# Who are JD.com's customers? Who does JD.com earn revenue from?
Canonical: https://valuechain.wiki/jd-com · Facet: customers · Updated: 2026-09-24T12:56:02.650482+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: JD.com discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 5 dated sources, 1 of them primary filings (as of 2026-09-24).

### 소비자·입점 셀러 (JD리테일) (high)
- metric: Amount ¥1.1T · FY2025 JD리테일
- note: The profit engine: pairing 1P direct sales with owned logistics has locked in 'genuine goods, same-day delivery' trust in electronics/appliances as a moat — FY2025 revenue RMB 1,126.4bn and operating income RMB 51.4bn, propped up by government trade-in subsidies, kept it a cash cow even as the group slid into losses. With 40%+ of product sales in electronics, it is geared to the consumption cycle and subsidy policy.
- [confirms] KrASIA (EN, news, published 2026-05-01) https://kr-asia.com/chinese-firms-turn-to-autonomous-delivery-to-counter-rising-costs-of-gig-labor: "Thousands of unmanned vehicles; JDX20 drone tests."
- [mentions] Analyst consensus (24 firms) (EN, research, published 2026-05-01) https://uk.marketscreener.com/quote/stock/JD-COM-INC-111325356/consensus/: "Analyst consensus Strong Buy, avg target HK$154.1 (24 firms)"
- [confirms] SEC filing (20-F) (EN, filing, published 2026-04-16) https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm: "JD Retail revenue RMB 1,126.4bn, operating income RMB 51.4bn; total revenue RMB 1,309.1bn (+13%)"
- [confirms] JD.com (PR) (EN, news, published 2026-03-05) https://finance.yahoo.com/news/jd-com-announces-fourth-quarter-100000600.html: "JD.com FY2025 total revenues RMB 1,309.1bn; food-delivery push pressured profit"
- [confirms] KOTRA Overseas Market News (KO, news, published 2025-03-10) https://dream.kotra.or.kr/kotranews/cms/news/actionKotraBoardDetail.do?SITE_NO=3&MENU_ID=1420&bbsSn=506&pNttSn=226610&CONTENTS_NO=1: "China's #2 e-commerce on 1P retail & own logistics, strong in electronics/appliances"

### 외부·내부 물류 고객 (JD로지스틱스) (high)
- metric: Amount ¥217.1B · FY2025 JD로지스틱스
- note: The segment that turns the fixed cost of owned warehousing and last-mile into revenue by opening internal fulfillment to external shippers — FY2025 revenue RMB 217.1bn and operating income RMB 5.3bn keep it profitable and prove the infrastructure's operating leverage. The larger the external-customer mix, the more the network re-rates from cost center to profit center.
- [confirms] SEC filing (20-F) (EN, filing, published 2026-04-16) https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm: "JD Logistics segment revenue RMB 217.1bn, operating income RMB 5.3bn"

### 텐센트 (지분·WeChat 파트너십) (low)  → /tencent-holdings-limited.md
- note: Formerly a top strategic shareholder; in Dec 2021 Tencent distributed shares (457M, ~$16.4bn, 14.7% of JD) as a special dividend, cutting its stake from 17% to 2.3%. WeChat shopping-access cooperation persists. (A symmetric, qualified investment edge exists on the Tencent node.)
- [confirms] CNBC (EN, news, published 2021-12-23) https://www.cnbc.com/2021/12/23/tencent-to-give-16point4-billion-jdcom-stake-to-shareholders-as-dividend.html: "Tencent distributed 14.7% JD stake ($16.4bn) as special dividend in Dec 2021 (17%→2.3%)"

Reverse side: https://valuechain.wiki/jd-com/suppliers.md · Ripple: https://valuechain.wiki/jd-com/ripple.md

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Full node: https://valuechain.wiki/jd-com.md · JSON: https://valuechain.wiki/jd-com.json