# Who does JD.com pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/jd-com · Facet: suppliers · Updated: 2026-09-24T12:56:02.650482+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: JD.com's confirmed suppliers/cost counterparties include Ralph Lauren Corporation plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-09-24).

### JD로지스틱스 (지배 지분) (high)  → /jd-logistics.md
- metric: Market share 84.5% · 2025
- note: HK-listed logistics subsidiary (2618.HK) — JD.com controls ~84.5%. Handles e-commerce fulfillment and is consolidated as a reporting segment.
- [confirms] SEC filing (20-F) (EN, filing, published 2026-04-16) https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm: "JD Logistics consolidated as a reporting segment"
- [confirms] Simply Wall St (EN, news, published 2025-12-01) https://simplywall.st/stocks/hk/transportation/hkg-2618/jd-logistics-shares/ownership: "JD.com controls ~84.5% of JD Logistics"

### 브랜드·상품 공급사 (직매입 매입원가) (high)
- metric: ratio 84 pct_of_revenue · FY2025 매출원가율
- note: As a 1P direct-sales model, merchandise cost of goods is the largest expense — cost of revenue ~84% of sales. JD sources electronics/appliances (3C) and daily consumer goods directly from brands/manufacturers, holding inventory. Kept anonymous given the many supplier brands.
- [confirms] SEC filing (20-F) (EN, filing, published 2026-04-16) https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm: "Cost of revenue ~84% of sales (1P merchandise procurement is the largest cost)"

### 풀필먼트·물류 인력·인프라 (mid)
- note: Operating its own logistics network (warehousing, delivery labor, last-mile) is the second cost pillar after merchandise. Insourcing e-commerce fulfillment secures service quality at the cost of fixed overhead; unmanned vehicles and light drones aim to ease long-term labor cost.
- [confirms] SEC filing (20-F) (EN, filing, published 2026-04-16) https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm: "Owned logistics network (warehousing, last-mile) operating cost"

### JD헬스 (지배 지분) (mid)  → /jd-health.md
- note: HK-listed healthcare subsidiary (6618.HK) — JD.com is the controlling (majority) shareholder; consolidated within the JD Retail segment. Online pharmacy and health services.
- [confirms] SEC filing (20-F) (EN, filing, published 2026-04-16) https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm: "JD Health is a controlling subsidiary within the JD Retail segment"

### 랄프 로렌 (mid)  → /ralph-lauren.md
- note: JD.com provides a core digital sales channel for Ralph Lauren in China, while Ralph Lauren's Asia-Pacific CEO described the brand as the leading luxury brand on JD.com but did not disclose platform-specific revenue.
- [confirms] Luxe.CO (EN, analysis, published 2025-10-14) https://luxeplace.com/post/12191: "We are proud to say that we are the number one luxury brand on Tmall, JD.com."

Reverse side: https://valuechain.wiki/jd-com/customers.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