JD.com released its Q4 and full-year 2025 earnings report, revealing a 13% YoY increase in annual revenue to RMB 1.3 trillion, with sustained improvement in profit margins for its core retail business. In 2026, JD will focus on expanding daily necessities categories, growing advertising services, and applying AI technologies to create diversified growth engines. The electronics category faces growth pressure, while daily necessities and supermarkets emerge as the primary growth drivers for the year. It is anticipated that the electronics category will experience slower growth in the first half of 2026 due to a high base effect, with a rebound expected in the second half. Retail profit margins are steadily improving, with advertising emerging as a new profit growth driver, and platform and marketing service revenues set for rapid growth. Losses in the food delivery business are narrowing quarter by quarter. JD will adhere to its quality positioning, optimize subsidy strategies, enhance delivery efficiency, and further leverage synergies with its core retail business. AI technology has been fully integrated into JD's business chain, with its self-developed large model, Yanxi, applied in over 1,000 business scenarios. The user base for AI shopping assistants is expected to double, and logistics automation is expanding overseas. Overseas expansion is accelerating, with Europe's full-category e-commerce platform Joybuy scheduled to officially launch in March. During the earnings call, JD's management stated that overall performance in 2025 remained robust, with an expanding user base and engagement, improved profit margins in the core retail business, and smooth progress in new ventures. In 2026, JD will continue to strengthen its supply chain capabilities, increase technological investment, drive sustainable and profitable growth, and create long-term value for shareholders.