京东2021年第三季度财报

November 18, 2021

BEIJING, Nov. 18, 2021 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply chain-based technology and serviceprovider, today announced its unaudited financial results for the three months ended September 30, 2021.Third Quarter 2021 Highlights

Net revenues for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the thirdquarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of43.3% from the third quarter of 2020.

Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion forthe same period last year. Non-GAAP2 income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated itemsfor the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 20203.

Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion),compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable toordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion forthe same period last year.

Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS ofRMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 wasRMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.

Operating cash flow for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) fromRMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JDBaitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.

Annual active customer accounts4 increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021from 441.6 million in the twelve months ended September 30, 2020.

_______________

1 The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually settled in U.S. dollars, arepresented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this announcement is based on the exchange rateset forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2021, which was RMB6.4434 toUS$1.00. The percentages stated in this announcement are calculated based on the RMB amounts.

2 See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about thenon-GAAP measures referred to in this announcement.

3 Operating margin of JD Retail before unallocated items for the third quarter of 2020 was retrospectively adjusted to conform to current periodpresentation of segment information.

4 Annual active customer accounts are customer accounts that made at least one purchase during the twelve months ended on the respective dates,whether through online retail or online marketplace.

“With resilient business operations and core competences in technology and supply chain, JD has built a unique business model, enabling us to havebetter control across the entire business process,” said Lei Xu, President of JD.com. “This powerful competitive advantage allows us to navigatethrough economic cycles and increases our ability to create value as a new type of real economy based enterprise. As a result, consumers andbusiness partners increasingly trust and rely on JD, and we were able to outpace the industry growth in China in the third quarter. JD will continue tocreate value for our users and business partners, especially the millions of SMEs in the real economy that we work with every day.”

“Our growing consumer mindshare helped drive the strong results for the quarter with more new and existing users purchasing high-frequencyproducts such as supermarket categories on JD,” said Sandy Xu, Chief Financial Officer of JD.com. “We were also pleased to see our key strategicinitiatives including the third-party marketplace and omni-channel strategies begin to generate positive results. Going forward, we will continue to focuson building high-quality businesses and investing in technologies and core capabilities to ensure JD's sustainable growth in the long term.”Business Highlights

Environment, Social and GovernanceIn August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, includingfacemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents canapply to receive kits free of charge through Jingxi’s multiple online platforms.

During the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’ssupportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such asSuqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in productionregions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.

JD RetailIn September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channelshopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALLprovides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcareproducts and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meetsthe demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture andhome appliances categories.

In the third quarter, over 20 domestic and international household and home decor brands launched official stores onJD.com, including Camerich, Lost & Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish homegoods to address consumers’ increasingly diverse lifestyle preferences.

Sephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Productsordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearbySephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offerdelivery from its 120 offline stores in 84 cities.

During the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader,launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retailsection. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 toimprove the offline shopping experience for computer and digital products, including the extension of “one-hour delivery”service to all ASUS offline stores in China.

JD HealthIn July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and assetmanagers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare,medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurancecompanies, JD Health improves the experience of insured users through its full cycle service that provide online healthconsultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.In September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expounder the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitatetransactions between up and downstream players among the participating companies to create a “Intelligent DigitalPharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in thehealth care industry.

JD LogisticsIn September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s firstregular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportationnetwork, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery andproduct arrival within one week.

In the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chainservices for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chainwarehouse networks planning, inventory management and store delivery.

As of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate grossfloor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics OpenWarehouse Platform.

Third Quarter 2021 Financial Results

Net Revenues. For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase

from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021,as compared to the same period of 2020.

Cost of Revenues. Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion forthe third quarter of 2020.

Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processingexpenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020.Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.

Marketing Expenses. Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion forthe third quarter of 2020.

Research and Development Expenses. Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, ascompared to RMB4.1 billion for the third quarter of 2020.

General and Administrative Expenses. General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the thirdquarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensationexpenses.

Income from Operations and Non-GAAP Income from Operations. Income from operations for the third quarter of 2021 was RMB2.6 billion(US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 wasRMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items forthe third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.

Non-GAAP EBITDA. Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the thirdquarter of 2020.

Share of Results of Equity Investees. Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021,as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment incertain equity investees.

Others, net. Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income ofRMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting fromdecreases in the market prices of equity investments in publicly-traded companies.

Net Income/(Loss) Attributable to Ordinary Shareholders and Non-GAAP Net Income Attributable to Ordinary Shareholders. Net lossattributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion forthe same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8billion), compared to RMB5.6 billion for the same period last year.

Diluted EPS and Non-GAAP Diluted EPS. Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted netincome per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16(US$0.49), compared to RMB3.42 for the third quarter of 2020.Cash Flow and Working Capital

As of September 30, 2021, the company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB196.2 billion (US$30.5billion), compared to RMB151.1 billion as of December 31, 2020. For the third quarter of 2021, free cash flow of the company was as follows:

For the three months ended

September 30,

2020

RMB

September 30,

2021RMB

(In thousands)

14,447,587 (3,324,823)

(5,147,087)(1,819,254)

4,156,423

September 30,

2021

US$

Net cash provided by operating activities

Less: Impact from JD Baitiao receivables included in the operating cash flowLess: Capital expenditures, net of related sales proceedsCapital expenditures for development propertiesOther capital expenditures*Free cash flow

12,255,678 (2,785,606)

(1,111,723)(839,706)7,518,3

2,242,230 (516,004)

(798,815)(282,344)5,067

* Including capital expenditures related to the company’s headquarters in Beijing and all other CAPEX.

Net cash used in investing activities was RMB29.8 billion (US$4.6 billion) for the third quarter of 2021, consisting primarily of increase in short-terminvestments and cash paid for capital expenditures.

Net cash provided by financing activities was RMB6.1 billion (US$0.9 billion) for the third quarter of 2021, consisting primarily of proceeds fromshort-term debts.

For the twelve months ended September 30, 2021, free cash flow of the company was as follows:

For the twelve months ended

September 30,

2020

RMB

September 30,

2021RMB

(In thousands)

41,042,537 1,398,385

(3,604,204)(3,068,413)30,190,951

(8,517,968)(5,411,875)28,511,079

(1,321,968)(839,910)4,424,850 September 30,

2021

US$

Net cash provided by operating activities

(Less)/Add: Impact from JD Baitiao receivables included in the operating cash flowLess: Capital expenditures, net of related sales proceedsCapital expenditures for development propertiesOther capital expendituresFree cash flow

37,334,450 (470,882)6,369,702 217,026

Supplemental Information

The company reports three segments, JD Retail, JD Logistics and New businesses. JD Retail mainly consists of online retail, online marketplace andmarketing services in China. JD Logistics includes both internal and external logistics businesses. New businesses mainly include JD Property, Jingxi,overseas businesses and technology initiatives.

The table below sets forth the segment operating results, with prior period segment information retrospectively recast to conform to current periodpresentation:

For the three months ended

September 30,

2020

RMB

161,081,245 17,9,350 4,302,067 (9,291,697)174,055,965

158,499 174,214,4

6,734,811 83,549 (1,200,492)343,982 5,617,868 (1,234,519)4,383,349

7,942,242 (726,612)(2,073,450)578,701 5,142,180 (2,569,743)2,572,437 September 30,

2021RMB

(In thousands)

198,080,245 25,749,276 5,732,810 (11,003,427)218,558,904

149,454 218,708,358

1,232,617 (112,768)(321,796),813 798,053 (398,817)399,236

September 30,

2021

US$

30,741,572 3,996,225 8,718 (1,707,705)33,919,810

23,195 33,943,005

Net revenues:JD RetailJD LogisticsNew businessesInter-segment*

Total segment net revenuesUnallocated items**

Total consolidated net revenues

Operating income/(loss):JD RetailJD LogisticsNew businesses

Including: gain on sale of development propertiesTotal segment operating incomeUnallocated items**

Total consolidated operating income

* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail,and property leasing services provided by JD Property to JD Logistics.

** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects ofbusiness cooperation arrangements, and impairment of goodwill and intangible assets, which are not allocated to segments.

The table below sets forth the revenue information:

For the three months ended

September 30,

2020

RMB

September 30,

2021

RMB

September 30,

2021

US$

Electronics and home appliances revenuesGeneral merchandise revenuesNet product revenues

Marketplace and marketing revenuesLogistics and other service revenuesNet service revenues

Total net revenues

(In thousands)

93,329,72858,069,531151,399,259

12,412,34210,402,86322,815,205

174,214,4

110,881,04675,127,319186,008,365

16,774,78615,925,20732,699,993

218,708,358

17,208,46911,659,57728,868,046

2,603,4062,471,5535,074,959

33,943,005

Conference Call

JD.com’s management will hold a conference call at 7:00 am, Eastern Time on November 18, 2021, (8:00 pm, Beijing/Hong Kong Time on November18, 2021) to discuss financial results for the three months ended September 30, 2021.

Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call, using participant dial-in numbers,Direct Event passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call aftercompletion of this process, unless required to provide the conference ID below due to regional restrictions.PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/2385515CONFERENCE ID: 2385515

A telephone replay will be available from 10:00 am, Eastern Time on November 18, 2021 through 7:59 am, Eastern Time on November 26, 2021. Thedial-in details are as follows:

US Toll Free:International:Passcode:

+1-855-452-5696 or +1-6-254-3697+61-2-8199-02992385515

Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.jd.com.About JD.com

JD.com is a leading supply chain-based technology and service provider. The company’s cutting-edge retail infrastructure seeks to enable consumersto buy whatever they want, whenever and wherever they want it. The company has opened its technology and infrastructure to partners, brands andother sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.Non-GAAP Measures

In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAPoperating margin, non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP net margin, free cash flow, non-GAAP EBITDA,non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to reviewand assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as asubstitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States ofAmerica (“U.S. GAAP”). The company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-basedcompensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gainon sale of development properties and impairment of goodwill and intangible assets. The company defines non-GAAP net income/(loss) attributable toordinary shareholders as net income/(loss) attributable to ordinary shareholders excluding share-based compensation, amortization of intangibleassets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) ondisposals/deemed disposals of investments, reconciling items on the share of equity method investments, loss/(gain) from fair value change oflong-term investments, impairment of goodwill, intangible assets and investments, gain and foreign exchange impact in relation to sale of developmentproperties and tax effects on non-GAAP adjustments. The company defines free cash flow as operating cash flow adjusting the impact from JD Baitiaoreceivables included in the operating cash flow and capital expenditures, net of the proceeds from sale of development properties. Capitalexpenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets and land userights. The company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excludingamortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated bydividing non-GAAP net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during theperiods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to ordinary shareholders bythe weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect ofshare-based awards as determined under the treasury stock method. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss)per share multiplied by two.

The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulatebusiness plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to ordinary shareholders and non-GAAP EBITDAreflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enablesmanagement to assess liquidity and cash flow while taking into account the impact from JD Baitiao receivables included in the operating cash flow and

the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The company believes that theuse of the non-GAAP financial measures facilitates investors to understand and evaluate the company’s current operating performance and futureprospects in the same manner as management does, if they so choose. The company also believes that the non-GAAP financial measures provideuseful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in futurecash payments or that are non-recurring in nature or may not be indicative of the company’s core operating results and business outlook.

The non-GAAP financial measures have limitations as analytical tools. The company’s non-GAAP financial measures do not reflect all items of incomeand expense that affect the company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, thesenon-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore theircomparability may be limited. The company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S.GAAP performance measure, all of which should be considered when evaluating performance. The company encourages you to review the company’sfinancial information in its entirety and not rely on a single financial measure.CONTACTS:

Investor RelationsRuiyu Li

Senior Director of Investor Relations+86 (10) 12-6804IR@JD.comMedia Relations+86 (10) 11-6155Press@JD.comSafe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private SecuritiesLitigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,”“intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations frommanagement in this announcement, as well as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also makewritten or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcementsmade on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in pressreleases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are nothistorical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involveinherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-lookingstatement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financialcondition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regardingdemand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues andcertain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to theindustries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in theinterpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or itsbusiness partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tightenscrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the marketvalue of JD.com’s investment portfolio; impact of the COVID-19 pandemic; natural disasters and geopolitical events; change in tax rates and financialrisks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risksis included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided hereinis as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required underapplicable law.

JD.com, Inc.

Unaudited Interim Condensed Consolidated Balance Sheets

(In thousands, except otherwise noted)

ASSETS

Current assets

Cash and cash equivalentsRestricted cash

Short-term investments

Accounts receivable, net (including JD Baitiao of RMB0.8 billion and RMB2.2billion as of December 31, 2020 and September 30, 2021, respectively)(1)Advance to suppliersInventories, net

Prepayments and other current assets

December 31,

2020

RMB

86,084,8574,434,44860,577,1107,111,9473,767,93358,932,5197,076,590

As ofSeptember 30,

2021

RMB

87,997,6705,872,018102,346,91210,951,3034,751,21960,043,99510,471,299

September 30,

2021

US$

13,657,024911,32315,883,9921,699,616737,37,318,6821,625,120

Amount due from related partiesAssets held for sale(2)Total current assetsNon-current assets

Property, equipment and software, netConstruction in progressIntangible assets, netLand use rights, net

Operating lease right-of-use assetsGoodwill

Investment in equity investeesInvestment securitiesDeferred tax assets

Other non-current assets

Amount due from related parties

Assets held for sale(2)Total non-current assetsTotal assets

6,667,262148,592234,801,258

22,596,5707,906,4066,462,88811,124,91315,484,08210,904,40958,501,32939,085,150532,74613,315,844242,5271,329,672187,486,5322,287,794

6,366,529

-288,800,945

27,884,9376,847,5576,079,79913,321,66017,693,47812,395,29967,128,48621,8,941853,05319,885,003257,776

-194,245,9483,046,934

988,070

-44,821,205

4,327,6741,062,724943,5702,067,42,745,9851,923,72010,418,1783,398,662132,3923,086,10440,006

-30,146,50474,967,709

JD.com, Inc.

Unaudited Interim Condensed Consolidated Balance Sheets

(In thousands, except otherwise noted)

LIABILITIES

Current liabilities

Short-term debtsAccounts payable

Advance from customersDeferred revenuesTaxes payable

Amount due to related parties

Accrued expenses and other current liabilitiesOperating lease liabilitiesUnsecured senior notesLiabilities held for sale(2)Total current liabilitiesNon-current liabilities

Deferred revenues

Unsecured senior notesDeferred tax liabilitiesLong-term borrowingsOperating lease liabilities

Other non-current liabilitiesTotal non-current liabilitiesTotal liabilities

December 31,

2020

RMB -106,818,42520,998,0013,417,3133,029,416585,32430,034,5715,513,5343,259,882

360,196174,016,662

1,617,8449,594,5561,921,8312,936,20510,249,957331,62326,652,016200,668,678

As ofSeptember 30,

2021

RMB

7,027,7126,442,30826,276,2603,813,1612,318,572426,58531,460,1756,404,137

--204,169,095

1,355,7679,544,6661,949,5252,947,91011,683,0312,250,93829,731,837233,900,932

September 30,

2021

US$

1,090,71319,623,5394,078,012591,793359,83766,2054,882,542993,906

--31,686,547

210,4121,481,309302,562457,5081,813,178349,3404,614,30936,300,856

(1) JD Technology performs credit risk assessment services for JD Baitiao business and absorbs the credit risk of the underlying Baitiao receivables.Facilitated by JD Technology, the company periodically securitizes Baitiao receivables through the transfer of those assets to asset-backedsecuritization plans and derecognizes the related Baitiao receivables through sales type arrangements.

(2) The company entered into definitive agreements to transfer certain logistic facilities and real estate properties to third parties through theinfrastructure asset management and integrated service platform of JD Property. The company classified the related undisposed assets and liabilitiesas assets and liabilities held for sale under ASC 360.

JD.com, Inc.

Unaudited Interim Condensed Consolidated Balance Sheets

(In thousands, except otherwise noted)

MEZZANINE EQUITY

Convertible redeemable non-controlling interests

SHAREHOLDERS’ EQUITY

Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000,000shares authorized, 3,156,709 shares issued and 3,106,539 sharesoutstanding as of September 30, 2021)

Non-controlling interestsTotal shareholders’ equity

Total liabilities, mezzanine equity and shareholders’ equity

December 31,

2020

RMB

17,133,208

As of

September 30,

2021

RMB

1,207,213

September 30,

2021

US$

187,357

187,543,29516,942,613204,485,908422,287,794

215,314,34632,624,443247,938,7483,046,934

33,416,2625,063,23438,479,49674,967,709

JD.com, Inc.

Unaudited Interim Condensed Consolidated Statements of Operations

(In thousands, except per share data and otherwise noted)

Net revenues

Net product revenuesNet service revenuesTotal net revenuesCost of revenuesFulfillmentMarketing

Research and developmentGeneral and administrative

Gain on sale of development propertiesIncome from operations(3)(4)Other income/(expenses)

Share of results of equity investeesInterest expenseOthers, net(5)

Income/(loss) before taxIncome tax expenses

Net income/(loss)

Net income/(loss) attributable to non-controllinginterests shareholders

Net income attributable to mezzanine equityclassified as non-controlling interestsshareholders

Net income/(loss) attributable to ordinaryshareholders

Net income/(loss) per share:BasicDiluted

For the three months ended

For the nine months ended

September 30,September 30,September 30,September 30,September 30,September 30,

202020212021202020212021 RMBRMBUS$ RMBRMBUS$

151,399,259 186,008,365 28,868,046 459,679,278 580,980,053 90,166,690 22,815,205 32,699,993 5,074,959 61,794,453 94,704,944 14,697,977 174,214,4 (147,419,446)(11,592,062)(5,460,508)(4,106,739)(1,596,342)343,982 4,383,349

(272,313)(297,802)4,462,624 8,275,858 (690,373)7,585,485 23,127

(1,850,787)(276,139)(3,061,9)(2,616,388)(652,199)(3,268,587)(466,736)218,708,358 (187,615,621)(14,275,651)(7,769,166)(4,004,001)(3,050,183)578,701 2,572,437

33,943,005 521,473,731 (29,117,488) (443,507,716)(2,215,546) (33,948,204)(1,205,756) (16,732,743)(621,411) (11,5,498)(473,381) (4,431,265),813 539,568 399,236

(287,238) (42,856) (475,199) (406,057) (101,220) (507,277) (72,436)

11,747,873

2,611,631 (829,120)13,338,674 26,869,058 (1,813,367)25,055,691

(27,677)

(5,677)(766,285)(568,228)2,552,747 (1,701,312)851,435 (7,856)675,684,997 (583,740,7)(42,728,366)(25,380,343)(12,226,917)(7,824,587)748,800 4,532,937

(100,207)(118,926)(88,188)396,180 (2,039)132,141 (118,704)104,8,667 (90,595,128)(6,631,338)(3,938,967)(1,7,588)(1,214,357)116,212

703,501

2,020 7,560,338

2.44 2.35

4,687 (2,806,538)

(0.90)(0.90)

727 (435,568)

(0.14) (0.14)

3,596 25,079,772

8.37 8.02

11,277 1,605,014

0.52 0.50

1,750 249,095

0.08 0.08

Net income/(loss) per ADS:BasicDiluted

4.88 4.70

(1.81)(1.81)

(0.28) (0.28)

16.75 16.03

1.03 1.00

0.16 0.16

JD.com, Inc.

Unaudited Interim Condensed Consolidated Statements of Operations

(In thousands, except per share data and otherwise noted)

For the three months endedFor the nine months ended

September 30,September 30,September 30,September 30,September 30,September 30,202020212021202020212021

RMBRMBUS$ RMBRMBUS$(3) Includes share-based compensation expenses as follows: Cost of revenues(31,120)(32,282)(5,010) (65,618)(68,693)(10,661)Fulfillment(153,662)(265,211)(41,160) (350,156)(606,570)(94,138)Marketing(87,099)(1,129)(25,472) (218,354)(412,976)(,093)Research and development(384,400)(472,429)(73,320) (935,126)(1,350,536)(209,600)General and administrative(395,263)(1,409,379)(218,732) (1,092,028)(3,679,865)(571,106) (4) Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:Fulfillment(51,584)(55,957)(8,684) (141,217)(163,984)(25,450)Marketing(187,876)(216,246)(33,561) (473,534)(636,853)(98,838)Research and development(24,700)(26,250)(4,074) (74,100)(77,716)(12,061)General and administrative(77,314)(77,314)(11,999) (231,447)(231,448)(35,920) (5) Others are other non-operating income/(loss), primarily consist of gains/(losses) from fair value change of long-term investments, gains/(losses)from business and investment disposals, impairment of investments, government incentives, interest income and foreign exchange gains/(losses).

JD.com, Inc.

Unaudited Non-GAAP Net Income Per Share and Per ADS(In thousands, except per share data and otherwise noted)

For the three months ended

For the nine months ended

Non-GAAP net income attributable toordinary shareholders

Weighted average number of shares:BasicDiluted

Non-GAAP net income per share:BasicDiluted

Non-GAAP net income per ADS:BasicDiluted

September 30,September 30,September 30,September 30,September 30,September 30,

202020212021202020212021 RMBRMBUS$ RMBRMBUS$

5,558,054

3,096,3043,191,159

1.801.71

3.593.42

5,047,992

3,106,1413,186,702

1.631.58

3.253.16

783,435

3,106,1413,186,702

0.250.25

0.500.49

14,441,408

2,994,7563,077,063

4.824.50

9.9.00

13,2,150

3,106,3443,194,877

4.394.26

8.788.53

2,117,228

3,106,3443,194,877

0.680.66

1.361.32

JD.com, Inc.

Unaudited Interim Condensed Consolidated Statements of Cash Flows and Free Cash Flow

(In thousands)

For the three months endedFor the nine months ended

Net cash provided by operating activitiesNet cash used in investing activities

Net cash provided by financing activities

Effect of exchange rate changes on cash, cashequivalents and restricted cash

Net increase/(decrease) in cash, cashequivalents and restricted cash

Cash, cash equivalents and restricted cash atbeginning of period(6)

Cash, cash equivalents and restricted cash atend of period(6)

Net cash provided by operating activities

(Less)/Add: Impact from JD Baitiao receivablesincluded in the operating cash flow

Less: Capital expenditures, net of related salesproceeds

Capital expenditures for developmentproperties

Other capital expendituresFree cash flow

September 30,September 30,September 30,September 30,September 30,September 30,

202020212021202020212021 RMBRMBUS$ RMBRMBUS$

12,255,678 14,447,587 2,242,230 37,330,749 35,828,969 5,560,569 (12,518,857)(29,757,109)(4,618,231) (44,105,163)(55,462,5)(8,607,659)4,117,987 6,078,409 943,354 47,658,991 22,929,750 3,558,1

(2,660,012)1,194,796 77,491,381 78,686,177

12,255,678 (2,785,606)

(1,111,723)(839,706)7,518,3

(5,147,087)(1,819,254)4,156,423 14,447,587 (3,324,823)

310,397 (8,920,716)102,790,404 93,869,688

48,173 (1,384,474) 15,952,821 14,568,347

2,242,230 (516,004)

(798,815) (282,344) 5,067

(4,659,481)(2,1,926)30,347,178 (2,110,679)38,773,8 39,912,279 78,686,177

37,330,749 (159,1)

(9,3,783)(3,440,457)23,936,012 35,828,969 1,191,283

(1,496,692)(533,950)3,714,811

(61,665)3,234,465 90,635,223 93,869,688

5,560,569 184,884

(9,570)501,981 14,066,366 14,568,347

(6) Including cash, cash equivalents and restricted cash classified as assets held for sale of RMB409.2 million, RMB115.9 million and nil as ofSeptember 30, 2020, December 31, 2020 and September 30, 2021, respectively.

JD.com, Inc.

Supplemental Financial Information and Business Metrics

Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021

Free cash flow (in RMB billions) – trailing twelve months (“TTM”)30.234.928.231.928.5Inventory turnover days(7) – TTMAccounts payable turnover days(8) – TTMAccounts receivable turnover days(9) – TTMAnnual active customer accounts (in millions)

34.349.22.8441.6

33.347.12.7471.9

31.244.22.99.8

31.045.82.7531.9

30.145.52.8552.2

(7) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the lastquarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.

(8) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding fivequarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360days.

(9) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to andincluding the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accountsreceivable turnover days excluding the impact from JD Baitiao.

JD.com, Inc.

Unaudited Reconciliation of GAAP and Non-GAAP Results

(In thousands, except percentage data)

Income from operations

Add: Share-based compensation

Add: Amortization of intangible assetsresulting from assets and businessacquisitions

Reversal of: Effects of business cooperationarrangements

Reversal of: Gain on sale of developmentproperties

Non-GAAP income from operationsAdd: Depreciation and other amortizationNon-GAAP EBITDA

Total net revenues

Non-GAAP operating margin

Non-GAAP EBITDA margin

For the three months ended

For the nine months ended

September 30,September 30,September 30,September 30,September 30,September 30,

202020212021202020212021 RMBRMBUS$ RMBRMBUS$

4,383,349 2,572,437 399,236 11,747,873 4,532,937 703,501 1,051,544 2,343,430 363,694 2,661,282 6,118,0 949,598

193,215 (10,240)(343,982)5,273,886 1,327,856 6,601,742

174,214,4

3.0% 3.8%

236,543 (10,230)(578,701)4,563,479 1,299,599 5,863,078

218,708,358

2.1% 2.7%

36,711 494,797 (241,025)(539,568)14,123,359 3,3,155 18,016,514

703,153 (17,690)(748,800)10,588,240 3,961,450 14,549,690

109,128 (2,745)(116,212)1,3,270 614,807 2,258,077

(1,588) (,813) 708,240 201,695 909,935

33,943,005 521,473,731 675,684,997 104,8,667

2.1% 2.7%1.6%1.6%

2.7%

3.5%

2.2%

2.2%

JD.com, Inc.

Unaudited Reconciliation of GAAP and Non-GAAP Results

(In thousands, except percentage data)

For the three months ended

For the nine months ended

Net income/(loss) attributable to ordinaryshareholders

Add: Share-based compensation

Add: Amortization of intangible assetsresulting from assets and businessacquisitions

Add/(Reversal of): Reconciling items on theshare of equity method investments(10)

Add: Impairment of goodwill, intangibleassets, and investments

(Reversal of)/Add: (Gain)/Loss from fair valuechange of long-term investments

Reversal of: Gain and foreign exchangeimpact in relation to sale of developmentproperties

Reversal of: Gain on disposals/deemeddisposals of investments

Reversal of: Effects of business cooperationarrangements and non-compete agreementsAdd/(Reversal of): Tax effects on non-GAAPadjustments

Non-GAAP net income attributable toordinary shareholders

Total net revenues

September 30,September 30,September 30,September 30,September 30,September 30,

202020212021202020212021 RMBRMBUS$ RMBRMBUS$

7,560,338

1,051,544

(2,806,538)1,954,097

(435,568) 303,271

25,079,772 2,661,282

1,605,014 5,729,307

249,095 8,175

193,215 55,687

-

(2,939,7)

193,111 (118,683)1,813,473 4,639,028

29,970 (18,419) 281,447 719,966

494,797 172,156 661,735 (9,007,791)

659,721 (1,150,173)2,121,821 5,405,193

102,387 (178,504)329,301 838,873

(343,982)(12,724)(30,847)24,612 5,558,054

174,214,4

(510,701)(52,601)(29,498)(33,696)5,047,992

218,708,358

(79,260) (8,1) (4,578) (5,230) 783,435

33,943,005

(539,568)(4,802,557)(303,507)25,0 14,441,408

521,473,731

(680,800)(68,601)(75,502)96,170 13,2,150

675,684,997

(105,659)(10,7)(11,718)14,925 2,117,228

104,8,667

Non-GAAP net margin

3.2%2.3%

2.3%

2.8%2.0%2.0%

(10) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments, and share of amortization of intangibles not ontheir books.