JD.com is China's largest retailer by revenue, operating primarily as a direct-sales e-commerce platform. JD buys products from suppliers and resells them to consumers through its website and mobile apps, covering electronics, home appliances, grocery, fashion, healthcare, and general merchandise. JD's core value proposition rests on product authenticity, competitive pricing, and fast delivery — same-day and next-day across most of China — enabled by an owned nationwide fulfillment network of over 1,600 warehouses. More than 700M annual active customers use the platform, with traffic supported by a partnership with Tencent that provides access points on WeChat. Beyond direct retail, JD operates a third-party marketplace where merchants pay commissions, and sells advertising and marketing services to suppliers and merchants. JD Logistics, a separately listed subsidiary, operates JD's fulfillment network and also serves external customers. JD's newer businesses include JD Food Delivery (launched early 2025), Jingxi (a value-focused platform targeting lower-tier cities), and international retail operations including a pending majority stake in CECONOMY, the European consumer electronics retailer that owns MediaMarkt and Saturn. JD's margin expansion is driven by a mix shift toward higher-margin general merchandise and advertising revenue, and by procurement scale advantages from its 1P model. Management targets high single-digit non-GAAP operating margin for JD Retail long-term, while near-term profitability is weighed down by aggressive investment in food delivery and other new businesses.