Q2 Earnings

JD.com’s Q2 earnings revealed a 22.4% revenue surge to RMB 356.7 billion, driven by a strong 618 shopping festival and robust performance from JD Retail and JD Logistics. However, aggressive expansion into delivery services, particularly JD Delivery, led to substantial losses (RMB 14.8 billion) within the “new businesses” segment, offsetting retail profit gains. Despite increased user engagement and order volume, these subsidies significantly impacted overall profitability, prompting JD.com to shift towards cross-selling strategies to reduce reliance on its retail business.

Tencent Music Entertainment (TME) reported strong Q2 2025 results, with revenue up 17.9% year-over-year to RMB 8.44 billion and adjusted net profit surging 33.0% to RMB 2.64 billion. While MAUs dipped slightly to 553 million, paying subscribers for online music climbed 6.3% to 124.4 million. Monthly ARPPU for online music services increased 9.3% to RMB 11.7. TME is focused on content and platform development, including collaborations with labels and product innovation to enhance user engagement.