technology platform, and application of artificial intelligence, big data and cloud technologies and services, and technology infrastructure costs. Technology infrastructure costs include servers and other equipment depreciation, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s internal and external business. Research and development expenses are expensed as incurred. Software development costs are recorded in “Research and development” as incurred as the costs qualifying for capitalization have been insignificant.

hh. General and administrative

General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations; costs associated with these functions including facilities and equipment depreciation expenses, rental and other general corporate related expenses.

ii. Share-based compensation

The Group grants restricted share units (“RSUs”) and share options of the Company and its subsidiaries to eligible employees and

non-employees.

The Group accounts for share-based awards issued to employees and

non-employees

in accordance with ASC Topic 718

Compensation – Stock Compensation

Employees’ share-based awards,

non-employees’

share-based awards and the founder’s share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using graded vesting method, net of estimated forfeitures, over the requisite service period, which is the vesting period.

All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

The Group uses binomial option-pricing model or other appropriate methods to estimate the fair value of share options. The determination of estimated fair value of share-based payment awards on the grant date is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate, exercise multiple and expected dividend yield, if any.

Determination of estimated fair value of the Company’s subsidiaries before they were publicly listed requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to the Company’s subsidiaries. The Company estimates the Company’s subsidiaries’ enterprise value for purposes of recording share-based compensation, and the information considered by the Company mainly include but are not limited to the pricing of recent rounds of financing, future cash flow forecasts, discount rates, and liquidity factors.

The Group recognizes the estimated compensation cost of RSUs based on the fair value of its ordinary shares on the date of the grant. The Group recognizes the compensation cost, net of estimated forfeitures, over a vesting term for service-based RSUs.

Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates.

A change in the terms or conditions of a share-based award, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity instrument are the same as immediately before and after the change. The Group recognized incremental compensation cost for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Therefore, in relation to the modified award, the Group recognized share-based compensation over the vesting periods of the modified award.

jj. Income tax

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is

more-likely-than-not

that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations and comprehensive income/(loss) in the period of change. Deferred tax assets and liabilities are classified as

non-current

in the consolidated balance sheets.

The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of December 31, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions.

kk. Leases

In accordance with ASC Topic 842,

Leases

(“ASC 842”),

he Group

, using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients, categorizes leases with contractual terms longer than twelve months as either operating or finance lease. However, the Group has no finance leases for any of the periods presented.

Right-of-use

(“ROU”) assets represent the Group’s rights to use underlying assets for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. As the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group accounts for lease and

non-lease

components separately.

The Group also enters into sale and leaseback transactions. The Group acts as the seller-lessee, transfers its assets to a third-party entity (the buyer-lessor) and then leases the transferred assets back from the buyer-lessor at an

arm-length

rental price. Upon consideration of ASC Topic

842-40-25-1

and ASC 606, the transfer of the underlying assets is considered as sales, and according to ASC 842, the leaseback transaction is classified as an operating lease. Therefore, the sale and the leaseback of the underlying assets are separately accounted for by the Group. Upon completion of the transaction, the legal titles of these assets are transferred to the third-party entity (the buyer-lessor), and the Group derecognizes these transferred assets and recognizes gains or losses from disposal of these assets in accordance with ASC Topic 360,

Property, Plant and Equipment

. The leaseback transactions are accounted for under ASC 842, and the ROU assets and lease liabilities are recognized at commencement date accordingly.

The Group leases warehouses, offices, and store space to third-parties. The arrangements are in the nature of operating lease which is neither a sales-type nor direct-financing lease. As such, the underlying assets remain on the Group’s balance sheet at their carrying value and continue to depreciate the assets based on the estimated useful life. Rental revenue should be recognized on a straight-line basis (or another systematic basis if that basis is more representative of the pattern in which income is earned from the underlying assets over the term of the respective lease). The Group records an unbilled rent receivable, which is the amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease.

ll. Comprehensive income/(loss)

Comprehensive income/(loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive income/(loss) for the periods presented primarily includes net income/(loss) and foreign currency translation adjustments.

mm. Net income/(loss) per share

Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the calculation of diluted net income/(loss) per share, the weighted average number of ordinary shares is adjusted by the effect of dilutive potential ordinary shares, including unvested RSUs and ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. Additionally, the Company takes into account the effect of dilutive shares of entities in which the Company holds equity interests. The dilutive impacts from equity interests mainly include equity investments accounted for using the equity method and the consolidated subsidiaries. The effect mentioned above is not included in the calculation of the diluted income/(loss) per share when inclusion of such effect would be anti-dilutive.

nn. Segment reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer.

Beginning with the first quarter of 2021, the Group implemented certain segment reporting changes to better reflect its recently optimized organizational structure and business developments. The major changes in segment information mainly include: (1) Reported the results of JD Logistics as a new standalone segment. JD Logistics listed on the Main Board of

the

HKEX on May 28, 2021. (2) Moved the results of Jingxi and the internal business of JD Property from JD Retail to New Businesses. The changes relate to the realignment of JD Retail in connection with the establishment of the new Jingxi business group and the closing of JD Property Series A Preference Shares financing. As a result, the Group reported three segments, JD Retail, JD Logistics and New Businesses in 2021. JD Retail mainly consisted of online retail, online marketplace and marketing services in China. JD Logistics included both internal and external logistics businesses. New Businesses mainly included JD Property, Jingxi, overseas businesses and technology initiatives.

The Group consolidated Dada since February 28, 2022 and reported the results of Dada as a new standalone segment. The Group also consolidated China Logistics Property Holdings Co., Ltd. (“CNLP”) through JD Property since March 1, 2022 and reported the results of CNLP in the New Businesses segment. In addition, the Group has consolidated Ningbo Meishan Baoshui Area Deppon Investment Holding Company Limited (“Deppon Holdco”) except the Excluded Business as defined in Note 7 since July 26, 2022 and reported the results of Deppon Holdco except the Excluded Business as defined in Note 7 in the JD Logistics segment. The Group now reports four segments, JD Retail, JD Logistics, Dada and New Businesses. JD Retail, including JD Health and JD Industrials, among other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. Dada is a local

on-demand

delivery and retail platform in China. New Businesses mainly include JD Property, Jingxi and overseas businesses.

These changes align with the manner in which the Group’s CODM uses financial information to evaluate the performance of, and to allocate resources to, each of the segments. The prior periods’ segment operating results have been retrospectively recast to conform to current period presentation.

oo. Statutory reserves

The Company’s subsidiaries and consolidated VIEs established in the Chinese mainland are required to make appropriations to certain

non-distributable

reserve funds.

In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their

after-tax

profits (as determined under generally accepted accounting principles in the PRC (“PRC GAAP”)) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the

after-tax

profits calculated in accordance with the PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion.

In addition, in accordance with the PRC Company Laws, the consolidated VIEs, registered as Chinese domestic companies, must make appropriations from their

after-tax

profits as determined under the PRC GAAP to

non-distributable

reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the

after-tax

profits as determined under the PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.

For the years ended December 31, 2021, 2022 and 2023, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the Chinese mainland was approximately RMB53 million, RMB1,887 million and RMB2,636 million, respectively. No appropriation to other reserve funds was made for any of the periods presented.

pp. Recent accounting pronouncements

Recently adopted accounting pronouncements

In October 2021, the FASB issued ASU

2021-08,

which amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. According to the FASB, this update is intended “to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the following: a. Recognition of an acquired contract liability; b. Payment terms and their effect on subsequent revenue recognized by the acquirer.” For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Group adopted this update beginning January 1, 2023 and the impact was not material to the consolidated financial statements.

In June 2022, the FASB issued ASU

2022-03,

which (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU

2022-03

clarifies that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC

820-10-35-36B

as amended by the ASU). In addition, the ASU prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Group early adopted this update beginning January 1, 2023 and the impact was not material to the consolidated financial statements.

In September 2022, the FASB issued ASU

2022-04

to enhance transparency about an entity’s use of supplier finance programs. ASU

2022-04

requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program, and at a minimum, the following at least annually: (1) the key terms of the program, including payment terms and assets pledged as security or other forms of guarantees; (2) the amount of obligations outstanding at the end of the reporting period that the buyer has confirmed as valid; a description of where those obligations are presented in the balance sheet; rollforward information for the annual period showing the amount at the beginning of the period, the amount added during the period, the amount settled during the period , and the amount outstanding at the end of the period. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Group adopted this update beginning January 1, 2023 and the required information was disclosed in Note 15.

Recently issued accounting pronouncements not yet adopted

On November 27, 2023, the FASB issued ASU

2023-07.

The amendments improve reportable segment disclosure requirements. Main provisions include: (1) significant segment expenses—public entities are required to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss; (2) other segment items—public entities are required to disclose other segment items by reportable segment. Such a disclosure would constitute the difference between reported segment revenues less the significant segment expenses (disclosed) less reported segment profit or loss; (3) multiple measures of a segment’s profit or loss—public entities may disclose more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles; (4) CODM-related disclosures—disclosure of the CODM’s title and position is required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s) and other disclosures. (5) entities with a single reportable segment—public entities must apply all of the ASU’s disclosure requirements, as well as all existing segment disclosure and reconciliation requirements in ASC 280; (6) recasting of prior-period segment information to conform to current-period segment information—recasting is required if segment information regularly provided to the CODM is changed in a manner that causes the identification of significant segment expenses to change. The amendments in ASU

2023-07

are effective for all public entities for fiscal years beginning after December 15, 2023. Early adoption is permitted. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Group is currently evaluating the impact of the amendments on its consolidated financial statements.

On December 14, 2023, the FASB issued ASU

2023-09,

which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU amends ASC

740-10-50-12

to require public business entities (“PBEs”) to disclose a reconciliation between the amount of reported income tax expense (or benefit) from continuing operations and the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile. If PBE is not domiciled in the United States, the federal (national) income tax rate in such entity’s jurisdiction (country) of domicile shall normally be used in the rate reconciliation. The amendments prohibit the use of different income tax rates for subsidiaries or segments. Further, PBEs that use an income tax rate in the rate reconciliation that is other than the U.S. income tax rate must disclose the rate used and the basis for using it. The ASU also adds ASC

740-10-50-12A,

which requires entities to annually disaggregate the income tax rate reconciliation between the following eight categories by both percentages and reporting currency amounts: (1) State and local income tax, net of federal (national) income tax effect; (2) Foreign tax effects; (3) Effect of changes in tax laws or rates enacted in the current period; (4) Effect of cross-border tax laws; (5) Tax credits; (6) Changes in valuation allowances; (7) Nontaxable or nondeductible items; (8) Changes in unrecognized tax benefits. PBEs must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for

calendar-year-end

PBEs). Early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The Group is currently evaluating the impact of the amendments on its consolidated financial statements.

Fair value measurement

12 Months Ended

Dec. 31, 2023

Fair value measurement

Fair value measurement

5.	Fair value measurement


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(RMB in millions)
Assets:
Restricted cash		6,254		—		6,254		—
Short-term investments
Wealth management products		71,496		—		71,496		—
Marketable securities and other investments
Listed equity securities		11,611		11,611		—		—
Wealth management products		2,649		—		2,649		—

Total assets		92,010		11,611		80,399		—


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(RMB in millions)
Assets:
Restricted cash		7,506		—		7,506		—
Short-term investments
Wealth management products		56,847		—		56,847		—
Marketable securities and other investments
Listed equity securities		2,765		2,765		—		—
Wealth management products		2,808		—		2,808		—

Total assets		69,926		2,765		67,161		—

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis.

Short-term investments

Wealth

management

products

with maturities of within one year. The Group elected the fair value option to record wealth management products with variable interest rates and deposits indexed to foreign exchange with maturities less than one year and accounted them at fair value since 2021. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For the years ended December 31, 2022 and 2023, gain of RMB1,921 million and RMB2,092 million

resulting from changes in fair value of the wealth management products under fair value option was recorded in “others, net” in the consolidated statements of operations and comprehensive income/(loss), respectively.

Marketable securities and other investments

Listed equity securities. The Group values its listed equity securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1.

For the years ended December 31, 2021, 2022 and 2023, the unrealized losses of the

listed equity

securities

were

RMB9,344 million, RMB4,304 million and RMB379 million,

respectively, which are recognized in “others, net” in the consolidated statements of operations and comprehensive income/(loss).

The material marketable securities are set out as below:

Historically, the Group invested in China United Network Communications Limited (“China Unicom”) with a total consideration of RMB5,000 million. In 2022, the Group sold approximately 15.2% of its investments in China Unicom. For the years ended December 31, 2021 and 2022, the unrealized gain/(loss) related to the investment in China Unicom was a loss of RMB388 million and a gain of RMB341 million, respectively. In 2023, the Group sold

all

its

remaining

investment in China Unicom. The realized loss over the entire period of holding this investment is RMB1,243 million.

Historically, the Group invested in Vipshop Holdings Ltd. (“Vipshop”) with a total consideration of RMB3,917 million. For the year ended December 31, 2021, the unrealized loss related to the investment in Vipshop was RMB6,560 million. In 2022, the Group sold

all

its investment in Vipshop. The realized loss over the entire period of holding this investment is RMB839 million.

Historically, the Group invested in ESR Cayman Limited (“ESR”) with a total consideration of RMB1,952

million and accounted for the investment in ESR at fair value upon its completion of initial public offering (“IPO”) on the HKEX. In 2022, the Group sold approximately

6.3% of its remaining investment in ESR. For the years ended December 31, 2021 and 2022, the unrealized loss related to the investment in ESR was RMB396 million and RMB1,722 million, respectively. In 2023, the Group sold

all

its

remaining

investment in ESR. The realized gain over the entire period of holding this investment is RMB715 million.

Wealth

management

products

with maturities of more than one year. The Group elected the fair value option to record wealth management products with variable interest rates with maturities more than one year and accounted them at fair value. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For the year

ended December 31, 2022 and 2023, losses of RMB137 and RMB25 million

resulting from changes in fair value of the wealth management products under fair value option were recorded in “others, net” in the consolidated statements of operations and comprehensive income/(loss), respectively.

Other financial instruments

The followings are other material financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes.

Time deposits. Time deposits with original maturities of three months or less, original maturities of longer than three months and maturities of less than one year, and maturities of longer than one year have been classified as cash equivalents, short-term investments and marketable securities and other investments in the consolidated balance sheets, respectively. The fair value of the Group’s time deposits is determined based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy.

As of December 31, 2022 and 2023, the fair value of time deposits classified as cash equivalents and short-term investments amounted to RMB86,780 million and RMB59,452

million, respectively. As of December 31, 2022 and 2023, the fair value of time deposits classified as marketable securities and other investments amounted to

100

million and RMB67,426

million, respectively. The carrying value of time deposits approximates to fair value.

Held-to-maturity

debt securities. Wealth management products that the Group has positive intent and ability to hold to maturity are accounted for as

held-to-maturity

debt securities. The fair value of the Group’s

held-to-maturity

debt securities is determined based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy. As of December 31, 2022 and 2023, the fair value of

held-to-maturity

debt securities recorded in short-term investments amounted to

RMB4,725 million and RMB4,476

million, respectively. As of December 31, 2023, the fair value of held-to-maturity debt

securities with maturities longer than one year recorded in “marketable securities and other investments” amounted

to RMB7,836 million. The carrying value of held-to-maturity debt securities approximates to fair value.

Unsecured senior notes. The Group determines the fair value of its unsecured senior notes using quoted prices in less active markets, and accordingly the Group categorizes the unsecured senior notes as Level 2 in the fair value hierarchy. As of December 31, 2022 and 2023, the fair value of unsecured senior notes amounted to RMB9,045 million and RMB9,445 million, respectively.

Short-term receivables and payables. Accounts receivable and prepayments and other current assets are financial assets with carrying values that approximate to fair value due to their short-term nature. Accounts payable, advance from customers (exclude contract liabilities) and accrued expenses and other current liabilities, are financial liabilities with carrying values that approximate to fair value due to their short-term nature. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy.

Short-term debts and long-term borrowings. Interest rates under the borrowing agreements with the lending parties were determined based on the prevailing interest rates in the market. The carrying value of short-term debts and long-term borrowings approximates to fair value. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy.

Assets and liabilities measured at fair value on a nonrecurring basis

Long-lived assets. When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value. The fair value of the asset or asset group is determined using income approach, market approach or term & reversion method with unobservable inputs (Level 3), depending on the underlying nature of the asset or the asset group. The impairment losses of RMB2,025 million were recorded in “impairment of long-lived assets” in the consolidated statements of operations and comprehensive income/(loss) for the year ended December 31, 2023. The major impairment of long-loved assets were disclosed in Note 11, Note 12 and Note 13.

Goodwill. The Group tested for impairment on an annual basis as of December 31, and in between annual tests when the impairment indicators occur. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. The impairment loss was recorded in “impairment of goodwill” in the consolidated statements of operations and comprehensive income/(loss) and disclosed in Note 14.

Investment in equity investees. Investments in privately held companies and publicly traded companies included in investment in equity investees in the consolidated balance sheets are reviewed periodically for impairment using fair value measurement. The primary factors that the Group considers include the duration and severity that the fair value of the investment is below its carrying value; post-balance sheet date fair value of the investment; the financial condition, operating performance, strategic collaboration with and the prospects of the investee; the economic or technological environment in which the investee operates; and other entity specific information such as recent financing rounds completed by the investee companies. In determining the investments in privately held companies without readily determinable fair value over which the Group identified impairment indicators, income approach or market approach was used, if applicable, which requires management to

unobservable inputs (

Level

), mainly including the estimates of future cash flows, discount rate, terminal growth rate, selection of comparable companies and multiples and estimated discount for lack of marketability.

The impairment

loss

of RMB119 million, RMB504 million and RMB2,856 million were recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the accumulated impairment of the Group’s investments in privately held companies under the Measurement Alternative was RMB2,610 million and RMB5,132 million, respectively. The valuation methodology used to estimate the fair value of investments in publicly traded companies (Level 1) and privately held companies accounted for under the equity method (Level 3) and associated impairment charges are discussed in Note 8.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statements of Changes in Shareholders' Equity
¥ in Millions, $ in Millions

CNY (¥)

USD ($)

Ordinary shares

CNY (¥)

Treasury stock

CNY (¥)

Additional paid-in capital

CNY (¥)

Statutory reserves

CNY (¥)

Accumulated other comprehensive income/(loss)

CNY (¥)

Retained earnings

CNY (¥)

Non-controlling interests

CNY (¥)

Balance (in shares) at Dec. 31, 2020 | shares

3,129,793,833

(26,294,794)

Balance at Dec. 31, 2020

¥ 204,486

¥ 0

^[1]

¥ (1,218)

¥ 153,358

¥ 1,533

¥ (3,548)

¥ 37,418

¥ 16,943

Increase (Decrease) in Stockholders' Equity

Issuance of ordinary shares

463

¥ 0

^[1]

463

Issuance of ordinary shares (in shares) | shares

1,914,998

Issuance of Class A ordinary shares reserved for future exercise/vesting of share-based awards

^[1]

¥ 0

Issuance of Class A ordinary shares reserved for future exercise /vesting of share-based awards (in shares) | shares

27,600,000

(27,600,000)

Repurchase of ordinary shares

(5,246)

¥ (5,246)

Repurchase of ordinary shares (in shares) | shares

(20,429,654)

Accretion of convertible redeemable non-controlling interests

(16)

Exercise of share-based awards

¥ 252

(195)

(7)

Exercise of share-based awards (in shares) | shares

1,962,856

Share-based compensation and vesting of share-based awards

10,270

¥ 3,244

2,124

4,902

Share-based compensation and vesting of share-based awards (in shares) | shares

23,844,410

Net income/(loss)

(4,467)

(3,544)

(923)

Foreign currency translation adjustments

(2,872)

(2,542)

(330)

Statutory reserves

(53)

Change of the capital from non-controlling interest shareholders

26,832

15,960

10,872

Conversion of JD Logistics preferred shares

16,403

11,799

4,604

Reorganization of JD Cloud & AI

(901)

Acquisition of subsidiaries and assets

600

Share of changes in the equity investee's capital accounts

(30)

Balance at Dec. 31, 2021

245,572

¥ 0

^[1]

¥ (2,968)

182,578

1,586

(6,090)

33,805

36,661

Balance (in shares) at Dec. 31, 2021 | shares

3,159,308,831

(48,517,182)

Increase (Decrease) in Stockholders' Equity

Issuance of ordinary shares

448

¥ 0

^[1]

448

Issuance of ordinary shares (in shares) | shares

2,164,236

Issuance of Class A ordinary shares reserved for future exercise/vesting of share-based awards

^[1]

¥ 0

Issuance of Class A ordinary shares reserved for future exercise /vesting of share-based awards (in shares) | shares

18,200,000

(18,200,000)

Dividends

(12,994)

Repurchase of ordinary shares

(1,823)

¥ (1,823)

Repurchase of ordinary shares (in shares) | shares

(10,020,406)

Accretion of convertible redeemable non-controlling interests

(8)

Exercise of share-based awards

1,057

¥ 654

403

Exercise of share-based awards (in shares) | shares

9,620,476

Share-based compensation and vesting of share-based awards

7,683

¥ 1,644

2,416

3,623

Share-based compensation and vesting of share-based awards (in shares) | shares

23,123,292

Net income/(loss)

9,691

10,388

(697)

Foreign currency translation adjustments

7,810

5,131

2,679

Statutory reserves

1,887

(1,887)

Change of the capital from non-controlling interest shareholders

2,623

(1,801)

4,424

Acquisition of subsidiaries and assets

13,868

Disposal of subsidiaries

(392)

(1)

(391)

Share of changes in the equity investee's capital accounts

(2)

Balance at Dec. 31, 2022

273,533

¥ 0

^[1]

¥ (2,493)

184,041

3,473

(959)

29,304

60,167

Balance (in shares) at Dec. 31, 2022 | shares

3,179,673,067

(43,993,820)

Increase (Decrease) in Stockholders' Equity

Issuance of ordinary shares

472

¥ 0

^[1]

472

Issuance of ordinary shares (in shares) | shares

3,761,270

Dividends

(6,784)

Repurchase of ordinary shares

(2,497)

¥ (2,497)

Repurchase of ordinary shares (in shares) | shares

(22,678,980)

Exercise of share-based awards

¥ 120

(73)

Exercise of share-based awards (in shares) | shares

1,485,726

Share-based compensation and vesting of share-based awards

4,872

¥ 1,461

453

2,958

Share-based compensation and vesting of share-based awards (in shares) | shares

19,416,652

Net income/(loss)

23,257

$ 3,275

24,167

(910)

Translation adjustments and hedge of net investments in foreign operations, net of tax

1,374

1,862

(488)

Statutory reserves

2,636

(2,636)

Change of the capital from non-controlling interest shareholders

1,491

(690)

2,181

Share of changes in the equity investee's capital accounts

Balance at Dec. 31, 2023

¥ 295,766

$ 41,658

¥ 0

^[1]

¥ (3,409)

¥ 184,204

¥ 6,109

¥ 903

¥ 44,051

¥ 63,908

Balance (in shares) at Dec. 31, 2023 | shares

3,183,434,337

(45,770,422)

[1]	Absolute amount is less than RMB1 million.

Parent company only condensed financial information (Details) $ / shares in Units, ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares
ASSETS
Cash and cash equivalents	¥ 71,892	$ 10,126	¥ 78,861
Short-term investments	118,254	16,656	141,095
Investments in subsidiaries and consolidated VIEs \| ¥	30,460		28,952
Prepayments and other assets	15,639	2,202	15,156
Total assets	628,958	88,586	595,250
LIABILITIES
Unsecured senior notes	10,411	1,466	10,224
Long-term borrowings	31,555	4,444	20,009
Accrued expenses and other liabilities	43,533	6,132	42,570
Total liabilities	332,578	46,842	321,127
SHAREHOLDERS' EQUITY:
Additional paid-in capital	184,204	25,945	184,041
Statutory reserves	6,109	860	3,473
Treasury stock	(3,409)	(480)	(2,493)
Retained earnings	44,051	6,205	29,304
Accumulated other comprehensive income/(loss)	903	127	(959)
Total JD.com, Inc. shareholders' equity	231,858	32,657	213,366
Total liabilities, mezzanine equity and shareholders' equity	¥ 628,958	$ 88,586	¥ 595,250
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00002		$ 0.00002
Ordinary shares, shares authorized (in shares)	100,000,000,000	100,000,000,000	100,000,000,000
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares, shares issued (in shares)	2,860,222,213	2,860,222,213	2,793,298,344
Ordinary shares, shares outstanding (in shares)	2,820,978,543	2,820,978,543	2,756,458,772
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares, shares issued (in shares)	323,212,124	323,212,124	386,374,723
Ordinary shares, shares outstanding (in shares)	316,685,372	316,685,372	379,220,475
Parent company
ASSETS
Cash and cash equivalents	¥ 4,788	$ 674	¥ 5,029
Short-term investments	2,843	400
Internal balance	53,088	7,478	63,708
Investments in subsidiaries and consolidated VIEs	188,817	26,595	162,015
Prepayments and other assets	154	22	308
Total assets	249,690	35,169	231,060
LIABILITIES
Unsecured senior notes	10,536	1,484	10,347
Long-term borrowings	7,083	998	6,965
Accrued expenses and other liabilities	213	30	382
Total liabilities	17,832	2,512	17,694
SHAREHOLDERS' EQUITY:
Additional paid-in capital	184,204	25,945	184,041
Statutory reserves	6,109	860	3,473
Treasury stock	(3,409)	(480)	(2,493)
Retained earnings	44,051	6,205	29,304
Accumulated other comprehensive income/(loss)	903	127	(959)
Total JD.com, Inc. shareholders' equity	231,858	32,657	213,366
Total liabilities, mezzanine equity and shareholders' equity	¥ 249,690	$ 35,169	¥ 231,060
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00002		$ 0.00002
Ordinary shares, shares authorized (in shares)	100,000,000,000	100,000,000,000	100,000,000,000
Parent company \| Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares, shares issued (in shares)	2,860,222,213	2,860,222,213	2,793,298,344
Ordinary shares, shares outstanding (in shares)	2,820,978,543	2,820,978,543	2,756,458,772
Parent company \| Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares, shares issued (in shares)	323,212,124	323,212,124	386,374,723
Ordinary shares, shares outstanding (in shares)	316,685,372	316,685,372	379,220,475

Intangible assets, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Intangible assets, net
Weighted-Average Amortization Period (in years)	12 years 1 month 6 days	12 years 1 month 6 days
Gross Carrying Amount	¥ 14,888	¥ 14,936
Accumulated Amortization	(6,895)	(5,625)
Impairment Amount	(1,058)	(172)
Net Carrying Amount	6,935	9,139		$ 977
Amortization expenses	1,304	1,248	¥ 956
Intangible assets impairment charge recorded	902	¥ 0	¥ 0
Amortization expenses related to the intangible assets for future periods
2024	1,173
2025	897
2026	738
2027	699
2028	568
2029 and thereafter	¥ 2,860
Non-compete Agreement
Intangible assets, net
Weighted-Average Amortization Period (in years)	8 years	8 years
Gross Carrying Amount	¥ 2,467	¥ 2,467
Accumulated Amortization	(2,407)	(2,279)
Net Carrying Amount	¥ 60	¥ 188
Domain names and trademarks
Intangible assets, net
Weighted-Average Amortization Period (in years)	17 years 9 months 18 days	17 years 9 months 18 days
Gross Carrying Amount	¥ 6,756	¥ 6,756
Accumulated Amortization	(1,855)	(1,440)
Impairment Amount	(551)	(27)
Net Carrying Amount	¥ 4,350	¥ 5,289
Customer relationship
Intangible assets, net
Weighted-Average Amortization Period (in years)	8 years 8 months 12 days	8 years 8 months 12 days
Gross Carrying Amount	¥ 2,823	¥ 2,823
Accumulated Amortization	(1,087)	(765)
Impairment Amount	(60)	(60)
Net Carrying Amount	¥ 1,676	¥ 1,998
Technology and Others
Intangible assets, net
Weighted-Average Amortization Period (in years)	5 years 4 months 24 days	5 years 4 months 24 days
Gross Carrying Amount	¥ 2,842	¥ 2,890
Accumulated Amortization	(1,546)	(1,141)
Impairment Amount	(447)	(85)
Net Carrying Amount	¥ 849	¥ 1,664

Investment in equity investees (Details 6) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Operating data:
Net loss	¥ 23,257	$ 3,275	¥ 9,691	¥ (4,467)
Balance sheet data:
Current assets	307,810		351,074		$ 43,354
Non-current assets	321,148		244,176		45,232
Current liabilities	265,650		266,561		37,415
Non-current liabilities	66,928		54,566		9,427
Non-controlling interests	63,908		60,167		$ 9,001
Share of results of equity investees
Equity method investments
Impairment charges in connection with the equity method	266		1,316	5,514
Equity Method Investments [Member]
Operating data:
Revenues	149,237		160,554	145,582
Gross profit	48,134		47,369	39,736
Income/(loss) from operations	(274)		(2,158)	1,877
Net loss	(1,733)		(1,583)	(250)
Net income/(loss) attributable to the investees' ordinary shareholders	(1,506)		(1,327)	¥ 675
Balance sheet data:
Current assets	155,283		149,946
Non-current assets	145,171		142,288
Current liabilities	118,886		116,158
Non-current liabilities	50,228		54,494
Non-controlling interests	¥ 359		¥ 623

Others, net

12 Months Ended

Dec. 31, 2023

Others, net

Others, net

20.	Others, net

Others, net consist of the following:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Losses from fair value change of long-term investments		(7,252	)		(4,096	)		(855	)
Government financial incentives		2,482			2,773			2,557
Interest income		4,213			5,742			9,576
Gains/(losses) from acquirements or disposals of business es and investment s		140			(3,558	)		89
Impairment of investments		(574	)		(1,969	)		(3,043	)
Foreign exchange gains/(losses), net		42			114			(28	)
Others		359			(561	)		(800	)

Total		(590	)		(1,555	)		7,496

Government financial incentives represent rewards provided by the relevant PRC municipal government authorities to the Group for business achievements made by the Group. Government financial incentives are recognized in “others, net” in the consolidated statements of operations and comprehensive income/(loss) when the government financial incentives are received and no further conditions need to be met, otherwise the received amounts are recorded as liabilities. The amounts of such government financial incentives are determined solely at the discretion of the relevant government authorities and there is no assurance that the Group will continue to receive these government financial incentives in the future.

Property, equipment and software, net (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property, equipment and software, net
Total	¥ 89,872	¥ 69,368
Less: accumulated depreciation and impairment	(19,837)	(14,288)
Net book value	70,035	55,080		$ 9,864
Depreciation expenses	6,088	5,295	¥ 5,000
Impairment loss	819	0	¥ 0
Electronic equipment
Property, equipment and software, net
Total	2,644	2,663
Land, building and building improvement
Property, equipment and software, net
Total	56,445	40,642
Logistics,warehouse and other heavy equipment
Property, equipment and software, net
Total	16,653	14,097
Vehicles
Property, equipment and software, net
Total	7,268	5,743
Leasehold improvement
Property, equipment and software, net
Total	5,117	4,550
Office equipment
Property, equipment and software, net
Total	696	640
Software
Property, equipment and software, net
Total	¥ 1,049	¥ 1,033

Taxation

12 Months Ended

Dec. 31, 2023

Taxation

Taxation

21.

Taxation

a)	Value added tax (“VAT”)

The Group is subject to statutory VAT rate of

for revenues from sales of audio, video products and books and statutory VAT rate of

% for sales of other products in the Chinese mainland, started from April 1, 2019. The Group is exempted from VAT for revenues from sales of books from January 1, 2014 to December 31, 202

in comply with relevant VAT regulations of the Chinese mainland.

The Group is subject to VAT at the rate of 6% or 9% for revenues from logistics services, and 6% for revenues from online advertising and other services.

The Group is also subject to cultural undertaking development fees at the rate of 3% on revenues from online advertising services in the Chinese mainland, which is exempted from January 1, 2020 to December 31, 2021 and reduced by 50% from January 1, 2022 to December 31, 2024.

b)	Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands

Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains.

Singapore

Under the current laws of Singapore, the Group’s subsidiaries in Singapore are subject to 17% income tax rate on any taxable income accruing in or derived from Singapore, or received in Singapore from outside Singapore for the years ended December 31, 2021, 2022 and 2023, respectively.

Hong Kong

The Group’s subsidiaries incorporated in Hong Kong are subject to a

two-tiered

income tax rate on its taxable income generated from operations in Hong Kong effective on April 1, 2018. The first HK$2 million of profits earned by its subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax

rate. The Group performs analysis on the foreign-derived income, mainly including dividend and interest, earned by its subsidiaries incorporated in Hong Kong, applies for an advance ruling with the Inland Revenue Department of Hong Kong for the income meeting exemption conditions and pays tax for the income subject to Hong Kong profits tax under Foreign Source Income Exemption (“FSIE”) regime.

Chinese mainland

Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. Most of the Group’s PRC subsidiaries and consolidated VIEs are subject to the statutory income tax rate of 25%.

The EIT Law and its implementation rules permit certain High and New Technologies Enterprises, or HNTEs, to enjoy a reduced 15% enterprise income tax rate subject to these HNTEs meeting certain qualification criteria. In addition, the relevant EIT laws and regulations also provide that entities recognized as Software Enterprises are able to enjoy a tax holiday consisting of a

two-year-exemption

commencing from their first profitable calendar year and a 50% reduction in ordinary tax rate for the following three calendar years. Beijing Shangke has been qualified as HNTE and enjoys a preferential income tax rate of 15%

in 2021, 2022 and 2023. Beijing Wodong Tianjun has been entitled to an exemption from income tax for the first two years and 50% reduction for the next three years from its first profitable year as a “software enterprise”. It applied the privilege of “software enterprise” and enjoyed an exemption from income tax in 2020 and 2021, and a 50% reduction in 2022 and 2023.

Certain enterprises will benefit from a preferential tax rate of 15% under the EIT Law if they are located in applicable PRC regions as specified in the Catalogue of Encouraged Industries in Western Regions (initially effective through the end of 2010 and further extended to 2030), or the Western Regions Catalogue, subject to certain general restrictions described in the EIT Law and the related regulations. Chongqing Haijia and certain other entities of the Group are qualified as the enterprises within the Catalogue of Encouraged Industries in Western Regions and enjoyed 15% preferential income tax rate.

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 150% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”). The State Taxation Administration

(“STA”)

of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020, which was subsequently announced in March 2021 to be further extended to December 31, 2023. In September 2022, the

STA

of the PRC further announced that for the enterprises entitled to the current

pre-tax

deduction ratio of 175% for research and development expenses, such ratio is raised to 200% during the period from October 1, 2022 to December 31, 2022. In March 2023, the

STA

the

PRC announced that 200% of the actual amount can be deducted before tax from January 1, 2023.

Withholding tax on undistributed dividends

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for the PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a

non-PRC

company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered as a resident enterprise for the PRC tax purposes.

The EIT

aw also imposes a withholding income tax of 10% on dividends distributed by a Foreign Investment Enterprise (“FIE”) to its immediate holding company outside of the Chinese mainland, if such immediate holding company is considered as a

non-resident

enterprise without any establishment or place within the Chinese mainland or if the received dividends have no connection with the establishment or place of such immediate holding company within the Chinese mainland, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with the Chinese mainland that provides for a different withholding arrangement. According to the arrangement between the Chinese mainland and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in the Chinese mainland to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the FIE satisfies the criteria for “beneficial owner” under Circular No. 9, which was issued by the

STA

in February 2018, and the foreign investor owns directly at least 25% of the shares of the FIE).

Before 2022, the Company did not record any dividend withholding tax on the retained earnings of its FIEs in the Chinese mainland, as the Company intended to reinvest all earnings in the Chinese mainland to further expand its business in the Chinese mainland, and its FIEs did not intend to declare dividends on the retained earnings to their immediate foreign holding companies.

For the years ended December 31, 2022 and 2023, the Company accrued RMB367 million and RMB2,421 million withholding tax expenses associated with its earnings expected to be distributed from its FIEs in the Chinese mainland to countries or regions other than

Chinese mainland, respectively. As of December 31, 2022 and 2023, the Company has accrued withholding tax liabilities associated with all of its earnings expected to be distributed from its FIEs in the Chinese mainland to countries or regions other than

Chinese mainland, except for unrecognized deferred tax liabilities of RMB4.3 billion and RMB3.2 billion related to the remaining undistributed earnings that the Company still intends to indefinitely reinvest in the Chinese mainland, respectively.

The components of income/(loss) before tax are as follows:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Income/(loss) before tax
Income from Chinese mainland operations		14,518			16,800			33,130
Loss from non-Chinese mainland operations		(17,098	)		(2,933	)		(1,480	)

Total income/(loss) before tax		(2,580	)		13,867			31,650

Income tax benefits/(expenses) applicable to Chinese mainland operations
Current income tax expenses		(2,538	)		(4,418	)		(6,265	)
Deferred tax benefits		651			732			410

Subtotal income tax expenses applicable to Chinese mainland operations		(1,887	)		(3,686	)		(5,855	)

Income tax expenses applicable to non-Chinese mainland operations
Current income tax expenses		—			(307	)		(1,259	)
Deferred tax expenses		—			(183	)		(1,279	)

Subtotal income tax expenses applicable to non-Chinese mainland operations		—			(490	)		(2,538	)

Total income tax expenses		(1,887	)		(4,176	)		(8,393	)

Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the year ended December 31,
	2021		2022		2023
Statutory income tax rate		25.0 %		25.0 %		25.0%
Tax effect of preferential tax rates and tax holiday		86.0 %		(19.3)%		(7.6)%
Tax effect of tax-exempt entities		(143.7)%		12.1 %		3.3%
Effect on tax rates in different tax jurisdiction		(2.3)%		(3.2)%		(0.9)%
Tax effect of non-deductible expenses		(13.8)%		4.0%		0.1%
Tax effect of non-taxable income		1.4 %		(0.4)%		(0.5)%
Tax effect of Super Deduction and others		105.9 %		(19.0)%		(9.6)%
Changes in valuation allowance		(131.6)%		28.3%		9.1%
Effect on withholding income tax		0.0 %		2.6%		7.6%

Effective tax rates		(73.1)%		30.1%		26.5%

The following table sets forth the effect of tax holiday:


	For the year ended December 31,
	2021		2022		2023
Tax holiday effect (RMB in millions)		2,219		2,677		2,397
Effect of tax holiday on basic net income per share (RMB)		0.71		0.86		0.76
Effect of tax holiday on diluted net income per share (RMB)		0.71		0.84		0.76

c)	Deferred tax assets and deferred tax liabilities


	As of December 31,
	2022			2023

	(RMB in millions)
Deferred tax assets
- Net operating loss carry forwards and others		12,715			15,909
- Deferred revenues		472			464
- Inventory valuation allowance		1,029			1,092
- Allowance for doubtful accounts		1,001			1,098
- Unrealized fair value losses for certain investments		595			238
Less: valuation allowance		(14,276	)		(17,057	)

Net deferred tax assets		1,536			1,744

Deferred tax liabilities
- Long-lived assets arisen from business combinations and asset acquisitions		5,598			6,638
- Withholding tax on undistributed earnings		183			1,779
- Accelerated tax depreciation and others		730			850

Total deferred tax liabilities		6,511			9,267

As of December 31, 2023, the accumulated net operating loss that can be carried forward to offset future taxable income, mainly includes: (i)

RMB11,918 million

of the Company’s subsidiaries incorporated in Singapore and Hong Kong which can be carried forward indefinitely; and (ii)

RMB34,586 million

arose from the Company’s subsidiaries and consolidated VIEs established in the Chinese mainland and Indonesia, which will expire during the period from 2024 to 2028 except for those arose from HNTEs, which will expire during the period from 2024 to 2033.

A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

Valuation allowances provided on the deferred tax assets mainly related to the net operating loss carry forwards, as the Group’s management does not believe that sufficient positive evidence exists to conclude that the benefits of such deferred tax assets are more likely than not to be realized. The amount of valuation allowance offset in deferred tax assets as of December 31, 2022 and 2023 was RMB14,276 million and RMB17,057 million, respectively.

The movements of valuation allowance of deferred tax assets are as follows:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Balance at beginning of the year		4,289			7,670			14,276
Additions		5,052			7,694			6,630
Reversals		(1,671	)		(1,088	)		(3,849	)

Balance at end of the year		7,670			14,276			17,057

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Investment in equity investees (Details 5) ¥ in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Jun. 18, 2021 CNY (¥) shares	Jun. 30, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	May 31, 2021 CNY (¥)
Equity method investment with the investment cost allocation
Carrying value of equity investment				¥ 30,460		¥ 28,952
Gain (loss) from changes in fair value of product				2,092		1,921
Impairment charges				¥ 3,043	$ 429	1,969	¥ 574
ATRenew
Equity method investments
Percentage of the issued and outstanding ordinary shares (in percentage)				34.00%
Total consideration in cash	¥ 321
Number of board seat held \| item				2
Number of board seats \| item				7
Total consideration for equity investment								¥ 4,270
Common stock shares subscribed \| shares	2,333,333
Equity method investment with the investment cost allocation
Carrying value of equity investment				¥ 677		1,449
Proportionate share of investee's net tangible assets and intangible assets				1,308		2,080
Negative basis difference				(631)		(631)
Negative basis difference has been assigned to amortizable intangible assets				(450)		(450)
Negative basis difference has been assigned to deferred tax liabilities				(181)		(181)
Aggregate market values				1,017		¥ 1,505
Gain (loss) from changes in fair value of product							¥ 2,305
Impairment charges		¥ 1,191	¥ 3,909
ATRenew \| Ordinary shares
Equity method investments
Total consideration for equity investment				¥ 41

Dividends - Additional Information (Details) $ / shares in Units, ¥ in Millions, $ in Millions			12 Months Ended
	Mar. 09, 2023 USD ($) $ / shares	May 04, 2022 USD ($) $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Common stock, dividends, per share, cash paid	$ 0.31	$ 0.63
Dividends	$ 1,000	$ 2,000	¥ 6,784		¥ 12,994
Payments of ordinary dividends, common stock			¥ 6,741	$ 949	¥ 13,087	¥ 0
American Depositary Share [Member]
Common stock, dividends, per share, cash paid	$ 0.62	$ 1.26

Business acquisition (Details) ¥ in Millions, $ in Millions		1 Months Ended		12 Months Ended
Business acquisition (Details) ¥ in Millions, $ in Millions	Feb. 28, 2022 CNY (¥)	Feb. 28, 2022 CNY (¥)	Feb. 28, 2022 USD ($)	Dec. 31, 2023	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life				12 years 1 month 6 days	12 years 1 month 6 days
Goodwill, Acquired During Period					¥ 11,478	¥ 1,529
Dada [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period					3,143
Jd Retail [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period					1,399	1,529
Dada Acquisition [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	52.00%	52.00%
Finite-Lived Intangible Asset, Useful Life	7 years
Cash consideration and business cooperation agreement as consideration of the acquisition \| $			$ 800
Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain		¥ 72
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents And Restricted Cash	¥ 4,623	4,623
Business Acquisition, Pro Forma Revenue					1,047,200	956,800
Business Acquisition, Pro Forma Net Income (Loss)					¥ 9,500	¥ (6,300)
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Premium	¥ 3,623	¥ 3,623

Segment reporting

12 Months Ended

Dec. 31, 2023

Segment reporting

Segment reporting

30.	Segment reporting

The Group derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Group currently does not allocate assets, share-based compensation expenses and certain operating expenses to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from the PRC, no geographical information is presented.

As disclosed in Note 2(nn), beginning with the first quarter of 2021, the Group implemented certain segment reporting changes to better reflect its optimized organizational structure and business developments. As a result, the Group reported three segments, JD Retail, JD Logistics and New Businesses in 2021. JD Cloud & AI businesses were deconsolidated from the Company from March 31, 2021, thus the operating results of JD Cloud & AI businesses were not included in New Businesses segment from the second quarter of 2021. The Group consolidated Dada since February 28, 2022 and reported the results of Dada as a new standalone segment. The Group also consolidated CNLP through JD Property since March 1, 2022 and reported the results of CNLP in the New Businesses segment. In addition, the Group consolidated Deppon Holdco except the Excluded Business as defined in Note 7 since July 26, 2022 and reported the results of Deppon Holdco except Excluded Business as defined in Note 7 in the JD Logistics segment. As a result, the Group reported four segments, JD Retail, JD Logistics, Dada and New Businesses since 2022.

The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2021, 2022 and 2023:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Net revenues:
JD Retail		866,303			929,929			945,343
JD Logistics		104,693			137,402			166,625
Dada		—			8,030			10,506
New Businesses		26,063			21,779			16,111
Inter-segment(*)		(46,043	)		(50,904	)		(53,923	)

Total segment net revenues		951,016			1,046,236			1,084,662
Unallocated items		576			—			—

Total consolidated net revenues		951,592			1,046,236			1,084,662

Operating income/(loss):
JD Retail		26,613			34,852			35,925
JD Logistics		(1,827	)		528			1,005
Dada		—			(1,122	)		(488	)
New Businesses		(10,600	)		(5,295	)		159
Including: gain on sale of development properties (Note 19)		767			1,379			2,283
impairment of long-lived assets		—			—			(1,123	)

Total segment operating income		14,186			28,963			36,601
Unallocated items(**)		(10,045	)		(9,240	)		(10,576	)

Total consolidated operating income		4,141			19,723			26,025
Total other income/(expense)		(6,721	)		(5,856	)		5,625

Income/(loss) before tax		(2,580	)		13,867			31,650

(*)

The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail,

on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics,

and property leasing services provided by JD Property to JD Logistics.

(**)	A summary of unallocated ite m s for the years presented is as follows ：


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Share-based compensation		(9,134	)		(7,548	)		(4,804	)
Amortization of intangible assets resulting from assets and business acquisitions		(940	)		(1,217	)		(1,281	)
Effects of business cooperation arrangements		29			(475	)		(446	)
Impairment of goodwill		—			—			(3,143	)
Impairment of intangible assets		—			—			(902	)

Total		(10,045	)		(9,240	)		(10,576	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

33.	Commitments and contingencies

Commitments for internet data center (IDC) service fee

The Group entered into

non-cancelable

IDC service agreements. The related expenses were RMB2,236 million, RMB3,661 million and RMB4,738 million for the years ended December 31, 2021, 2022 and 2023, respectively, and were charged to the consolidated statements of operations and comprehensive income/(loss) when incurred. Future minimum payments under these

non-cancelable

agreements with initial terms of one year or more consist of the following:


	As of December 31, 2023
	(RMB in millions)
2024		829
2025		398
2026		363
2027		360
2028		360
2029 and thereafter		2,129

		4,439

Capital commitments

The Group’s capital commitments primarily relate to commitments on construction and purchase of office building

and warehouses. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB8,150 million as of December 31, 2023. All of these capital commitments will be fulfilled in the following years according to the construction progress.

Investment commitments

The Group’s investment commitments primarily related to capital contribution obligation for certain fund investments. Total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB2,287 million as of December 31, 2023.

Long-term debt obligations

The Group’s long-term debt obligations include unsecured senior notes and long-term borrowings. The amounts exclude the corresponding interest payable. The expected repayment schedule of the unsecured senior notes and long-term borrowings have been disclosed in Note 17 and Note 32, respectively.

Legal proceedings

From time to time, the Group is subject to legal proceedings and claims in the ordinary course of business. Third parties assert patent infringement claims against the Group from time to time in the form of letters, lawsuits and other forms of communication. In addition, from time to time, the Group receives notification from customers claiming that they are entitled to indemnification or other obligations from the Group related to infringement claims made against them by third parties. Litigation, even if the Group is ultimately successful, can be costly and divert management’s attention away from the

day-to-day

operations of the Group. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2023.

Purchase commitments

The Group’s purchase commitments primarily relate to purchase of products. Total purchase commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 represented less than 1% of total net revenues of the Group for the year ended December 31, 2023.

Loan facilities and lines of credit (Details 2) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Debt Instrument [Line Items]
Unsecured senior notes	¥ 10,411	$ 1,466	¥ 10,224
Total Loan Facilities	47,000
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes	10,411
Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Unsecured borrowings	25,202
Secured Borrowings [Member]
Debt Instrument [Line Items]
Secured borrowings	¥ 11,387

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Cash Flows ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ 23,257	$ 3,275	¥ 9,691	¥ (4,467)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	8,292	1,168	7,236	6,232
Share-based compensation	4,804	677	7,548	9,134
Losses from disposal of property, equipment and software	55	8	407	18
Gain from extinguishment of debt			(6)
Deferred income tax	869	122	(549)	(651)
Amortization of discounts and issuance costs of the unsecured senior notes	12	2	12	14
Impairment of goodwill	3,143	443	(0)	(0)
Impairment of long-lived assets	2,025	285
Allowance for doubtful accounts	641	90	926	708
Impairment of investments	3,043	429	1,969	574
Fair value change of long-term investments	855	120	4,096	7,252
(Gains)/losses from acquirements or disposals of business and investment	(89)	(13)	3,558	(140)
Gain on sale of development properties	(2,283)	(322)	(1,379)	(767)
Share of results of equity investees	(1,010)	(142)	2,195	4,918
Foreign exchange (gains)/losses	28	4	(114)	(42)
Changes in operating assets and liabilities:
Accounts receivable	(310)	(44)	(7,196)	(5,632)
Advance to suppliers	1,075	151	9	(107)
Inventories	9,891	1,393	(2,278)	(16,697)
Prepayments and other current assets	590	84	(1,969)	(2,539)
Amount due from related parties	(750)	(106)	1,763	(278)
Operating lease right-of-use assets	(273)	(38)	(525)	(4,045)
Other non-current assets	74	10	2,397	(1,701)
Accounts payable	4,614	650	17,658	32,585
Advance from customers	(2,088)	(294)	4,526	8,702
Deferred revenues	(1,397)	(197)	(319)	(243)
Taxes payable	1,311	185	3,206	(468)
Amount due to related parties	1,132	159	847	(66)
Accrued expenses and other current liabilities	2,149	303	3,295	5,257
Operating lease liabilities	529	75	705	4,180
Other non-current liabilities	(668)	(94)	110	570
Net cash provided by operating activities	59,521	8,383	57,819	42,301
Cash flows from investing activities:
Purchase of short-term investments	(193,605)	(27,269)	(180,291)	(167,684)
Maturity of short-term investments	217,184	30,590	165,093	113,362
Purchases of long-term time deposits and wealth management products	(74,924)	(10,553)	(3,019)	(160)
Maturity of long-term time deposits and wealth management products			30
Purchases of investment securities				(2,656)
Cash received from disposal of investment securities	8,318	1,172	6,348	13,165
Prepayments and investments in equity investees	(1,382)	(195)	(4,501)	(11,576)
Cash received from disposal of equity investments	387	55	412	407
Cash paid for loan originations	(75,761)	(10,671)	(77,577)	(82,197)
Cash received from loan repayments	75,986	10,702	77,732	80,561
Purchase of property, equipment and software	(4,025)	(567)	(5,495)	(5,562)
Disposal of equipment and other assets	130	18	1,418	1,765
Purchase of intangible assets	(3)		(10)	(23)
Cash paid for asset acquisitions, net of cash acquired	(5,468)	(770)	(2,170)	(1,603)
Purchase of land use rights	(4,981)	(702)	(5,236)	(7,825)
Cash paid for construction in progress	(11,006)	(1,550)	(12,172)	(8,868)
Cash received from sale of development properties	6,975	982	1,686	3,549
Cash paid for business combinations, net of cash acquired			(15,684)	(321)
Loans settled by/(provided to) JD Technology	3,328	469	(502)	(169)
Other investing activities	(696)	(97)	(88)	1,587
Net cash used in investing activities	(59,543)	(8,386)	(54,026)	(74,248)
Cash flows from financing activities:
Repurchase of ordinary shares	(2,497)	(352)	(1,823)	(5,246)
Proceeds from issuance of ordinary shares pursuant to share-based awards	33	5	1,043	62
Cash paid for dividends	(6,741)	(949)	(13,087)	0
Capital injection from non-controlling interest shareholders	1,835	258	8,020	27,662
Return of capital to non-controlling interests			(36)	(68)
Acquisition of additional equity interests in non-wholly owned subsidiaries	(778)	(110)	(4,581)	(775)
Proceeds from short-term borrowings	17,343	2,443	33,208	7,133
Repayment of short-term borrowings	(16,192)	(2,281)	(31,804)	(5,982)
Proceeds from long-term borrowings	13,157	1,853	14,101
Repayment of long-term borrowings	(11,195)	(1,577)	(3,635)	(29)
Repurchase and repayment of unsecured senior notes			(31)	(3,246)
Other financing activities	(773)	(108)	(195)	(8)
Net cash provided by/(used in) financing activities	(5,808)	(818)	1,180	19,503
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	125	17	3,490	(1,498)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(5,705)	(804)	8,463	(13,942)
Cash, cash equivalents, and restricted cash at beginning of year, including cash and cash equivalents classified within assets held for sale	85,156	11,994	76,693	90,635
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year	41	6		116
Cash, cash equivalents, and restricted cash at beginning of year	85,115	11,988	76,693	90,519
Cash, cash equivalents, and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale	79,451	11,190	85,156	76,693
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year	53	7	41
Cash, cash equivalents, and restricted cash at end of year	79,398	11,183	85,115	76,693
Supplemental disclosure of cash flow information:
Cash paid for income taxes	(5,462)	(769)	(2,555)	(2,538)
Cash paid for interest	(2,808)	(395)	(2,393)	(1,221)
Supplemental disclosures of non-cash investing and financing activities:
Issuance of ordinary shares in connection with strategic cooperation agreement with Tencent	472	66	448	463
Right-of-use assets acquired under operating leases	10,890	1,534	7,700	¥ 10,228
Acquisition of equity interest in Dada by strategic resources	¥ 249	$ 35	¥ 1,606

Share repurchase program

12 Months Ended

Dec. 31, 2023

Share repurchase program

Share repurchase program

25.	Share repurchase program

In March 2020,

the

Board of Directors

of the Company

authorized a share repurchase program (“2020 share repurchase program”) under which the Company may repurchase up to US$2,000 million worth of its ADSs over the following 24 months. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management. In December 2021,

the

Board of Directors

of the Company

approved modifications to 2020 share repurchase program, pursuant to which the repurchase authorization increased from US$2,000 million to US$3,000 million and was extended until March 17, 2024.

Under the 2020 share repurchase program, for the year ended December 31, 2020, the Company repurchased 1,191,370 ADSs for US$44 million (RMB312 million) on the open market, at a weighted average price of US$37.04 per ADS. For the year ended December 31, 2021, the Company repurchased 10,214,827 ADSs for US$806 million (RMB5,246 million) on the open market, at a weighted average price of US$78.92 per ADS. For the year ended December 31, 2022, the Company repurchased 5,010,203 ADSs for US$286 million (RMB1,823 million) on the open market, at a weighted average price of US$57.14 per ADS. For the year ended December 31, 2023, the Company repurchased 11,339,490 ADSs for US$356 million (RMB2,497 million) on the open market, at a weighted average price of US$31.41 per ADS.

The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity.

Property, equipment and software, net

12 Months Ended

Dec. 31, 2023

Property, equipment and software, net

Property, equipment and software, net

11.	Property, equipment and software, net

Property, equipment a

d software, net consist of the following:


	As of December 31,
	2022			2023

	(RMB in millions)
Electronic equipment		2,663			2,644
Land, building and building improvement		40,642			56,445
Logistics, warehouse and other heavy equipment		14,097			16,653
Vehicles		5,743			7,268
Leasehold improvement		4,550			5,117
Office equipment		640			696
Software		1,033			1,049

Total		69,368			89,872
Less: accumulated depreciation and impairment		(14,288	)		(19,837	)

Net book value		55,080			70,035

Depreciation expenses were RMB5,000 million, RMB5,295 million and RMB6,088 million for the years ended December 31, 2021, 2022 and 2023, respectively. No material impairment

loss

was recorded for the years ended December 31, 2021 and 2022, respectively. For the year ended December 31, 2023, the Group recorded impairment loss of RMB819 million.

Unsecured senior notes (Details 2) - Unsecured Senior Note [Member] ¥ in Millions	Dec. 31, 2023 CNY (¥)
Within 1 year	¥ 0
Between 1 to 2 years	0
Between 2 to 3 years	3,541
Between 3 to 4 years	0
Between 4 to 5 years	0
Beyond 5 years	6,956
Total	¥ 10,497

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other comprehensive income (Tables)

12 Months Ended

Dec. 31, 2023

Other comprehensive income/(loss)

Schedule of changes in the composition of accumulated other comprehensive income/(loss) attributable to ordinary shareholders


	Translation adjustments and hedge of net investments in foreign operations, net of tax

	(RMB in millions)


Balances as of December 31, 2020		(3,548	)
Other comprehensive loss		(2,542	)

Balances as of December 31, 2021		(6,090	)
Other comprehensive income		5,131

Balances as of December 31, 2022		(959	)
Other comprehensive income		1,862

Balances as of December 31, 2023		903

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Taxation

Schedule of components of income/(loss) before tax

The components of income/(loss) before tax are as follows:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Income/(loss) before tax
Income from Chinese mainland operations		14,518			16,800			33,130
Loss from non-Chinese mainland operations		(17,098	)		(2,933	)		(1,480	)

Total income/(loss) before tax		(2,580	)		13,867			31,650

Income tax benefits/(expenses) applicable to Chinese mainland operations
Current income tax expenses		(2,538	)		(4,418	)		(6,265	)
Deferred tax benefits		651			732			410

Subtotal income tax expenses applicable to Chinese mainland operations		(1,887	)		(3,686	)		(5,855	)

Income tax expenses applicable to non-Chinese mainland operations
Current income tax expenses		—			(307	)		(1,259	)
Deferred tax expenses		—			(183	)		(1,279	)

Subtotal income tax expenses applicable to non-Chinese mainland operations		—			(490	)		(2,538	)

Total income tax expenses		(1,887	)		(4,176	)		(8,393	)

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the year ended December 31,
	2021		2022		2023
Statutory income tax rate		25.0 %		25.0 %		25.0%
Tax effect of preferential tax rates and tax holiday		86.0 %		(19.3)%		(7.6)%
Tax effect of tax-exempt entities		(143.7)%		12.1 %		3.3%
Effect on tax rates in different tax jurisdiction		(2.3)%		(3.2)%		(0.9)%
Tax effect of non-deductible expenses		(13.8)%		4.0%		0.1%
Tax effect of non-taxable income		1.4 %		(0.4)%		(0.5)%
Tax effect of Super Deduction and others		105.9 %		(19.0)%		(9.6)%
Changes in valuation allowance		(131.6)%		28.3%		9.1%
Effect on withholding income tax		0.0 %		2.6%		7.6%

Effective tax rates		(73.1)%		30.1%		26.5%

Summary of income tax holiday

The following table sets forth the effect of tax holiday:


	For the year ended December 31,
	2021		2022		2023
Tax holiday effect (RMB in millions)		2,219		2,677		2,397
Effect of tax holiday on basic net income per share (RMB)		0.71		0.86		0.76
Effect of tax holiday on diluted net income per share (RMB)		0.71		0.84		0.76

Schedule of deferred tax assets and deferred tax liabilities


	As of December 31,
	2022			2023

	(RMB in millions)
Deferred tax assets
- Net operating loss carry forwards and others		12,715			15,909
- Deferred revenues		472			464
- Inventory valuation allowance		1,029			1,092
- Allowance for doubtful accounts		1,001			1,098
- Unrealized fair value losses for certain investments		595			238
Less: valuation allowance		(14,276	)		(17,057	)

Net deferred tax assets		1,536			1,744

Deferred tax liabilities
- Long-lived assets arisen from business combinations and asset acquisitions		5,598			6,638
- Withholding tax on undistributed earnings		183			1,779
- Accelerated tax depreciation and others		730			850

Total deferred tax liabilities		6,511			9,267

Schedule of movement of valuation allowance

The movements of valuation allowance of deferred tax assets are as follows:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Balance at beginning of the year		4,289			7,670			14,276
Additions		5,052			7,694			6,630
Reversals		(1,671	)		(1,088	)		(3,849	)

Balance at end of the year		7,670			14,276			17,057

Loan facilities and lines of credit (Details 4) ¥ in Millions	Dec. 31, 2023 CNY (¥)
Lines of credit and loan facilities
Line of credit reserved for issuances of bank acceptance and bank guarantee	¥ 120,695
Line of Credit [Member]
Lines of credit and loan facilities
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.10%
Unsecured revolving lines of credit
Lines of credit and loan facilities
Revolving lines of credit	¥ 164,333

Fair value measurement (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Assets
Marketable securities and other investments	¥ 80,840	$ 11,386	¥ 14,360
Investment, Type [Extensible Enumeration]	Wealth management products	Wealth management products	Wealth management products
Recurring basis
Assets
Restricted cash	¥ 7,506		¥ 6,254
Total assets	69,926		92,010
Recurring basis \| Wealth management products
Assets
Short-term investments	56,847		71,496
Marketable securities and other investments	2,808		2,649
Recurring basis \| Listed equity securities
Assets
Marketable securities and other investments	2,765		11,611
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Total assets	2,765		11,611
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Listed equity securities
Assets
Marketable securities and other investments	2,765		11,611
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets
Restricted cash	7,506		6,254
Total assets	67,161		80,399
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Wealth management products
Assets
Short-term investments	56,847		71,496
Marketable securities and other investments	¥ 2,808		¥ 2,649

Summary of significant accounting policies (Details 3) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥) item segment lease	Dec. 31, 2023 USD ($) item segment lease	Dec. 31, 2022 CNY (¥) item segment lease	Dec. 31, 2021 CNY (¥) item segment lease
Revenue
Liabilities for return allowances	¥ 950		¥ 743
Net revenues	1,084,662	$ 152,771	1,046,236	¥ 951,592
Unearned revenue	29,143		¥ 33,325
Unearned revenue recognized	¥ 24,227
Revenue, Practical Expedient	true	true
Customer incentives and loyalty programs
Types of discounted coupons \| item	2	2	2	2
Fulfillment
Fulfillment	¥ 64,558	$ 9,093	¥ 63,011	¥ 59,055
Marketing
Advertising costs	¥ 31,761		¥ 29,898	¥ 32,704
Leases
Number of finance leases \| lease	0	0	0	0
Segment reporting
Number of major business segments \| segment	4	4	4	3
Statutory reserves
Appropriations of statutory reserves	¥ 2,636		¥ 1,887	¥ 53
Appropriations to other reserve funds	0		0	0
Recent accounting pronouncements
Acquisition of assets for development, property, equipment and software, net	5,997
Acquisition of assets for development, construction in progress	1,009
Acquisition of assets for development, land use rights	¥ 2,638
PRC \| General reserve fund \| Foreign invested enterprise
Statutory reserves
Minimum portion of after tax profit to be allocated to general reserve under PRC law (as a percentage)	10.00%	10.00%
Maximum percentage of statutory general reserve related to entity's registered capital	50.00%	50.00%
PRC \| Statutory surplus reserve \| Domestic enterprise
Statutory reserves
Minimum portion of after tax profit to be allocated to statutory surplus under PRC law (as a percentage)	10.00%	10.00%
Maximum percentage of statutory surplus reserve related to entity's registered capital	50.00%	50.00%
Electronics and home appliance products
Revenue
Net revenues	¥ 538,799		515,945	492,592
General merchandise products
Revenue
Net revenues	332,425		349,117	323,063
Shipping
Fulfillment
Fulfillment	29,858		28,958	27,786
Online marketplace and marketing services
Revenue
Net revenues	84,726		81,970	72,118
Logistics and other services
Revenue
Net revenues	128,712		99,204	¥ 63,819
Accrued expenses and other current liabilities
Revenue
Liabilities for return allowances	950		743
Prepayments and other current assets
Revenue
Rights to recover products from customers	¥ 989		¥ 785

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of significant accounting policies

Basis of presentation

a. Basis of presentation

Principles of consolidation

b. Principles of consolidation

All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation.

Reclassifications

c. Reclassifications

Non-controlling interests

Non-controlling

interests

For the Company’s subsidiaries and consolidated VIEs,

non-controlling

interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder.

Non-controlling

controlling shareholders.

Use of estimates

e. Use of estimates

Foreign currency translation

f. Foreign currency translation

Foreign Currency Matters

its 8.3 billion

Convenience translation

g. Convenience translation

Cash and cash equivalents

h. Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand, time deposits and highly liquid investments which have original maturities of three months or less.

Restricted cash

i. Restricted cash

Short-term investments

j. Short-term investments

not-guaranteed

Financial Instruments

held-to-maturity

and recorded at amortized cost.

Accounts receivable, net

k. Accounts receivable, net

Accounts receivable mainly represent amounts due from customers and online payment channels and are recorded net of allowance for doubtful accounts.

Inventories, net

l. Inventories, net

Loan receivables, net

m. Loan receivables, net

non-current

Property, equipment and software, net

n. Property, equipment and software, net


Category		Estimated useful lives
Electronic equipment		3-5 years
Office equipment		5 years
Vehicles		3-6 years
Logistics, warehouse and other heavy equipment		5-10 years
Leasehold improvement		Over the shorter of the expected life of leasehold improvements or the lease term
Software		3-5 years
Land		Indefinite
Building		30-40 years
Building improvement		5-10 years

Construction in progress

o. Construction in progress

Land use rights, net

p. Land use rights, net

Intangible assets, net

q. Intangible assets, net

The estimated useful lives of major intangible assets are as follows:


Category		Estimated useful lives
Non-compete		5-8 years
Domain names and trademarks		5-20 years
Customer relationship		3—10 years
Technology and others		3-10 years

Goodwill

r. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination.

2017-04,

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

(“ASU

2017-04”)

Asset Acquisition

s. Asset acquisition

Investment in equity investees

t. Investment in equity investees

in-substance

common stock, according to ASC Topic 323,

Investment—Equity Method and Joint Ventures

(“ASC 323”), over which it has significant influence but does not own a majority equity interest or otherwise control.

An investment in

in-substance

Fair Value Measurements and Disclosures

(“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”).

2016-01,

Financial Instruments—Overall (Subtopic

825-10)—Recognition

and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016-01”).

2020-01,

Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323).

Marketable securities and other investments

u. Marketable securities and other investments

2016-01.

ld the securities to maturity, the Group classified them as held-to-maturity and recorded at amortized cost considering its positive intent and ability to hold them to maturity.

Impairment of long-lived assets

v. Impairment of long-lived assets

Nonrecourse securitization debt and transfer of financial assets

w. Nonrecourse securitization debt and transfer of financial assets

The securitization vehicles are considered variable interest entities pursuant to ASC Topic 810,

Consolidation

de-recognized

in the consolidated balance sheets pursuant to ASC Topic 860,

Transfers and Servicing

860-10-40-5

Unsecured senior notes and long-term borrowings

x. Unsecured senior notes and long-term borrowings

Fair value

y. Fair value

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Revenues

z. Revenues

Consistent with the criteria of ASC Topic 606,

Revenue from Contracts with Customers

The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant

judgment

Net Product Revenues

Net Service Revenues

advertising-for-advertising

barter transactions for the periods presented.

The Group also provides

on-demand

retail platform services and

on-demand

delivery services through Dada. For

on-demand

pre-determined

amount for each completed delivery.

Contract balances

aa. Contract balances

Unearned revenues consist of payments received or awards to customers related to unsatisfied performance obligation at the end of the period, included in current and

non-current

Customer incentives and loyalty programs

bb. Customer incentives and loyalty programs

The Group provides two types of discounted coupons, referred to as D Coupons and J Coupons, for free to its customers to incentivize purchase.

•

Cost of revenues

cc. Cost of revenues

Rebates and subsidies

dd. Rebates and subsidies

Fulfillment

ee. Fulfillment

Marketing

ff. Marketing

Research and development

gg. Research and development

General and administrative

hh. General and administrative

Share-based compensation

ii. Share-based compensation

The Group grants restricted share units (“RSUs”) and share options of the Company and its subsidiaries to eligible employees and

non-employees.

The Group accounts for share-based awards issued to employees and

non-employees

in accordance with ASC Topic 718

Compensation – Stock Compensation

Employees’ share-based awards,

non-employees’

Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates.

Income tax

jj. Income tax

more-likely-than-not

non-current

in the consolidated balance sheets.

Leases

kk. Leases

In accordance with ASC Topic 842,

Leases

(“ASC 842”),

he Group

Right-of-use

non-lease

components separately.

arm-length

rental price. Upon consideration of ASC Topic

842-40-25-1

Property, Plant and Equipment

. The leaseback transactions are accounted for under ASC 842, and the ROU assets and lease liabilities are recognized at commencement date accordingly.

Comprehensive income/(loss)

ll. Comprehensive income/(loss)

Net income/(loss) per share

mm. Net income/(loss) per share

Segment reporting

nn. Segment reporting

the

on-demand

delivery and retail platform in China. New Businesses mainly include JD Property, Jingxi and overseas businesses.

Statutory reserves

oo. Statutory reserves

The Company’s subsidiaries and consolidated VIEs established in the Chinese mainland are required to make appropriations to certain

non-distributable

reserve funds.

after-tax

In addition, in accordance with the PRC Company Laws, the consolidated VIEs, registered as Chinese domestic companies, must make appropriations from their

after-tax

profits as determined under the PRC GAAP to

non-distributable

reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the

after-tax

Recent accounting pronouncements

pp. Recent accounting pronouncements

Recently adopted accounting pronouncements

In October 2021, the FASB issued ASU

2021-08,

In June 2022, the FASB issued ASU

2022-03,

2022-03

820-10-35-36B

In September 2022, the FASB issued ASU

2022-04

to enhance transparency about an entity’s use of supplier finance programs. ASU

2022-04

Recently issued accounting pronouncements not yet adopted

On November 27, 2023, the FASB issued ASU

2023-07.

2023-07

On December 14, 2023, the FASB issued ASU

2023-09,

which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU amends ASC

740-10-50-12

740-10-50-12A,

calendar-year-end

Restricted cash

12 Months Ended

Dec. 31, 2023

Restricted cash

Restricted cash

4.	Restricted cash

To meet the requirements of specific business operatio

the Group held restricted cash

primarily including secured deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee

Leases (Details 3) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases
2024	¥ 8,111
2025	5,029
2026	3,039
2027	1,943
2028	1,515
2029 and thereafter	5,467
Total lease payments	25,104
Less: interest	(3,673)
Present value of operating lease liabilities	¥ 21,431	¥ 22,666

Gain on sale of development properties

12 Months Ended

Dec. 31, 2023

Gain On Sale Of Development Properties [Abstract]

Gain on sale of development properties

19.	Gain on sale of development properties

Gain on sale of development properties for the years ended December 31, 2021, 2022 and 2023 were RMB767 million, RMB1,379 million and RMB2,283

million, respectively, which were mainly derived from disposals of logistics facilities to REIT and several private funds, which can be mainly classified into core funds and development fund (collectively, “Property Funds”). The overview of the major funds are listed below.

Core funds

In 2018, the Group established JD Property to manage the expanding logistics facilities and other real estate properties.

Over the course of

the years, JD Property established several

phases of

core funds (the “Core Funds”) together with certain third-party investor(s). JD Property serves as the general partner and committed 10%-20% of the total capital of each core fund as the limited partner, and the third-party investor(s) committed the remaining 80%-90%.

Furthermore, the Group entered into definitive agreements with each of the Core Funds, pursuant to which the Group will dispose of certain modern logistics facilities to the Core Funds, and concurrently lease back these completed facilities for operational purposes with an initial lease term of 4 to 10 years. The annual rent for the completed facilities is set at fair market rent for the initial lease term and will be adjusted based on the growth rate of fair market rent at the beginning of each subsequent 5 years’ period. The Group may choose to renew the lease upon the expiry of the initial lease agreement if the adjusted rental rate is acceptable. The lease back transaction is accounted for under ASC 842 as operating lease, and the ROU assets and operating lease liabilities were recorded accordingly. The Core Funds used leverage to finance the purchase, and the closing of the purchase is subject to certain conditions, including the availability of debt financing.

The investment committee of each of the Core Funds, which comprises the representatives from JD Property and the third-party investor(s), oversees the key operations of each fund, respectively. Given the control over the Core Funds is shared between JD Property and the third-party investor(s), JD Property does not consolidate the Core Funds and investments in the Core Funds are accounted for using the equity method as JD Property obtained significant influence by the rights to nominate no more than half of the members of each investment committee.

The closing conditions for each asset group of completed logistics facilities were considered met when each of the Core Funds signed definitive facility agreements with bank consortium to finance the purchase, respectively. As of each respective

year-end,

all or

certain of

logistics facilities under asset groups related to different core funds have been completed and satisfied hand-over condition. Therefore, the Group recorded disposal gain related to the Core Funds of RMB637million, RMB1,289 million and RMB1,764 million for the years ended December 31, 2021, 2022 and 2023, respectively, which represent the excess of cash consideration of the net assets, including the consideration received and expected to receive, over the carrying value of the net assets disposed as of the disposal date.

Development fund

In 2020, JD Property entered into definitive agreements to establish another logistics investment fund, the Development Fund, together with certain third-party investors to replicate the successful experience of the Core Funds. The Development Fund planned to acquire some of JD Property’s uncompleted modern logistics facilities. JD Property serves as general partner and committed 40% of the total capital of the Development Fund as a limited partner, and the third-party investors committed the remaining 60%.

The investment committee of Development Fund, which comprises the representatives from JD Property and the third-party investors, oversees the key operations of the fund. Given the control over the Development Fund is shared between JD Property and third-party investors, JD Property does not consolidate the Development Fund and investments in the Development Fund is accounted for using the equity method as JD Property obtained significant influence by the rights to nominate no more than half of the members of investment committee.

In December 2020, the Group entered into definitive agreements with the Development Fund to sell certain of its uncompleted modern logistics facilities, and will concurrently lease back such facilities for operational purposes when completed. The Group had disposed all logistics facilities and recorded disposal gain of

RMB112

million in 2021.

REIT

In December 2022, the Real Estate Investment Trust (“REIT”) jointly established by the Company, JD Property and Harvest Fund Management Co., Ltd., became the first of its kind in the private sector in China that received formal approval from China’s Securities Regulatory Commission. On February 8, 2023, the REIT was listed on the Shanghai Stock Exchange, and raised proceeds for over RMB1.7 billion. The Company subscribed 34% of the units issued by the REIT amounted to RMB597 million and accounted for the investments in the REIT using the equity method as the Company obtained significant influence but no power to control the key activities determined in the general meeting of the REIT.

In February 2023, the Company

transferred

certain logistics facilities to the REIT and recorded a disposal gain of RMB519 million, which represents the difference between cash consideration and the carrying value of the net assets for the asset groups disposed and concurrently leased back all these logistic facilities for operational purpose with an initial lease term of 5 to 6 years. Upon the disposal, the logistics facilities leased back from the REIT were accounted for under ASC 842 as operating lease, and the

right-of-use

assets and operating lease liabilities were recorded accordingly.

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Amendment Flag	false
Document Type	20-F
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001549802
Entity Registrant Name	JD.com, Inc.
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Annual Report	true
Document Registration Statement	false
Document Transition Report	false
Entity File Number	001-36450
Document Shell Company Report	false
Document Accounting Standard	U.S. GAAP
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	20th Floor, Building A
Entity Address, Address Line Two	No. 18 Kechuang 11 Street
Entity Address, Address Line Three	Yizhuang Economic and Technological Development Zone
Entity Address, City or Town	Daxing District
Entity Address, Postal Zip Code	101111
Entity Address, Country	CN
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
ICFR Auditor Attestation Flag	true
Auditor Location	Beijing, the People’s Republic of China
Auditor Firm ID	1113
Document Financial Statement Error Correction [Flag]	false
Business contact
Document Information [Line Items]
Entity Address, Address Line One	20th Floor, Building A
Entity Address, Address Line Two	No. 18 Kechuang 11 Street
Entity Address, Address Line Three	Yizhuang Economic and Technological Development Zone
Entity Address, City or Town	Daxing District
Entity Address, Postal Zip Code	101111
Contact Personnel Name	Ian Su Shan
City Area Code	86
Entity Address, Country	CN
Local Phone Number	10 8911-8888
Contact Personnel Email Address	Email: ir@jd.com
American depositary shares
Document Information [Line Items]
Trading Symbol	JD
Title of 12(b) Security	American depositary shares
Security Exchange Name	NASDAQ
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares
Entity Common Stock, Shares Outstanding	2,821,024,043
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	323,212,124
Ordinary shares \| HKD
Document Information [Line Items]
Trading Symbol	9618
Ordinary shares \| CNY
Document Information [Line Items]
Trading Symbol	89618

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts receivable, net

Schedule of accounts receivable, net


	As of December 31,
	2022			2023

	(RMB in millions)
Logistics receivables		11,063			12,305
Online retail and online marketplace receivables (*)		9,982			8,842
Advertising receivables and others		1,113			1,043

Accounts receivable		22,158			22,190
Allowance for doubtful accounts		(1,582	)		(1,888	)

Accounts receivable, net		20,576			20,302

Schedule of movements in the allowances for doubtful accounts


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)
Balance at beginning of the year		(566	)		(1,034	)		(1,582	)
Additions		(535	)		(615	)		(542	)
Write-off		67			67			236

Balance at end of the year		(1,034	)		(1,582	)		(1,888	)

(*)

, no allowance

for doubtful accounts in relation to consumer financing receivables was provided.

Investment in equity investees (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Measurement Alternative and NAV practical expedient investments
Carrying amount of investment under NAV practical expedient	¥ 8,133	¥ 7,982
Carrying values of equity investments measured at fair value using the Measurement Alternative	18,153	20,707
Measurement alternative and NAV practical expedient investments	¥ 346	¥ 1,683	¥ 4,787

Business acquisition - Summary of purchase price as of the date of CNLP acquisition (Details) - CNLP [Member] ¥ in Millions, $ in Millions			5 Months Ended
	Mar. 01, 2022 CNY (¥)	Mar. 01, 2022 HKD ($)	Jul. 31, 2022 CNY (¥)	Jul. 31, 2022 HKD ($)
Summary of purchase price as of the date of acquisition is comprised [Line Items]
Cash	¥ 10,538	$ 13,066
Fair value of previously held equity interests	1,293
Total	¥ 11,831		¥ 2,637	$ 3,072

Summary of significant accounting policies (Details 2)	12 Months Ended
Summary of significant accounting policies (Details 2)	Dec. 31, 2023
Minimum
Land use rights, net
Estimated useful lives (in years)	18 years
Maximum
Land use rights, net
Estimated useful lives (in years)	70 years
Non-compete Agreement \| Minimum
Intangible assets, net
Estimated useful lives (in years)	5 years
Non-compete Agreement \| Maximum
Intangible assets, net
Estimated useful lives (in years)	8 years
Domain names and trademarks \| Minimum
Intangible assets, net
Estimated useful lives (in years)	5 years
Domain names and trademarks \| Maximum
Intangible assets, net
Estimated useful lives (in years)	20 years
Customer relationship \| Minimum
Intangible assets, net
Estimated useful lives (in years)	3 years
Customer relationship \| Maximum
Intangible assets, net
Estimated useful lives (in years)	10 years
Technology and others \| Minimum
Intangible assets, net
Estimated useful lives (in years)	3 years
Technology and others \| Maximum
Intangible assets, net
Estimated useful lives (in years)	10 years

Business acquisition - Summary of purchase price as of the date of dada acquisition (Details) - Dada Acquisition [Member] ¥ in Millions	Feb. 28, 2022 CNY (¥)
Summary of purchase price as of the date of acquisition [Line Items]
Cash	¥ 3,452
Business cooperation agreement as consideration of the acquisition	1,606
Fair value of previously held equity interests	5,702
Total	¥ 10,760

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2023

Inventories, net

Schedule of Inventories, net


	As of December 31,
	2022			2023

	(RMB in millions)
Products		80,966			71,297
Packing materials and others		1,098			1,131

Inventories		82,064			72,428
Inventory valuation allowance		(4,115	)		(4,370	)

Inventories, net		77,949			68,058

Business acquisition - Schedule of allocation of the purchase price as of the date of dada acquisition (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Feb. 28, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items]
Goodwill	¥ 19,980	$ 2,814	¥ 23,123		¥ 12,433
Dada Acquisition [Member]
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items]
Net assets acquired				¥ 7,549
Premium not reflected in goodwill				3,623
Goodwill				4,542
Deferred tax liabilities				(522)
Non-controlling interests				(6,522)
Total				10,760
Dada Acquisition [Member] \| Trademarks and domain names
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items]
Newly identified and appreciation of intangible assets				805
Dada Acquisition [Member] \| Technology
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items]
Newly identified and appreciation of intangible assets				525
Dada Acquisition [Member] \| Relationship with riders
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items]
Newly identified and appreciation of intangible assets				640
Dada Acquisition [Member] \| Consumer base
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items]
Newly identified and appreciation of intangible assets				¥ 120

Employee benefit (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Employee benefit (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract]
Employee benefit expenses	¥ 12,659	¥ 10,848	¥ 8,901

Business acquisition (Details 3) ¥ in Millions, $ in Millions		12 Months Ended
	Jul. 26, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Apr. 30, 2024 shares	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life		12 years 1 month 6 days	12 years 1 month 6 days
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests		¥ 614	¥ 590			$ 86
Deppon Holdco [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	99.99%
Finite-Lived Intangible Asset, Useful Life	15 years 3 months 18 days
Business Combination, Consideration Transferred	¥ 8,976
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	3,776
Business acquisition recognized identifiable assets and liabilities assumed current assets trade receivables	2,101
Business Acquisition, Pro Forma Revenue			1,063,200	¥ 982,800
Business Acquisition, Pro Forma Net Income (Loss)			¥ 9,700	¥ (4,500)
Business Combination Recognized Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment Construction In Progress And Land Use Right	5,306
Business Combination Acquisition of Option Shares Pledged \| shares					43,009,184
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests	589
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Short-Term Investment	¥ 1,270
Deppon Holdco [Member] \| Accrued Expenses And Other Current Liabilities [Member]
Business Acquisition [Line Items]
Business combination deferred consideration payable		¥ 445
Deppon [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	66.50%

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Schedule of intangible assets, net

Intangible assets, net consist of the following:


	As of December 31, 2022
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount

	Year		(RMB in millions)
Non-compete		8.0		2,467		(2,279	)		—			188
Domain names and trademarks		17.8		6,756		(1,440	)		(27	)		5,289
Customer relationship		8.7		2,823		(765	)		(60	)		1,998
Technology and others		5.4		2,890		(1,141	)		(85	)		1,664

Total		12.1		14,936		(5,625	)		(172	)		9,139


	As of December 31, 2023
	Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Impairment Amount			Net Carrying Amount

	Year		(RMB in millions)
Non-compete		8.0		2,467		(2,407	)		—			60
Domain names and trademarks		17.8		6,756		(1,855	)		(551	)		4,350
Customer relationship		8.7		2,823		(1,087	)		(60	)		1,676
Technology and others		5.4		2,842		(1,546	)		(447	)		849

Total		12.1		14,888		(6,895	)		(1,058	)		6,935

Schedule of amortization expenses related to the intangible assets for future periods

As of December 31, 2023, amortization expenses related to the intangible assets for future periods are estimated to be as follows:


	For the year ended December 31,
	2024		2025		2026		2027		2028		2029 and thereafter

	(RMB in millions)

Amortization expenses		1,173		897		738		699		568		2,860

Related party transactions (Details 3) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Amount due from related parties	¥ 169	¥ 5,577
ATRenew Group
Related Party Transaction [Line Items]
Amount due from related parties	53	22
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties	(182)	(610)
JD Technology
Related Party Transaction [Line Items]
Amount due from related parties	(1,497)	(637)
JD Technology \| Loan
Related Party Transaction [Line Items]
Amount due from related parties	50	3,378
Property Funds
Related Party Transaction [Line Items]
Amount due from related parties	427	1,068
Property Funds \| Loan
Related Party Transaction [Line Items]
Amount due from related parties	¥ 1,136	¥ 1,746

Investment in equity investees (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of condensed financial information of the Group's equity investments

The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule

4-08

of Regulation

S-X:


	For the year ended December 31,
	2021			2022			2023

	(RMB in millions)

Revenues		145,582			160,554			149,237
Gross profit		39,736			47,369			48,134
Income/(loss) from operations		1,877			(2,158	)		(274	)
Net loss		(250	)		(1,583	)		(1,733	)
Net income/(loss) attributable to the investees’ ordinary shareholders		675			(1,327	)		(1,506	)


	As of December 31,
	2022		2023

	(RMB in millions)

Current assets		149,946		155,283
Non-current assets		142,288		145,171
Current liabilities		116,158		118,886
Non-current liabilities		54,494		50,228
Non-controlling interests		623		359

Yonghui

Schedule of investment accounted for using equity method

Investment in Yonghui is accounted for using the equity method with the investment cost allocated as follows:


	As of December 31,
	2022			2023

	(RMB in millions)
Carrying value of investment in Yonghui’s ordinary shares		4,056			3,426
Proportionate share of Yonghui’s net tangible and intangible assets		1,768			1,477

Positive basis difference		2,288			1,949

Positive basis difference has been assigned to:
Goodwill(*)		1,111			845
Amortizable intangible assets (**)		1,569			1,472
Deferred tax liabilities		(392	)		(368	)

		2,288			1,949

(*)

(**)	As of December 31, 2023, the weighted average remaining life of the amortizable intangible assets not included in Yonghui’s consolidated financial statements was 12 years.

ATRenew

Schedule of investment accounted for using equity method

The investment in ATRenew is accounted for using the equity method with the investment cost allocated as follows:


	As of December 31,
	2022			2023

	(RMB in millions)
Carrying value of investment in ATRenew’s ordinary shares		1,449			677
Proportionate share of ATRenew’s net tangible and intangible assets		2,080			1,308

N egative basis difference		(631	)		(631	)

Negative basis difference has been assigned to:
Amortizable intangible assets (**)		(450	)		(450	)
Deferred tax liabilities		(181	)		(181	)

		(631	)		(631	)

(*)

(**)	As of December 31, 2023, the negative basis difference between carrying value of investment in ATRenew and proportionate share of ATRenew’s net tangible and intangible assets was RMB631 million. This difference would not be amortized.

Investment in equity investees (Details 2) ¥ in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Dec. 31, 2023 CNY (¥) item	Dec. 31, 2023 CNY (¥) item	Sep. 30, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jun. 30, 2021 CNY (¥)
Equity method investment with the investment cost allocation
Carrying value of equity investment	¥ 30,460	¥ 30,460		¥ 30,460		¥ 28,952
Impairment charges				¥ 3,043	$ 429	1,969	¥ 574
Yonghui
Equity method investments
Percentage of the equity interests on a fully diluted basis (in percentage)	13.40%	13.40%		13.40%
Total consideration in cash	¥ 6,462	¥ 6,462		¥ 6,462
Number of board seat held \| item	1	1		1
Number of board seats \| item	9	9		9
Dividend received						24	¥ 25
Equity method investment with the investment cost allocation
Carrying value of equity investment	¥ 3,426	¥ 3,426		¥ 3,426		4,056
Proportionate share of investee's net tangible assets and intangible assets	1,477	1,477		1,477		1,768
Positive/(negative) basis difference	1,949	1,949		1,949		2,288
Positive (negative) basis difference has been assigned to goodwill	845	845		845		1,111
Positive (negative) basis difference has been assigned to amortizable intangible assets	1,472	1,472		1,472		1,569
Negative basis difference has been assigned to deferred tax liabilities	¥ (368)	(368)		(368)		(392)
Weighted average remaining life of the amortizable intangible assets	12 years
Aggregate market values	¥ 3,426	3,426		3,426		¥ 4,435
Impairment charges		266	¥ 1,492
JD Technology
Equity method investment with the investment cost allocation
Carrying value of equity investment	¥ 13,423	¥ 13,423		¥ 13,423				¥ 2,620

Principal activities and organization (Details 2) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2020 CNY (¥)
VIEs and VIEs' subsidiaries
Total assets	¥ 628,958		¥ 595,250		$ 88,586
Total liabilities	332,578		321,127		46,842
Total net revenues	1,084,662	$ 152,771	1,046,236	¥ 951,592
Net income/(loss)	23,257	3,275	9,691	(4,467)
Net cash provided by operating activities	59,521	8,383	57,819	42,301
Net cash provided by/(used in) investing activities	(59,543)	(8,386)	(54,026)	(74,248)
Net cash provided by/(used in) financing activities	(5,808)	(818)	1,180	19,503
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(5,705)	(804)	8,463	(13,942)
Cash, cash equivalents, and restricted cash at beginning of year	85,115	11,988	76,693	90,519
Cash, cash equivalents, and restricted cash at end of year	79,398	$ 11,183	85,115	76,693
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries	295,766		273,533	245,572	$ 41,658	¥ 204,486
VIEs and their subsidiaries
VIEs and VIEs' subsidiaries
Total assets	81,301		78,162
Total liabilities	74,855		74,553
Total net revenues	145,795		134,516	117,419
Net income/(loss)	2,503		1,137	(3,069)
Net cash provided by operating activities	3,291		5,434	1,593
Net cash provided by/(used in) investing activities	3,324		(4,498)	(10,089)
Net cash provided by/(used in) financing activities	(900)		(1,306)	11,611
Net increase/(decrease) in cash, cash equivalents, and restricted cash	5,715		(370)	3,115
Cash, cash equivalents, and restricted cash at beginning of year	5,190		5,560	2,445
Cash, cash equivalents, and restricted cash at end of year	10,905		5,190	5,560
Registered capitals and PRC statutory reserves of the Group's consolidated VIEs	3,378
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries	6,446		3,609
VIEs and their subsidiaries \| JD Variable Interest Entity with the intra-company balances and transactions within the Group eliminated [Member]
VIEs and VIEs' subsidiaries
Total assets	78,316		71,527
Total liabilities	40,607		39,368
Total net revenues	¥ 85,140		¥ 72,666	¥ 59,124

Other comprehensive income (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Composition of accumulated other comprehensive income/(loss)
Balance	¥ 273,533		¥ 245,572	¥ 204,486
Balance	295,766	$ 41,658	273,533	245,572
Translation adjustments and hedge of net investments in foreign operations, net of tax
Composition of accumulated other comprehensive income/(loss)
Balance	(959)		(6,090)	(3,548)
Other comprehensive income/(loss)	1,862		5,131	(2,542)
Balance	¥ 903		¥ (959)	¥ (6,090)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

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-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

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-Section 65
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

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-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

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-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

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-Topic 718
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-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

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-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of significant accounting policies

Schedule of estimated useful lives of property, equipment and software


Category		Estimated useful lives
Electronic equipment		3-5 years
Office equipment		5 years
Vehicles		3-6 years
Logistics, warehouse and other heavy equipment		5-10 years
Leasehold improvement		Over the shorter of the expected life of leasehold improvements or the lease term
Software		3-5 years
Land		Indefinite
Building		30-40 years
Building improvement		5-10 years

Schedule of estimated useful lives of intangible assets

The estimated useful lives of major intangible assets are as follows:


Category		Estimated useful lives
Non-compete		5-8 years
Domain names and trademarks		5-20 years
Customer relationship		3—10 years
Technology and others		3-10 years

Related party transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

Related party transactions

29.	Related party transactions

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2023:


Name of related parties		Relationship with the Group
Tencent and its subsidiaries (“Tencent Group”)(*)		A shareholder of the Group
Dada and its subsidiaries (“Dada Group”)(**)		An investee of the Group
JD Technology (***)		An investee of the Group, and controlled by the Founder
Property Funds		Investees of the Group
ATRenew and its subsidiaries (“ATRenew Group”)		An investee of the Group

(*)

(**)	Dada became the subsidiary of the Company since February 28, 2022 as disclosed in Note 7. As a result, Dada Group was not considered as the Group’s related party since then.

(***)

JD Technology became an investee of the Group since June 2020 (Note 6).

(a)	The Group entered into the following transactions with the major related parties:


Transactions	For the year ended December 31,
	2021		2022		2023

	(RMB in millions)
Revenues:
Commission from cooperation on advertising business with Tencent Group		248		44		—	*
Services provided and products sold to Tencent Group		553		77		—	*
Services provided and products sold to Dada Group		523		135		—	**
Services provided and products sold to ATRenew Group		894		806		845
Services provided and products sold to JD Technology		882		1,044		1,696
Operating expenses:
Services received and purchases from Tencent Group		5,010		1,314		—	*
Services received from Dada Group		1,087		212		—	**
Payment processing and other services received from JD Technology		8,762		11,494		13,833
Lease and property management services received from Property Funds		1,180		1,249		1,681
Services received from ATRenew Group		31		4		—
Other income:
Income from non-compete agreement with Dada Group		77		13		—	**
Interest income from loans provided to JD Technology		253		301		287
Interest income from loans provided to Property Funds		39		43		56

Revenues from related parties, excluding those from the major related parties as stated above, represented approximately 0.24%, 0.26% and 0.12% of total net revenues of the Group for the years ended December 31, 2021, 2022 and 2023, respectively. Transactions with related parties included in operating expenses, excluding those with the major related parties as stated above, represented 0.17%, 0.13% and 0.12% of total operating expenses of the Group for the years ended December 31, 2021, 2022 and 2023, respectively.

(b)	The Group had the following balances with the major related parties:


	As of December 31,
	2022			2023

	(RMB in millions)
Due from/(to) JD Technology
Loans provided to JD Technology (* *** )		3,378			50
Other payables to JD Technology		(637	)		(1,497	)
Due from Property Funds
Loans provided to Property Funds (* *** )		1,746			1,136
Other receivables from Property Funds		1,068			427
Due from ATRenew Group		22			53

Total		5,577			169

Deferred revenues in relation to traffic support, marketing and promotion services to be provided to ATRenew Group		(610	)		(182	)

(****)

As of December 31, 2022 and 2023, the Group recorded amount due from related parties other than the major related parties as stated above of RMB565 million and RMB498 million, which represented approximately 1.58% and 1.39% of the Group’s total accounts receivable, net and prepayments and other current assets, respectively. As of December 31, 2022 and 2023, the Group recorded amount due to related parties other than the major related parties and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties other than the major related parties as stated above of RMB488 million and RMB173 million, which represented approximately 0.20% and 0.07% of the Group’s total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other

non-current

liabilities, respectively.

(c)	Other information related to related party transactions:

Based on a series of agreements signed on January 1, 2016, JD Technology performs the credit risk assessment and other related services in relation to consumer financing business and obtain the returns from such services, and JD Technology purchases the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agrees to bear other cost in direct relation to the consumer financing business to absorb the risks. In connection with the agreements, the total amount of

past-due

consumer financing receivable related to the consumer financing business sold from the Group to JD Technology

were RMB77 million, RMB237 million and RMB240 million for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group transferred certain financial assets to JD Technology with or without recourse at fair value. The accounts receivable transferred without recourse were RMB43,299 million, RMB50,282 million and RMB55,028 million for the years ended December 31, 2021, 2022 and 2023, respectively, and were derecognized.

In 2022, the Group also sold to JD Technology certain equipment amounted

to RMB1,462 million.

Mr. Richard Qiangdong Liu, the Group’s Chairman of the board since the Group’s inception and the Chief Executive Officer since the Group’s inception to April 2022, has purchased his own aircraft for both business and personal use. The use of the aircraft in connection with the performance of his duty as employee is free of charge to the Group, and the Group has agreed to assume the cost of maintenance, crew and operations of the aircraft relating to the use of the aircraft. Such maintenance and incidental costs were insignificant for all periods presented.

The terms of the agreements with the related parties are determined based on contracted prices negotiated with other parties in normal commercial terms.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Property, equipment and software, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, equipment and software, net

Schedule of property, equipment and software, net


	As of December 31,
	2022			2023

	(RMB in millions)
Electronic equipment		2,663			2,644
Land, building and building improvement		40,642			56,445
Logistics, warehouse and other heavy equipment		14,097			16,653
Vehicles		5,743			7,268
Leasehold improvement		4,550			5,117
Office equipment		640			696
Software		1,033			1,049

Total		69,368			89,872
Less: accumulated depreciation and impairment		(14,288	)		(19,837	)

Net book value		55,080			70,035

Consolidated Balance Sheets
¥ in Millions, $ in Millions

Dec. 31, 2023

CNY (¥)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

CNY (¥)

Current assets

Cash and cash equivalents

¥ 71,892

$ 10,126

¥ 78,861

Restricted cash

7,506

1,057

6,254

Short-term investments

118,254

16,656

141,095

Accounts receivable, net

20,302

2,859

20,576

Advance to suppliers

2,753

388

3,838

Inventories, net

68,058

9,586

77,949

Prepayments and other current assets

15,639

2,202

15,156

Assets held for sale

1,292

182

1,203

Total current assets

307,810

43,354

351,074

Non-current assets

Property, equipment and software, net

70,035

9,864

55,080

Construction in progress

9,920

1,397

11,161

Intangible assets, net

6,935

977

9,139

Land use rights, net

39,563

5,572

33,848

Operating lease right-of-use assets

20,863

2,938

22,267

Goodwill

19,980

2,814

23,123

Investment in equity investees

56,746

7,993

57,641

Marketable securities and other investments

80,840

11,386

14,360

Deferred tax assets

1,744

246

1,536

Other non-current assets

14,522

2,045

16,021

Total non-current assets

321,148

45,232

244,176

Total assets

628,958

88,586

595,250

Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB27,450 million and RMB27,923 million as of December 31, 2022 and 2023, respectively. Note 1)

Short-term debts

5,034

709

12,146

Accounts payable

166,167

23,404

160,607

Advance from customers

31,625

4,454

33,713

Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB431 million and RMB182 million as of December 31, 2022 and 2023, respectively)

2,097

295

3,351

Taxes payable

7,313

1,030

5,926

Accrued expenses and other current liabilities

43,533

6,132

42,570

Operating lease liabilities

7,755

1,092

7,688

Liabilities held for sale

506

Total current liabilities

265,650

37,415

266,561

Non-current liabilities

Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB179 million and nil as of December 31, 2022 and 2023, respectively)

964

136

1,107

Unsecured senior notes

10,411

1,466

10,224

Deferred tax liabilities

9,267

1,305

6,511

Long-term borrowings

31,555

4,444

20,009

Operating lease liabilities

13,676

1,926

14,978

Other non-current liabilities

1,055

150

1,737

Total non-current liabilities

66,928

9,427

54,566

Total liabilities

332,578

46,842

321,127

Commitments and contingencies

MEZZANINE EQUITY

614

590

JD.com, Inc. shareholders' equity

Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022; 2,860,222,213 Class A ordinary shares issued and 2,820,978,543 outstanding, 323,212,124 Class B ordinary shares issued and 316,685,372 outstanding as of December 31, 2023.)

^[1]

Additional paid-in capital

184,204

25,945

184,041

Statutory reserves

6,109

860

3,473

Treasury stock

(3,409)

(480)

(2,493)

Retained earnings

44,051

6,205

29,304

Accumulated other comprehensive income/(loss)

903

127

(959)

Total JD.com, Inc. shareholders' equity

231,858

32,657

213,366

Non-controlling interests

63,908

9,001

60,167

Total shareholders' equity

295,766

41,658

273,533

Total liabilities, mezzanine equity and shareholders' equity

628,958

88,586

595,250

Related Party [Member]

Current assets

Amount due from related parties

2,114

298

6,142

Amount due to related parties

¥ 1,620

$ 228

¥ 488

[1]	Absolute amount is less than RMB1 million.

Taxation (Details 2) ¥ in Millions, $ in Millions		3 Months Ended	12 Months Ended			24 Months Ended	36 Months Ended	69 Months Ended	72 Months Ended
Taxation (Details 2) ¥ in Millions, $ in Millions	Sep. 01, 2022	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 CNY (¥)
Taxation
Applicable tax rate approved (as a percent)			25.00%	25.00%	25.00%
The Hong Kong profits applicable for the first tier tax rate \| $								$ 2
Accrued Withholding Tax Expenses			¥ 2,421
Beijing Jingdong Shangke Information Technology Co., Ltd. \| Software enterprise
Taxation
Number of years exempted from income tax			2 years
Beijing Wodong Tianjun Information Technology Co., Ltd. [Member] \| Software enterprise
Taxation
Number of years half exempted income tax			3 years
PRC
Taxation
Applicable tax rate approved (as a percent)			25.00%
Percentage of claiming tax deductible for research and development expense (as a percent)						150.00%
Percentage of entitled to claim announced by State Taxation Administration (as a percent)	175.00%	200.00%	200.00%						175.00%
Withholding tax rate on dividend distributed by FIE			10.00%
Maximum rate of withholding tax for dividends paid by an FIE in China to its immediate holding company in Hong Kong under specified conditions			5.00%
Minimum ownership percentage of the FIE by foreign investors to qualify for withholding tax rate limit for dividends paid by an FIE in China to its immediate holding company in Hong Kong			25.00%
Accrued Withholding Tax Expenses				¥ 367
Undistributed Earnings			¥ 3,200				¥ 3,200		¥ 3,200
Unrecognized deferred tax liabilities of subsidiaries		¥ 4,300		¥ 4,300
PRC \| High and new technology enterprise
Taxation
Preferential income tax rate (as a percent)			15.00%
PRC \| Beijing Jingdong Shangke Information Technology Co., Ltd. \| High and new technology enterprise
Taxation
Preferential income tax rate (as a percent)							15.00%
PRC \| Certain enterprises located in applicable PRC regions \| Encouraged industry in the Western Regions of China
Taxation
Preferential income tax rate (as a percent)			15.00%
PRC \| Beijing Wodong Tianjun Information Technology Co., Ltd. [Member] \| Software enterprise
Taxation
Reduction percentage of preferential corporate income tax rate			50.00%
Hong Kong \| Profit Above Two Million Hon Kong Dollar [Member]
Taxation
Profit tax rate (as a percent)			16.50%
Hong Kong \| Profit Below Two Million Hong kong Dollar [Member]
Taxation
Profit tax rate (as a percent)			8.25%
Singapore
Taxation
Profit tax rate (as a percent)							17.00%