Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Amendment Flag | false |
Document Type | 20-F |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001549802 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | JD.com, Inc. |
Document Period End Date | Dec. 31, 2022 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Annual Report | true |
Document Registration Statement | false |
Document Transition Report | false |
Entity File Number | 001-36450 |
Document Shell Company Report | false |
Document Accounting Standard | U.S. GAAP |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 20th Floor, Building A |
Entity Address, Address Line Two | No. 18 Kechuang 11 Street |
Entity Address, Address Line Three | Yizhuang Economic and Technological Development Zone |
Entity Address, City or Town | Daxing District |
Entity Address, Postal Zip Code | 101111 |
Entity Address, Country | CN |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
ICFR Auditor Attestation Flag | true |
Auditor Location | Shanghai, the People’s Republic of China |
Auditor Firm ID | 1113 |
Business contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 20th Floor, Building A |
Entity Address, Address Line Two | No. 18 Kechuang 11 Street |
Entity Address, Address Line Three | Yizhuang Economic and Technological Development Zone |
Entity Address, City or Town | Daxing District |
Entity Address, Postal Zip Code | 101111 |
Contact Personnel Name | Sandy Ran Xu |
City Area Code | 86 |
Entity Address, Country | CN |
Local Phone Number | 10 8911-8888 |
Contact Personnel Email Address | Email: ir@jd.com |
American depositary shares | |
Document Information [Line Items] | |
Trading Symbol | JD |
Title of 12(b) Security | American depositary shares |
Security Exchange Name | NASDAQ |
Class A ordinary shares | |
Document Information [Line Items] | |
Trading Symbol | 9618 |
Title of 12(b) Security | Class A ordinary shares |
Entity Common Stock, Shares Outstanding | 2,756,642,200 |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 386,374,723 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Current assets | ||||
Cash and cash equivalents | ¥ 78,861 | $ 11,434 | ¥ 70,767 | |
Restricted cash | 6,254 | 907 | 5,926 | |
Short-term investments | 141,095 | 20,457 | 114,564 | |
Accounts receivable, net | 20,576 | 2,983 | 11,900 | |
Advance to suppliers | 3,838 | 556 | 3,959 | |
Inventories, net | 77,949 | 11,302 | 75,601 | |
Prepayments and other current assets | 15,156 | 2,197 | 11,455 | |
Amount due from related parties | 6,142 | 891 | 5,500 | |
Assets held for sale | 1,203 | 174 | ||
Total current assets | 351,074 | 50,901 | 299,672 | |
Non-current assets | ||||
Property, equipment and software, net | 55,080 | 7,986 | 32,944 | |
Construction in progress | 11,161 | 1,618 | 5,817 | |
Intangible assets, net | 9,139 | 1,325 | 5,837 | |
Land use rights, net | 33,848 | 4,907 | 14,328 | |
Operating lease right-of-use assets | 22,267 | 3,228 | 19,987 | |
Goodwill | 23,123 | 3,353 | 12,433 | |
Investment in equity investees | 57,641 | 8,357 | 63,222 | |
Investment securities | 11,611 | 1,683 | 19,088 | |
Deferred tax assets | 1,536 | 223 | 1,111 | |
Other non-current assets | 18,770 | 2,722 | 21,804 | |
Amount due from related parties | 264 | |||
Total non-current assets | 244,176 | 35,402 | 196,835 | |
Total assets | 595,250 | 86,303 | 496,507 | |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB22,458 million and RMB27,450 million as of December 31, 2021 and 2022, respectively. Note 1) | ||||
Short-term debts | 12,146 | 1,761 | 4,368 | |
Accounts payable | 160,607 | 23,286 | 140,484 | |
Advance from customers | 33,713 | 4,888 | 29,106 | |
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB492 million and RMB431 million as of December 31, 2021 and 2022, respectively) | 3,351 | 486 | 3,458 | |
Taxes payable | 5,926 | 859 | 2,568 | |
Amount due to related parties | 488 | 71 | 519 | |
Accrued expenses and other current liabilities | 42,570 | 6,172 | 34,468 | |
Operating lease liabilities | 7,688 | 1,115 | 6,665 | |
Liabilities held for sale | 72 | 10 | ||
Total current liabilities | 266,561 | 38,648 | 221,636 | |
Non-current liabilities | ||||
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB629 million and RMB179 million as of December 31, 2021 and 2022, respectively) | 1,107 | 160 | 1,297 | |
Unsecured senior notes | 10,224 | 1,482 | 9,386 | |
Deferred tax liabilities | 6,511 | 944 | 1,897 | |
Long-term borrowings | 20,009 | 2,901 | ||
Operating lease liabilities | 14,978 | 2,172 | 13,721 | |
Other non-current liabilities | 1,737 | 251 | 1,786 | |
Total non-current liabilities | 54,566 | 7,910 | 28,087 | |
Total liabilities | 321,127 | 46,558 | 249,723 | |
Commitments and contingencies | ||||
MEZZANINE EQUITY | 590 | 86 | 1,212 | |
JD.com, Inc. shareholders' equity | ||||
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,731,123,330 Class A ordinary shares issued and 2,690,342,230 outstanding, 428,185,501 Class B ordinary shares issued and 420,449,419 outstanding as of December 31, 2021; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022.) | [1] | |||
Additional paid-in capital | 184,041 | 26,683 | 182,578 | |
Statutory reserves | 3,473 | 504 | 1,586 | |
Treasury stock | (2,493) | (361) | (2,968) | |
Retained earnings | 29,304 | 4,249 | 33,805 | |
Accumulated other comprehensive loss | (959) | (139) | (6,090) | |
Total JD.com, Inc. shareholders' equity | 213,366 | 30,936 | 208,911 | |
Non-controlling interests | 60,167 | 8,723 | 36,661 | |
Total shareholders' equity | 273,533 | 39,659 | 245,572 | |
Total liabilities, mezzanine equity and shareholders' equity | ¥ 595,250 | $ 86,303 | ¥ 496,507 | |
[1]Absolute value is less than RMB1 million. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares shares |
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ¥ 266,561 | $ 38,648 | ¥ 221,636 | |
Deferred revenues - current | 3,351 | 486 | 3,458 | |
Deferred revenues - non-current | ¥ 1,107 | $ 160 | ¥ 1,297 | |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | ||
Ordinary shares, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 |
Class A ordinary shares | ||||
Ordinary shares, shares issued (in shares) | 2,793,298,344 | 2,793,298,344 | 2,731,123,330 | 2,731,123,330 |
Ordinary shares, shares outstanding (in shares) | 2,756,458,772 | 2,756,458,772 | 2,690,342,230 | 2,690,342,230 |
Class B ordinary shares | ||||
Ordinary shares, shares issued (in shares) | 386,374,723 | 386,374,723 | 428,185,501 | 428,185,501 |
Ordinary shares, shares outstanding (in shares) | 379,220,475 | 379,220,475 | 420,449,419 | 420,449,419 |
Traffic support, marketing and promotion services | ||||
Deferred revenues - current | ¥ | ¥ 431 | ¥ 492 | ||
Deferred revenues - non-current | ¥ | 179 | 629 | ||
Consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ||||
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ¥ 27,450 | ¥ 22,458 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income/(Loss) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Net revenues | ||||
Total net revenues | ¥ 1,046,236 | $ 151,690 | ¥ 951,592 | ¥ 745,802 |
Cost of revenues | (899,163) | (130,366) | (822,526) | (636,694) |
Fulfillment | (63,011) | (9,136) | (59,055) | (48,700) |
Marketing | (37,772) | (5,476) | (38,743) | (27,156) |
Research and development | (16,893) | (2,449) | (16,332) | (16,149) |
General and administrative | (11,053) | (1,603) | (11,562) | (6,409) |
Gain on sale of development properties | 1,379 | 200 | 767 | 1,649 |
Income/(loss) from operations | 19,723 | 2,860 | 4,141 | 12,343 |
Other income/(expense) | ||||
Share of results of equity investees | (2,195) | (318) | (4,918) | 4,291 |
Interest expense | (2,106) | (305) | (1,213) | (1,125) |
Others, net | (1,555) | (225) | (590) | 35,310 |
Income/(loss) before tax | 13,867 | 2,012 | (2,580) | 50,819 |
Income tax expenses | (4,176) | (605) | (1,887) | (1,482) |
Net income/(loss) | 9,691 | 1,407 | (4,467) | 49,337 |
Net loss attributable to non-controlling interests shareholders | (697) | (101) | (923) | (75) |
Net income attributable to mezzanine equity classified as non-controlling interests shareholders | 8 | 1 | 16 | 7 |
Net income/(loss) attributable to ordinary shareholders | 10,380 | 1,507 | (3,560) | 49,405 |
Net income/(loss) | 9,691 | 1,407 | (4,467) | 49,337 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments | 7,810 | 1,132 | (2,872) | (7,955) |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 705 | |||
Reclassification adjustment for gains recorded in net income, net of tax | (760) | |||
Net unrealized losses on available-for-sale securities | (55) | |||
Total other comprehensive income/(loss) | 7,810 | 1,132 | (2,872) | (8,010) |
Total comprehensive income/(loss) | 17,501 | 2,539 | (7,339) | 41,327 |
Total comprehensive income/(loss) attributable to non-controlling interests shareholders | 1,982 | 289 | (1,253) | (373) |
Total comprehensive income attributable to mezzanine equity classified as non-controlling interests shareholders | 8 | 1 | 16 | 7 |
Total comprehensive income/(loss) attributable to ordinary shareholders | ¥ 15,511 | $ 2,249 | ¥ (6,102) | ¥ 41,693 |
Basic | ||||
Net income/(loss) per share | (per share) | ¥ 3.32 | $ 0.48 | ¥ (1.15) | ¥ 16.35 |
Diluted | ||||
Net income/(loss) per share | (per share) | ¥ 3.21 | $ 0.47 | ¥ (1.15) | ¥ 15.84 |
Weighted average number of shares | ||||
Basic | shares | 3,125,571,110 | 3,125,571,110 | 3,107,436,665 | 3,021,808,985 |
Diluted | shares | 3,180,886,136 | 3,180,886,136 | 3,107,436,665 | 3,109,024,030 |
Products | ||||
Net revenues | ||||
Total net revenues | ¥ 865,062 | $ 125,422 | ¥ 815,655 | ¥ 651,879 |
Service | ||||
Net revenues | ||||
Total net revenues | ¥ 181,174 | $ 26,268 | ¥ 135,937 | ¥ 93,923 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income/(loss) | ¥ 9,691 | $ 1,407 | ¥ (4,467) | ¥ 49,337 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 7,236 | 1,049 | 6,232 | 6,068 |
Share-based compensation | 7,548 | 1,095 | 9,134 | 4,156 |
Losses from disposal of property, equipment and software | 407 | 59 | 18 | 68 |
Gain from extinguishment of debt | (6) | (1) | (11) | |
Deferred income tax | (549) | (80) | (651) | (719) |
Amortization of discounts and issuance costs of the unsecured senior notes | 12 | 2 | 14 | 19 |
Allowance for doubtful accounts | 926 | 134 | 708 | 353 |
Impairment of investments | 1,969 | 285 | 574 | 208 |
Fair value change of long-term investments | 4,096 | 594 | 7,252 | (29,483) |
(Gains)/losses from acquirements or disposals of business and investment | 3,558 | 516 | (140) | (279) |
Gain on sale of development properties | (1,379) | (200) | (767) | (1,649) |
Share of results of equity investees | 2,195 | 318 | 4,918 | (4,291) |
Foreign exchange (gains)/losses | (114) | (17) | (42) | 90 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (7,196) | (1,043) | (5,632) | (412) |
Advance to suppliers | 9 | 1 | (107) | (2,300) |
Inventories | (2,278) | (330) | (16,697) | 799 |
Prepayments and other current assets | (1,969) | (288) | (2,539) | (260) |
Amount due from related parties | 1,763 | 256 | (278) | 583 |
Operating lease right-of-use assets | (525) | (76) | (4,045) | (2,922) |
Other non-current assets | 2,397 | 348 | (1,701) | (871) |
Accounts payable | 17,658 | 2,560 | 32,585 | 11,095 |
Advance from customers | 4,526 | 656 | 8,702 | 4,052 |
Deferred revenues | (319) | (46) | (243) | (235) |
Taxes payable | 3,206 | 465 | (468) | 849 |
Amount due to related parties | 847 | 123 | (66) | 282 |
Accrued expenses and other current liabilities | 3,295 | 478 | 5,257 | 4,784 |
Operating lease liabilities | 705 | 102 | 4,180 | 3,233 |
Other non-current liabilities | 110 | 16 | 570 | |
Net cash provided by operating activities | 57,819 | 8,383 | 42,301 | 42,544 |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (180,291) | (26,140) | (167,684) | (60,747) |
Maturity of short-term investments | 165,093 | 23,936 | 113,362 | 25,148 |
Purchases of long-term time deposits and wealth management products | (3,019) | (438) | (160) | (5,000) |
Maturity of long-term time deposits and wealth management products | 30 | 4 | ||
Purchases of investment securities | (2,656) | (1,122) | ||
Cash received from disposal of investment securities | 6,348 | 920 | 13,165 | 9,139 |
Prepayments and investments in equity investees | (4,501) | (653) | (11,576) | (16,939) |
Cash received from disposal of equity investments | 412 | 60 | 407 | 1,092 |
Cash paid for loan originations | (77,577) | (11,248) | (82,197) | (60,304) |
Cash received from loan repayments | 77,732 | 11,270 | 80,561 | 60,879 |
Purchase of property, equipment and software | (5,495) | (797) | (5,562) | (3,370) |
Disposal of equipment and other assets | 1,418 | 206 | 1,765 | |
Purchase of intangible assets | (10) | (1) | (23) | (19) |
Cash paid for asset acquisitions, net of cash acquired | (2,170) | (315) | (1,603) | |
Purchase of land use rights | (5,236) | (759) | (7,825) | (1,518) |
Cash paid for construction in progress | (12,172) | (1,765) | (8,868) | (7,549) |
Cash received from sale of development properties | 1,686 | 244 | 3,549 | 4,787 |
Cash received from/(paid for) business combinations, net of cash acquired | (15,684) | (2,274) | (321) | 671 |
Loans provided to JD Technology | (502) | (73) | (169) | (2,342) |
Other investing activities | (88) | (10) | 1,587 | (617) |
Net cash used in investing activities | (54,026) | (7,833) | (74,248) | (57,811) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 31,342 | |||
Repurchase of ordinary shares | (1,823) | (264) | (5,246) | (312) |
Proceeds from issuance of ordinary shares pursuant to share-based awards | 1,043 | 151 | 62 | 236 |
Cash paid for dividends | (13,087) | (1,897) | 0 | 0 |
Proceeds from issuance of convertible redeemable preferred shares of JD Logistics | 443 | |||
Capital injection from non-controlling interest shareholders | 8,020 | 1,163 | 27,662 | 34,579 |
Return of capital to non-controlling interests | (36) | (5) | (68) | |
Acquisition of additional equity interests in non-wholly owned subsidiaries | (4,581) | (664) | (775) | |
Proceeds from short-term borrowings | 33,208 | 4,815 | 7,133 | 14,766 |
Repayment of short-term borrowings | (31,804) | (4,611) | (5,982) | (16,582) |
Proceeds from long-term borrowings | 14,101 | 2,044 | ||
Repayment of long-term borrowings | (3,635) | (527) | (29) | (123) |
Proceeds from unsecured senior notes | 6,804 | |||
Repurchase and repayment of unsecured senior notes | (31) | (4) | (3,246) | (72) |
Other financing activities | (195) | (30) | (8) | (9) |
Net cash provided by financing activities | 1,180 | 171 | 19,503 | 71,072 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3,490 | 506 | (1,498) | (5,082) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 8,463 | 1,227 | (13,942) | 50,723 |
Cash, cash equivalents, and restricted cash at beginning of year, including cash and cash equivalents classified within assets held for sale | 76,693 | 11,119 | 90,635 | 39,912 |
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year | 116 | |||
Cash, cash equivalents, and restricted cash at beginning of year | 76,693 | 11,119 | 90,519 | 39,912 |
Cash, cash equivalents, and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale | 85,156 | 12,346 | 76,693 | 90,635 |
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year | 41 | 5 | 116 | |
Cash, cash equivalents, and restricted cash at end of year | 85,115 | 12,341 | 76,693 | 90,519 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | (2,555) | (370) | (2,538) | (1,190) |
Cash paid for interest | (2,393) | (347) | (1,221) | (1,020) |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Issuance of ordinary shares in connection with strategic cooperation agreement with Tencent | 448 | 65 | 463 | 549 |
Right-of-use assets acquired under operating leases | 7,700 | 1,116 | ¥ 10,228 | 10,678 |
Acquisition of equity interest in Jiangsu Five Star by loan conversion | 1,025 | |||
Acquisition of equity interest in Kuayue Express by issuance of ordinary shares of JD Logistics | ¥ 116 | |||
Acquisition of equity interest in Dada by strategic resources | ¥ 1,606 | $ 233 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Millions, $ in Millions | CNY (¥) | USD ($) | Ordinary shares CNY (¥) shares | Treasury stock CNY (¥) shares | Additional paid-in capital CNY (¥) | Statutory reserves CNY (¥) | Accumulated other comprehensive income/(loss) CNY (¥) | Retained earnings/ (accumulated deficit) CNY (¥) | Non-controlling interests CNY (¥) | ||
Balance (in shares) at Dec. 31, 2019 | shares | 2,973,943,149 | (49,627,886) | |||||||||
Balance at Dec. 31, 2019 | ¥ 84,660 | ¥ 0 | [1] | ¥ (2,530) | ¥ 90,677 | ¥ 1,459 | ¥ 4,163 | ¥ (11,913) | ¥ 2,804 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares | 31,864 | ¥ 0 | [1] | 31,864 | |||||||
Issuance of ordinary shares (in shares) | shares | 155,850,684 | ||||||||||
Repurchase of ordinary shares | (312) | ¥ (312) | |||||||||
Repurchase of ordinary shares (in shares) | shares | (2,382,740) | ||||||||||
Accretion of convertible redeemable non-controlling interests | (7) | (7) | |||||||||
Exercise of share-based awards | 209 | ¥ 335 | (115) | (11) | |||||||
Exercise of share-based awards (in shares) | shares | 5,073,294 | ||||||||||
Share-based compensation and vesting of share-based awards | 4,156 | ¥ 1,289 | 1,775 | 1,092 | |||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 20,642,538 | ||||||||||
Net income/(loss) | 49,337 | 49,412 | (75) | ||||||||
Foreign currency translation adjustments | (7,955) | (7,656) | (299) | ||||||||
Net change in unrealized gains/(losses) on available-for-sale debt securities | (55) | (55) | |||||||||
Statutory reserves | 74 | (74) | |||||||||
Change of the capital from non-controlling interest shareholders | 34,875 | 23,548 | 11,327 | ||||||||
Acquisition of subsidiaries and assets | 2,634 | 529 | 2,105 | ||||||||
Share of changes in the equity investee's capital accounts | (574) | (574) | |||||||||
Conversion of profit sharing right in JD Technology | 5,654 | 5,654 | |||||||||
Balance at Dec. 31, 2020 | 204,486 | ¥ 0 | [1] | ¥ (1,218) | 153,358 | 1,533 | (3,548) | 37,418 | 16,943 | ||
Balance (in shares) at Dec. 31, 2020 | shares | 3,129,793,833 | (26,294,794) | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares | 463 | ¥ 0 | [1] | 463 | |||||||
Issuance of ordinary shares (in shares) | shares | 1,914,998 | ||||||||||
Issuance of Class A ordinary shares reserved for future exercise/vesting of share-based awards | [1] | ¥ 0 | ¥ 0 | ||||||||
Issuance of Class A ordinary shares reserved for future exercise /vesting of share-based awards (in shares) | shares | 27,600,000 | (27,600,000) | |||||||||
Repurchase of ordinary shares | (5,246) | ¥ (5,246) | |||||||||
Repurchase of ordinary shares (in shares) | shares | (20,429,654) | ||||||||||
Accretion of convertible redeemable non-controlling interests | (16) | (16) | |||||||||
Exercise of share-based awards | 50 | ¥ 252 | (195) | (7) | |||||||
Exercise of share-based awards (in shares) | shares | 1,962,856 | ||||||||||
Share-based compensation and vesting of share-based awards | 10,270 | ¥ 3,244 | 2,124 | 4,902 | |||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 23,844,410 | ||||||||||
Net income/(loss) | (4,467) | (3,544) | (923) | ||||||||
Foreign currency translation adjustments | (2,872) | (2,542) | (330) | ||||||||
Statutory reserves | 53 | (53) | |||||||||
Change of the capital from non-controlling interest shareholders | 26,832 | 15,960 | 10,872 | ||||||||
Conversion of JD Logistics preferred shares | 16,403 | 11,799 | 4,604 | ||||||||
Reorganization of JD Cloud & AI | (901) | (901) | |||||||||
Acquisition of subsidiaries and assets | 600 | 600 | |||||||||
Share of changes in the equity investee's capital accounts | (30) | (30) | |||||||||
Balance at Dec. 31, 2021 | 245,572 | ¥ 0 | [1] | ¥ (2,968) | 182,578 | 1,586 | (6,090) | 33,805 | 36,661 | ||
Balance (in shares) at Dec. 31, 2021 | shares | 3,159,308,831 | (48,517,182) | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares | 448 | ¥ 0 | [1] | 448 | |||||||
Issuance of ordinary shares (in shares) | shares | 2,164,236 | ||||||||||
Issuance of Class A ordinary shares reserved for future exercise/vesting of share-based awards | [1] | ¥ 0 | ¥ 0 | ||||||||
Issuance of Class A ordinary shares reserved for future exercise /vesting of share-based awards (in shares) | shares | 18,200,000 | (18,200,000) | |||||||||
Dividends | (12,994) | (12,994) | |||||||||
Repurchase of ordinary shares | (1,823) | ¥ (1,823) | |||||||||
Repurchase of ordinary shares (in shares) | shares | (10,020,406) | ||||||||||
Accretion of convertible redeemable non-controlling interests | (8) | (8) | |||||||||
Exercise of share-based awards | 1,057 | ¥ 654 | 403 | ||||||||
Exercise of share-based awards (in shares) | shares | 9,620,476 | ||||||||||
Share-based compensation and vesting of share-based awards | 7,683 | ¥ 1,644 | 2,416 | 3,623 | |||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 23,123,292 | ||||||||||
Net income/(loss) | 9,691 | $ 1,407 | 10,388 | (697) | |||||||
Foreign currency translation adjustments | 7,810 | 5,131 | 2,679 | ||||||||
Statutory reserves | 1,887 | (1,887) | |||||||||
Change of the capital from non-controlling interest shareholders | 2,623 | (1,801) | 4,424 | ||||||||
Acquisition of subsidiaries and assets | 13,868 | 13,868 | |||||||||
Disposal of subsidiaries | (392) | (1) | (391) | ||||||||
Share of changes in the equity investee's capital accounts | (2) | (2) | |||||||||
Balance at Dec. 31, 2022 | ¥ 273,533 | $ 39,659 | ¥ 0 | [1] | ¥ (2,493) | ¥ 184,041 | ¥ 3,473 | ¥ (959) | ¥ 29,304 | ¥ 60,167 | |
Balance (in shares) at Dec. 31, 2022 | shares | 3,179,673,067 | (43,993,820) | |||||||||
[1]Absolute value is less than RMB1 million. |
Principal activities and organi
Principal activities and organization | 12 Months Ended |
Dec. 31, 2022 | |
Principal activities and organization | |
Principal activities and organization | 1. Principal activities and organization JD.com, Inc. (the “Company”) is a leading supply chain-based technology and service provider, providing products and services to consumers, third-party merchants, suppliers and other business partners through its subsidiaries, consolidated variable interest entities (“VIEs”) and consolidated VIEs’ subsidiaries (collectively, the “Group”). The Group operates e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, “JD Platform”). The Group serves consumers through online retail, focusing on product selection, price and convenience, serves third-party merchants through online marketplace, offering programs that enable the merchants to sell their products on JD Platform and to fulfill the orders either by themselves or through the Group’s logistics services. Leveraging its AI capabilities and technologies, the Group provides a variety of marketing services to business partners through its proprietary advertisement technology platform. Leveraging its leading logistics network, the Group provides integrated supply chain solutions and logistics services, primarily including warehousing and distribution services, express and freight services and other value-added services to third parties, including both third-party merchants and suppliers on JD Platform and other business partners, through JD Logistics, Inc. (“JD Logistics”), the Group’s logistics subsidiary. The Group also operates healthcare business through JD Health International Inc. (“JD Health”), establishes platform for developing and managing modern infrastructure through JINGDONG Property, Inc. (“JD Property”, formerly known as JD Property Group Corporation), empowers industrial development by supply chain, technology and services through JINGDONG Industrials, Inc. (“JD Industrials”, formerly known as JD Industrial Technology Inc.) and provides on-demand retail platform services and on-demand delivery services through Dada Nexus Limited (“Dada”). On June 18, 2020, the Company completed its global offering and the Company’s shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”) under the stock code “9618”. The Company issued 152,912,100 Class A ordinary shares, including the exercise of the over-allotment option, at Hong Kong Dollar (“HK$”) 226 per share. Net proceeds from the global offering after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB31.3 billion. On December 8, 2020 and May 28, 2021, JD Health and JD Logistics completed initial public offering (“IPO”) and the shares have been listed on the Main Board of the HKEX under the stock code “6618” and “2618”, respectively. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries. As of December 31, 2022, the Company’s major subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries are as follows: Equity Place and date of incorporation Subsidiaries Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”) 100% Beijing, China, April 2007 Jiangsu Jingdong Information Technology Co., Ltd. 100% Jiangsu, China, June 2009 Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”) 100% Shanghai, China, April 2011 JD Logistics Holding Limited 64% Hong Kong, China, August 2011 Jingdong Technology Group Corporation 100% Cayman Islands, November 2011 JINGDONG Property, Inc. 77% Cayman Islands, January 2012 JD Logistics, Inc. 64% Cayman Islands, January 2012 JD.com E-Commerce 100% Hong Kong, China, February 2012 Jingdong E-Commerce 100% Hong Kong, China, February 2012 JD.com International Limited 100% Hong Kong, China, February 2012 Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”) 100% Beijing, China, March 2012 Chongqing Jingdong Haijia E-commerce 100% Chongqing, China, June 2014 JD.com Overseas Innovation Limited 100% Hong Kong, China, October 2014 JD.com Investment Limited 100% British Virgin Islands, January 2015 JD Asia Development Limited 77% British Virgin Islands, February 2015 Suqian Hanbang Investment Management Co., Ltd. 100% Jiangsu, China, January 2016 Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) 64% Shaanxi, China, May 2017 JD Assets Holding Limited 100% Cayman Islands, March 2018 JD Property Holding Limited 100% Cayman Islands, March 2018 Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”) 100% Beijing, China, May 2018 JD Health International Inc. 68% Cayman Islands, November 2018 JD Jiankang Limited 100% British Virgin Islands, April 2019 JD Industrial Technology Limited 100% British Virgin Islands, October 2019 JINGDONG Industrials, Inc. 81% Cayman Islands, November 2019 Jingdong Logistics Supply Chain Co., Ltd. 64% Jiangsu, China, June 2020 Jiangsu Huiji Space Technology Co., Ltd. (“Jiangsu Huiji”) 100% Jiangsu, China, March 2019 JD Sunflower Investment Limited 100% British Virgin Islands, February 2016 Windcreek Limited 100% British Virgin Islands, January 2016 Dada Nexus Limited (“Dada”) 53% Cayman Islands, July 2014 Consolidated VIEs Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”) Beijing, China, April 2007 Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”) Jiangsu, China, September 2010 Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”) Jiangsu, China, August 2015 Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”) Shaanxi, China, June 2017 Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”) Jiangsu, China, June 2020 Consolidated VIEs’ Subsidiaries Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) Beijing, China, August 2012 Beijing Jingdong Qianshi Technology Co., Ltd. Beijing, China, September 2018 • Organization The Company was incorporated in the British Virgin Islands (“BVI”) in November 2006 and was re-domiciled In April 2007, April 2011, May 2017, March 2019 and June 2019, the Company established Jingdong Century, Shanghai Shengdayuan, Xi’an Jingxundi, Jiangsu Huiji and Beijing Jingdong Jiankang Co., Ltd. (“Jingdong Jiankang”) as wholly foreign-owned enterprises in the PRC, respectively. In April 2007, September 2010, August 2015, June 2017, June 2019 and June 2020, Jingdong 360, Jiangsu Yuanzhou, Jingdong Bangneng, Xi’an Jingdong Xincheng, Suqian Jingdong Tianning Jiankang Technology Co., Ltd. (“Suqian Jingdong Tianning”) and Suqian Juhe were incorporated in the PRC, respectively. The paid-in • Consolidated variable interest entities In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates its websites and other restricted businesses in the Chinese mainland through certain PRC domestic companies, whose equity interests are held by certain individuals (“Nominee Shareholders”). The Group obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements are substantially similar in key aspects governing the contractual arrangements with a variable interest entity of the Group, include loan agreements, exclusive purchase option agreements, exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, intellectual property rights license agreement, equity pledge agreements, powers of attorney, business cooperation agreement and business operation agreements. These contractual agreements can be extended at the Group’s relevant PRC subsidiaries’ options prior to the expiration date. Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the ultimate primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. Refer to Note 2(b) to the consolidated financial statements for the principles of consolidation. The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through its subsidiaries, entered into with the consolidated VIEs and their Nominee Shareholders: • Loan agreements Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries have granted interest-free loans to the relevant Nominee Shareholders of the VIEs with the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. The loans for initial and subsequent capital injections are eliminated with the capital of the relevant VIEs during consolidation. The Group’s relevant PRC subsidiaries can require the Nominee Shareholders to settle the loan amount with the equity interests of the relevant VIEs, subject to any applicable PRC laws, rules and regulations. The loan agreements are renewable upon expiration. • Exclusive purchase option agreements The Nominee Shareholders of the VIEs have granted the Group’s relevant PRC subsidiaries the exclusive and irrevocable rights to purchase from the Nominee Shareholders, to the extent permitted under the PRC laws and regulations, part or all of the equity interests in these entities for a purchase price equal to the lowest price permitted by the PRC laws and regulations. The Group’s relevant PRC subsidiaries may exercise such option at any time. In addition, the VIEs and their Nominee Shareholders have agreed that without prior written consent of the Group’s relevant PRC subsidiaries, they will not transfer or otherwise dispose the equity interests or declare any dividend. • Exclusive technology consulting and services agreements or exclusive business cooperation agreements The Group’s relevant PRC subsidiaries and relevant VIEs entered into exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, under which the relevant VIEs engage the Group’s relevant PRC subsidiaries as their exclusive provider of technical platform and technical support, business support, maintenance and other services. The VIEs shall pay to the Group’s relevant PRC subsidiaries service fees determined based on the volume and market price of the service provided. All the benefits and interests generated from the agreements, including but not limited to intellectual property rights, know-how • Equity pledge agreements Pursuant to the relevant equity pledge agreements, the Nominee Shareholders of the VIEs have pledged all of their equity interests in the relevant VIEs to the Group’s relevant PRC subsidiaries as collateral for all of their payments due to the Group’s relevant PRC subsidiaries and to secure their obligations under the above agreements. The Nominee Shareholders may not transfer or assign the equity interests, the rights and obligations in the equity pledge agreements or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Group’s relevant PRC subsidiaries without the Group’s relevant PRC subsidiaries’ preapproval. The Group’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Group’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate repayment of the loans or to dispose of the pledged equity interests through transfer or assignment. • Powers of attorney Pursuant to the irrevocable powers of attorney, each of the Nominee Shareholders appointed any person designated by the Group’s relevant PRC subsidiaries as their attorney-in-fact • Business operation agreements Pursuant to the business operation agreements, the relevant Nominee Shareholders of the VIEs must appoint the candidates nominated by the Group’s relevant PRC subsidiaries to be the directors on the VIEs’ board of directors in accordance with applicable laws and the articles of association of the VIEs, and must cause the persons recommended by the Group’s relevant PRC subsidiaries to be appointed as the VIEs’ general manager, chief financial officer and other senior executives. • Risks in relations to the VIE structure The Company believes that the contractual arrangements among its subsidiaries, the VIEs and their owners are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. The Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholders’ approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholders’ voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with the VIEs are found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or potentially be forced to relinquish Company’s interests in those operations. The Company believes the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks is remote. The following table sets forth the assets, liabilities, results of operations and changes in cash, cash equivalents, and restricted cash of the consolidated VIEs (where appropriate, the term “VIEs” also refers to its subsidiaries as a whole) structured by the Contractual Agreements, which have eliminated the intercompany transactions within the consolidated VIEs: As of December 31, 2021 2022 (RMB in millions) Total assets 80,138 78,162 Total liabilities 77,858 74,553 For the year ended December 31, 2020 2021 2022 (RMB in millions) Total net revenues 86,054 117,419 134,516 Net income/(loss) (422 ) (3,069 ) 1,137 For the year ended December 31, 2020 2021 2022 (RMB in millions) Net cash provided by operating activities 9,912 1,593 5,434 Net cash used in investing activities (11,053 ) (10,089 ) (4,498 ) Net cash provided by/(used in) financing activities 2,659 11,611 (1,306 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash 1,518 3,115 (370) Cash, cash equivalents, and restricted cash at beginning of year 927 2,445 5,560 Cash, cash equivalents, and restricted cash at end of year 2,445 5,560 5,190 As of December 31, 2021 and 2022, the total assets of the Group’s consolidated VIEs excluding the intra-company balances and transactions within the Group right-of-use million, respectively, which were consisting of short-term debts, accounts payable, operating lease liabilities, long-term borrowings, accrued expenses and other liabilities. For the years ended December 31, 2020, 2021 and 2022, the total net revenues of the Group’s consolidated VIEs were RMB36,976 million, RMB59,124 million and RMB72,666 million, respectively, which have been reflected in the Group’s consolidated financial statements with the intra-company transactions within the Group eliminated. In accordance with the Contractual Agreements, the Group’s relevant PRC subsidiaries have the power to direct activities of the Group’s consolidated VIEs, and can have assets transferred out of the Group’s consolidated VIEs. Therefore, the Group’s relevant PRC subsidiaries consider that there is no asset in the Group’s consolidated VIEs that can be used only to settle their obligations except for registered capitals and the PRC statutory reserves of the Group’s consolidated VIEs amounting to RMB3,217 million as of December 31, 2022. As the Group’s consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of the Group’s relevant PRC subsidiaries for all the liabilities of the Group’s consolidated VIEs. As of December 31, 2021 and 2022, the total shareholders’ equity of the Group’s consolidated VIEs was RMB1,535 million and RMB3,609 million, respectively. Currently there is no contractual arrangement that could require the Group’s relevant PRC subsidiaries or the Group to provide additional financial support to the Group’s consolidated VIEs. As the Group conducts certain businesses in the Chinese mainland through the consolidated VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies a. Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. All amounts, except for share, per share data or otherwise noted, are rounded to the nearest million. b. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through the Contractual Arrangements, bear the risks of, and enjoy the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation. c. Reclassifications Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no impact on net income/(loss), shareholders’ equity, or cash flows as previously reported. d. Non-controlling For the Company’s consolidated subsidiaries and VIEs, non-controlling Non-controlling e. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, returns allowance, vendor rebates and customer incentives, determination of the stand-alone selling price (“SSP”), the valuation and recognition of share-based compensation arrangements, taxation, fair value of assets and liabilities acquired in business combinations, fair value of certain equity investees, assessment for impairment of long-lived assets, investment in equity investees, investment securities and goodwill, allowance for doubtful accounts including expected credit losses, inventory reserve for excess and obsolete inventories, lower of cost and net realizable value of inventories, depreciable lives of property, equipment and software, useful lives of intangible assets, the discount rate for lease and consolidation of VIEs. Actual results may differ materially from those estimates. In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) COVID-19, COVID-19 COVID-19 COVID-19 COVID-19 f. Foreign currency translation The Group’s reporting currency is RMB. The functional currency of the Group’s entities incorporated in Cayman Islands, BVI, Hong Kong, Singapore and the United States of America is U.S. dollars (“US$”). The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be RMB. The Group’s entities incorporated in the Republic of Indonesia, Japan, France, Australia and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830, Foreign Currency Matters Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss). Total exchange gains/(losses) were a loss of RMB90 million, a gain of RMB42 million and a gain of RMB114 million for the years ended December 31, 2020, 2021 and 2022, respectively. The consolidated financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current year are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments to the Group’s other comprehensive income/(loss) were a loss of RMB7,955 million, a loss of RMB2,872 million and a gain of RMB7,810 million for the years ended December 31, 2020, 2021 and 2022, respectively. g. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. h. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, money market fund investments, time deposits and highly liquid investments which have original maturities of three months or less. i. Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash mainly represents security deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee. j. Short-term investments Short-term investments mainly include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed Financial Instruments available-for-sale held-to-maturity Available-for-sale In addition, short-term investments are also comprised of time deposits placed with banks with original maturities longer than three months but less than one year. k. Accounts receivable, net Accounts receivable mainly represent amounts due from customers and online payment channels and are recorded net of allowance for doubtful accounts. The Group, in collaboration with Jingdong Technology Holding Co., Ltd. (“JD Technology”, formerly known as Jingdong Digits Technology Holding Co., Ltd), provides consumer financing to the qualified customers in the online retail business, such consumer financing receivables are recorded as accounts receivable. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, where JD Technology performs the related credit assessment. JD Technology is obligated to purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values to absorb the risks, as such, no allowance for doubtful accounts were provided. The Group, in collaboration with JD Technology, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(v). Other than the accounts receivable arising from the consumer financing, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. l. Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Group takes ownership, risks and rewards of the products purchased, but has arrangements to return unsold goods with certain vendors. Write downs are recorded in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). The Group also provides fulfillment-related services in connection with the Group’s online marketplace. Third-party merchants maintain ownership of their inventories and therefore these products are not included in the Group’s inventories. m. Loan receivables, net Loan receivables represent the consumer financing, in collaboration with JD Technology, provided to qualified individual customers on the Group’s online marketplace. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Technology performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from 1 month to 24 months. As JD Technology is obligated to purchase the receivables past due over certain agreed period of time from the Group at carrying values to absorb the credit risks, no provision for doubtful accounts was recorded for the years ended December 31, 2020, 2021 and 2022. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2021 and 2022, the loan receivables with the collection period less than one year amounting to RMB1,817 million and RMB2,131 million, respectively, were classified into prepayments and other current assets in the consolidated balance sheets. As of December 31, 2021 and 2022, the loan receivables with the collection period over one year amounting to RMB733 million and RMB142 million, respectively, were classified into other non-current v n. Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives of major property, equipment and software are as follows: Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3-6 Logistics, warehouse and other heavy equipment 5-10 Leasehold improvement Over the shorter of the expected life of leasehold improvements or the lease term Software 3-5 Land Indefinite Building 40 years Building improvement 5-10 Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive income/(loss). o. Construction in progress Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2021 and 2022, construction in progress in the amount of RMB5,817 million and RMB11,161 million, respectively, were primarily relating to the construction of office buildings and warehouses. p. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 18 to 50 years and represent the shorter of the estimated usage periods or the terms of the agreements. q. Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The Group determines the fair value using the appropriate approach which requires management to make significant estimates and assumptions. The acquired intangible assets are recognized and measured at fair value and are expensed or amortized using the straight-line approach over the estimated economic useful lives of the assets. The estimated useful lives of major intangible assets are as follows: Category Estimated useful lives Non-compete 5-8 Domain names and trademarks 5-20 Customer relationship 3-10 years Technology and others 3-10 r. Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2017-04”) Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates, consideration of the impact of COVID-19, s. Investment in equity investees Investment in equity investees represents the Group’s investments in privately held companies, publicly traded companies and private equity funds. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance Investment—Equity Method and Joint Ventures An investment in in-substance Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investees are recorded in share of results of equity investees in the consolidated statements of operations and comprehensive income/(loss) and its share of post-acquisition movements of accumulated other comprehensive income/(loss) are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. The Group records its share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. Private equity funds pursue various investment strategies, including event driven and multi-strategy. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. These private equity funds, over which the Group does not have the ability to exercise significant influence, are accounted for under the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative (the “Measurement Alternative”) in accordance with ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10)—Recognition 2016-01”). 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323). t. Investment securities The Group invests in marketable equity securities to meet business objectives. These marketable securities are classified as investments with readily determinable fair values, which are reported at fair value in the consolidated balance sheets, the unrealized gains and losses on equity securities are recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) under ASU 2016-01. u. Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset or an asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the asset or the asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or the asset group and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or the asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or the asset group over its fair value. v. Nonrecourse securitization debt and transfer of financial assets The Group, in collaboration with JD Technology, periodically securitizes accounts receivable and loan receivables arising from consumer financing through the transfer of those assets to securitization vehicles. The securitization vehicles then issue (1) debt securities to third-party investors and JD Technology, or (2) trust beneficiary rights to the Group which are immediately transferred to third-party investors, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles and the trust beneficiary rights transferred by the Group are nonrecourse to the Group and are payable only out of collections on their respective underlying collateralized assets. The securitization vehicles are considered variable interest entities pursuant to ASC Topic 810, Consolidation The Group does not consolidate the securitization vehicles when no economic interests are retained by the Group, and the Group has no continuing involvements, including the servicer of the securitization vehicles. Transfers are accounted for as sale and corresponding transferred accounts receivable are de-recognized Transfers and Servicing 860-10-40-5 w. Unsecured senior notes and long-term borrowings Unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums and debt issuance costs. Debt discounts or premiums and debt issuance costs are recorded as a reduction of the principal amount and the related accretion is recorded as interest expense in the consolidated statements of operations and comprehensive income/(loss) over the maturities of the notes using the effective interest method. Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive income/(loss). x. Fair value Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures certain financial assets, including investments under the equity method on other-than-temporary basis, investments under the Measurement Alternative, intangible assets, goodwill and fixed assets at fair value when an impairment charge is recognized. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. y. Revenues Consistent with the criteria of ASC Topic 606, Revenue from Contracts with Customers In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group is a principal, that the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value added taxes. The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant judgement is required to estimate return allowances. For online retail business with return conditions, the Group reasonably estimates the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. As of December 31, 2021 and 2022, liabilities for return allowances were The Group also sells prepaid cards which can be redeemed to purchase products sold on the JD Platform. In accordance with ASC 606, the cash collected from the sales of prepaid cards is initially recorded in advance from customers in the consolidated balance sheets and subsequently recognized as revenues upon the sales of the respective products through redemption of prepaid cards are completed. The Group recognizes revenue from estimated unredeemed prepaid cards over the expected customer redemption periods, rather than waiting until prepaid cards expire or when the likelihood of redemption becomes remote in accordance with ASC 606. Revenue arrangements with multiple deliverables are divided into separate units of accounting based on the SSP of each separate unit. In instances where SSP is not directly observable, such as the Group does not have vendor-specific objective evidence or third-party evidence of the selling prices of the deliverables, considerations are allocated using estimated selling prices. Determining the SSP of each separate unit may require significant judgments, and significant assumptions and estimates have been made in estimating the relative selling price of each single-element. Net Product Revenues The Group recognizes the product revenues from the online retail business on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods. Revenues from the sales of electronics and home appliance products were RMB400,927 million, RMB492,592 million and RMB515,945 million, and revenues from the sales of general merchandise products were RMB250,952 million, RMB323,063 million and RMB349,117 million, for the years ended December 31, 2020, 2021 and 2022, respectively. The Group’s net product revenues were mainly generated by the JD Retail segment. Net Service Revenues The Group charges commission fees to third-party merchants for participating in the Group’s online marketplace, where the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those third-party merchants. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of products, net of return allowances. The Group provides marketing services to third-party merchants, suppliers and other business partners on its various website channels and third-party marketing affiliate’s websites, including but not limited to pay for performance marketing services on which the customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services ratably over the period during which the advertising services are provided or on the number of times that the advertisement has been displayed based on cost per thousand impressions. The Group did not enter into material advertising-for-advertising The Group opens its fulfillment infrastructure by offering integrated supply chain solutions and logistics services to third parties through JD Logistics, primarily including warehousing and distribution services, express and freight delivery services and other value-added services. Revenues generated from these services are primarily recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers. JD Plus memberships provide the Group’s core customers with a better shopping experience, access to an evolving suite of benefits that represent a single stand-ready obligation. Subscriptions are paid for at the time of or in advance of delivering the services. Revenues from such arrangements are recognized over the subscription period. The Group offers comprehensive customer services, primarily include 7*24 hours customer services to respond to customers’ post-sales requests, return and exchange services to facilitate customers’ return, exchange and repair of defective goods. These services are free of charge. The Group also provides return/exchange logistics services to the customers, of which the revenues recognized were not material for the periods presented. The Group also provides on-demand retail platform services and on-demand delivery services through Dada. For on-demand retail platform services, the Group acts as an agent and charges the retailer a fixed rate commission fee based on the sales amount and commission fee revenues on a net basis at the point of delivery of merchandise upon successful sales. For on-demand delivery services, the Group acts as an agent and recognizes revenue on a net basis at the point of delivery of merchandise. In addition, the Group fulfills the delivery needs of retailers and other business customers on Dada’s platforms, the Group has determined that it acts as the principal in these transactions and recognizes revenues on a gross basis at a fixed rate or a pre-determined amount for each completed delivery. Revenues from online marketplace and marketing services were RMB53,473 million, RMB72,118 million and RMB81,970 million for the years ended December 31, 2020, 2021 and 2022, respectively, which were mainly generated by the JD Retail segment. Revenues from logistics and other services were RMB40,450 million, RMB63,819 million and RMB99,204 million, for the years ended December 31, 2020, 2021 and 2022, respectively, which were mainly generated by the JD Logistics segment. z. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment. The balances of accounts receivable, net of allowance for doubtful accounts were RMB11,900 million and RMB20,576 million as of December 31, 2021 and 2022, respectively. Unearned revenues consist of payments received or awards to customers related to unsatisfied performance obligation at the end of the period, included in current and non-current The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include certain partner sales incentive programs. Th |
Concentration and risks
Concentration and risks | 12 Months Ended |
Dec. 31, 2022 | |
Concentration and risks | |
Concentration and risks | 3. Concentration and risks Concentration of customers and suppliers There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2020, 2021 and 2022. Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, short-term investments and certain wealth management products in other non-current assets. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2021 and 2022, majority of the Group’s cash and cash equivalents, restricted cash and short-term investments were held at major financial institutions located in the Chinese mainland and Hong Kong which the management believes are of high credit quality. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents, restricted cash, short-term investments and certain wealth management products in other non-current assets are financially sound based on publicly available information. Accounts receivable are typically unsecured and are mainly derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring processes of outstanding balances. Besides, JD Technology performs the related credit assessment of the consumer financing receivables recorded in the Group’s consolidated balance sheets. JD Technology purchases the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agrees to bear other cost directly related to the consumer financing business to absorb the risks. Currency convertibility risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents, restricted cash, short-term investments and time deposits with maturities more than one year in other non-current assets denominated in RMB that are subject to such government controls amounted to million as of December 31, 2021 and 2022, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the Chinese mainland must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. Foreign currency exchange rate risk The RMB has fluctuated against the US$, at times significantly and unpredictably during the reporting periods |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2022 | |
Restricted cash | |
Restricted cash | 4. Restricted cash To meet the requirements of specific business operations, primarily including secured deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee, the Group held restricted cash of RMB5,926 million and RMB6,254 million as of December 31, 2021 and 2022, respectively. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair value measurement | |
Fair value measurement | 5. Fair value measurement As of December 31, 2021 and 2022, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair value measurement at reporting date using Description Fair Value as of December 31, 2021 Quoted Prices Markets for (Level 1) Significant Observable (Level 2) Significant Unobservable (Level 3) (RMB in millions) Assets: Restricted cash 5,926 — 5,926 — Short-term investments Wealth management products 77,010 — 77,010 — Investment securities Listed equity securities 19,088 19,088 — — Total assets 102,024 19,088 82,936 — Fair value measurement at reporting date using Description Fair Value as of December 31, 2022 Quoted Prices Markets for (Level 1) Significant Observable (Level 2) Significant Unobservable (Level 3) (RMB in millions) Assets: Restricted cash 6,254 — 6,254 — Short-term investments Wealth management products 71,496 — 71,496 — Investment securities Listed equity securities 11,611 11,611 — — Other non-current Wealth management products 2,649 — 2,649 — Total assets 92,010 11,611 80,399 — When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are no Short-term investments Wealth management products with maturities of within one year. The Group elected the fair value option to record wealth management products with variable interest rates and deposits indexed to foreign exchange with maturities less than one year and accounted them at fair value since 2021. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For the years ended December 31, 2021 and 2022, gain of RMB1,514 million and million resulting from changes in fair value of the products under fair value option was recorded in others, net, respectively. Investment securities Listed For the years ended December 31, 2020, 2021 and 2022, the unrealized gains/(losses) of the investment securities were a gain of RMB18,722 million, a loss of RMB9,344 million and a loss of RMB4,304 million, respectively, which are recognized in others, net in the consolidated statements of operations and comprehensive income/(loss). The material investment securities are set out as below: In 2017, the Group invested in China United Network Communications Limited (“China Unicom”) with a total consideration of RMB5,000 million. In 2022, the Group sold approximately 15.2% of its investments in China Unicom. For the years ended December 31, 2020, 2021 and 2022, the unrealized gain/(loss) related to the investment in China Unicom was a loss of RMB1,047 million, a loss of RMB388 million and a gain of RMB341 million, respectively. In 2017, 2018 and 2019, the Group invested in Vipshop Holdings Ltd. (“Vipshop”) with a total consideration of RMB3,917 million. For the years ended December 31, 2020 and 2021, the unrealized gain/(loss) related to the investment in Vipshop was a gain of RMB4,272 million and a loss of RMB6,560 million, respectively. In 2022, the Group sold its investment in Vipshop. The realized loss over the entire period of holding this investment is RMB839 million. In 2018, the Group invested in ESR Cayman Limited (“ESR”) with a total consideration of RMB1,952 million. The Group accounted for the investment in ESR at fair value upon its completion of IPO on the HKEX in 2019. In 2020 and 2022, the Group sold approximately 8.0% and 6.3% of its remaining investment in ESR, respectively. For the years ended December 31, 2020, 2021 and 2022, the unrealized gain/(loss) related to the investment in ESR was a gain of RMB1,632 million, a loss of RMB396 million and a loss of RMB1,722 million, respectively. Other non-current Wealth management products with maturities of more than one year. The Group elected the fair value option to record wealth management products with variable interest rates with maturities more than one year and accounted them at fair value. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For the year ended December 31, 2022, a loss of Other financial instruments The followings are other material financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. Time deposits. Time deposits with original maturities of three months or less have been classified as cash equivalents in the consolidated balance sheets. Time deposits with original maturities of longer than three months and maturities of less than one year have been classified as short-term investments in the consolidated balance sheets. The fair value of the Group’s time deposits is determined based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy. As of December 31, 2021 and 2022, the fair value of time deposits classified as cash equivalents and short-term investments amounted t o non-current Held-to-maturity held-to-maturity held-to-maturity held-to-maturity held-to-maturity Unsecured senior notes. The Group determines the fair value of its unsecured senior notes using quoted prices in less active markets, and accordingly the Group categorizes the unsecured senior notes as Level 2 in the fair value hierarchy. As of December 31, 2021 and 2022, the fair value of unsecured senior notes amounted to RMB10,020 million and RMB9,045 million, respectively. Short-term receivables and payables. Accounts receivable and prepayments and other current assets are financial assets with carrying values that approximate to fair value due to their short-term nature. Accounts payable, advance from customers (exclude contract liabilities) and accrued expenses and other current liabilities, are financial liabilities with carrying values that approximate to fair value due to their short-term nature. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. Short-term debts and long-term borrowings. Interest rates under the borrowing agreements with the lending parties were determined based on the prevailing interest rates in the market. The carrying value of short-term debts and long-term borrowings approximates to fair value. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. Assets and liabilities measured at fair value on a nonrecurring basis Investment in equity investees. Investments in privately held companies and publicly traded companies included in investment in equity investees in the consolidated balance sheets are reviewed periodically for impairment using fair value measurement. The primary factors that the Group considers include the duration and severity that the fair value of the investment is below its carrying value; post-balance sheet date fair value of the investment; the financial condition, operating performance, strategic collaboration with and the prospects of the investee; the economic or technological environment in which the investee operates; and other entity specific information such as recent financing rounds completed by the investee companies. When the qualitative assessment indicates impairment, the investments in privately held companies without readily determinable fair value were measured using significant unobservable inputs (Level 3) as of December 31, 2021 and 2022, and the impairment charges of . |
JD Technology reorganization
JD Technology reorganization | 12 Months Ended |
Dec. 31, 2022 | |
JD Technology reorganization | |
JD Technology reorganization | 6. JD Technology reorganization In the first half of 2017, the Group entered into a series of definitive agreements relating to the reorganization of JD Technology. Pursuant to the definitive agreements, the Group disposed all its equity stake of 68.6% in JD Technology so that it held neither legal ownership nor effective control of JD Technology, received RMB14.3 billion in cash and is entitled to a royalty and software technical services fee of 40% of the future pre-tax pre-tax pre-tax In June 2020, the Group entered into agreements with JD Technology, pursuant to which the Group has, through a consolidated PRC domestic company, acquired an aggregate of 36.8% equity interest in JD Technology by converting the profit sharing right and investing additional RMB1.78 billion in cash in JD Technology. In addition, in June 2020, the shareholders of JD Technology passed a unanimous resolution to restructure JD Technology as a company limited by shares and adopt the dual class voting structure. As a result of this dual class voting shareholding structure, the Group held approximately 18.7% voting power of JD Technology. The transaction has been completed in June 2020. Accordingly, subsequent to the completion of the transaction, investment in JD Technology has been accounted for using equity method, as the Group has significant influence but does not own a majority equity interest or otherwise control. The Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the transaction, so the acquisition of JD Technology’s equity interest was achieved through an under the common control transaction. Pursuant to the supplemental agreement entered between JD Technology and its shareholders in June 2020, upon certain redemption events of JD Technology, the Group and Suqian Dongtai Jinrong Investment Management Center, Suqian Mingjin Chuangyuan Enterprise Management Consulting Partnership, Mr. Richard Qiangdong Liu have the obligation to make up the shortfall (if any) of the redemption price to the other shareholders of JD Technology when all other means are exhausted, and the shortfall is capped by the proceeds from the sales of the guarantor’s shares of JD Technology. As the Group and JD Technology both are entities under common control of Mr. Richard Qiangdong Liu, the Group is therefore exempted from recording a guarantee liability in its consolidated financial statements. Based on the Group’s assessment, the chance to settle the guarantee obligation by the Group is not probable as of December 31, 2022. On March 31, 2021, the Group entered into definitive agreements with JD Technology relating to the reorganization of the Group’s cloud computing and artificial intelligence business (“JD Cloud & AI”). Pursuant to the definitive agreements, the Group transferred JD Cloud & AI and additional RMB4 billion in cash, as consideration in exchange for newly issued ordinary shares of JD Technology. To support the smooth business transition of JD Cloud & AI, the Group also transferred some equipment and reserved some restricted share units of the Group for the employees of JD Cloud & AI, for which JD Technology paid cash consideration. Upon completion of the transactions on March 31, 2021, JD Cloud & AI was deconsolidated from the Group’s consolidated financial statements, and the Group’s equity interest in JD Technology increased from 36.8% to 41.7%. The Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the transaction, so the acquisition of JD Technology’s equity interest was achieved through an under the common control transaction. |
Business Acquisition
Business Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination | |
Business Acquisition | 7. Business acquisition Acquisition of Dada In February 2022, the Group acquired additional number of ordinary shares of Dada, China’s leading local on-demand delivery and retail platform, for a total consideration of The Group recognized a remeasurement gain of RMB72 million associated with the previously held equity interests of Dada in “Share of results of equity investees”. The fair value of the previously held equity interests was determined by the market price of shares of Dada at the acquisition date. Details of the equity interests of Dada accounted for equity method prior to the acquisition is disclosed in Note 8. The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 3,452 Business cooperation agreement as consideration of the acquisition 1,606 Fair value of previously held equity interests 5,702 Total 10,760 The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 7,549 Newly identified and appreciation of intangible assets - Trademarks and domain names 805 - Technology 525 - Relationship with riders 640 - Consumer base 120 Premium not reflected in goodwill 3,623 Goodwill 4,542 Deferred tax liabilities (522 ) Non-controlling (6,522 ) Total 10,760 The premium not reflected in goodwill was recognized as a loss of million in “others, net” resulting from the change of Dada’s share price prior to the closing of the acquisition. Net assets acquired primarily consisted of cash and cash equivalents and restricted cash of RMB4,623 million as of the date of acquisition. Acquired amortizable intangible assets had a weighted-average amortization period of 7.0 non-controlling Goodwill arising from the acquisition of Dada was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and assigned to Dada reporting unit of RMB3,144 million and JD Retail reporting unit of RMB1,398 million on the basis of the expected synergies from the acquisition of Dada. Goodwill arising from the acquisition is not expected to be deductible for tax purposes. Had the acquisition date of Dada been January 1, 2021, the revenue and net loss of the Group would have been RMB billion and RMB billion in 2021, respectively, and the revenue and net income of the Group billion and RMB billion in 2022, respectively. The pro-forma information is for illustrative purposes only and is not necessarily an indication of revenue and results of operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2021, nor is it intended to be a projection of future results. The pro-forma amounts have been calculated after adjusting the results of Dada to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2021. Acquisition of CNLP In September 2021, the Group, through JD Property, entered into a sale and purchase agreement to acquire additional shares of CNLP, which is principally engaged in the leasing of storage facilities and the related management services and was listed on the Main Board of the HKEX, representing approximately % of the issued share capital of CNLP. In accordance with relevant listing rules, JD Property w as required to make an offer for all the issued shares of CNLP and an offer for all the outstanding convertible bonds of CNLP. As of March , , JD Property obtained all the outstanding convertible bonds and certain number of CNLP’s issued and outstanding shares with a cash consideration of HK$ million. The Group obtained control of CNLP since it assigned all the board members of CNLP on March , and held approximately 80% of shareholding interests. Prior to the acquisition, the Group held 10.6% of the issued share capital of CNLP and measured its investment in CNLP at fair value. The fair value of the previously held equity interests was determined by the market price of shares of CNLP at the acquisition date. The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 10,538 Fair value of previously held equity interests 1,293 Total 11,831 The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 4,309 Appreciation of property, equipment and software, construction in progress s 10,908 Goodwill 1,586 Deferred tax liabilities (2,679 ) Non-controlling (2,293 ) Total 11,831 Net assets acquired primarily consisted of property, equipment and software, construction in progress and land use rights of RMB million and borrowings of RMB million as of the date of acquisition. Fair value of the non-controlling interests was determined based on the market price of shares of CNLP at the acquisition date. Goodwill arising from the acquisition of CNLP was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and recorded in New Businesses segment. Goodwill arising on the acquisition is not expected to be deductible for tax purposes. Acquisition of CNLP (Continued) Fr om Mar , which is treated as an equity transaction. CNLP wa Results of operations attributable to the acquisition of CNLP and pro forma results of operations for the acquisition of CNLP have not been presented because they are not material to the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2021 and 2022. Acquisition of Deppon Holdco On March 11, 2022, the Group, through a subsidiary of JD Logistics, entered into a series of agreements with the shareholders of Deppon Holdco, in relation to the acquisition of approximately % equity interest of Deppon Holdco, which in turn holds approximately % of the issued share capital of Deppon Logistics Co., Ltd (“Deppon”), for a total consideration of approximately RMB million. Deppon is a company established under the laws of the PRC, the shares of which are listed on the Shanghai Stock Exchange (stock code: 603056). Deppon is an integrated, customer-centered logistics company providing a wide range of solutions including Less-Than-Truckload (LTL) transportation, Full Truck Load (FTL) transportation, delivery services, and warehousing management. The a cquisition was completed on July 26, 2022. Upon completion of the transaction, Deppon Holdco became a consolidated subsidiary of the Group. Deppon Holdco owns certain entities, assets and liabilities that the Group and the founding vendors have agreed to exclude from the consolidated financial statements of Deppon Holdco (the “Excluded Business”), which the founding vendors shall be solely responsible for the costs, expenses and liabilities relating to the Excluded Business and its subsequent disposal. Accordingly, for those subsidiaries under the Excluded Business, the Group considers that it has no power, no exposures, nor rights to variable returns from involvement of their business operations. Further, the Group also does not have any ability to affect the amount of the Group’s returns from the aforesaid subsidiaries. Therefore, the Group considers that the control of these subsidiaries will not be obtained through the acquisition, thus the financial information of these subsidiaries under the Excluded Business will not be consolidated into the consolidated financial statements of the Group after the acquisition. The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 8,976 The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 6,570 Newly identified and appreciation of intangible assets - Trademarks and domain names 1,661 - Technology 676 - Customer relationships 8 Appreciation of construction in progress and land use rights 15 Goodwill 5,350 Deferred tax liabilities (590 ) Non-controlling (4,714 ) Total 8,976 Net assets acquired primarily consisted of property, equipment and software, construction in progress and land use rights of RMB5,306 million, short-term investments of RMB1,270 million and borrowings of million as of the date of acquisition. Acquired amortizable intangible assets had a weighted-average amortization period of 15.3 years. Fair value of the non-controlling interests was determined based on the market price of shares of Deppon at the acquisition date. The fair value of the trade receivables acquired was was not material Goodwill arising from the acquisition of Deppon Holdco was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and recorded in JD Logistics segment. Goodwill arising on the acquisition is not expected to be deductible for tax purposes. In March, 2022, the Group and Mr. Weixing Cui, one of the founding vendors of Deppon, entered into an option agreement in relation to the shares of Deppon (the “Option Shares”) pledged to the Group, whereas Mr. Weixing Cui shall have the right to cause the Group to purchase all (but not less than all) of the Option Shares at put option price. The exercise of the put option is subject to certain conditions as set out in the option agreement, which is not solely within the control of JD Logistics. The Option Shares were recorded as redeemable non-controlling interests under mezzanine equity in amount of Had the acquisition date of Deppon been January 1, 2021, the revenue and net loss b b respectively, and the revenue and net income of the Gro up billion in 2022, respectively. The pro-forma information is for illustrative purposes only and is not necessarily an indication of revenue and results of operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2021, nor is it intended to be a projection of future results. The pro-forma amounts have been calculated after adjusting the results of Deppon to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2021. The consideration of the acquisition shall be settled in installments. As of December 31, 2022, deferred consideration payables of RMB575 million was recorded in “Accrued expenses and other current liabilities” and RMB445 million was recorded in “Other non-current liabilities The related transaction costs of these business combinations are not material to the consolidated financial statements. |
Investment in equity investees
Investment in equity investees | 12 Months Ended |
Dec. 31, 2022 | |
Investment in equity investees | |
Investment in equity investees | 8. Investment in equity investees Measurement Alternative and NAV practical expedient The carrying amount of the Group’s equity investments measured at fair value using the Measurement Alternative was RMB19,643 million and RMB20,707 Equity method As of December 31, 2022, the Group’s investments accounted for under the equity method totaled RMB28,952 million (as of December 31, 2021: RMB36,254 million), which mainly included the investment in Yonghui Superstores Co., Ltd, (“Yonghui”) amounting to RMB4,056 million, investment in JD Technology amounting to RMB in-substance Investment in Yonghui Yonghui is a leading hypermarket and supermarket operator in China and is listed on the Shanghai Stock Exchange. As of December 31, 2022, total consideration for the investment in Yonghui was RMB6,462 million in cash. The Group held approximately 13.4% of Yonghui’s issued and outstanding shares and accounted for the investment in Yonghui using the equity method as the Group obtained significant influence by the rights to nominate from Yonghui Investment in Yonghui is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2021 2022 (RMB in millions) Carrying value of investment in Yonghui’s ordinary shares 4,592 4,056 Proportionate share of Yonghui’s net tangible and intangible assets 2,225 1,768 Positive basis difference 2,367 2,288 Positive basis difference has been assigned to: Goodwill (*) 1,111 1,111 Amortizable intangible assets (**) 1,674 1,569 Deferred tax liabilities (418 ) (392 ) 2,367 2,288 (*) In the third quarter of 2021, the Group conducted impairment assessments on its investment in Yonghui considering the duration and severity of the decline of Yonghui’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB1,492 million, to write down the carrying value of its investment in Yonghui to its fair value, based on quoted closing prices of Yonghui as of September 30, 2021. (**) As of December 31, 2022, the weighted average remaining life of the amortizable As of December 31, 2021 on its quoted closing price, respectively. Investment in Dada Prior to 2020, the Group acquired ordinary shares and preferred shares of Dada for total consideration of RMB5,723 million with a combination of RMB3,513 million in cash, the Group’s series of future services arrangements commenced from 2016, including supply chain support for a period of 10 years, traffic and other additional support for a period of 7 years, non-compete as disclosed in Note 7 The investment in Dada is accounted for using the equity method with the investment cost allocated as follows: As of December 31, (RMB in millions) Carrying value of investment in Dada’s ordinary shares 6,075 Proportionate share of Dada’s net tangible and intangible assets 2,136 Positive basis difference 3,939 Positive basis difference has been assigned to: Goodwill 3,893 Amortizable intangible assets 61 Deferred tax liabilities (15 ) 3,939 As of December 31, 2021, the market value of the Group’s investment in Dada was RMB9,106 million based on its quoted closing pric e Investment in JD Technology As disclosed in Note 6, investment in JD Technology has been accounted for using the equity method subsequent to June 2020. In June 2020, the Group entered into agreements with JD Technology, pursuant to which the Group has acquired an aggregate of 36.8% equity interest in JD Technology by converting the profit sharing right and investing additional RMB1.78 billion in cash in JD Technology. Upon the completion of the acquisition of JD Technology’ equity interests, the investment in JD Technology is accounted for using the equity method. In March 2021, the Group transferred JD Cloud & AI with investing additional RMB4 billion in cash in exchange of ordinary shares in JD Technology, and the Group’s equity interest in JD Technology increased to approximately 41.7%. As the Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the acquisition of JD Technology’ equity interests, the acquisition is considered a transaction under common control. Pursuant to ASC 805-50-25-2, the Group recorded the investment in JD Technology amounting to billion in 2021, based on its proportioned net assets of JD Technology. The difference between consideration transferred and the carrying amounts of the net assets received, which was a decrease of million into additional paid-in capital was recorded for the year ended December 31, 2021. Investment in ATRenew Pre-IPO ATRenew is a leading technology-driven pre-owned consumer electronics transactions and services platform in China. The investment in ATRenew’s preferred shares was accounted for under the Measurement Alternative as the underlying preferred shares were not considered in-substance common stock and had no readily determinable fair value . Post-IPO On June 18, 2021, ATRenew completed its initial public offering on the Nasdaq Stock Market (“ATRenew IPO”), upon which the preferred shares investment in ATRenew were converted to ordinary shares in entirety. Pursuant to ASU 2020-01, The investment in ATRenew is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2021 2022 (RMB in millions) Carrying value of investment in ATRenew’s ordinary shares 2,832 1,449 Proportionate share of ATRenew’s net tangible and intangible assets 2,209 2,080 Positive/(negative) basis difference 623 (631 ) Positive/(negative) basis difference has been assigned to: Goodwill 35 — Amortizable intangible assets 784 (450 ) Deferred tax liabilities (196 ) (181 ) 623 (631 ) (*) In the fourth quarter of 2021 and the second quarter of 2022, the Group conducted impairment assessments on its investment in ATRenew considering the duration and severity of the decline of ATRenew’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB3,909 million and RMB1,191 million, respectively, to write down the carrying value of its investment in ATRenew to its fair value, based on quoted closing prices of ATRenew as of December 31, 2021 and June 30, 2022, respectively. (**) As of December 31, 2022, the negative basis difference between carrying value of investment in ATRenew and proportionate share of ATRenew’s net tangible and intangible assets was RMB631 million. This difference would not be amortized. As of December 2021 and RMB2,832 million and , respectively The Group The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 S-X: For the year ended December 31, 2020 2021 2022 (RMB in millions) Revenues 140,263 145,582 160,554 Gross profit 45,590 39,736 47,369 Income/(loss) from operations 5,157 1,877 (2,158 ) Net income/(loss) 2,680 (250 ) (1,583 ) Net income/(loss) attributable to ordinary shareholders 3,292 675 (1,327 ) As of December 31, 2021 2022 (RMB in millions) Current assets 150,304 149,946 Non-current 140,872 142,288 Current liabilities 109,790 116,158 Non-current 49,919 54,494 Non-controlling 973 623 The Group performs impairment assessment of its investments under the Measurement Alternative and equity method whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. Impairment charges in connection with the equity method investments of RMB488 million, RMB5,514 million and RMB1,316 million were recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2020, 2021 and 2022, respectively. The valuation of impairment in privately held companies under the Measurement Alternative is discussed in Note 5. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
Accounts receivable, net | |
Accounts receivable, net | 9. Accounts receivable, net Accounts receivable, net consist of the following: As of December 31, 2021 2022 (RMB in millions) Logistics receivables 6,204 11,063 Online retail and online marketplace receivables 5,840 9,982 Advertising receivables and others 890 1,113 Accounts receivable 12,934 22,158 Allowance for doubtful accounts (1,034 ) (1,582 ) Accounts receivable, net 11,900 20,576 The movements in the allowance for doubtful accounts are as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Balance at beginning of the year (318 ) (566 ) (1,034 ) Additions (331 ) (535 ) (615 ) Write-off 83 67 67 Balance at end of the year (566 ) (1,034 ) (1,582 ) (*) For the accounts receivable in relation to consumer financing business, which is recorded in online retail and online marketplace receivables, as JD Technology performs credit risk assessment services for the individuals and purchases the over-due as |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2022 | |
Inventories, net | |
Inventories, net | 10. Inventories, net Inventories, net consist of the following: As of December 31, 2021 2022 (RMB in millions) Products 77,422 80,966 Packing materials and others 478 1,098 Inventories 77,900 82,064 Inventory valuation allowance (2,299 ) (4,115 ) Inventories, net 75,601 77,949 |
Property, equipment and softwar
Property, equipment and software, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, equipment and software, net | |
Property, equipment and software, net | 11. Property, equipment and software, net Property, equipment and software, net consist of the following: As of December 31, 2021 2022 (RMB in millions) Electronic equipment 11,222 2,663 Land, building and building improvement 21,072 40,642 Logistics, warehouse and other heavy equipment 10,084 14,097 Vehicles 2,681 5,743 Leasehold improvement 3,766 4,550 Office equipment 530 640 Software 867 1,033 Total 50,222 69,368 Less: accumulated depreciation (17,278 ) (14,288 ) Net book value 32,944 55,080 Depreciation expenses were RMB5,037 million, RMB5,000 million and RMB5,295 million for the years ended December 31, 2020, 2021 and 2022, respectively. No material impairment charge was recorded for the years ended December 31, 2020, 2021 and 2022, respectively. |
Land use rights, net
Land use rights, net | 12 Months Ended |
Dec. 31, 2022 | |
Land use rights, net | |
Land use rights, net | 12. Land use rights, net Land use rights, net consist of the following: As of December 31, 2021 2022 (RMB in millions) Land use rights 15,253 35,481 Less: accumulated amortization (925 ) (1,633 ) Net book value 14,328 33,848 Amortization expenses for land use rights were RMB229 million, RMB276 million and RMB693 million for the years ended December 31, 2020, 2021 and 2022, respectively. No impairment charge was recorded for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, amortization expenses related to the land use rights for future periods are estimated to be as follows: For the year ended December 31, 2023 2024 2025 2026 2027 2028 and (RMB in millions) Amortization expenses 791 791 791 791 791 29,893 |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets, net | |
Intangible assets, net | 13. Intangible assets, net Intangible assets, net consist of the following: As of December 31, 2021 Weighted- Average Amortization Period Gross Carrying Amount Accumulated Amortization Impairment Amount Net Carrying Amount Year (RMB in millions) Non-compete 8.0 2,467 (2,120 ) — 347 Domain names and trademarks 18.9 4,186 (1,066 ) (27 ) 3,093 Customer relationship 8.8 2,713 (454 ) (60 ) 2,199 Technology and others 6.0 1,050 (767 ) (85 ) 198 Total 12.2 10,416 (4,407 ) (172 ) 5,837 As of December 31, 2022 Weighted- Average Amortization Period Gross Carrying Amount Accumulated Amortization Impairment Amount Net Carrying Amount Year (RMB in millions) Non-compete 8.0 2,467 (2,279 ) — 188 Domain names and trademarks 17.8 6,756 (1,440 ) (27 ) 5,289 Customer relationship 8.7 2,823 (765 ) (60 ) 1,998 Technology and others 5.4 2,890 (1,141 ) (85 ) 1,664 Total 12.1 14,936 (5,625 ) (172 ) 9,139 Amortization expenses for intangible assets were RMB802 million, RMB956 million and RMB1,248 million for the years ended December 31, 2020, 2021 and 2022, respectively. No impairment charge was recorded for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, amortization expenses related to the intangible assets for future periods are estimated to be as follows: For the year ended December 31, 2023 2024 2025 2026 2027 2028 and (RMB in millions) Amortization expenses 1,305 1,188 1,124 979 908 3,635 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Goodwill | 14. Goodwill The changes in the carrying amount of goodwill are as follows, with information retrospectively adjusted in accordance with the segment changes as disclosed in Note 3 0 JD Retail JD Dada New Total (RMB in millions) Transaction in 2020 Additions 2,627 1,633 — — 4,260 Balance as of December 31, 2020 Goodwill 9,278 1,633 — 2,593 13,504 Accumulated impairment loss (7 ) — — (2,593 ) (2,600 ) 9,271 1,633 — — 10,904 Transaction in 2021 Additions 1,529 — — — 1,529 Balance as of December 31, 2021 Goodwill 10,807 1,633 — 2,593 15,033 Accumulated impairment loss (7 ) — — (2,593 ) (2,600 ) 10,800 1,633 — — 12,433 Transaction in 2022 Additions 1,398 5,350 3,144 1,586 11,478 Disposal of a subsidiary (788 ) — — — (788 ) Balance as of December 31, 2022 Goodwill 11,417 6,983 3,144 4,179 25,723 Accumulated impairment loss (7 ) — — (2,593 ) (2,600 ) 11,410 6,983 3,144 1,586 23,123 No impairment loss of goodwill was recorded for the years ended December 31, 2020, 2021 and 2022, respectively. |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2022 | |
Accounts payable | |
Accounts payable | 15. Accounts payable Accounts payable consist of the following: As of December 31, 2021 2022 (RMB in millions) Vendor payable 112,317 126,821 Shipping charges payable and others 28,167 33,786 Total 140,484 160,607 JD Technology and other financial institutions (the “Institutions”) offer supply chain financing services to the Group’s suppliers. Suppliers can sell one or more of the Group’s payment obligations at their sole discretion to the Institutions to receive funds ahead of time to meet their cash flow needs. The Group’s rights and obligations are not impacted. The original payment terms, timing or amount, remain unchanged. As of December 31, 2021 and 2022, RMB20,127 million and RMB16,671 million, respectively, of the outstanding payment obligations were elected by the suppliers and sold to the Institutions. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 16. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2021 2022 (RMB in millions) Deposits 17,372 18,211 Salary and welfare 8,396 11,303 Accrued administrative expenses 1,165 1,917 Rental fee payable 1,199 1,361 Professional fee 904 1,348 Payable related to employees’ exercise of share-based awards 333 1,273 Liabilities for return allowances 618 743 Deferred consideration payables — 575 Vehicle fee 437 520 Internet data center fee 444 409 Interest payable 134 167 Others 3,466 4,743 Total 34,468 42,570 |
Unsecured senior notes
Unsecured senior notes | 12 Months Ended |
Dec. 31, 2022 | |
Unsecured senior notes | |
Unsecured senior notes | 17. Unsecured senior notes In April 2016, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on October 29, 2016. The unsecured senior notes were issued at a discount amounting to RMB79 million. The debt issuance costs of RMB36 million were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets. The five-year unsecured senior notes due 2021 for the principle amount of US$500 million were mature on April 29, 2021, and the Company repaid the principle amount of US$500 million and the last semi-annual interests. In January 2020, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on July 14, 2020. The unsecured senior notes were issued at a discount amounting to RMB37 million. The debt issuance costs of RMB45 million were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets. In 2020, the Group repurchased the Company’s unsecured senior notes from the open market with a total principal amounts of US$12 million (RMB78 million) at a reacquisition price of US$10 million (RMB72 million). In 2022, the Group further repurchased the unsecured senior notes from the open market with a total principal amounts of US$6 million (RMB42 million) at a reacquisition price of US$5 million (RMB35 million). The repurchased unsecured senior notes were derecognized from the Group’s consolidated balance sheets, and the relevant repurchase gains amounting to RMB11 million and RMB6 million were recognized in “interest expense” in the Group’s consolidated statements of operations and comprehensive income/(loss) for the years ended December 31,2020 and 2022, respectively. A summary of the Company’s unsecured senior notes as of December 31, 2021 and 2022 is as follows: As of December 31, Effective 2021 2022 (RMB in millions) US$500 million 3.875% notes due 2026 3,154 3,453 4.15 % US$700 million 3.375% notes due 2030 4,402 4,812 3.47 % US$300 million 4.125% notes due 2050 1,830 1,959 4.25 % Carrying value 9,386 10,224 Unamortized discount and debt issuance costs 101 98 Total principal amounts of unsecured senior notes 9,487 10,322 The effective interest rates for the unsecured senior notes include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs. The unsecured senior notes contain covenants including, among others, limitation on liens, consolidation, merger and sale all or substantially all of the Company’s assets. The notes will rank senior in rights of payment to all of the Company’s existing and future obligations expressly subordinated in rights of payment to the notes and rank at least equal in rights of payment with all of the Company’s existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law). As of December 31, 2022, the principal of the unsecured senior notes of RMB3,482 Principal amounts (RMB in millions) Within 1 year — Between 1 to 2 years — Between 2 to 3 years — Between 3 to 4 years 3,482 Between 4 to 5 years — Beyond 5 years 6,840 Total 10,322 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 18. Leases The Group has operating leases for warehouses, stores, office spaces, delivery centers and other corporate assets that the Group utilizes under lease arrangements. A summary of supplemental information related to operating leases as of December 31, 2021 and 2022 is as follows: As of December 31, 2021 2022 (RMB in millions) Operating lease ROU assets 19,987 22,267 Operating lease liabilities-current 6,665 7,688 Operating lease liabilities-non-current 13,721 14,978 Total operating lease liabilities 20,386 22,666 Weighted average remaining lease term 5.6 years 5.4 years Weighted average discount rate 5.0 % 5.0 % A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income/(loss) and supplemental cash flow information related to operating leases is as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Operating lease cost 4,903 6,763 7,951 Short-term lease cost 1,902 2,782 3,181 Total 6,805 9,545 11,132 Cash paid for operating leases 4,801 6,715 7,915 A summary of maturity of operating lease liabilities under the Group’s non-cancelable As of December (RMB in millions) 2023 7,885 2024 5,322 2025 3,417 2026 2,278 2027 1,633 2028 and thereafter 5,298 Total lease payments 25,833 Less: interest (3,167 ) Present value of operating lease liabilities 22,666 As of December 31, 2022, the Group has no significant lease contract that has been entered into but not yet commenced. |
Gain on sale of development pro
Gain on sale of development properties | 12 Months Ended |
Dec. 31, 2022 | |
Gain On Sale Of Development Properties [Abstract] | |
Gain on sale of development properties | 19. Gain on sale of development properties Gain on sale of development properties for the years ended December 31, 2020, 2021 and 2022 were RMB1,649 million, RMB767 million and RMB1,379 million, respectively, which were mainly derived from disposals of logistics facilities to several private funds, which can be further classified into core, development and acquisition fund (collectively, “Property Funds”). The overview of the major funds are listed below. Core funds In 2018, the Group established JD Property to manage the expanding logistics facilities and other real estate properties. In 2019, 2020 and 2022, JD Property established several core funds (the “Core Funds”) together with a third-party investor. JD Property serves as the general partner and committed % - % of the total capital of each core fund as the limited partner, and the third-party investor committed the remaining % - % . Furthermore, in 2019, 2020 and 2022, the Group entered into definitive agreements with each of the Core Funds, pursuant to which the Group will dispose of certain modern logistics facilities to the Core Funds, and concurrently lease back these completed facilities for operational purposes with an initial lease term of to years. The annual rent for the completed facilities is set at fair market rent for the initial lease term and will be adjusted based on the growth rate of fair market rent at the beginning of each subsequent years’ period. The Group may choose to renew the lease upon the expiry of the initial lease agreement if the adjusted rental rate is acceptable. The lease back transaction is accounted for under ASC 842 as operating lease, and the ROU assets and operating lease liabilities were recorded accordingly. The Core Funds used leverage to finance the purchase, and the closing of the purchase is subject to certain conditions, including the availability of debt financing. The investment committee of each of the Core Funds, which comprises the representatives from JD Property and the third-party investor, oversees the key operations of each fund, respectively. Given the control over the Core Funds is shared between JD Property and the third-party investor, JD Property does not consolidate the Core Funds and investments in the Core Funds are accounted for using the equity method as JD Property obtained significant influence by the rights to nominate no more than half of the members of each investment committee. The closing conditions for each asset group of completed logistics facilities were considered met when each of the Core Funds signed definitive facility agreements with bank consortium to finance the purchase, respectively. As of each respective year-end, all or majority logistics facilities under asset groups related to different core funds have been completed and satisfied hand-over condition. Therefore, the Group recorded disposal gain related to the Core Funds of RMB million, RMB million and RMB million for the years ended December 31, 2020, 2021 and 2022, respectively, which represent the excess of cash consideration of the net assets, including the consideration received and expected to receive, over the carrying value of the net assets disposed as of the disposal date. Development fund In 2020, JD Property entered into definitive agreements to establish another logistics investment fund, the Development Fund, together with certain third-party investors to replicate the successful experience of the Core Funds. The Development Fund planned to acquire some of JD Property’s uncompleted modern logistics facilities. JD Property serves as general partner and committed % of the total capital of the Development Fund as a limited partner, and the third-party investors committed the remaining %. The investment committee of Development Fund, which comprises the representatives from JD Property and the third-party investors, oversees the key operations of the fund. Given the control over the Development Fund is shared between JD Property and third-party investors, JD Property does not consolidate the Development Fund and investments in the Development Fund is accounted for using the equity method as JD Property obtained significant influence by the rights to nominate no more than half of the members of investment committee. In December 2020, the Group entered into definitive agreements with the Development Fund to sell certain of its uncompleted modern logistics facilities, and will concurrently lease back such facilities for operational purposes when completed. The closing conditions for such facilities were successively met since December 2020 and the Group recorded disposal gain of million for the years ended December 31, 2020 and 2021, respectively. As of December 31, 2021, all logistics facilities under asset groups related to Development Fund have satisfied hand-over condition, and been derecognized by the Group. |
Others, net
Others, net | 12 Months Ended |
Dec. 31, 2022 | |
Others, net | |
Others, net | 20. Others, net Others, net consist of the following: For the year ended December 31, 2020 2021 2022 (RMB in millions) Gains/(losses) from fair value change of long-term investments 29,483 (7,252 ) (4,096 ) Government financial incentives 2,545 2,482 2,773 Interest income 2,753 4,213 5,742 Gains/(losses) from acquirements or disposals of business and investment 279 140 (3,558 ) Impairment of investments (208 ) (574 ) (1,969 ) Foreign exchange gains/(losses), net (90 ) 42 114 Others 548 359 (561 ) Total 35,310 (590 ) (1,555 ) Government financial incentives represent rewards provided by the relevant PRC municipal government authorities to the Group for business achievements made by the Group. Government financial incentives are recognized in “others, net” in the consolidated statements of operations and comprehensive income/(loss) when the government financial incentives are received and no further conditions need to be met, otherwise the received amounts are recorded as liabilities. The amounts of such government financial incentives are determined solely at the discretion of the relevant government authorities and there is no assurance that the Group will continue to receive these government financial incentives in the future. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Taxation | 21. Taxation a) Value added tax The Group is subject to statutory VAT rate of from April 1, 2019 for revenues from sales of audio, video products and books in the Chinese mainland. The Group is subject to statutory VAT rate of % from April 1, 2019 for sales of other products in the Chinese mainland. The Group is exempted from VAT for revenues from sales of books from January 1, 2014 to December 31, 2023 in comply with relevant VAT regulations of the Chinese mainland. The Group is subject to VAT at the rate of 6% or for revenues from logistics services, and for revenues from online advertising and other services. The Group is also subject to cultural undertaking development fees at the rate of 3% on revenues from online advertising services in the Chinese mainland b) Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains. Republic of Indonesia Under the current laws of the Republic of Indonesia, the Group’s subsidiaries in the Republic of Indonesia are subject to income tax rate on its taxable income generated from operations in the Republic of Indonesia for the years ended December 31, 2020, 2021 and 2022, respectively. Singapore Under the current laws of Singapore, the Group’s subsidiaries in Singapore are subject to 17% income tax rate on any taxable income accruing in or derived from Singapore, or received in Singapore from outside Singapore for the years ended December 31, 2020, 2021 and 2022, respectively. Hong Kong The Group’s subsidiaries incorporated in Hong Kong are subject to a two-tiered Chinese mainland Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. Most of the Group’s PRC subsidiaries and consolidated VIEs are subject to the statutory income tax rate of 25%. The EIT Law and its implementation rules permit certain High and New Technologies Enterprises, or HNTEs, to enjoy a red u two-year-exemption in and 2022 Certain enterprises will benefit from a preferential tax rate of 15% under the EIT Law if they are located in applicable PRC regions as specified in the Catalogue of Encouraged Industries in Western Regions (initially effective through the end of 2010 and further extended to 2030), or the Western Regions Catalogue, subject to certain general restrictions described in the EIT Law and the related regulations. Chongqing Haijia and certain other entities of the Group are qualified as the enterprises within the Catalogue of Encouraged Industries in Western Regions and enjoyed 15% preferential income tax rate. According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 150% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020, which was subsequently announced in March 2021 to be further extended to December 31, 2023. In September 2022, the State Taxation Administration of the PRC further announced that for the enterprises entitled to the current pre-tax deduction ratio of Withholding tax on undistributed dividends The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for the PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC The EIT law also imposes a withholding income tax of 10% on dividends distributed by a Foreign Investment Enterprise (“FIE”) to its immediate holding company outside of the Chinese mainland, if such immediate holding company is considered as a non-resident enterprise In 2020 and 2021, the Company did not record any dividend withholding tax on the retained earnings of its FIEs in the Chinese mainland, as the Company intended to reinvest all earnings in the Chinese mainland to further expand its business in the Chinese mainland, and its FIEs did not intend to declare dividends on the retained earnings to their immediate foreign holding companies. In 2022, the Company accrued RMB367 million withholding tax expenses associated with its earnings expected to be distributed from its FIEs in the Chinese mainland to overseas. As of December 31, 2022, the Company has accrued withholding tax liabilities associated with all of its earnings expected to be distributed from its FIEs in the Chinese mainland to overseas, except for unrecognized deferred tax liabilities of RMB4.3 billion related to the remaining undistributed earnings that the Company still intends to indefinitely reinvest in the Chinese mainland. The components of income/(loss) before tax are as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Income/(loss) before tax Income from Chinese mainland operations 15,803 14,518 16,800 Income/(loss) from non-Chinese mainland operations 35,016 (17,098 ) (2,933 ) Total income/(loss) before tax 50,819 (2,580 ) 13,867 Income tax benefits/(expenses) applicable to Chinese mainland operations Current income tax expenses (2,201 ) (2,538 ) (4,418 ) Deferred tax benefits 719 651 732 Subtotal income tax expenses applicable to Chinese mainland operations (1,482 ) (1,887 ) (3,686 ) Income tax expenses applicable to non-Chinese mainland operations Current income tax expenses — — (307 ) Deferred tax expenses — — (183 ) Subtotal income tax expenses applicable to non-Chinese mainland operations — — (490 ) Total income tax expenses (1,482 ) (1,887 ) (4,176 ) Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2020, 2021 and 2022 is as follows: For the year ended December 31, 2020 2021 2022 Statutory income tax rate 25.0% 25.0% 25.0 % Tax effect of preferential tax rates and tax holiday (2.3)% 86.0% (19.3 )% Tax effect of tax-exempt (16.8)% (143.7)% 12.1 % Effect on tax rates in different tax jurisdiction (0.5)% (2.3)% (3.2 )% Tax effect of non-deductible 0.5% (13.8)% 4.0 % Tax effect of non-taxable 0.0% 1.4% (0.4 )% Tax effect of Super Deduction and others (4.2)% 105.9% (19.0 )% Changes in valuation allowance 1.2% (131.6)% 28.3 % Effect on withholding income tax 0.0% 0.0% 2.6 % Effective tax rates 2.9% (73.1)% 30.1 % The following table sets forth the effect of tax holiday: For the year ended 2020 2021 2022 Tax holiday effect (RMB in millions) 1,153 2,219 2,677 Effect of tax holiday on basic net income/(loss) per share (RMB) 0.38 0.71 0.86 Effect of tax holiday on diluted net income/(loss) per share (RMB) 0.37 0.71 0.84 c) Deferred tax assets and deferred tax liabilities As of December 31, 2021 2022 (RMB in millions) Deferred tax assets - Net operating loss carry forwards and others 6,303 12,715 - Deferred revenues 553 472 - Inventory valuation allowance 575 1,029 - Allowance for doubtful accounts 603 1,001 - Unrealized fair value losses for certain investments 747 595 Less: valuation allowance (7,670 ) (14,276 ) Net deferred tax assets 1,111 1,536 Deferred tax liabilities - Intangible assets arisen from business combination 1,454 5,598 - Withholding tax on undistributed earnings — 183 - Accelerated tax depreciation and others 443 730 Total deferred tax liabilities 1,897 6,511 As of December 31, 2022, the accumulated net operating loss of RMB8,425 million of the Company’s subsidiaries incorporated in Singapore and Hong Kong can be carried forward indefinitely to offset future taxable income, the remaining accumulated net operating loss of RMB33,632 million mainly arose from the Company’s subsidiaries and consolidated VIEs established in the Chinese mainland and Indonesia, which can be carried forward to offset future taxable income. The remaining accumulated net operating loss will expire during the period from 2023 to 2027 except for those arose from HNTEs, which will expire during the period from 2023 to 2032. A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Valuation allowances provided on the deferred tax assets mainly related to the net operating loss carry forwards, as the Group’s management does not believe that sufficient positive evidence exists to conclude that the benefits of such deferred tax assets are The movements of valuation allowance of deferred tax assets are as follows: For the year ended 2020 2021 2022 (RMB in millions) Balance at beginning of the year 3,674 4,289 7,670 Additions 4,393 5,052 7,694 Reversals (3,778 ) (1,671 ) (1,088 ) Balance at end of the year 4,289 7,670 14,276 |
Financing for major subsidiarie
Financing for major subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Financing for major subsidiaries | 22. Financing for major subsidiaries JD Health In May 2019 and August 2020, JD Health entered into definitive agreements for the non-redeemable series A preference share financing of RMB6.5 billion and for the non-redeemable series B preference share financing of billion with third-party investors, respectively. In December 2020, JD Health completed its IPO and issued 439,185,000 ordinary shares, including the exercise of the over-allotment option, at HK$70.58 per share. The net proceeds after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RM were As of December 31, 2020, among the proceeds received, RMB11.8 billion was recorded as non-controlling paid-in JD Logistics In May 2021, JD Logistics completed its IPO and issued 700,534,900 ordinary shares, including the exercise of the over-allotment option, at HK$40.36 per share. The net proceeds after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RM non-controlling paid-in On March 25, 2022, JD Logistics entered into a placing agreement to issue its ordinary shares to a group of third-party investors for net proceeds of approximately HK$3,102 million in a placement (the “JDL Placement”). Concurrently, the Company, through its wholly-owned subsidiary, had entered into a subscription agreement with JD Logistics to subscribe for ordinary shares of JD Logistics, at the same per share price for the JDL Placement, for net proceeds of approximately US$692 million in cash (the “JD Subscription”). Upon completion of the JDL Placement and the JD Subscription in 2022, the Company maintained its shareholding in JD Logistics at approximately 63.56 %, and continued to consolidate JD Logistics’s financial results into its financial statements. The Company recorded the net proceeds of financing in non-controlling paid-in JD Industrials In April and December 2020, JD Industrials entered into definitive agreements for non-redeemable A-1 A-1 A-1 US$335 million. Among the proceeds received, RMB million was recorded as non-controlling interests and RMB1,792 million was recorded as additional paid-in capital. The Group determined that JD Industrials Series A and A-1 Preference Shares should be classified as non-controlling interests upon its issuance since they were not redeemable by the holders. JD Property In March 2021, JD Property entered into definitive agreements for the non-redeemable non-controlling paid-in In March and June 2022, JD Property entered into definitive agreements for its non-redeemable series B preferred share financing (“JD Property Series B Preference Shares”) with investors led by Hillhouse Investment, Warburg Pincus, and one leading global institutional investor, among others. The total amount of financing raised was approximately US$ non-controlling paid-in The Group determined that JD Property Series A Preference Shares and JD Property Series B Preference Shares should be classified as non-controlling |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2022 | |
Ordinary shares | |
Ordinary shares | 23. Ordinary shares On May 10, 2019, the Company renewed the strategic cooperation agreement in March 2014 with Tencent Holdings Limited (“Tencent”), for a period of three years starting from May 27, 2019. Tencent continued to provide traffic support, and the two parties also intend to continue to cooperate in a number of areas. As part of the total consideration, the Company agreed to issue to Huang River Investment Limited, a wholly owned subsidiary of Tencent, a certain number of the Company’s Class A ordinary shares for a consideration of approximately US million at prevailing market prices at certain pre-determined dates during the three-year period, of which On June 29, 2022, the Company renewed the strategic cooperation agreement with Tencent, for a period of three years starting from May 27, 2022. As part of the total consideration, the Company agreed to issue to Tencent a certain number of the Company’s Class A ordinary shares for a consideration of up to US$220 million at prevailing market prices at certain pre-determined of the Company’s Class A ordinary shares have been issued in July 2022. In June 2020, the Company completed its global offering and the Company’s shares have been listed on the Main Board of the HKEX. Accordingly, the Company issued 152,912,100 Class A ordinary shares, including the exercise of the over-allotment option. The ordinary shares reserved for future exercise of the RSUs and share options were 124,045,978 and 90,955,190 as of December 31, 2021 and 2022, respectively. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Dividends [Abstract] | |
Dividends | 24. Dividends On May 4, 2022, the Board of Directors of the Company approved a special cash dividend of US$0.63 per ordinary share, or US$1.26 per American depositary share (“ADS”), to the holders of ordinary shares and ADSs, respectively, as of the close of business on May 20, 2022. Dividends are recognized when declared. The aggregate amount of the special dividend was approximately US$2 billion. No dividends had been paid or declared by the Company for the years ended December 31, 2020 and 2021, respectively. |
Share repurchase program
Share repurchase program | 12 Months Ended |
Dec. 31, 2022 | |
Share repurchase program | |
Share repurchase program | 25. Share repurchase program In March 2020, the Company’s Board of Directors authorized a share repurchase program (“2020 share repurchase program”) under which the Company may repurchase up to US$2,000 million worth of its ADSs over the following 24 months. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management. In December 2021, the Company’s Board of Directors approved modifications to 2020 share repurchase program, pursuant to which the repurchase authorization increased from US$2,000 million to US$3,000 million and was Under the 2020 share repurchase program, for the year ended December 31, 2020, the Company repurchased 1,191,370 ADSs for US$44 million (RMB312 million) on the open market, at a weighted average price of US$37.04 per ADS. For the year ended December 31, 2021, the Company repurchased 10,214,827 ADSs for US$806 million (RMB5,246 million) on the open market, at a weighted average price of US$78.92 per ADS. For the year ended December 31, 2022, the Company repurchased 5,010,203 ADSs for US$286 million (RMB1,823 million) on the open market, at a weighted average price of US$57.14 per ADS. The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity. |
Other comprehensive income
Other comprehensive income | 12 Months Ended |
Dec. 31, 2022 | |
Other comprehensive income/(loss) | |
Other comprehensive income | 26. Other comprehensive income Changes in the composition of accumulated other comprehensive income attributable to ordinary shareholders for the years ended December 31, 2020, 2021 and 2022 are as follows: Foreign Net available- for-sale Total (RMB in millions) Balances as of December 31, 2019 4,108 55 4,163 Other comprehensive loss (7,656 ) (55 ) (7,711 ) Balances as of December 31, 2020 (3,548 ) — (3,548 ) Other comprehensive loss (2,542 ) — (2,542 ) Balances as of December 31, 2021 (6,090 ) — (6,090 ) Other comprehensive income 5,131 — 5,131 Balances as of December 31, 2022 (959 ) — (959 ) The income tax effects related to the accumulated other comprehensive income were insignificant for all periods presented. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation | |
Share-based compensation | 27. Share-based compensation For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses recognized were RMB4,156 million, RMB9,134 million and RMB7,548 million, respectively. The following table sets forth the allocation of share-based compensation expenses: For the year ended 2020 2021 2022 (RMB in millions) Cost of revenues 98 102 143 Fulfillment 646 882 930 Marketing 347 586 631 Research and development 1,400 1,781 1,557 General and administrative 1,665 5,783 4,287 Total 4,156 9,134 7,548 Share incentive plan The Company granted share-based awards to eligible employees and non-employees As of December 31, 2022, the Group had reserved 194,927,210 ordinary shares available to be granted as share-based awards under the Share Incentive Plan. (1) Employee and non-employee The RSUs and share options are generally scheduled to be vested over two One-second one-third one-fourth one-fifth one-sixth one-tenth six-year 1 4-year Upon the reorganization of JD Technology, the employees’ status of JD Technology changed from the employees of the Company’s subsidiary to non-employees non-employees RSUs a) Service-based RSUs A summary of activities of the service-based RSUs for the years ended December 31, 2020, 2021 and 2022 is presented as follows: Number of Weighted- Grant-Date US$ Unvested as of December 31, 2019 100,831,204 15.35 Granted 42,621,084 26.44 Vested (20,632,596 ) 15.25 Forfeited or cancelled (14,550,450 ) 16.13 Unvested as of December 31, 2020 108,269,242 19.62 Granted 30,069,498 39.93 Vested (23,834,466 ) 18.89 Forfeited or cancelled (19,395,408 ) 21.30 Unvested as of December 31, 2021 95,108,866 25.89 Granted 13,951,100 29.81 Vested (23,123,292 ) 23.04 Forfeited or cancelled (14,295,620 ) 25.94 Unvested as of December 31, 2022 71,641,054 27.56 As of December 31, 2021 and 2022, 8,208,616 and 5,526,834 outstanding service-based RSUs were held by non-employees For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were RMB3,085 million, RMB4,129 million and RMB3,877 million, respectively. As of December 31, 2022, there were RMB5,735 million of unrecognized share-based compensation expenses related to the service-based RSUs granted. The expenses are expected to be recognized over a weighted-average period of 3.7 years. The total fair value and intrinsic value of service-based RSUs vested was US$494 million (RMB3,458 million), US$973 million (RMB6,359 million) and US$706 million (RMB4,590 million) during the years ended December 31, 2020, 2021 and 2022, respectively. b) Performance-based RSUs For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses recognized by the Group for the performance-based RSUs granted were insignificant. As of December 31, 2022, there were no unrecognized share-based compensation expenses related to the performance-based RSUs granted. Share options A summary of activities of the service-based share options for the years ended December 31, 2020, 2021 and 2022 is presented as follows: Number of Weighted Exercise Weighted Aggregate US$ Year US$ in millions Outstanding as of December 31, 2019 10,224,124 6.39 4.3 115 Exercised (5,073,294 ) 6.23 Forfeited or cancelled (243,770 ) 10.24 Outstanding as of December 31, 2020 4,907,060 6.38 3.0 184 Exercised (1,962,856 ) 5.49 Forfeited or cancelled (7,092 ) 13.42 Outstanding as of December 31, 2021 2,937,112 6.95 2.9 82 Exercised (620,476 ) 5.70 Forfeited or cancelled (2,500 ) 3.96 Outstanding as of December 31, 2022 2,314,136 7.29 2.2 48 Vested and expected to vest as of December 31, 2022 2,298,132 7.25 2.2 48 Exercisable as of December 31, 2022 2,247,452 7.12 2.1 47 As of December 31, 2021 and 2022, 167,206 and 78,706 outstanding share options were held by non-employees There was no option granted during the years ended December 31, 2020, 2021 and 2022. The total intrinsic value of options exercised during the years ended December 31, 2020, 2021 and 2022 was US$111 million (RMB762 million), US$70 million (RMB453 million) and US$14 million (RMB98 million), respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the share options. For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses recognized by the Group for the share options granted were insignificant. As of December 31, 2022, the unrecognized share-based compensation expenses related to the share options granted were insignificant. The expenses are expected to be recognized over a weighted-average period of 1.9 years. ( 2 Founder awards In May 2015, with approval of the board of directors of the Company, Mr. Richard Qiangdong Liu (Mr. Liu), the Founder, was granted an option to acquire a total of 26,000,000 Class A ordinary shares of the Company with an exercise price of US$16.70 per share (or US$33.40 per ADS) under the Company’s Share Incentive Plan, subject to a 10-year 10-year For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses recognized for the Founder’s share options were RMB104 million, RMB73 million and RMB54 million, respectively. As of December 31, 2022, there were RMB63 million of unrecognized share-based compensation expenses related to the Founder’s share options. The expenses are expected to be recognized over a weighted-average period of 2.4 years. (3) Share-based compensation of subsidiaries JD Logistics JD Logistics approved and adopted a Pre-IPO non-employees non-employees JD Logistics granted 224,511,105 and 30,030,446 share options of JD Logistics to its employees and non- employees for the years ended December 31, 2020 and 2021, respectively, including the share options granted to Mr. Liu as mentioned below. There was no share option granted in 2022. The estimated fair value of each option granted is estimated on the date of grant using the binomial option-pricing model. The weighted average grant date fair value of options granted for the years ended December 31, 2020 and 2021 was US$ and US$ per share, respectively. For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses for the share options granted under the JD Logistics Plan were RMB million, respectively. As of December 31, 2022, there were RMB million of unrecognized share-based compensation expenses related to the share options granted. The expenses ar e expected to be recognized over a weighted-average period of 3.6 years. In October 2020, options to acquire 99,186,705 ordinary shares of JD Logistics with an exercise price of US$0.01 per share were granted to Mr. Liu according to the JD Logistics Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Logistics. The grant by JD Logistics is subject to a 6-year Starting July 2021, JD Logistics granted RSUs to its employees and non-employees. non-employees s JD Health JD Health approved and adopted a Pre-IPO Post- IPO non-employees non-employees JD Health granted share options of JD Health to its employees and non-employees for the year ended December 31, 2020, including the share options granted to Mr. Liu as mentioned below. There was no share option granted in 2021 and 2022. The estimated fair value of each option grant is estimated on the date of grant using the binomial option-pricing model. The weighted average grant date fair value of options granted for the year ended December 31, 2020 was US$ per share. For the years ended December 31, 2020, 2021 and 2022, total share-based compensation expenses for the share options granted under the JD Health Plan were RMB million, RMB million and RMB million, respectively. As of December 31, 2022, there were RMB million of unrecognized share-based compensation expenses related to the share options granted. The expenses ar e expected to be recognized over a weighted-average period of 4.7 years. In October 2020, options to acquire ordinary shares of JD Health with an exercise price of US$ 0.0000005 per share were granted to Mr. Liu according to the JD Health Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Health. The grant by JD Health is subject to a 6 -year vesting schedule with % of the awards vesting on each anniversary of the grant date. Starting January 2021, JD Health granted RSUs to its employees and non-employees. JD Health granted and RSUs of JD Health to its employees and non-employees for the year s ended December 31, 2021 and 2022, respectively. The estimated fair value of each RSU granted is based on market value of the JD Health’s shares on each date of grant. The weighted average grant date fair value of RSUs granted for the year s ended December 31, 2021 and 2022 was HK$ and HK$ per share, respectively. For the years ended December 31, 2021 and 2022, total share-based compensation expenses for the RSUs granted under the JD Health Plan were RMB million and RMB million, respectively. As of December 31, 2022, there were RMB million of unrecognized share-based compensation expenses related to the RSUs granted. The expenses are expected to be recognized over a weighted-average period of 3.9 years. Other Subsidiaries In 2021, JD Property and JD Industrials each approved and adopted their own share incentive plan (“JD Property Plan” and “JD Industrials Plan”), respectively, to eligible employees and non-employees to attract and retain the best available personnel, provide additional incentives to its employees and non-employees for promoting the success of JD Property and JD Industrials . The JD Property Plan and JD Industrials Plan both consist of share options, RSUs and other types of awards. JD Property granted RSUs and share options for the years ended December 31, 2021 and 2022, respectively. The estimated fair value of each RSU and share option granted is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average grant date fair value of RSUs granted for the year ended December 31, 2021 was RMB and the weighted average grant date fair value of share options granted for the year ended December 31, 2022 was RMB per share. RSUs and options to acquire ordinary shares of JD Property with an exercise US$ 0.0000005 per share were granted to Mr. Liu according to the JD which were are 3. JD Industrials RSUs and share options for the years ended December 31, 2021 and 2022, respectively. The estimated fair value of each RSU and share option granted is estimated on the date of grant based on the recent rounds of financing or binomi al per share. RSUs, which were million and expenses for the share options granted under JD Industrials Plan for the year ended December 31, 2022 were million of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of Other than those disclosed above, the share-based compensation expenses of other subsidiaries in aggregate were insignificant for the years ended December 31, 2020, 2021 and 2022 . |
Net income_(loss) per share
Net income/(loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Net income/(loss) per share | |
Net income/(loss) per share | 28. Net income/(loss) per share Basic and diluted net income/(loss) per share for each of the years presented are calculated as follows: For the year ended December 31, 2020 2021 2022 Numerator: Net income/(loss) attributable to ordinary shareholders — basic (RMB in 49,405 (3,560 ) 10,380 Impact of subsidiaries’ diluted earnings (RMB in millions) (157 ) (2 ) (170 ) Net income/(loss) attributable to ordinary shareholders — diluted (RMB 49,248 (3,562 ) 10,210 Denominator: Weighted average number of shares — basic 3,021,808,985 3,107,436,665 3,125,571,110 Adjustments for dilutive options and RSUs 87,215,045 — 55,315,026 Weighted average number of shares — diluted 3,109,024,030 3,107,436,665 3,180,886,136 Basic net income/(loss) per share attributable to ordinary shareholders (RMB) 16.35 (1.15 ) 3.32 Diluted net income/(loss) per share attributable to ordinary shareholders 15.84 (1.15 ) 3.21 Generally, basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the respective year. Diluted net income/(loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. The potentially dilutive ordinary shares included RSUs and options to purchase ordinary shares of 138,762,892, 127,098,868 and 105,899,185 for the years ended December 31, 2020, 2021 and 2022 on a weighted average basis, respectively. They were not included in the calculation of diluted net income/(loss) per share in the periods presented where their inclusion would be anti-dilutive. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Related party transactions | 29. Related party transactions The table below sets forth the major related parties and their relationships with the Group as of December 31, 2022: Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”)(*) A shareholder of the Group Dada and its subsidiaries (“Dada Group”)(**) An investee of the Group JD Technology (***) An investee of the Group, and controlled by the Founder Property Funds Investees of the Group ATRenew and its subsidiaries (“ATRenew Group”) An investee of the Group (*) In 460 as (**) Dada became the subsidiary of the Company since February 28, 2022 as disclosed in Note 7. As a result, Dada Group was not considered as (***) JD Technology became an investee of the Group since June 2020 (Note 6). (a) The Group entered into the following transactions with the major related parties: Transactions For the year ended December 31, 2020 2021 2022 (RMB in millions) Revenues: Commission from cooperation on advertising business with Tencent Group(*) 355 248 44 Services provided and products sold to Tencent Group(*) 375 553 77 Services provided and products sold to Dada Group 179 523 135 Services provided and products sold to ATRenew Group 664 894 806 Services provided and products sold to JD Technology 598 882 1,044 Operating expenses: Services received and purchases from Tencent Group(*) 3,226 5,010 1,314 Services received from Dada Group 2,200 1,087 212 Payment processing and other services received from JD Technology 6,945 8,762 11,494 Lease and property management services received from Property Funds 838 1,180 1,249 Services received from ATRenew Group 32 31 4 Other income: Income from non-compete 82 77 13 Interest income from loans provided to JD Technology 31 253 301 Interest income from loans provided to Property Funds 49 39 43 (*) Please refer to Note 23 for more details of strategic cooperation with Tencent Group. R (b) The Group had the following balances with the major related parties: As of December 31, 2021 2022 (RMB in millions) Due from Tencent Group 1,956 — Due from JD Technology Loans provided to JD Technology 2,876 3,378 Other payables to JD Technology (416 ) (637 ) Due from Property Funds Loans provided to Property Funds 769 1,746 Other receivables from Property Funds 87 1,068 Due from ATRenew Group — 22 Total 5,272 5,577 Due to Dada Group (337 ) — Due to ATRenew Group (45 ) — Total (382 ) — Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group (83 ) — Deferred revenues in relation to traffic support, marketing and promotion services to be provided to ATRenew Group (1,038 ) (610 ) Total (1,121 ) (610 ) Other liabilities in relation to non-compete (101 ) — Total (101 ) — (*) In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds based on fair market interest rate, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows. As of December 31, 2021 and 2022, the Group recorded amount due from related parties other than the major related parties as stated above of RMB492 million and RMB565 million, which represented approximately 2.11% and 1.58% of the Group’s total accounts receivable, net and prepayments and other current assets, respectively. As of December 31, 2021 and 2022, the Group recorded amount due to related parties other than the major related parties and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties other than the major related parties as stated above of RMB137 million and RMB488 million, which represented approximately 0.07% and 0.20% of the Group’s total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other non-current (c) Other information related to related party transactions: Based on a series of agreements signed on January 1, 2016, JD Technology will perform the credit risk assessment and other related services in relation to consumer financing business and obtain the rewards from such services, thus JD Technology will purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agree to bear other cost in direct relation to the consumer financing business to absorb the risks. In connection with the agreements, the total amount of over-due The Group transferred certain financial assets to JD Technology with or without recourse at fair value. The accounts receivable transferred without recourse were RMB33,406 million, RMB43,299 million and RMB50,282 million for the years ended December 31, 2020, 2021 and 2022, respectively, and were derecognized. In 2022, the Group also transferred to JD Technology certain equipment amounted to RMB1,462 million. Mr. Richard Qiangdong Liu, the Group’s Chairman of the board since the Group’s inception and the Chief Executive Officer since the Group’s inception to April 2022, has purchased his own aircraft for both business and personal use. The use of the aircraft in connection with the performance of his duty as employee is free of charge to the Group, and the Group has agreed to assume the cost of maintenance, crew and operations of the aircraft relating to the use of the aircraft. Such maintenance and incidental costs were insignificant for all periods presented. The terms of the agreements with the related parties are determined based on contracted prices negotiated with other parties in normal commercial terms. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment reporting | |
Segment reporting | 30. Segment reporting The Group derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Group currently does not allocate assets, share-based compensation expenses and certain operating expenses to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from the PRC, no geographical information is presented. As disclosed in Note 2(mm), beginning with the first quarter of 2021, the Group implemented certain segment reporting changes to better reflect its optimized organizational structure and business developments. As a result, the Group reported three segments, JD Retail, JD Logistics and New Businesses in 2021. JD Cloud & AI businesses were deconsolidated from the Company from March 31, 2021, thus the operating results of JD Cloud & AI businesses were not included in New Businesses segment from the second quarter of 2021. The Group consolidated Dada since February 28, 2022 and reported the results of Dada as a new standalone segment. The Group also consolidated CNLP through JD Property since March 1, 2022 and reported the results of CNLP in the New Businesses segment. In addition, the Group has consolidated Deppon Holdco except the Excluded Business as defined in Note 7 since July 26, 2022 and reported the results of Deppon Holdco except Excluded Business as defined in Note 7 in the JD Logistics segment. As a result, the Group reported four segments, JD Retail, JD Logistics, Dada and New Businesses since 2022. The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2020, 2021 and 2022, with prior periods’ segment information retrospectively recast to conform to current period presentatio For the year ended December 31, 2020 2021 2022 (RMB in millions) Net revenues: JD Retail 693,965 866,303 929,929 JD Logistics 73,375 104,693 137,402 Dada — — 8,030 New Businesses 17,601 26,063 21,779 Inter-segment(*) (39,945 ) (46,043 ) (50,904 ) Total segment net revenues 744,996 951,016 1,046,236 Unallocated items 806 576 — Total consolidated net revenues 745,802 951,592 1,046,236 Operating income/(loss): JD Retail 20,611 26,613 34,852 JD Logistics 1,098 (1,827 ) 528 Dada — — (1,122 ) New Businesses (4,723 ) (10,600 ) (5,295 ) Including: gain on sale of development properties (Note 19) 1,649 767 1,379 Total segment operating income 16,986 14,186 28,963 Unallocated items(**) (4,643 ) (10,045 ) (9,240 ) Total consolidated operating income 12,343 4,141 19,723 Total other income/(expense) 38,476 (6,721 ) (5,856 ) Income/(loss) before tax 50,819 (2,580 ) 13,867 (*) 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. (**) A summary of unallocated items for the years presented is as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Share-based compensation (4,156 ) (9,134 ) (7,548 ) Amortization of intangible assets resulting from assets and business acquisitions (723 ) (940 ) (1,217 ) Effects of business cooperation arrangements 236 29 (475 ) Total (4,643 ) (10,045 ) (9,240 ) |
Employee benefit
Employee benefit | 12 Months Ended |
Dec. 31, 2022 | |
Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract] | |
Employee benefit | 31. Employee benefit Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and consolidated VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses, which were expensed as incurred, were approximately RMB4,580 million, RMB7,894 million and RMB7,627 million for the years ended December 31, 2020, 2021 and 2022, respectively. Employee benefit expenses for the year ended December 31, 2020 was partially offset by the one-off |
Loan facilities and lines of cr
Loan facilities and lines of credit | 12 Months Ended |
Dec. 31, 2022 | |
Lines of credit and loan facilities | |
Loan facilities and lines of credit | 32. Loan facilities and lines of credit As of December 31, 2022, the Group’s loan facilities were classified into different types as follows: As of December 31, 2022 (RMB in millions) Unsecured senior notes (Note 17) 10,224 Unsecured borrowings (*) 24,327 Secured borrowings (**) 7,828 Total 42,379 (*) As of December 31, 2022, the un l-known financial institutions. The major unsecured borrowings are listed as below. In October 2021, the one-year m lead arrangers. The term loans under this facility were priced at 50 basis points over Hong Kong Interbank Offered Rate (“HIBOR”) on and from th e date of first loan made or to be made (“Initial Utilization Date”) to and including the date falling 6 months from the Initial Utilization Date, and thereafter at 70 basis points over HIBOR. In February and May 2022, the Group drew down HK$ million and HK$ million under the facility commitment, respectively. As of December 31, 2022, the borrowings above were recorded in short-term debts in the consolidated balance sheets and the undrawn balance was HK$ million under this agreement. The borrowings wer m In December 2021, the Group entered into a 5-year US$2,000 million unsecured term and revolving loan facility with 5 lead arrangers. The term and revolving loans under this facility were priced at 85 In December 2022, the Group entered into a seven-year RMB3,000 million term loan facility agreement. The term loans under this facility were priced at 145 basis points below Loan Prime Rate (“LPR”). In December 2022, the Group drew down million was recorded in short-term debts and million borrowings were recorded in long-term borrowings in the consolidated balance sheets. The undrawn balance was million under this agreement. As of December 31, 2022, in addition to the above unsecured borrowings, RMB3,185 million and RMB4,101 million borrowings recorded in short-term debts and long-term borrowings, respectively, were without collaterals and borrowed from well-known financial institutions. (**) As of December 31, 2022, RMB875 million and RMB6,953 million borrowings, were recorded in short-term debts and long-term borrowings, respectively, with collaterals of RMB19,765 million which mainly comprised of buildings, land use rights and certain subsidiary’s equity interests which is measured at fair value. As of December 31, 2022, the long-term borrowings, including the portion due within one year which were recoded in “short-term debts”, will be repaid according to the following schedule: As of December 31, 2022 (RMB in millions) 2023 885 2024 1,367 2025 3,360 2026 2,109 2027 7,619 2028 and thereafter 5,554 20,894 As of December 31, 2022, the Group had agreements with reputable commercial banks for unsecured revolving lines of credit, and increased its revolving lines of credit to RMB million. The Group was in compliance with the financial covenants, if any, under those lines of credit as of December 31, 2022. As of December 31, 2022, under the lines of credit, the Group mainly had RMB million reserved for the issuance of bank acceptance and RMB million reserved for the bank guarantee. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Commitments and contingencies | 33. Commitments and contingencies Commitments for internet data center (IDC) service fee The Group entered into non-cancelable IDC service agreements. The related expenses were RMB million, RMB million and RMB million for the years ended December 31, 2020, 2021 and 2022, respectively, and were charged to the consolidated statements of operations and comprehensive income/(loss) when incurred. Future minimum payments under these non-cancelable As of December 31, 2022 (RMB in millions) 2023 824 2024 784 2025 357 2026 330 2027 328 2028 and thereafter 1,708 4,331 Capital commitments The Group’s capital commitments primarily relate to commitments on construction and purchase of office building and warehouses. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB million as of December 31 , 2022 . All of these capital commitments will be fulfilled in the following years according to the construction progress. Investment commitments The Group’s investment commitments primarily related to capital contribution obligation for certain fund investments. Total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB2,449 million as of December 31, 2022. Long-term debt obligations The Group’s long-term debt obligations include unsecured senior notes and long-term borrowings. The amounts exclude the corresponding interest payable. The expected repayment schedule of the unsecured senior notes and long-term borrowings have been disclosed in Note 17 and Note 32, respectively. Legal proceedings From time to time, the Group is subject to legal proceedings and claims in the ordinary course of business. Third parties assert patent infringement claims against the Group from time to time in the form of letters, lawsuits and other forms of communication. In addition, from time to time, the Group receives notification from customers claiming that they are entitled to indemnification or other obligations from the Group related to infringement claims made against them by third parties. Litigation, even if the Group is ultimately successful, can be costly and divert management’s attention away from the day-to-day operations of the Group. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2022. Purchase commitments The Group’s purchase commitments primarily relate to purchase of products. Total purchase commitments contracted but not yet reflected in the consolidated financial statements as of December , represented less than % of total net revenues of the Group for the year ended December , . |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted net assets | |
Restricted net assets | 34. Restricted net assets The Company’s ab ility to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regula In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual after-tax As a result of these PRC laws and regulations that require annual appropriations of 10% of net after-tax Amounts restricted include paid-in paid-in |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events | |
Subsequent events | 35. Subsequent events Listing of Real Estate Investment Trust The warehousing real estate investment trust (“REIT”), jointly established by the Company, JD Property and Harvest Fund, became the first of its kind in the private sector in China that received formal approval from China’s Securities Regulatory Commission in December 2022 and was listed on the Shanghai Stock Exchange in February 2023. The listing raised over RMB billion. Dividends On March 8, 2023, the Board of Directors of the Company approved a cash dividend of US$ In addition, the Company plans to adopt an annual dividend policy, under which the Company may choose to declare and distribute a cash dividend each year, starting from 2023, at an amount determined in relation to the Company’s financial performance in the previous fiscal year, among other factors. The determination to make dividend distributions in any particular year will be made at the discretion of the Board of Directors based upon factors such as the Company’s results of operations, cash flow, financial condition, capital requirements and other considerations that the Board of Directors deems relevant. JD Industrials’ Series B Transaction In March 2023, JD Industrials entered into definitive transaction agreements in connection with its series B preference shares with a group of investors. The total cash proceeds were approximately US$210 million. The Group remained the majority shareholder of JD Industrials after the completion of the transactions. JD Property applied for HKEX listing On March 30, 2023, JD Property, through its joint sponsors, submitted a listing application form to the HKEX to apply for the listing of, and permission to deal in, the shares of JD Property on the Main Board of the HKEX. The Group will remain the majority shareholder of JD Property after the listing. There is no assurance as to whether or when the proposed listing may take place. JD Industrials applied for HKEX listing On March 30, 2023, JD Industrials, through its joint sponsors, submitted a listing application form to the HKEX to apply for the listing of, and permission to deal in, the shares of JD Industrials on the Main Board of the HKEX. The Group will remain the majority shareholder of JD Industrials after the listing. There is no assurance as to whether or when the proposed listing may take place. Share Repurchase Program Under the 2020 share repurchase program, as of the date of this report, the Company had repurchased 20,255,890 ADSs for approximately US$1,290 million, including 3,839,490 ADSs for approximately US$153 million during the period from January 1, 2023 to the date of this report. |
Parent company only condensed f
Parent company only condensed financial information | 12 Months Ended |
Dec. 31, 2022 | |
Parent company only condensed financial information | |
Parent company only condensed financial information | 36. Parent company only condensed financial information The Company performed a test on the restricted net assets of the consolidated subsidiaries and VIEs in accordance with Rule 5-04 (c) of Regulation S-X, and concluded that it was applicable for the Company to disclose the financial information for the parent company only. As of December 31, 2022, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements. Condensed Balance Sheets As of December 31, 2021 2022 RMB RMB US$ Note 2(g) (in millions, except share and per share data) ASSETS Cash and cash equivalents 7,417 5,029 729 Short-term investments 1 — — Internal balance 65,120 63,708 9,237 Investments in subsidiaries and consolidated VIEs 148,607 162,015 23,491 Prepayments and other assets 419 308 44 Total assets 221,564 231,060 33,501 LIABILITIES Short-term debts 2,869 — — Unsecured senior notes 9,461 10,347 1,499 Long-term borrowings — 6,965 1,010 Accrued expenses and other liabilities 323 382 56 Total liabilities 12,653 17,694 2,565 SHAREHOLDERS’ EQUITY: Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,731,123,330 Class A ordinary shares issued and 2,690,342,230 outstanding, 428,185,501 Class B ordinary shares issued and 420,449,419 outstanding as of December 31, 2021; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022.) — * — * — * Additional paid-in 182,578 184,041 26,683 Statutory reserves 1,586 3,473 504 Treasury stock (2,968 ) (2,493 ) (361 ) Retained earnings 33,805 29,304 4,249 Accumulated other comprehensive loss (6,090 ) (959 ) (139 ) Total shareholders’ equity 208,911 213,366 30,936 Total liabilities and shareholders’ equity 221,564 231,060 33,501 * Absolute value is less than RMB1 million. Condensed Statements of Operations and Comprehensive Income/(Loss) For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Note 2(g) (in millions, except share and per share data) Operating expenses Marketing (11 ) (4 ) (2 ) — General and administrative (453 ) (465 ) (331 ) (48 ) Loss from operations (464 ) (469 ) (333 ) (48 ) Other income/(expense) Income/(loss) from subsidiaries and consolidated VIEs 50,154 (2,708 ) 10,667 1,548 Other income/(expense), net (266 ) (376 ) 48 7 Income/(loss) before tax 49,424 (3,553 ) 10,382 1,507 Income tax expenses (19 ) (7 ) (2 ) — Net income/(loss) 49,405 (3,560 ) 10,380 1,507 Net income/(loss) attributable to ordinary shareholders 49,405 (3,560 ) 10,380 1,507 Net income/(loss) Other comprehensive income/(loss): Foreign currency translation adjustments (7,656 ) (2,542 ) 5,131 744 Net change in unrealized gains/(losses) on available-for-sale Unrealized gains, net of tax 705 — — — Reclassification adjustment for gains recorded in net income, net of tax (760 ) — — — Net unrealized losses on available-for-sale (55 ) — — — Total other comprehensive income/(loss) (7,711 ) (2,542 ) 5,131 744 Total comprehensive income/(loss) 41,694 (6,102 ) 15,511 2,251 Condensed Statements of Cash Flows For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Note 2(g) (in millions) Net cash used in operating activities (243 ) (411 ) (509 ) (74 ) Cash flows from investing activities: Purchase of short-term investments (3,421 ) (3,189 ) — — Maturity of short-term investments — 6,546 1 — Loans (provided to)/settled by internal companies (13,421 ) (20,900 ) 7,426 1,077 Other investing activities 40 3,147 — — Net cash provided by/(used in) investing activities (16,802 ) (14,396 ) 7,427 1,077 Cash flows from financing activities: Proceeds from issuance of ordinary shares 31,342 — — — Repurchase of ordinary shares — — (1,823 ) (264 ) Cash paid for dividends — — (13,087 ) (1,897 ) Proceeds from short-term borrowings — — 3,945 572 Repayment of short-term borrowings — — (7,005 ) (1,016 ) Proceeds from long-term borrowings — — 6,618 960 Proceeds from unsecured senior notes 6,804 — — — Repayment of unsecured senior notes — (3,246 ) — — Other financing activities 236 62 1,043 151 Net cash provided by/(used in) financing activities 38,382 (3,184 ) (10,309 ) (1,494 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,369 ) (136 ) 1,003 145 Net increase/(decrease) in cash, cash equivalents, and restricted cash 18,968 (18,127 ) (2,388 ) (346 ) Cash, cash equivalents, and restricted cash at beginning of year 6,576 25,544 7,417 1,075 Cash, cash equivalents, and restricted cash at end of year 25,544 7,417 5,029 729 Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and consolidated VIEs. For the parent company only condensed financial information, the Company records its investments in subsidiaries and consolidated VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented in the condensed balance sheets as “Investments in subsidiaries and consolidated VIEs” and shares in the subsidiaries and consolidated VIEs’ financial results are presented as “Income/(loss) from subsidiaries and consolidated VIEs” in the condensed statements of operations and comprehensive income/(loss). The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Basis of presentation | a. Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. All amounts, except for share, per share data or otherwise noted, are rounded to the nearest million. |
Principles of consolidation | b. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through the Contractual Arrangements, bear the risks of, and enjoy the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation. |
Reclassifications | c. Reclassifications Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no impact on net income/(loss), shareholders’ equity, or cash flows as previously reported. |
Non-controlling interests | d. Non-controlling For the Company’s consolidated subsidiaries and VIEs, non-controlling Non-controlling |
Use of estimates | e. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, returns allowance, vendor rebates and customer incentives, determination of the stand-alone selling price (“SSP”), the valuation and recognition of share-based compensation arrangements, taxation, fair value of assets and liabilities acquired in business combinations, fair value of certain equity investees, assessment for impairment of long-lived assets, investment in equity investees, investment securities and goodwill, allowance for doubtful accounts including expected credit losses, inventory reserve for excess and obsolete inventories, lower of cost and net realizable value of inventories, depreciable lives of property, equipment and software, useful lives of intangible assets, the discount rate for lease and consolidation of VIEs. Actual results may differ materially from those estimates. In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) COVID-19, COVID-19 COVID-19 COVID-19 COVID-19 |
Foreign currency translation | f. Foreign currency translation The Group’s reporting currency is RMB. The functional currency of the Group’s entities incorporated in Cayman Islands, BVI, Hong Kong, Singapore and the United States of America is U.S. dollars (“US$”). The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be RMB. The Group’s entities incorporated in the Republic of Indonesia, Japan, France, Australia and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830, Foreign Currency Matters Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss). Total exchange gains/(losses) were a loss of RMB90 million, a gain of RMB42 million and a gain of RMB114 million for the years ended December 31, 2020, 2021 and 2022, respectively. The consolidated financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current year are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments to the Group’s other comprehensive income/(loss) were a loss of RMB7,955 million, a loss of RMB2,872 million and a gain of RMB7,810 million for the years ended December 31, 2020, 2021 and 2022, respectively. |
Convenience translation | g. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. |
Cash and cash equivalents | h. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, money market fund investments, time deposits and highly liquid investments which have original maturities of three months or less. |
Restricted cash | i. Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash mainly represents security deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee. |
Short-term investments | j. Short-term investments Short-term investments mainly include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed Financial Instruments available-for-sale held-to-maturity Available-for-sale In addition, short-term investments are also comprised of time deposits placed with banks with original maturities longer than three months but less than one year. |
Accounts receivable, net | k. Accounts receivable, net Accounts receivable mainly represent amounts due from customers and online payment channels and are recorded net of allowance for doubtful accounts. The Group, in collaboration with Jingdong Technology Holding Co., Ltd. (“JD Technology”, formerly known as Jingdong Digits Technology Holding Co., Ltd), provides consumer financing to the qualified customers in the online retail business, such consumer financing receivables are recorded as accounts receivable. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, where JD Technology performs the related credit assessment. JD Technology is obligated to purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values to absorb the risks, as such, no allowance for doubtful accounts were provided. The Group, in collaboration with JD Technology, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(v). Other than the accounts receivable arising from the consumer financing, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. |
Inventories, net | l. Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Group takes ownership, risks and rewards of the products purchased, but has arrangements to return unsold goods with certain vendors. Write downs are recorded in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). The Group also provides fulfillment-related services in connection with the Group’s online marketplace. Third-party merchants maintain ownership of their inventories and therefore these products are not included in the Group’s inventories. |
Loan receivables, net | m. Loan receivables, net Loan receivables represent the consumer financing, in collaboration with JD Technology, provided to qualified individual customers on the Group’s online marketplace. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Technology performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from 1 month to 24 months. As JD Technology is obligated to purchase the receivables past due over certain agreed period of time from the Group at carrying values to absorb the credit risks, no provision for doubtful accounts was recorded for the years ended December 31, 2020, 2021 and 2022. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2021 and 2022, the loan receivables with the collection period less than one year amounting to RMB1,817 million and RMB2,131 million, respectively, were classified into prepayments and other current assets in the consolidated balance sheets. As of December 31, 2021 and 2022, the loan receivables with the collection period over one year amounting to RMB733 million and RMB142 million, respectively, were classified into other non-current v |
Property, equipment and software, net | n. Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives of major property, equipment and software are as follows: Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3-6 Logistics, warehouse and other heavy equipment 5-10 Leasehold improvement Over the shorter of the expected life of leasehold improvements or the lease term Software 3-5 Land Indefinite Building 40 years Building improvement 5-10 Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive income/(loss). |
Construction in progress | o. Construction in progress Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2021 and 2022, construction in progress in the amount of RMB5,817 million and RMB11,161 million, respectively, were primarily relating to the construction of office buildings and warehouses. |
Land use rights, net | p. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 18 to 50 years and represent the shorter of the estimated usage periods or the terms of the agreements. |
Intangible assets, net | q. Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The Group determines the fair value using the appropriate approach which requires management to make significant estimates and assumptions. The acquired intangible assets are recognized and measured at fair value and are expensed or amortized using the straight-line approach over the estimated economic useful lives of the assets. The estimated useful lives of major intangible assets are as follows: Category Estimated useful lives Non-compete 5-8 Domain names and trademarks 5-20 Customer relationship 3-10 years Technology and others 3-10 |
Goodwill | r. Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2017-04”) Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates, consideration of the impact of COVID-19, |
Investment in equity investees | s. Investment in equity investees Investment in equity investees represents the Group’s investments in privately held companies, publicly traded companies and private equity funds. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance Investment—Equity Method and Joint Ventures An investment in in-substance Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investees are recorded in share of results of equity investees in the consolidated statements of operations and comprehensive income/(loss) and its share of post-acquisition movements of accumulated other comprehensive income/(loss) are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. The Group records its share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. Private equity funds pursue various investment strategies, including event driven and multi-strategy. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. These private equity funds, over which the Group does not have the ability to exercise significant influence, are accounted for under the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative (the “Measurement Alternative”) in accordance with ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10)—Recognition 2016-01”). 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323). |
Investment securities | t. Investment securities The Group invests in marketable equity securities to meet business objectives. These marketable securities are classified as investments with readily determinable fair values, which are reported at fair value in the consolidated balance sheets, the unrealized gains and losses on equity securities are recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) under ASU 2016-01. |
Impairment of long-lived assets | u. Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset or an asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the asset or the asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or the asset group and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or the asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or the asset group over its fair value. |
Nonrecourse securitization debt and transfer of financial assets | v. Nonrecourse securitization debt and transfer of financial assets The Group, in collaboration with JD Technology, periodically securitizes accounts receivable and loan receivables arising from consumer financing through the transfer of those assets to securitization vehicles. The securitization vehicles then issue (1) debt securities to third-party investors and JD Technology, or (2) trust beneficiary rights to the Group which are immediately transferred to third-party investors, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles and the trust beneficiary rights transferred by the Group are nonrecourse to the Group and are payable only out of collections on their respective underlying collateralized assets. The securitization vehicles are considered variable interest entities pursuant to ASC Topic 810, Consolidation The Group does not consolidate the securitization vehicles when no economic interests are retained by the Group, and the Group has no continuing involvements, including the servicer of the securitization vehicles. Transfers are accounted for as sale and corresponding transferred accounts receivable are de-recognized Transfers and Servicing 860-10-40-5 |
Unsecured senior notes and long-term borrowings | w. Unsecured senior notes and long-term borrowings Unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums and debt issuance costs. Debt discounts or premiums and debt issuance costs are recorded as a reduction of the principal amount and the related accretion is recorded as interest expense in the consolidated statements of operations and comprehensive income/(loss) over the maturities of the notes using the effective interest method. Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive income/(loss). |
Fair value | x. Fair value Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures certain financial assets, including investments under the equity method on other-than-temporary basis, investments under the Measurement Alternative, intangible assets, goodwill and fixed assets at fair value when an impairment charge is recognized. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. |
Revenue | y. Revenues Consistent with the criteria of ASC Topic 606, Revenue from Contracts with Customers In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group is a principal, that the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value added taxes. The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant judgement is required to estimate return allowances. For online retail business with return conditions, the Group reasonably estimates the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. As of December 31, 2021 and 2022, liabilities for return allowances were The Group also sells prepaid cards which can be redeemed to purchase products sold on the JD Platform. In accordance with ASC 606, the cash collected from the sales of prepaid cards is initially recorded in advance from customers in the consolidated balance sheets and subsequently recognized as revenues upon the sales of the respective products through redemption of prepaid cards are completed. The Group recognizes revenue from estimated unredeemed prepaid cards over the expected customer redemption periods, rather than waiting until prepaid cards expire or when the likelihood of redemption becomes remote in accordance with ASC 606. Revenue arrangements with multiple deliverables are divided into separate units of accounting based on the SSP of each separate unit. In instances where SSP is not directly observable, such as the Group does not have vendor-specific objective evidence or third-party evidence of the selling prices of the deliverables, considerations are allocated using estimated selling prices. Determining the SSP of each separate unit may require significant judgments, and significant assumptions and estimates have been made in estimating the relative selling price of each single-element. Net Product Revenues The Group recognizes the product revenues from the online retail business on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods. Revenues from the sales of electronics and home appliance products were RMB400,927 million, RMB492,592 million and RMB515,945 million, and revenues from the sales of general merchandise products were RMB250,952 million, RMB323,063 million and RMB349,117 million, for the years ended December 31, 2020, 2021 and 2022, respectively. The Group’s net product revenues were mainly generated by the JD Retail segment. Net Service Revenues The Group charges commission fees to third-party merchants for participating in the Group’s online marketplace, where the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those third-party merchants. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of products, net of return allowances. The Group provides marketing services to third-party merchants, suppliers and other business partners on its various website channels and third-party marketing affiliate’s websites, including but not limited to pay for performance marketing services on which the customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services ratably over the period during which the advertising services are provided or on the number of times that the advertisement has been displayed based on cost per thousand impressions. The Group did not enter into material advertising-for-advertising The Group opens its fulfillment infrastructure by offering integrated supply chain solutions and logistics services to third parties through JD Logistics, primarily including warehousing and distribution services, express and freight delivery services and other value-added services. Revenues generated from these services are primarily recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers. JD Plus memberships provide the Group’s core customers with a better shopping experience, access to an evolving suite of benefits that represent a single stand-ready obligation. Subscriptions are paid for at the time of or in advance of delivering the services. Revenues from such arrangements are recognized over the subscription period. The Group offers comprehensive customer services, primarily include 7*24 hours customer services to respond to customers’ post-sales requests, return and exchange services to facilitate customers’ return, exchange and repair of defective goods. These services are free of charge. The Group also provides return/exchange logistics services to the customers, of which the revenues recognized were not material for the periods presented. The Group also provides on-demand retail platform services and on-demand delivery services through Dada. For on-demand retail platform services, the Group acts as an agent and charges the retailer a fixed rate commission fee based on the sales amount and commission fee revenues on a net basis at the point of delivery of merchandise upon successful sales. For on-demand delivery services, the Group acts as an agent and recognizes revenue on a net basis at the point of delivery of merchandise. In addition, the Group fulfills the delivery needs of retailers and other business customers on Dada’s platforms, the Group has determined that it acts as the principal in these transactions and recognizes revenues on a gross basis at a fixed rate or a pre-determined amount for each completed delivery. Revenues from online marketplace and marketing services were RMB53,473 million, RMB72,118 million and RMB81,970 million for the years ended December 31, 2020, 2021 and 2022, respectively, which were mainly generated by the JD Retail segment. Revenues from logistics and other services were RMB40,450 million, RMB63,819 million and RMB99,204 million, for the years ended December 31, 2020, 2021 and 2022, respectively, which were mainly generated by the JD Logistics segment. |
Contract balances | z. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment. The balances of accounts receivable, net of allowance for doubtful accounts were RMB11,900 million and RMB20,576 million as of December 31, 2021 and 2022, respectively. Unearned revenues consist of payments received or awards to customers related to unsatisfied performance obligation at the end of the period, included in current and non-current The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include certain partner sales incentive programs. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets. |
Customer incentives and loyalty programs | aa. Customer incentives and loyalty programs The Group provides two types of discounted coupons, referred to as D Coupons and J Coupons, for free to its customers to incentivize purchase. • D Coupons are given to a customer upon current purchase or can be given for free to promote future purchases. This coupon requires the customer to make future purchase of a minimum value in order to enjoy the value provided by the coupon. The rights to purchase discounted products in the future are not considered as a separate performance obligation under ASC 606, as the discount does not represent a material rights to the customer. The Group assesses the significance of the discount by considering its percentage of the total future minimum purchase value, historical usage pattern by the customers and relative outstanding volume and monetary value of D Coupons compared to the other discounts offered by the Group. D Coupons are accounted for as a reduction of revenues on the future purchase. • J Coupons are given to a customer upon their qualified purchase or can be given for free to promote future purchases and are to be used on a future purchase, with no limitation as to the minimum value of the future purchase. Accordingly, the Group has determined that J Coupons awarded are considered as a separate performance obligation within the scope of ASC 606, as J Coupons represent a material rights to the customer. Therefore, the delivered products and J Coupons awarded are treated as two distinct performance obligations identified in the contract. The total sales consideration is allocated based on management’s best estimate of the relative SSP of each performance obligation. The amount allocated to J Coupons is deferred and recognized when J Coupons are redeemed or at the coupon’s expiration, whichever occurs first. J Coupons have an expiration of one year after issuance. For the years ended December 31, 2020, 2021 and 2022, the amounts of expired J Coupons were not material. Registered customers may also earn J Beans, which were launched based on certain activities performed on the Group’s website by the customers such as purchasing merchandise or reviewing their buying experiences. J Beans can be used as cash to buy any products sold by the Group, which will directly reduce the amount paid by the customer, or redeemed for D Coupons that can be used in certain shops on JD Platform. The Group considers J Beans awarded from sales of products and reviewing buying experiences to be part of its revenue generating activities. Thus J Beans are considered to be a separate performance obligation identified in the contract. Therefore, the sales consideration is allocated to the products and J Beans based on the relative SSP of the products and J Beans awarded. Consideration allocated to J Beans is initially recorded as deferred revenues, and recognized as revenues when J Beans are used or expired. J Beans will expire at the subsequent year end after issuance. For the years ended December 31, 2020, 2021 and 2022, the amounts of expired J Beans were not material. |
Cost of revenues | bb. Cost of revenues Cost of revenues consists primarily of purchase price of products, inbound shipping charges, write-downs of inventories, traffic acquisition costs related to online marketing services, and cost related to logistics services provided to third parties. |
Rebates and subsidies | cc. Rebates and subsidies The Group periodically receives considerations from certain vendors, representing rebates for products sold and subsidies for the sales of the vendors’ products over a period of time. The rebates are not sufficiently separable from the Group’s purchase of the vendors’ products and they do not represent a reimbursement of costs incurred by the Group to sell vendors’ products. The Group accounts for the rebates received from its vendors as a reduction to the prices it pays for the products purchased and therefore the Group records such amounts as a reduction of cost of revenues when recognized in the consolidated statements of operations and comprehensive income/(loss). Rebates are earned upon reaching minimum purchase thresholds for a specified period. When volume rebates can be reasonably estimated based on the Group’s past experiences and current forecasts, a portion of the rebates is recognized as the Group makes progress towards the purchase threshold. Subsidies are calculated based on the volume of products sold through the Group and are recorded as a reduction of cost of revenues when the sales have been completed and the amount is determinable. |
Fulfillment | dd. Fulfillment Fulfillment expenses consist primarily of (i) expenses incurred in operating the Group’s fulfillment centers, customer service centers and physical stores, including personnel cost and expenses attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging, and preparing customer orders for shipment, processing payment and related transaction costs, (ii) expenses charged by third-party couriers for dispatching and delivering the Group’s products, (iii) lease expenses of warehouses, delivery and pickup stations, and physical stores, and (iv) depreciation and amortization of logistics and electronic equipment. The cost related to logistics services provided to third parties is classified in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). Shipping cost included in fulfillment expenses amounted to RMB23,088 million, RMB27,786 million and RMB28,958 million for the years ended December 31, 2020, 2021 and 2022, respectively. |
Marketing | ee. Marketing Marketing expenses consist primarily of advertising costs, public relations expenditures, and payroll and related expenses for employees involved in marketing and business development activities. The Group pays commissions to participants in the associates program when their customer referrals result in successful product sales and records such costs in marketing in the consolidated statements of operations and comprehensive income/(loss). Advertising costs, which consist primarily of online advertising, offline television, movie and outdoor advertising, and incentive programs to attract or retain consumers for the Group’s online marketplace, are expensed as incurred, and totaled RMB23,088 million, RMB32,704 million and RMB29,898 million for the years ended December 31, 2020, 2021 and 2022, respectively. |
Research and development | ff. Research and development Research and development expenses consist primarily of payroll and related expenses for research and development employees involved in designing, developing and maintaining technology platform, and application of artificial intelligence, big data and cloud technologies and services, and technology infrastructure costs. Technology infrastructure costs include servers and other equipment depreciation, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s internal and external business. Research and development expenses are expensed as incurred. Software development costs are recorded in “Research and development” as incurred as the costs qualifying for capitalization have been insignificant. |
General and administrative | gg. General and administrative General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations; costs associated with these functions including facilities and equipment depreciation expenses, rental and other general corporate related expenses. |
Share-based compensation | hh. Share-based compensation The Group grants restricted share units (“RSUs”) and share options of the Company and its subsidiaries to eligible employees and non-employees. non-employees Compensation—Stock Compensation Employees’ share-based awards, non-employees’ All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Group uses binomial option-pricing model or other appropriate methods to estimate the fair value of share options. The determination of estimated fair value of share-based payment awards on the grant date is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate, exercise multiple and expected dividend yield, if any. Determination of estimated fair value of the Company’s subsidiaries before they were publicly listed requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to the Company’s subsidiaries. The Company estimates the Company’s subsidiaries’ enterprise value for purposes of recording share-based compensation, and the information considered by the Company mainly include but are not limited to the pricing of recent rounds of financing, future cash flow forecasts, discount rates, and liquidity factors. The Group recognizes the estimated compensation cost of RSUs based on the fair value of its ordinary shares on the date of the grant. The Group recognizes the compensation cost, net of estimated forfeitures, over a vesting term for service-based RSUs. The Group also recognizes the compensation cost of performance-based share awards, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates. A change in the terms or conditions of a share-based award, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity instrument are the same as immediately before and after the change. The Group recognized incremental compensation cost for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Therefore, in relation to the modified award, the Group recognized share-based compensation over the vesting periods of the modified award. |
Income tax | ii. Income tax Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more-likely-than-not non-current The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions. |
Leases | jj. Leases In accordance with ASC Topic 842, Leases Right-of-use non-lease The Group also enters into sale and leaseback transactions. The Group acts as the seller-lessee, transfers its assets to a third-party entity (the buyer-lessor) and then leases the transferred assets back from the buyer-lessor at an arm-length 842-40-25-1 Property, Plant and Equipment The Group leases warehouses, offices, and store space to third-parties. The arrangements are in the nature of operating lease which is neither a sales-type nor direct-financing lease. As such, the underlying assets remain on the Group’s balance sheet at their carrying value and continue to depreciate the assets based on the estimated useful life. Rental revenue should be recognized on a straight-line basis (or another systematic basis if that basis is more representative of the pattern in which income is earned from the underlying assets over the term of the respective lease). The Group records an unbilled rent receivable, which is the amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease. |
Comprehensive income/(loss) | kk. Comprehensive income/(loss) Comprehensive income/(loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive income/(loss) for the periods presented primarily includes net income/(loss), change in unrealized gains/(losses) on available-for-sale |
Net income/(loss) per share | ll. Net income/(loss) per share Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the calculation of diluted net income/(loss) per share, the weighted average number of ordinary shares is adjusted by the effect of dilutive potential ordinary shares, including unvested RSUs and ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. Additionally, the Company takes into account the effect of dilutive shares of entities in which the Company holds equity interests. The dilutive impacts from equity interests mainly include equity investments accounted for using the equity method and the consolidated subsidiaries. The effect mentioned above is not included in the calculation of the diluted income/(loss) per share when inclusion of such effect would be anti-dilutive. |
Segment reporting | mm. Segment reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer. Before 2021, the Group’s principal operations were organized into two major business segments, JD Retail and New Businesses, which were defined based on the products and services provided. JD Retail mainly consisted of online retail, online marketplace and marketing services in China. New Businesses included logistics services provided to third parties, overseas business, technology initiatives, as well as asset management services to logistics property investors and sale of development properties by JD Property. Beginning with the first quarter of 2021, the Group implemented certain segment reporting changes to better reflect its recently optimized organizational structure and business developments. The major changes in segment information mainly include: (1) Reported the results of JD Logistics as a new standalone segment. JD Logistics listed on the Main Board of HKEX on May 28, 2021. (2) Moved the results of Jingxi and the internal business of JD Property from JD Retail to New Businesses. The changes relate to the realignment of JD Retail in connection with the establishment of the new Jingxi business group and the closing of JD Property Series A Preference Shares financing. As a result, the Group reported segments, JD Retail, JD Logistics and New Businesses in 2021. JD Retail mainly consisted of online retail, online marketplace and marketing services in China. JD Logistics included both internal and external logistics businesses. New Businesses mainly included JD Property, Jingxi, overseas businesses and technology initiatives. The Group consolidated Dada since February 28, 2022 and reported the results of Dada as a new standalone segment. The Group also consolidated China Logistics Property Holdings Co., Ltd. (“CNLP”) through JD Property since March 1, 2022 and reported the results of CNLP in the New Businesses segment. In addition, the Group has consolidated Ningbo Meishan Baoshui Area Deppon Investment Holding Company Limited (“Deppon Holdco”) except the Excluded Business as defined in Note 7 since July 26, 2022 and reported the results of Deppon Holdco except the Excluded Business as defined in Note 7 in the JD Logistics segment. As a result, the Group now reports segments, JD Retail, JD Logistics, Dada and New Businesses. JD Retail mainly consists of online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. Dada is a local on-demand These changes align with the manner in which the Group’s CODM uses financial information to evaluate the performance of, and to allocate resources to, each of the segments. The prior periods’ segment operating results have been retrospectively recast to conform to current period presentation. |
Statutory reserves | nn. Statutory reserves The Company’s subsidiaries and consolidated VIEs established in the Chinese mainland are required to make appropriations to certain non-distributable In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their after-tax after-tax In addition, in accordance with the PRC Company Laws, the Group’s consolidated VIEs, registered as Chinese domestic companies, must make appropriations from their after-tax non-distributable after-tax The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. For the years ended December 31, 2020, 2021 and 2022, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the Chinese mainland was approximately |
Recent accounting pronouncements | oo. Recent accounting pronouncements Recently adopted accounting pronouncements In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40): if-converted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective in the year ended December 31, 2022, with early adoption permitted. The Group adopted this standard in the year ended December 31, 2022 and the impact was not material to the consolidated financial statements. Recently issued accounting pronouncements not yet adopted In October 2021, the FASB issued ASU 2021-08, In June 2022, the FASB issued ASU 2022-03, 2022-03 820-10-35-36B In September 2022, the FASB issued ASU 2022-04 to enhance transparency about an entity’s use of supplier finance programs. ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program, and at a minimum, the following at least annually: (1) the key terms of the program; including payment terms and assets pledged as security or other forms of guarantees; (2) the amount of obligations outstanding at the end of the reporting period that the buyer has confirmed as valid; a description of where those obligations are presented in the balance sheet; rollforward information for the annual period showing the amount at the beginning of the period , the amount added during the period, the amount settled during the period , and the amount outstanding at the end of the period. The amendments in are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Group is currently evaluating the impact of the amendments on its consolidated financial statements. |
Principal activities and orga_2
Principal activities and organization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Principal activities and organization | |
Schedule of percentage of legal ownership in major subsidiaries, VIEs and VIEs' subsidiaries | Equity Place and date of incorporation Subsidiaries Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”) 100% Beijing, China, April 2007 Jiangsu Jingdong Information Technology Co., Ltd. 100% Jiangsu, China, June 2009 Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”) 100% Shanghai, China, April 2011 JD Logistics Holding Limited 64% Hong Kong, China, August 2011 Jingdong Technology Group Corporation 100% Cayman Islands, November 2011 JINGDONG Property, Inc. 77% Cayman Islands, January 2012 JD Logistics, Inc. 64% Cayman Islands, January 2012 JD.com E-Commerce 100% Hong Kong, China, February 2012 Jingdong E-Commerce 100% Hong Kong, China, February 2012 JD.com International Limited 100% Hong Kong, China, February 2012 Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”) 100% Beijing, China, March 2012 Chongqing Jingdong Haijia E-commerce 100% Chongqing, China, June 2014 JD.com Overseas Innovation Limited 100% Hong Kong, China, October 2014 JD.com Investment Limited 100% British Virgin Islands, January 2015 JD Asia Development Limited 77% British Virgin Islands, February 2015 Suqian Hanbang Investment Management Co., Ltd. 100% Jiangsu, China, January 2016 Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) 64% Shaanxi, China, May 2017 JD Assets Holding Limited 100% Cayman Islands, March 2018 JD Property Holding Limited 100% Cayman Islands, March 2018 Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”) 100% Beijing, China, May 2018 JD Health International Inc. 68% Cayman Islands, November 2018 JD Jiankang Limited 100% British Virgin Islands, April 2019 JD Industrial Technology Limited 100% British Virgin Islands, October 2019 JINGDONG Industrials, Inc. 81% Cayman Islands, November 2019 Jingdong Logistics Supply Chain Co., Ltd. 64% Jiangsu, China, June 2020 Jiangsu Huiji Space Technology Co., Ltd. (“Jiangsu Huiji”) 100% Jiangsu, China, March 2019 JD Sunflower Investment Limited 100% British Virgin Islands, February 2016 Windcreek Limited 100% British Virgin Islands, January 2016 Dada Nexus Limited (“Dada”) 53% Cayman Islands, July 2014 Consolidated VIEs Beijing Jingdong 360 Degree E-commerce Co., Ltd. (“Jingdong 360”) Beijing, China, April 2007 Jiangsu Yuanzhou E-commerce Co., Ltd. (“Jiangsu Yuanzhou”) Jiangsu, China, September 2010 Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”) Jiangsu, China, August 2015 Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”) Shaanxi, China, June 2017 Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”) Jiangsu, China, June 2020 Consolidated VIEs’ Subsidiaries Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) Beijing, China, August 2012 Beijing Jingdong Qianshi Technology Co., Ltd. Beijing, China, September 2018 |
Schedule of consolidated financial information | As of December 31, 2021 2022 (RMB in millions) Total assets 80,138 78,162 Total liabilities 77,858 74,553 For the year ended December 31, 2020 2021 2022 (RMB in millions) Total net revenues 86,054 117,419 134,516 Net income/(loss) (422 ) (3,069 ) 1,137 For the year ended December 31, 2020 2021 2022 (RMB in millions) Net cash provided by operating activities 9,912 1,593 5,434 Net cash used in investing activities (11,053 ) (10,089 ) (4,498 ) Net cash provided by/(used in) financing activities 2,659 11,611 (1,306 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash 1,518 3,115 (370) Cash, cash equivalents, and restricted cash at beginning of year 927 2,445 5,560 Cash, cash equivalents, and restricted cash at end of year 2,445 5,560 5,190 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Schedule of estimated useful lives of property, equipment and software | Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3-6 Logistics, warehouse and other heavy equipment 5-10 Leasehold improvement Over the shorter of the expected life of leasehold improvements or the lease term Software 3-5 Land Indefinite Building 40 years Building improvement 5-10 |
Schedule of estimated useful lives of intangible assets | The estimated useful lives of major intangible assets are as follows: Category Estimated useful lives Non-compete 5-8 Domain names and trademarks 5-20 Customer relationship 3-10 years Technology and others 3-10 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair value measurement | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | As of December 31, 2021 and 2022, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair value measurement at reporting date using Description Fair Value as of December 31, 2021 Quoted Prices Markets for (Level 1) Significant Observable (Level 2) Significant Unobservable (Level 3) (RMB in millions) Assets: Restricted cash 5,926 — 5,926 — Short-term investments Wealth management products 77,010 — 77,010 — Investment securities Listed equity securities 19,088 19,088 — — Total assets 102,024 19,088 82,936 — Fair value measurement at reporting date using Description Fair Value as of December 31, 2022 Quoted Prices Markets for (Level 1) Significant Observable (Level 2) Significant Unobservable (Level 3) (RMB in millions) Assets: Restricted cash 6,254 — 6,254 — Short-term investments Wealth management products 71,496 — 71,496 — Investment securities Listed equity securities 11,611 11,611 — — Other non-current Wealth management products 2,649 — 2,649 — Total assets 92,010 11,611 80,399 — |
Business acquisition (Tables)
Business acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Dada Acquisition [Member] | |
Business Acquisition [Line Items] | |
Summary of purchase price as of the date of acquisition | The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 3,452 Business cooperation agreement as consideration of the acquisition 1,606 Fair value of previously held equity interests 5,702 Total 10,760 |
Schedule of allocation of the purchase price as of the date of acquisition | The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 7,549 Newly identified and appreciation of intangible assets - Trademarks and domain names 805 - Technology 525 - Relationship with riders 640 - Consumer base 120 Premium not reflected in goodwill 3,623 Goodwill 4,542 Deferred tax liabilities (522 ) Non-controlling (6,522 ) Total 10,760 |
CNLP [Member] | |
Business Acquisition [Line Items] | |
Summary of purchase price as of the date of acquisition | The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 10,538 Fair value of previously held equity interests 1,293 Total 11,831 |
Schedule of allocation of the purchase price as of the date of acquisition | The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 4,309 Appreciation of property, equipment and software, construction in progress s 10,908 Goodwill 1,586 Deferred tax liabilities (2,679 ) Non-controlling (2,293 ) Total 11,831 |
Deppon Holdco [Member] | |
Business Acquisition [Line Items] | |
Summary of purchase price as of the date of acquisition | The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 8,976 |
Schedule of allocation of the purchase price as of the date of acquisition | The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities assumed as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 6,570 Newly identified and appreciation of intangible assets - Trademarks and domain names 1,661 - Technology 676 - Customer relationships 8 Appreciation of construction in progress and land use rights 15 Goodwill 5,350 Deferred tax liabilities (590 ) Non-controlling (4,714 ) Total 8,976 |
Investment in equity investees
Investment in equity investees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of condensed financial information of the Group's equity investments | For the year ended December 31, 2020 2021 2022 (RMB in millions) Revenues 140,263 145,582 160,554 Gross profit 45,590 39,736 47,369 Income/(loss) from operations 5,157 1,877 (2,158 ) Net income/(loss) 2,680 (250 ) (1,583 ) Net income/(loss) attributable to ordinary shareholders 3,292 675 (1,327 ) As of December 31, 2021 2022 (RMB in millions) Current assets 150,304 149,946 Non-current 140,872 142,288 Current liabilities 109,790 116,158 Non-current 49,919 54,494 Non-controlling 973 623 |
Yonghui Group | |
Schedule of investment accounted for using equity method | Investment in Yonghui is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2021 2022 (RMB in millions) Carrying value of investment in Yonghui’s ordinary shares 4,592 4,056 Proportionate share of Yonghui’s net tangible and intangible assets 2,225 1,768 Positive basis difference 2,367 2,288 Positive basis difference has been assigned to: Goodwill (*) 1,111 1,111 Amortizable intangible assets (**) 1,674 1,569 Deferred tax liabilities (418 ) (392 ) 2,367 2,288 (*) In the third quarter of 2021, the Group conducted impairment assessments on its investment in Yonghui considering the duration and severity of the decline of Yonghui’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB1,492 million, to write down the carrying value of its investment in Yonghui to its fair value, based on quoted closing prices of Yonghui as of September 30, 2021. (**) As of December 31, 2022, the weighted average remaining life of the amortizable |
Dada Group | |
Schedule of investment accounted for using equity method | As of December 31, (RMB in millions) Carrying value of investment in Dada’s ordinary shares 6,075 Proportionate share of Dada’s net tangible and intangible assets 2,136 Positive basis difference 3,939 Positive basis difference has been assigned to: Goodwill 3,893 Amortizable intangible assets 61 Deferred tax liabilities (15 ) 3,939 |
ATRenew | |
Schedule of investment accounted for using equity method | The investment in ATRenew is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2021 2022 (RMB in millions) Carrying value of investment in ATRenew’s ordinary shares 2,832 1,449 Proportionate share of ATRenew’s net tangible and intangible assets 2,209 2,080 Positive/(negative) basis difference 623 (631 ) Positive/(negative) basis difference has been assigned to: Goodwill 35 — Amortizable intangible assets 784 (450 ) Deferred tax liabilities (196 ) (181 ) 623 (631 ) (*) In the fourth quarter of 2021 and the second quarter of 2022, the Group conducted impairment assessments on its investment in ATRenew considering the duration and severity of the decline of ATRenew’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB3,909 million and RMB1,191 million, respectively, to write down the carrying value of its investment in ATRenew to its fair value, based on quoted closing prices of ATRenew as of December 31, 2021 and June 30, 2022, respectively. (**) As of December 31, 2022, the negative basis difference between carrying value of investment in ATRenew and proportionate share of ATRenew’s net tangible and intangible assets was RMB631 million. This difference would not be amortized. |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts receivable, net | |
Schedule of accounts receivable, net | As of December 31, 2021 2022 (RMB in millions) Logistics receivables 6,204 11,063 Online retail and online marketplace receivables 5,840 9,982 Advertising receivables and others 890 1,113 Accounts receivable 12,934 22,158 Allowance for doubtful accounts (1,034 ) (1,582 ) Accounts receivable, net 11,900 20,576 |
Schedule of movements in the allowances for doubtful accounts | For the year ended December 31, 2020 2021 2022 (RMB in millions) Balance at beginning of the year (318 ) (566 ) (1,034 ) Additions (331 ) (535 ) (615 ) Write-off 83 67 67 Balance at end of the year (566 ) (1,034 ) (1,582 ) (*) For the accounts receivable in relation to consumer financing business, which is recorded in online retail and online marketplace receivables, as JD Technology performs credit risk assessment services for the individuals and purchases the over-due as |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories, net | |
Schedule of Inventories, net | As of December 31, 2021 2022 (RMB in millions) Products 77,422 80,966 Packing materials and others 478 1,098 Inventories 77,900 82,064 Inventory valuation allowance (2,299 ) (4,115 ) Inventories, net 75,601 77,949 |
Property, equipment and softw_2
Property, equipment and software, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, equipment and software, net | |
Schedule of property, equipment and software, net | As of December 31, 2021 2022 (RMB in millions) Electronic equipment 11,222 2,663 Land, building and building improvement 21,072 40,642 Logistics, warehouse and other heavy equipment 10,084 14,097 Vehicles 2,681 5,743 Leasehold improvement 3,766 4,550 Office equipment 530 640 Software 867 1,033 Total 50,222 69,368 Less: accumulated depreciation (17,278 ) (14,288 ) Net book value 32,944 55,080 |
Land use rights, net (Tables)
Land use rights, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Land use rights, net | |
Schedule of land use rights, net | Land use rights, net consist of the following: As of December 31, 2021 2022 (RMB in millions) Land use rights 15,253 35,481 Less: accumulated amortization (925 ) (1,633 ) Net book value 14,328 33,848 |
Schedule of amortization expenses related to the land use rights for future periods | As of December 31, 2022, amortization expenses related to the land use rights for future periods are estimated to be as follows: For the year ended December 31, 2023 2024 2025 2026 2027 2028 and (RMB in millions) Amortization expenses 791 791 791 791 791 29,893 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets, net | |
Schedule of intangible assets, net | Intangible assets, net consist of the following: As of December 31, 2021 Weighted- Average Amortization Period Gross Carrying Amount Accumulated Amortization Impairment Amount Net Carrying Amount Year (RMB in millions) Non-compete 8.0 2,467 (2,120 ) — 347 Domain names and trademarks 18.9 4,186 (1,066 ) (27 ) 3,093 Customer relationship 8.8 2,713 (454 ) (60 ) 2,199 Technology and others 6.0 1,050 (767 ) (85 ) 198 Total 12.2 10,416 (4,407 ) (172 ) 5,837 As of December 31, 2022 Weighted- Average Amortization Period Gross Carrying Amount Accumulated Amortization Impairment Amount Net Carrying Amount Year (RMB in millions) Non-compete 8.0 2,467 (2,279 ) — 188 Domain names and trademarks 17.8 6,756 (1,440 ) (27 ) 5,289 Customer relationship 8.7 2,823 (765 ) (60 ) 1,998 Technology and others 5.4 2,890 (1,141 ) (85 ) 1,664 Total 12.1 14,936 (5,625 ) (172 ) 9,139 |
Schedule of amortization expenses related to the intangible assets for future periods | As of December 31, 2022, amortization expenses related to the intangible assets for future periods are estimated to be as follows: For the year ended December 31, 2023 2024 2025 2026 2027 2028 and (RMB in millions) Amortization expenses 1,305 1,188 1,124 979 908 3,635 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Schedule of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill are as follows, with information retrospectively adjusted in accordance with the segment changes as disclosed in Note 3 0 JD Retail JD Dada New Total (RMB in millions) Transaction in 2020 Additions 2,627 1,633 — — 4,260 Balance as of December 31, 2020 Goodwill 9,278 1,633 — 2,593 13,504 Accumulated impairment loss (7 ) — — (2,593 ) (2,600 ) 9,271 1,633 — — 10,904 Transaction in 2021 Additions 1,529 — — — 1,529 Balance as of December 31, 2021 Goodwill 10,807 1,633 — 2,593 15,033 Accumulated impairment loss (7 ) — — (2,593 ) (2,600 ) 10,800 1,633 — — 12,433 Transaction in 2022 Additions 1,398 5,350 3,144 1,586 11,478 Disposal of a subsidiary (788 ) — — — (788 ) Balance as of December 31, 2022 Goodwill 11,417 6,983 3,144 4,179 25,723 Accumulated impairment loss (7 ) — — (2,593 ) (2,600 ) 11,410 6,983 3,144 1,586 23,123 |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts payable | |
Schedule of accounts payable | Accounts payable consist of the following: As of December 31, 2021 2022 (RMB in millions) Vendor payable 112,317 126,821 Shipping charges payable and others 28,167 33,786 Total 140,484 160,607 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: As of December 31, 2021 2022 (RMB in millions) Deposits 17,372 18,211 Salary and welfare 8,396 11,303 Accrued administrative expenses 1,165 1,917 Rental fee payable 1,199 1,361 Professional fee 904 1,348 Payable related to employees’ exercise of share-based awards 333 1,273 Liabilities for return allowances 618 743 Deferred consideration payables — 575 Vehicle fee 437 520 Internet data center fee 444 409 Interest payable 134 167 Others 3,466 4,743 Total 34,468 42,570 |
Unsecured senior notes (Tables)
Unsecured senior notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Unsecured senior notes | |
Schedule of unsecured senior notes | A summary of the Company’s unsecured senior notes as of December 31, 2021 and 2022 is as follows: As of December 31, Effective 2021 2022 (RMB in millions) US$500 million 3.875% notes due 2026 3,154 3,453 4.15 % US$700 million 3.375% notes due 2030 4,402 4,812 3.47 % US$300 million 4.125% notes due 2050 1,830 1,959 4.25 % Carrying value 9,386 10,224 Unamortized discount and debt issuance costs 101 98 Total principal amounts of unsecured senior notes 9,487 10,322 |
Summary of Principal Amounts due of Unsecured Senior Notes | As of December 31, 2022, the principal of the unsecured senior notes of RMB3,482 Principal amounts (RMB in millions) Within 1 year — Between 1 to 2 years — Between 2 to 3 years — Between 3 to 4 years 3,482 Between 4 to 5 years — Beyond 5 years 6,840 Total 10,322 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Summary of supplemental information related to operating leases | A summary of supplemental information related to operating leases as of December 31, 2021 and 2022 is as follows: As of December 31, 2021 2022 (RMB in millions) Operating lease ROU assets 19,987 22,267 Operating lease liabilities-current 6,665 7,688 Operating lease liabilities-non-current 13,721 14,978 Total operating lease liabilities 20,386 22,666 Weighted average remaining lease term 5.6 years 5.4 years Weighted average discount rate 5.0 % 5.0 % |
Summary of lease cost recognized and supplemental cash flow information related to operating leases | A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income/(loss) and supplemental cash flow information related to operating leases is as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Operating lease cost 4,903 6,763 7,951 Short-term lease cost 1,902 2,782 3,181 Total 6,805 9,545 11,132 Cash paid for operating leases 4,801 6,715 7,915 |
Summary of maturity of lease liabilities | A summary of maturity of operating lease liabilities under the Group’s non-cancelable As of December (RMB in millions) 2023 7,885 2024 5,322 2025 3,417 2026 2,278 2027 1,633 2028 and thereafter 5,298 Total lease payments 25,833 Less: interest (3,167 ) Present value of operating lease liabilities 22,666 |
Others, net (Tables)
Others, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Others, net | |
Schedule of others non-operating income (expense), net | Others, net consist of the following: For the year ended December 31, 2020 2021 2022 (RMB in millions) Gains/(losses) from fair value change of long-term investments 29,483 (7,252 ) (4,096 ) Government financial incentives 2,545 2,482 2,773 Interest income 2,753 4,213 5,742 Gains/(losses) from acquirements or disposals of business and investment 279 140 (3,558 ) Impairment of investments (208 ) (574 ) (1,969 ) Foreign exchange gains/(losses), net (90 ) 42 114 Others 548 359 (561 ) Total 35,310 (590 ) (1,555 ) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Schedule of components of income/(loss) before tax | The components of income/(loss) before tax are as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Income/(loss) before tax Income from Chinese mainland operations 15,803 14,518 16,800 Income/(loss) from non-Chinese mainland operations 35,016 (17,098 ) (2,933 ) Total income/(loss) before tax 50,819 (2,580 ) 13,867 Income tax benefits/(expenses) applicable to Chinese mainland operations Current income tax expenses (2,201 ) (2,538 ) (4,418 ) Deferred tax benefits 719 651 732 Subtotal income tax expenses applicable to Chinese mainland operations (1,482 ) (1,887 ) (3,686 ) Income tax expenses applicable to non-Chinese mainland operations Current income tax expenses — — (307 ) Deferred tax expenses — — (183 ) Subtotal income tax expenses applicable to non-Chinese mainland operations — — (490 ) Total income tax expenses (1,482 ) (1,887 ) (4,176 ) |
Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate | For the year ended December 31, 2020 2021 2022 Statutory income tax rate 25.0% 25.0% 25.0 % Tax effect of preferential tax rates and tax holiday (2.3)% 86.0% (19.3 )% Tax effect of tax-exempt (16.8)% (143.7)% 12.1 % Effect on tax rates in different tax jurisdiction (0.5)% (2.3)% (3.2 )% Tax effect of non-deductible 0.5% (13.8)% 4.0 % Tax effect of non-taxable 0.0% 1.4% (0.4 )% Tax effect of Super Deduction and others (4.2)% 105.9% (19.0 )% Changes in valuation allowance 1.2% (131.6)% 28.3 % Effect on withholding income tax 0.0% 0.0% 2.6 % Effective tax rates 2.9% (73.1)% 30.1 % |
Summary of income tax holiday | For the year ended 2020 2021 2022 Tax holiday effect (RMB in millions) 1,153 2,219 2,677 Effect of tax holiday on basic net income/(loss) per share (RMB) 0.38 0.71 0.86 Effect of tax holiday on diluted net income/(loss) per share (RMB) 0.37 0.71 0.84 |
Schedule of deferred tax assets and deferred tax liabilities | As of December 31, 2021 2022 (RMB in millions) Deferred tax assets - Net operating loss carry forwards and others 6,303 12,715 - Deferred revenues 553 472 - Inventory valuation allowance 575 1,029 - Allowance for doubtful accounts 603 1,001 - Unrealized fair value losses for certain investments 747 595 Less: valuation allowance (7,670 ) (14,276 ) Net deferred tax assets 1,111 1,536 Deferred tax liabilities - Intangible assets arisen from business combination 1,454 5,598 - Withholding tax on undistributed earnings — 183 - Accelerated tax depreciation and others 443 730 Total deferred tax liabilities 1,897 6,511 |
Schedule of movement of valuation allowance | For the year ended 2020 2021 2022 (RMB in millions) Balance at beginning of the year 3,674 4,289 7,670 Additions 4,393 5,052 7,694 Reversals (3,778 ) (1,671 ) (1,088 ) Balance at end of the year 4,289 7,670 14,276 |
Other comprehensive income (Tab
Other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other comprehensive income/(loss) | |
Schedule of changes in the composition of accumulated other comprehensive income/(loss) attributable to ordinary shareholders | Foreign Net available- for-sale Total (RMB in millions) Balances as of December 31, 2019 4,108 55 4,163 Other comprehensive loss (7,656 ) (55 ) (7,711 ) Balances as of December 31, 2020 (3,548 ) — (3,548 ) Other comprehensive loss (2,542 ) — (2,542 ) Balances as of December 31, 2021 (6,090 ) — (6,090 ) Other comprehensive income 5,131 — 5,131 Balances as of December 31, 2022 (959 ) — (959 ) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation | |
Schedule of share-based compensation expenses | For the year ended 2020 2021 2022 (RMB in millions) Cost of revenues 98 102 143 Fulfillment 646 882 930 Marketing 347 586 631 Research and development 1,400 1,781 1,557 General and administrative 1,665 5,783 4,287 Total 4,156 9,134 7,548 |
Employee and non-employee | |
Share-based compensation | |
Schedule of RSUs activity | A summary of activities of the service-based RSUs for the years ended December 31, 2020, 2021 and 2022 is presented as follows: Number of Weighted- Grant-Date US$ Unvested as of December 31, 2019 100,831,204 15.35 Granted 42,621,084 26.44 Vested (20,632,596 ) 15.25 Forfeited or cancelled (14,550,450 ) 16.13 Unvested as of December 31, 2020 108,269,242 19.62 Granted 30,069,498 39.93 Vested (23,834,466 ) 18.89 Forfeited or cancelled (19,395,408 ) 21.30 Unvested as of December 31, 2021 95,108,866 25.89 Granted 13,951,100 29.81 Vested (23,123,292 ) 23.04 Forfeited or cancelled (14,295,620 ) 25.94 Unvested as of December 31, 2022 71,641,054 27.56 |
Schedule of service-based share options activity | A summary of activities of the service-based share options for the years ended December 31, 2020, 2021 and 2022 is presented as follows: Number of Weighted Exercise Weighted Aggregate US$ Year US$ in millions Outstanding as of December 31, 2019 10,224,124 6.39 4.3 115 Exercised (5,073,294 ) 6.23 Forfeited or cancelled (243,770 ) 10.24 Outstanding as of December 31, 2020 4,907,060 6.38 3.0 184 Exercised (1,962,856 ) 5.49 Forfeited or cancelled (7,092 ) 13.42 Outstanding as of December 31, 2021 2,937,112 6.95 2.9 82 Exercised (620,476 ) 5.70 Forfeited or cancelled (2,500 ) 3.96 Outstanding as of December 31, 2022 2,314,136 7.29 2.2 48 Vested and expected to vest as of December 31, 2022 2,298,132 7.25 2.2 48 Exercisable as of December 31, 2022 2,247,452 7.12 2.1 47 |
Net income_(loss) per share (Ta
Net income/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net income/(loss) per share | |
Schedule of basic and diluted net income/(loss) per share | Basic and diluted net income/(loss) per share for each of the years presented are calculated as follows: For the year ended December 31, 2020 2021 2022 Numerator: Net income/(loss) attributable to ordinary shareholders — basic (RMB in 49,405 (3,560 ) 10,380 Impact of subsidiaries’ diluted earnings (RMB in millions) (157 ) (2 ) (170 ) Net income/(loss) attributable to ordinary shareholders — diluted (RMB 49,248 (3,562 ) 10,210 Denominator: Weighted average number of shares — basic 3,021,808,985 3,107,436,665 3,125,571,110 Adjustments for dilutive options and RSUs 87,215,045 — 55,315,026 Weighted average number of shares — diluted 3,109,024,030 3,107,436,665 3,180,886,136 Basic net income/(loss) per share attributable to ordinary shareholders (RMB) 16.35 (1.15 ) 3.32 Diluted net income/(loss) per share attributable to ordinary shareholders 15.84 (1.15 ) 3.21 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Schedule of the major related parties and their relationships with the Group | The table below sets forth the major related parties and their relationships with the Group as of December 31, 2022: Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”)(*) A shareholder of the Group Dada and its subsidiaries (“Dada Group”)(**) An investee of the Group JD Technology (***) An investee of the Group, and controlled by the Founder Property Funds Investees of the Group ATRenew and its subsidiaries (“ATRenew Group”) An investee of the Group (*) In 460 as (**) Dada became the subsidiary of the Company since February 28, 2022 as disclosed in Note 7. As a result, Dada Group was not considered as (***) JD Technology became an investee of the Group since June 2020 (Note 6). |
Schedule of the major related party transactions | (a) The Group entered into the following transactions with the major related parties: Transactions For the year ended December 31, 2020 2021 2022 (RMB in millions) Revenues: Commission from cooperation on advertising business with Tencent Group(*) 355 248 44 Services provided and products sold to Tencent Group(*) 375 553 77 Services provided and products sold to Dada Group 179 523 135 Services provided and products sold to ATRenew Group 664 894 806 Services provided and products sold to JD Technology 598 882 1,044 Operating expenses: Services received and purchases from Tencent Group(*) 3,226 5,010 1,314 Services received from Dada Group 2,200 1,087 212 Payment processing and other services received from JD Technology 6,945 8,762 11,494 Lease and property management services received from Property Funds 838 1,180 1,249 Services received from ATRenew Group 32 31 4 Other income: Income from non-compete 82 77 13 Interest income from loans provided to JD Technology 31 253 301 Interest income from loans provided to Property Funds 49 39 43 (*) Please refer to Note 23 for more details of strategic cooperation with Tencent Group. |
Schedule of the major related party balances | (b) The Group had the following balances with the major related parties: As of December 31, 2021 2022 (RMB in millions) Due from Tencent Group 1,956 — Due from JD Technology Loans provided to JD Technology 2,876 3,378 Other payables to JD Technology (416 ) (637 ) Due from Property Funds Loans provided to Property Funds 769 1,746 Other receivables from Property Funds 87 1,068 Due from ATRenew Group — 22 Total 5,272 5,577 Due to Dada Group (337 ) — Due to ATRenew Group (45 ) — Total (382 ) — Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group (83 ) — Deferred revenues in relation to traffic support, marketing and promotion services to be provided to ATRenew Group (1,038 ) (610 ) Total (1,121 ) (610 ) Other liabilities in relation to non-compete (101 ) — Total (101 ) — (*) In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds based on fair market interest rate, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment reporting | |
Schedule of the Group's operating segment results | The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2020, 2021 and 2022, with prior periods’ segment information retrospectively recast to conform to current period presentatio For the year ended December 31, 2020 2021 2022 (RMB in millions) Net revenues: JD Retail 693,965 866,303 929,929 JD Logistics 73,375 104,693 137,402 Dada — — 8,030 New Businesses 17,601 26,063 21,779 Inter-segment(*) (39,945 ) (46,043 ) (50,904 ) Total segment net revenues 744,996 951,016 1,046,236 Unallocated items 806 576 — Total consolidated net revenues 745,802 951,592 1,046,236 Operating income/(loss): JD Retail 20,611 26,613 34,852 JD Logistics 1,098 (1,827 ) 528 Dada — — (1,122 ) New Businesses (4,723 ) (10,600 ) (5,295 ) Including: gain on sale of development properties (Note 19) 1,649 767 1,379 Total segment operating income 16,986 14,186 28,963 Unallocated items(**) (4,643 ) (10,045 ) (9,240 ) Total consolidated operating income 12,343 4,141 19,723 Total other income/(expense) 38,476 (6,721 ) (5,856 ) Income/(loss) before tax 50,819 (2,580 ) 13,867 (*) 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. (**) A summary of unallocated items for the years presented is as follows: For the year ended December 31, 2020 2021 2022 (RMB in millions) Share-based compensation (4,156 ) (9,134 ) (7,548 ) Amortization of intangible assets resulting from assets and business acquisitions (723 ) (940 ) (1,217 ) Effects of business cooperation arrangements 236 29 (475 ) Total (4,643 ) (10,045 ) (9,240 ) |
Loan facilities and lines of _2
Loan facilities and lines of credit (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Lines of credit and loan facilities | |
Schedule of long-term borrowings | As of December 31, 2022, the long-term borrowings, including the portion due within one year which were recoded in “short-term debts”, will be repaid according to the following schedule: As of December 31, 2022 (RMB in millions) 2023 885 2024 1,367 2025 3,360 2026 2,109 2027 7,619 2028 and thereafter 5,554 20,894 As of December 31, 2022, the Group had agreements with reputable commercial banks for unsecured revolving lines of credit, and increased its revolving lines of credit to RMB million. The Group was in compliance with the financial covenants, if any, under those lines of credit as of December 31, 2022. As of December 31, 2022, under the lines of credit, the Group mainly had RMB million reserved for the issuance of bank acceptance and RMB million reserved for the bank guarantee. |
Schedule of debt | As of December 31, 2022, the Group’s loan facilities were classified into different types as follows: As of December 31, 2022 (RMB in millions) Unsecured senior notes (Note 17) 10,224 Unsecured borrowings (*) 24,327 Secured borrowings (**) 7,828 Total 42,379 (*) As of December 31, 2022, the un l-known financial institutions. The major unsecured borrowings are listed as below. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of future minimum payments under these non-cancelable agreements with initial terms of one year or more | Future minimum payments under these non-cancelable As of December 31, 2022 (RMB in millions) 2023 824 2024 784 2025 357 2026 330 2027 328 2028 and thereafter 1,708 4,331 |
Parent company only condensed_2
Parent company only condensed financial information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent company only condensed financial information | |
Condensed Balance Sheets | Condensed Balance Sheets As of December 31, 2021 2022 RMB RMB US$ Note 2(g) (in millions, except share and per share data) ASSETS Cash and cash equivalents 7,417 5,029 729 Short-term investments 1 — — Internal balance 65,120 63,708 9,237 Investments in subsidiaries and consolidated VIEs 148,607 162,015 23,491 Prepayments and other assets 419 308 44 Total assets 221,564 231,060 33,501 LIABILITIES Short-term debts 2,869 — — Unsecured senior notes 9,461 10,347 1,499 Long-term borrowings — 6,965 1,010 Accrued expenses and other liabilities 323 382 56 Total liabilities 12,653 17,694 2,565 SHAREHOLDERS’ EQUITY: Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,731,123,330 Class A ordinary shares issued and 2,690,342,230 outstanding, 428,185,501 Class B ordinary shares issued and 420,449,419 outstanding as of December 31, 2021; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022.) — * — * — * Additional paid-in 182,578 184,041 26,683 Statutory reserves 1,586 3,473 504 Treasury stock (2,968 ) (2,493 ) (361 ) Retained earnings 33,805 29,304 4,249 Accumulated other comprehensive loss (6,090 ) (959 ) (139 ) Total shareholders’ equity 208,911 213,366 30,936 Total liabilities and shareholders’ equity 221,564 231,060 33,501 * Absolute value is less than RMB1 million. |
Condensed Statements of Operations and Comprehensive Income | Condensed Statements of Operations and Comprehensive Income/(Loss) For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Note 2(g) (in millions, except share and per share data) Operating expenses Marketing (11 ) (4 ) (2 ) — General and administrative (453 ) (465 ) (331 ) (48 ) Loss from operations (464 ) (469 ) (333 ) (48 ) Other income/(expense) Income/(loss) from subsidiaries and consolidated VIEs 50,154 (2,708 ) 10,667 1,548 Other income/(expense), net (266 ) (376 ) 48 7 Income/(loss) before tax 49,424 (3,553 ) 10,382 1,507 Income tax expenses (19 ) (7 ) (2 ) — Net income/(loss) 49,405 (3,560 ) 10,380 1,507 Net income/(loss) attributable to ordinary shareholders 49,405 (3,560 ) 10,380 1,507 Net income/(loss) Other comprehensive income/(loss): Foreign currency translation adjustments (7,656 ) (2,542 ) 5,131 744 Net change in unrealized gains/(losses) on available-for-sale Unrealized gains, net of tax 705 — — — Reclassification adjustment for gains recorded in net income, net of tax (760 ) — — — Net unrealized losses on available-for-sale (55 ) — — — Total other comprehensive income/(loss) (7,711 ) (2,542 ) 5,131 744 Total comprehensive income/(loss) 41,694 (6,102 ) 15,511 2,251 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Note 2(g) (in millions) Net cash used in operating activities (243 ) (411 ) (509 ) (74 ) Cash flows from investing activities: Purchase of short-term investments (3,421 ) (3,189 ) — — Maturity of short-term investments — 6,546 1 — Loans (provided to)/settled by internal companies (13,421 ) (20,900 ) 7,426 1,077 Other investing activities 40 3,147 — — Net cash provided by/(used in) investing activities (16,802 ) (14,396 ) 7,427 1,077 Cash flows from financing activities: Proceeds from issuance of ordinary shares 31,342 — — — Repurchase of ordinary shares — — (1,823 ) (264 ) Cash paid for dividends — — (13,087 ) (1,897 ) Proceeds from short-term borrowings — — 3,945 572 Repayment of short-term borrowings — — (7,005 ) (1,016 ) Proceeds from long-term borrowings — — 6,618 960 Proceeds from unsecured senior notes 6,804 — — — Repayment of unsecured senior notes — (3,246 ) — — Other financing activities 236 62 1,043 151 Net cash provided by/(used in) financing activities 38,382 (3,184 ) (10,309 ) (1,494 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,369 ) (136 ) 1,003 145 Net increase/(decrease) in cash, cash equivalents, and restricted cash 18,968 (18,127 ) (2,388 ) (346 ) Cash, cash equivalents, and restricted cash at beginning of year 6,576 25,544 7,417 1,075 Cash, cash equivalents, and restricted cash at end of year 25,544 7,417 5,029 729 |
Principal activities and orga_3
Principal activities and organization (Details) | Dec. 31, 2022 |
Jingdong Century | |
Organization | |
Equity interest held (as a percent) | 100% |
Jiangsu Jingdong Information Technology Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100% |
Shanghai Shengdayuan | |
Organization | |
Equity interest held (as a percent) | 100% |
JD Logistics Holding Limited | |
Organization | |
Equity interest held (as a percent) | 64% |
Jingdong Technology Group Corporation | |
Organization | |
Equity interest held (as a percent) | 100% |
JINGDONG Property, Inc | |
Organization | |
Equity interest held (as a percent) | 77% |
JD Logistics, Inc. (formerly known as Jingdong Express Group Corporation) ("JD Logistics") | |
Organization | |
Equity interest held (as a percent) | 64% |
JD.com E-Commerce (Technology) Hong Kong Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100% |
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd | |
Organization | |
Equity interest held (as a percent) | 100% |
JD.com International Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
Beijing Jingdong Shangke Information Technology Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100% |
Chongqing Jingdong Haijia E-commerce Co., Ltd. ("Chongqing Haijia") | |
Organization | |
Equity interest held (as a percent) | 100% |
JD.com Overseas Innovation Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
JD.com Investment Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
JD Asia Development Limited | |
Organization | |
Equity interest held (as a percent) | 77% |
Suqian Hanbang Investment Management Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100% |
Xi'an Jingxundi Supply Chain Technology Co., Ltd. ("Xi'an Jingxundi") | |
Organization | |
Equity interest held (as a percent) | 64% |
JD Assets Holding Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
JD Property Holding Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
Beijing Wodong Tianjun Information Technology Co., Ltd. ("Beijing Wodong Tianjun") | |
Organization | |
Equity interest held (as a percent) | 100% |
JD Health International Inc. | |
Organization | |
Equity interest held (as a percent) | 68% |
JD Jiankang Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
JD Industrial Technology Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
JINGDONG Industrials, Inc | |
Organization | |
Equity interest held (as a percent) | 81% |
Jingdong Logistics Supply Chain Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 64% |
Jiangsu Huiji Space Technology Co., Ltd. ("Jiangsu Huiji") | |
Organization | |
Equity interest held (as a percent) | 100% |
JD Sunflower Investment Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
Windcreek Limited | |
Organization | |
Equity interest held (as a percent) | 100% |
Dada Nexus Limited ("Dada") | |
Organization | |
Equity interest held (as a percent) | 53% |
Principal activities and orga_4
Principal activities and organization (Details 2) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||||
Jun. 18, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares | Jun. 18, 2020 $ / shares shares | Dec. 31, 2019 CNY (¥) | |
VIEs and VIEs' subsidiaries | |||||||||
Total assets | ¥ 595,250 | ¥ 496,507 | $ 86,303 | ||||||
Total liabilities | 321,127 | 249,723 | 46,558 | ||||||
Total net revenues | 1,046,236 | $ 151,690 | 951,592 | ¥ 745,802 | |||||
Net loss | 9,691 | 1,407 | (4,467) | 49,337 | |||||
Net cash provided by operating activities | 57,819 | 8,383 | 42,301 | 42,544 | |||||
Net cash used in investing activities | (54,026) | (7,833) | (74,248) | (57,811) | |||||
Net cash provided by/(used in) financing activities | 1,180 | 171 | 19,503 | 71,072 | |||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 8,463 | 1,227 | (13,942) | 50,723 | |||||
Cash, cash equivalents, and restricted cash at beginning of year | 76,693 | 11,119 | 90,519 | 39,912 | |||||
Cash, cash equivalents, and restricted cash at end of year | 85,115 | $ 12,341 | 76,693 | 90,519 | |||||
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries | ¥ 273,533 | ¥ 245,572 | 204,486 | $ 39,659 | ¥ 84,660 | ||||
Common stock value per share | $ / shares | $ 0.00002 | $ 0.00002 | |||||||
Hong Kong Stock Exchange | |||||||||
VIEs and VIEs' subsidiaries | |||||||||
Proceeds from issuance of offering | ¥ 31,300 | ||||||||
Class A ordinary shares | |||||||||
VIEs and VIEs' subsidiaries | |||||||||
Ordinary shares, shares issued | shares | 2,793,298,344 | 2,731,123,330 | 2,793,298,344 | 152,912,100 | |||||
Class A ordinary shares | HKD | |||||||||
VIEs and VIEs' subsidiaries | |||||||||
Common stock value per share | $ / shares | $ 226 | ||||||||
VIEs and their subsidiaries | |||||||||
VIEs and VIEs' subsidiaries | |||||||||
Total assets | ¥ 78,162 | ¥ 80,138 | |||||||
Total liabilities | 74,553 | 77,858 | |||||||
Total net revenues | 134,516 | 117,419 | 86,054 | ||||||
Net loss | 1,137 | (3,069) | (422) | ||||||
Net cash provided by operating activities | 5,434 | 1,593 | 9,912 | ||||||
Net cash used in investing activities | (4,498) | (10,089) | (11,053) | ||||||
Net cash provided by/(used in) financing activities | (1,306) | 11,611 | 2,659 | ||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (370) | 3,115 | 1,518 | ||||||
Cash, cash equivalents, and restricted cash at beginning of year | 5,560 | 2,445 | 927 | ||||||
Cash, cash equivalents, and restricted cash at end of year | 5,190 | 5,560 | 2,445 | ||||||
Registered capitals and PRC statutory reserves of the Group's consolidated VIEs | 3,217 | ||||||||
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries | 3,609 | 1,535 | |||||||
VIEs and their subsidiaries | JD Variable Interest Entity with the intra-company balances and transactions within the Group eliminated [Member] | |||||||||
VIEs and VIEs' subsidiaries | |||||||||
Total assets | 71,527 | 77,734 | |||||||
Total liabilities | 39,368 | 32,642 | |||||||
Total net revenues | ¥ 72,666 | ¥ 59,124 | ¥ 36,976 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Foreign currency translation | ||||
Total exchange gains/(losses) | ¥ 114 | $ 17 | ¥ 42 | ¥ (90) |
Total foreign currency translation adjustments gains/(losses) | ¥ 7,810 | $ 1,132 | (2,872) | (7,955) |
Convenience translation | ||||
Convenience translation rate (RMB to USD) | 6.8972 | |||
Loan receivables, net | ||||
Provision for the doubtful loan receivables | ¥ 0 | 0 | ¥ 0 | |
Construction in progress | ||||
Amount of construction in progress | ¥ 11,161 | 5,817 | ||
Minimum | ||||
Loan receivables, net | ||||
Loan periods extended range | 1 month | 1 month | ||
Maximum | ||||
Loan receivables, net | ||||
Loan periods extended range | 24 months | 24 months | ||
Electronic equipment | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 3 years | 3 years | ||
Electronic equipment | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Office equipment | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Vehicles | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 3 years | 3 years | ||
Vehicles | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 6 years | 6 years | ||
Logistic,warehouse and other heavy equipment | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Logistic,warehouse and other heavy equipment | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 10 years | 10 years | ||
Leasehold improvement | ||||
Property, equipment and software, net | ||||
Estimated useful Lives | Over the shorter of the expected life of leasehold improvements or the lease term | Over the shorter of the expected life of leasehold improvements or the lease term | ||
Software | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 3 years | 3 years | ||
Software | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Land | ||||
Property, equipment and software, net | ||||
Estimated useful Lives | Indefinite | Indefinite | ||
Building | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 40 years | 40 years | ||
Building improvement | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Building improvement | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 10 years | 10 years | ||
Other non-current assets | ||||
Loan receivables, net | ||||
The loan receivables with the collection period over one year | ¥ 142 | 733 | ||
Prepayments and other current assets | ||||
Loan receivables, net | ||||
The loan receivables with the collection period less than one year | ¥ 2,131 | ¥ 1,817 |
Summary of significant accoun_5
Summary of significant accounting policies (Details 2) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
Land use rights, net | |
Estimated useful lives (in years) | 18 years |
Maximum | |
Land use rights, net | |
Estimated useful lives (in years) | 50 years |
Non-compete Agreement | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 5 years |
Non-compete Agreement | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 8 years |
Domain names and trademarks | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 5 years |
Domain names and trademarks | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 20 years |
Customer relationship | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 3 years |
Customer relationship | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 10 years |
Technology and others | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 3 years |
Technology and others | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 10 years |
Summary of significant accoun_6
Summary of significant accounting policies (Details 3) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) segment item lease | Dec. 31, 2022 USD ($) segment item lease | Dec. 31, 2021 CNY (¥) item segment lease | Dec. 31, 2020 CNY (¥) item lease segment | Dec. 31, 2022 USD ($) | |
Revenue | |||||
Liabilities for return allowances | ¥ 743 | ¥ 618 | |||
Net revenues | 1,046,236 | $ 151,690 | 951,592 | ¥ 745,802 | |
Accounts receivable, net of allowance for doubtful accounts | 20,576 | 11,900 | $ 2,983 | ||
Unearned revenue | 33,325 | ¥ 29,184 | |||
Unearned revenue recognized | ¥ 22,103 | ||||
Revenue, Practical Expedient | true | true | |||
Customer incentives and loyalty programs | |||||
Types of discounted coupons | item | 2 | 2 | 2 | 2 | |
Fulfillment | |||||
Fulfillment | ¥ 63,011 | $ 9,136 | ¥ 59,055 | ¥ 48,700 | |
Marketing | |||||
Advertising costs | ¥ 29,898 | ¥ 32,704 | ¥ 23,088 | ||
Leases | |||||
Number of finance leases | lease | 0 | 0 | 0 | 0 | |
Segment reporting | |||||
Number of major business segments | segment | 4 | 4 | 3 | 2 | |
Statutory reserves | |||||
Appropriations of statutory reserves | ¥ 1,887 | ¥ 53 | ¥ 74 | ||
Appropriations to other reserve funds | ¥ 0 | 0 | 0 | ||
PRC | General reserve fund | Foreign invested enterprise | |||||
Statutory reserves | |||||
Minimum portion of after tax profit to be allocated to general reserve under PRC law (as a percentage) | 10% | 10% | |||
Maximum percentage of statutory general reserve related to entity's registered capital | 50% | 50% | |||
PRC | Statutory surplus reserve | Domestic enterprise | |||||
Statutory reserves | |||||
Minimum portion of after tax profit to be allocated to statutory surplus under PRC law (as a percentage) | 10% | 10% | |||
Maximum percentage of statutory surplus reserve related to entity's registered capital | 50% | 50% | |||
Electronics and home appliance products | |||||
Revenue | |||||
Net revenues | ¥ 515,945 | 492,592 | 400,927 | ||
General merchandise products | |||||
Revenue | |||||
Net revenues | 349,117 | 323,063 | 250,952 | ||
Shipping | |||||
Fulfillment | |||||
Fulfillment | 28,958 | 27,786 | 23,088 | ||
Online marketplace and marketing services | |||||
Revenue | |||||
Net revenues | 81,970 | 72,118 | 53,473 | ||
Logistics and other services | |||||
Revenue | |||||
Net revenues | 99,204 | 63,819 | ¥ 40,450 | ||
Accrued expenses and other current liabilities | |||||
Revenue | |||||
Liabilities for return allowances | 743 | 618 | |||
Prepayments and other current assets | |||||
Revenue | |||||
Rights to recover products from customers | ¥ 785 | ¥ 660 |
Concentration and risks (Detail
Concentration and risks (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration and risks | ||
Foreign currency exchange appreciation (depreciation) rate | 8% | 2% |
Currency convertibility risk | ||
Concentration and risks | ||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 146,152 | ¥ 99,174 |
Restricted cash (Details)
Restricted cash (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Restricted cash | |||
Restricted cash | ¥ 6,254 | $ 907 | ¥ 5,926 |
Fair value measurement (Details
Fair value measurement (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Assets | |||
Investment securities | ¥ 11,611 | $ 1,683 | ¥ 19,088 |
Recurring basis | |||
Assets | |||
Restricted cash | 6,254 | 5,926 | |
Total assets | 92,010 | 102,024 | |
Recurring basis | Wealth management products | |||
Assets | |||
Short-term investments | 71,496 | 77,010 | |
Other non-current assets | 2,649 | ||
Recurring basis | Listed equity securities | |||
Assets | |||
Investment securities | 11,611 | 19,088 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets | |||
Total assets | 11,611 | 19,088 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Listed equity securities | |||
Assets | |||
Investment securities | 11,611 | 19,088 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Restricted cash | 6,254 | 5,926 | |
Total assets | 80,399 | 82,936 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | Wealth management products | |||
Assets | |||
Short-term investments | 71,496 | ¥ 77,010 | |
Other non-current assets | ¥ 2,649 |
Fair value measurement (Detai_2
Fair value measurement (Details 2) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Wealth management products | ||
Short-term investments | ||
Gain (loss) from changes in fair value option | ¥ 1,921 | ¥ 1,514 |
Fair value measurement (Detai_3
Fair value measurement (Details 3) - CNY (¥) ¥ in Millions | 12 Months Ended | 36 Months Ended | 72 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2022 | |
Investment securities | |||||||
Unrealized gain/(loss) of the investment securities | ¥ (4,304) | ¥ (9,344) | ¥ 18,722 | ||||
Accumulated Impairment of Measurement Alternative | 2,610 | 2,779 | ¥ 2,610 | ||||
Wealth Management Product [Member] | |||||||
Investment securities | |||||||
Gain (loss) from changes in fair value of product | 1,921 | 1,514 | |||||
Other Noncurrent Assets [Member] | Wealth Management Product [Member] | |||||||
Investment securities | |||||||
Gain (loss) from changes in fair value of product | ¥ (137) | ||||||
China Unicom | |||||||
Investment securities | |||||||
Total consideration for the investment | ¥ 5,000 | ||||||
Percentage of disposal | 15.20% | ||||||
Unrealized gain/(loss) of the investment securities | ¥ 341 | (388) | (1,047) | ||||
Vipshop | |||||||
Investment securities | |||||||
Total consideration for the investment | ¥ 3,917 | ||||||
Unrealized gain/(loss) of the investment securities | (6,560) | ¥ 4,272 | |||||
Realized loss of investment securities | (839) | ||||||
ESR cayman limited | |||||||
Investment securities | |||||||
Total consideration for the investment | ¥ 1,952 | ||||||
Percentage of disposal | 6.30% | 8% | |||||
Unrealized gain/(loss) of the investment securities | ¥ (1,722) | (396) | ¥ 1,632 | ||||
Significant Other Observable Inputs (Level 2) | |||||||
Investment securities | |||||||
Unsecured senior notes | 9,045 | 10,020 | 9,045 | ||||
Fair value of held to maturity debt securities | 4,725 | 3,008 | 4,725 | ||||
Significant Unobservable Inputs (Level 3) | Nonrecurring basis | Others, net | |||||||
Investment securities | |||||||
Impairment of investments | 504 | 119 | ¥ 202 | ||||
Bank Time Deposits [Member] | Significant Other Observable Inputs (Level 2) | |||||||
Investment securities | |||||||
Time deposits | 86,780 | 39,282 | 86,780 | ||||
Bank Time Deposits [Member] | Significant Other Observable Inputs (Level 2) | Other Noncurrent Assets [Member] | |||||||
Investment securities | |||||||
Investment in time deposit with maturity of more than one year | ¥ 100 | ¥ 5,427 | ¥ 100 |
JD Technology reorganization (D
JD Technology reorganization (Details) - CNY (¥) ¥ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2017 | Dec. 31, 2018 | |
JD Technology [Member] | |||||
JD Technology reorganization | |||||
Additional cash in investment | ¥ 4,000 | ¥ 1,780 | |||
Equity method investment, ownership percentage | 41.70% | 41.70% | 36.80% | ||
JD Technology [Member] | |||||
JD Technology reorganization | |||||
Percentage of equity interest converted from profit sharing right | 36.80% | ||||
Additional cash in investment | ¥ 4,000 | ¥ 1,780 | |||
Dual Class Voting Shareholding Structure [Member] | JD Technology [Member] | |||||
JD Technology reorganization | |||||
Percentage of Voting Right | 18.70% | ||||
Held-for-sale | JD Technology [Member] | |||||
JD Technology reorganization | |||||
Percentage of equity stake disposed | 68.60% | ||||
Amount raised | ¥ 14,300 | ||||
Percentage of profit sharing right | 40% | 36% | |||
Percentage of equity interest can be converted from profit sharing right | 40% | 36% |
Business acquisition - Summary
Business acquisition - Summary of purchase price as of the date of dada acquisition (Details) - Dada Acquisition [Member] ¥ in Millions | Feb. 28, 2022 CNY (¥) |
Summary of purchase price as of the date of acquisition [Line Items] | |
Cash | ¥ 3,452 |
Business cooperation agreement as consideration of the acquisition | 1,606 |
Fair value of previously held equity interests | 5,702 |
Total | ¥ 10,760 |
Business acquisition - Schedule
Business acquisition - Schedule of allocation of the purchase price as of the date of dada acquisition (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Feb. 28, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Goodwill | ¥ 23,123 | $ 3,353 | ¥ 12,433 | ¥ 10,904 | |
Dada Acquisition [Member] | |||||
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Net assets acquired | ¥ 7,549 | ||||
Premium not reflected in goodwill | 3,623 | ||||
Goodwill | 4,542 | ||||
Deferred tax liabilities | (522) | ||||
Non-controlling interests | (6,522) | ||||
Total | 10,760 | ||||
Dada Acquisition [Member] | Trademarks and domain names | |||||
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Newly identified and appreciation of intangible assets | 805 | ||||
Dada Acquisition [Member] | Technology | |||||
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Newly identified and appreciation of intangible assets | 525 | ||||
Dada Acquisition [Member] | Relationship with riders | |||||
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Newly identified and appreciation of intangible assets | 640 | ||||
Dada Acquisition [Member] | Consumer base | |||||
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Newly identified and appreciation of intangible assets | ¥ 120 |
Business acquisition - Schedu_2
Business acquisition - Schedule of allocation of the purchase price as of the date of CNLP acquisition (Details) - CNLP [Member] ¥ in Millions, $ in Millions | 2 Months Ended | 5 Months Ended | ||
Mar. 01, 2022 HKD ($) | Mar. 01, 2022 CNY (¥) | Jul. 31, 2022 CNY (¥) | Jul. 31, 2022 HKD ($) | |
Summary of purchase price as of the date of acquisition is comprised [Line Items] | ||||
Cash | $ 13,066 | ¥ 10,538 | ||
Fair value of previously held equity interests | 1,293 | |||
Total | ¥ 11,831 | ¥ 2,637 | $ 3,072 |
Business acquisition - Details
Business acquisition - Details of allocation of the purchase price as of the date of acquisition is summarized as follows (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Mar. 01, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
Goodwill | ¥ 23,123 | $ 3,353 | ¥ 12,433 | ¥ 10,904 | |
CNLP [Member] | |||||
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
Net assets acquired | ¥ 4,309 | ||||
Appreciation of property, equipment and software, construction in progress and land-use rights | 10,908 | ||||
Goodwill | 1,586 | ||||
Deferred tax liabilities | (2,679) | ||||
Non-controlling interests | (2,293) | ||||
Total | ¥ 11,831 |
Business acquisition - Summar_2
Business acquisition - Summary of purchase price as of the date of deppon holdco acquisition (Details) ¥ in Millions | Jul. 26, 2022 CNY (¥) |
Deppon Holdco [Member] | |
Summary of purchase price as of the date of acquisition [Line Items] | |
Cash | ¥ 8,976 |
Business acquisition - Schedu_3
Business acquisition - Schedule of allocation of the purchase price as of the date of deppon holdco acquisition (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Jul. 26, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
Goodwill. | ¥ 23,123 | $ 3,353 | ¥ 12,433 | ¥ 10,904 | |
Deppon Holdco [Member] | |||||
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
Net assets acquired | ¥ 6,570 | ||||
Appreciation of construction in progress and land use rights | 15 | ||||
Goodwill. | 5,350 | ||||
Deferred tax liabilities | (590) | ||||
Non-controlling interests | (4,714) | ||||
Total | 8,976 | ||||
Deppon Holdco [Member] | Trademarks and domain names | |||||
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
New identified and appreciation of intangible assets | 1,661 | ||||
Deppon Holdco [Member] | Technology | |||||
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
New identified and appreciation of intangible assets | 676 | ||||
Deppon Holdco [Member] | Customer relationships | |||||
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
New identified and appreciation of intangible assets | ¥ 8 |
Business acquisition - Addition
Business acquisition - Additional information (Details) ¥ in Millions, $ in Millions, $ in Millions | 1 Months Ended | 2 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||
Jul. 26, 2022 CNY (¥) | Mar. 01, 2022 HKD ($) | Feb. 28, 2022 CNY (¥) | Feb. 28, 2022 CNY (¥) | Feb. 28, 2022 USD ($) | Mar. 01, 2022 CNY (¥) | Jul. 31, 2022 CNY (¥) | Jul. 31, 2022 HKD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Apr. 30, 2024 shares | Dec. 31, 2022 USD ($) | Jan. 28, 2022 | |
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years 1 month 6 days | 12 years 2 months 12 days | ||||||||||||
Goodwill, Acquired During Period | ¥ 11,478 | ¥ 1,529 | ¥ 4,260 | |||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 590 | 1,212 | $ 86 | |||||||||||
Dada [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill, Acquired During Period | 3,144 | |||||||||||||
Jd Retail [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill, Acquired During Period | 1,398 | 1,529 | ¥ 2,627 | |||||||||||
Dada Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 52% | 52% | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||||||||
Business Combination, Consideration Transferred | ¥ 1,606 | |||||||||||||
Cash consideration and business cooperation agreement as consideration of the acquisition | $ | $ 800 | |||||||||||||
Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain | ¥ 72 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents And Restricted Cash | 4,623 | |||||||||||||
Business Acquisition, Pro Forma Revenue | 1,047,200 | 956,800 | ||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 9,500 | (6,300) | ||||||||||||
Cash consideration | 3,452 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Premium | ¥ 3,623 | ¥ 3,623 | ||||||||||||
CNLP [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80% | 26.38% | ||||||||||||
Percentage of equity in the acquiree held by the acquirer immediately before the acquisition date in a business combination | 10.60% | |||||||||||||
Business Combination, Consideration Transferred | ¥ 11,831 | ¥ 2,637 | $ 3,072 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 8,886 | |||||||||||||
Business Combination Recognized Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment Construction In Progress And Land Use Right | 12,026 | |||||||||||||
Cash consideration | $ 13,066 | ¥ 10,538 | ||||||||||||
Deppon Holdco [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 99.99% | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years 3 months 18 days | |||||||||||||
Business Combination, Consideration Transferred | ¥ 8,976 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 3,776 | |||||||||||||
Business acquisition recognized identifiable assets and liabilities assumed current assets trade receivables | 2,101 | |||||||||||||
Business Acquisition, Pro Forma Revenue | 1,063,200 | 982,800 | ||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 9,700 | ¥ (4,500) | ||||||||||||
Business Combination Recognized Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment Construction In Progress And Land Use Right | 5,306 | |||||||||||||
Business Combination Acquisition of Option Shares Pledged | shares | 43,009,184 | |||||||||||||
Cash consideration | 8,976 | |||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 589 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Short-Term Investment | ¥ 1,270 | |||||||||||||
Deppon Holdco [Member] | Accrued Expenses And Other Current Liabilities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business combination deferred consideration payable | 575 | |||||||||||||
Deppon Holdco [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business combination deferred consideration payable | ¥ 445 | |||||||||||||
Deppon [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 66.50% |
Investment in equity investee_2
Investment in equity investees (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Measurement Alternative and NAV practical expedient investments | |||
Carrying amount of investment under NAV practical expedient | ¥ 7,982 | ¥ 7,325 | |
Carrying values of equity investments measured at fair value using the Measurement Alternative | 20,707 | 19,643 | |
Measurement alternative and NAV practical expedient investments | ¥ 1,683 | ¥ 4,787 | ¥ 10,201 |
Investment in equity investee_3
Investment in equity investees (Details 2) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||
Jun. 18, 2021 CNY (¥) shares | Jun. 05, 2020 CNY (¥) | Apr. 26, 2016 | Mar. 31, 2021 CNY (¥) | Jun. 30, 2020 CNY (¥) | Jun. 30, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Sep. 30, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) item | Jun. 30, 2021 CNY (¥) | |
Equity method investments | |||||||||||||||
Investments accounted for under the equity method | ¥ 36,254 | ¥ 28,952 | ¥ 36,254 | ||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||
Carrying value of equity investment | 36,254 | 28,952 | 36,254 | ||||||||||||
Operating data: | |||||||||||||||
Net profit/(loss) | 9,691 | $ 1,407 | (4,467) | ¥ 49,337 | |||||||||||
Balance sheet data: | |||||||||||||||
Current assets | 299,672 | 351,074 | 299,672 | $ 50,901 | |||||||||||
Non-current assets | 196,835 | 244,176 | 196,835 | 35,402 | |||||||||||
Current liabilities | 221,636 | 266,561 | 221,636 | 38,648 | |||||||||||
Non-current liabilities | 28,087 | 54,566 | 28,087 | 7,910 | |||||||||||
Non-controlling interests | 36,661 | 60,167 | 36,661 | 8,723 | |||||||||||
Additional paid-in capital | 182,578 | 184,041 | 182,578 | $ 26,683 | |||||||||||
Impairment charges | 1,969 | $ 285 | 574 | 208 | |||||||||||
Equity Method Investments [Member] | |||||||||||||||
Operating data: | |||||||||||||||
Revenues | 160,554 | 145,582 | 140,263 | ||||||||||||
Gross profit | 47,369 | 39,736 | 45,590 | ||||||||||||
Income/(loss) from operation | (2,158) | 1,877 | 5,157 | ||||||||||||
Net profit/(loss) | (1,583) | (250) | 2,680 | ||||||||||||
Net income/(loss) attributable to ordinary shareholders | (1,327) | 675 | 3,292 | ||||||||||||
Balance sheet data: | |||||||||||||||
Current assets | 150,304 | 149,946 | 150,304 | ||||||||||||
Non-current assets | 140,872 | 142,288 | 140,872 | ||||||||||||
Current liabilities | 109,790 | 116,158 | 109,790 | ||||||||||||
Non-current liabilities | 49,919 | 54,494 | 49,919 | ||||||||||||
Non-controlling interests | 973 | 623 | 973 | ||||||||||||
Share of results of equity investees | |||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||
Impairment charges in connection with the equity method | 1,316 | 5,514 | 488 | ||||||||||||
Yonghui Group | |||||||||||||||
Equity method investments | |||||||||||||||
Investments accounted for under the equity method | 4,592 | ¥ 4,056 | 4,592 | ||||||||||||
Percentage of the equity interests on a fully diluted basis (in percentage) | 13.40% | 13.40% | |||||||||||||
Number of board seat held | item | 1 | 1 | |||||||||||||
Total consideration in cash | ¥ 6,462 | ||||||||||||||
Number of board seats | item | 9 | 9 | |||||||||||||
Dividend received | ¥ 24 | 25 | 147 | ||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||
Carrying value of equity investment | 4,592 | 4,056 | 4,592 | ||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,225 | 1,768 | 2,225 | ||||||||||||
Positive/(negative) basis difference | 2,367 | 2,288 | 2,367 | ||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 1,111 | 1,111 | 1,111 | ||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 1,674 | 1,569 | 1,674 | ||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (418) | ¥ (392) | (418) | ||||||||||||
Weighted average remaining life of the amortizable intangible assets | 13 years | 13 years | |||||||||||||
Aggregate market values | 4,921 | ¥ 4,435 | 4,921 | ||||||||||||
Balance sheet data: | |||||||||||||||
Impairment charges | ¥ 1,492 | ||||||||||||||
Dada Group | |||||||||||||||
Equity method investments | |||||||||||||||
Investments accounted for under the equity method | 6,075 | 6,075 | |||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 46% | 46% | |||||||||||||
Number of board seat held | item | 3 | 3 | |||||||||||||
Total consideration in cash | 703 | ¥ 3,513 | |||||||||||||
Number of board seats | item | 9 | 9 | |||||||||||||
Total consideration for equity investment | 5,723 | 5,723 | |||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||
Carrying value of equity investment | 6,075 | 6,075 | |||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,136 | 2,136 | |||||||||||||
Positive/(negative) basis difference | 3,939 | 3,939 | |||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 3,893 | 3,893 | |||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 61 | 61 | |||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (15) | (15) | |||||||||||||
Aggregate market values | 9,106 | 9,106 | |||||||||||||
Balance sheet data: | |||||||||||||||
Deemed disposal gain | ¥ 5,229 | ||||||||||||||
Dada Group | Supply chain support | |||||||||||||||
Equity method investments | |||||||||||||||
Estimated useful lives (in years) | 10 years | ||||||||||||||
Dada Group | Traffic and other additional support | |||||||||||||||
Equity method investments | |||||||||||||||
Estimated useful lives (in years) | 7 years | ||||||||||||||
Dada Group | Non-compete Agreement | |||||||||||||||
Equity method investments | |||||||||||||||
Estimated useful lives (in years) | 7 years | ||||||||||||||
JD Technology | |||||||||||||||
Equity method investments | |||||||||||||||
Investments accounted for under the equity method | ¥ 11,354 | ¥ 2,620 | |||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 41.70% | 36.80% | |||||||||||||
Total consideration in cash | ¥ 4,000 | ¥ 1,780 | |||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||
Carrying value of equity investment | 11,354 | ¥ 2,620 | |||||||||||||
Balance sheet data: | |||||||||||||||
Additional paid-in capital | (901) | (901) | |||||||||||||
Percentage of equity interest | 41.70% | ||||||||||||||
ATRenew | |||||||||||||||
Equity method investments | |||||||||||||||
Investments accounted for under the equity method | 2,832 | ¥ 1,449 | 2,832 | ||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 33% | 33% | |||||||||||||
Number of board seat held | item | 2 | 2 | |||||||||||||
Total consideration in cash | ¥ 321 | ||||||||||||||
Number of board seats | item | 7 | 7 | |||||||||||||
Total consideration for equity investment | 129 | 129 | ¥ 4,141 | ¥ 4,141 | |||||||||||
Common Stock Shares Subscribed | shares | 2,333,333 | ||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||
Carrying value of equity investment | 2,832 | ¥ 1,449 | 2,832 | ||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,209 | 2,080 | 2,209 | ||||||||||||
Positive/(negative) basis difference | 623 | (631) | 623 | ||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 35 | 35 | |||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 784 | (450) | 784 | ||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (196) | (181) | (196) | ||||||||||||
Aggregate market values | 2,832 | 1,505 | ¥ 2,832 | ||||||||||||
Gain (loss) from changes in fair value of product | ¥ 2,305 | ||||||||||||||
Balance sheet data: | |||||||||||||||
Impairment charges | ¥ 1,191 | ¥ 3,909 | |||||||||||||
ATRenew | Ordinary shares | |||||||||||||||
Equity method investments | |||||||||||||||
Total consideration for equity investment | ¥ 41 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Accounts receivable | ||||
Accounts receivable | ¥ 22,158 | ¥ 12,934 | ||
Allowance for doubtful accounts | (1,582) | (1,034) | ¥ (566) | |
Accounts receivable, net | 20,576 | 11,900 | $ 2,983 | |
Movements in the allowance for doubtful accounts | ||||
Balance at beginning of the year | (1,034) | (566) | (318) | |
Additions | (615) | (535) | (331) | |
Write-off | 67 | 67 | 83 | |
Balance at end of the year | (1,582) | (1,034) | ¥ (566) | |
Logistics receivables | ||||
Accounts receivable | ||||
Accounts receivable | 11,063 | 6,204 | ||
Online retail and online marketplace receivables | ||||
Accounts receivable | ||||
Accounts receivable | 9,982 | 5,840 | ||
Advertising receivables and others | ||||
Accounts receivable | ||||
Accounts receivable | 1,113 | 890 | ||
Consumer financing receivables | ||||
Movements in the allowance for doubtful accounts | ||||
Additions | ¥ 0 | ¥ 0 |
Inventories, net (Details)
Inventories, net (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Inventories | |||
Inventory, Gross | ¥ 82,064 | ¥ 77,900 | |
Inventory valuation allowance | (4,115) | (2,299) | |
Inventories, net | 77,949 | $ 11,302 | 75,601 |
Products | |||
Inventories | |||
Inventory, Gross | 80,966 | 77,422 | |
Packing materials and others | |||
Inventories | |||
Inventory, Gross | ¥ 1,098 | ¥ 478 |
Property, equipment and softw_3
Property, equipment and software, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Property, equipment and software, net | ||||
Total | ¥ 69,368 | ¥ 50,222 | ||
Less: accumulated depreciation | (14,288) | (17,278) | ||
Net book value | 55,080 | 32,944 | $ 7,986 | |
Depreciation expenses | 5,295 | 5,000 | ¥ 5,037 | |
Impairment charge | 0 | 0 | ¥ 0 | |
Electronic equipment | ||||
Property, equipment and software, net | ||||
Total | 2,663 | 11,222 | ||
Land, building and building improvement | ||||
Property, equipment and software, net | ||||
Total | 40,642 | 21,072 | ||
Logistics,warehouse and other heavy equipment | ||||
Property, equipment and software, net | ||||
Total | 14,097 | 10,084 | ||
Vehicles | ||||
Property, equipment and software, net | ||||
Total | 5,743 | 2,681 | ||
Leasehold improvement | ||||
Property, equipment and software, net | ||||
Total | 4,550 | 3,766 | ||
Office equipment | ||||
Property, equipment and software, net | ||||
Total | 640 | 530 | ||
Software | ||||
Property, equipment and software, net | ||||
Total | ¥ 1,033 | ¥ 867 |
Land use rights, net (Details)
Land use rights, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Land Use Rights, Net [Line Items] | ||||
Land use rights | ¥ 35,481 | ¥ 15,253 | ||
Less: accumulated amortization | (1,633) | (925) | ||
Net book value | 33,848 | 14,328 | $ 4,907 | |
Amortization expenses | 693 | 276 | ¥ 229 | |
Amortization expenses related to the land use rights for future periods | ||||
2023 | 791 | |||
2024 | 791 | |||
2025 | 791 | |||
2026 | 791 | |||
2027 | 791 | |||
2028 and thereafter | 29,893 | |||
Impairment charge | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 12 years 1 month 6 days | 12 years 2 months 12 days | ||
Gross Carrying Amount | ¥ 14,936 | ¥ 10,416 | ||
Accumulated Amortization | (5,625) | (4,407) | ||
Impairment Amount | (172) | (172) | ||
Net Carrying Amount | 9,139 | 5,837 | $ 1,325 | |
Amortization expenses | 1,248 | 956 | ¥ 802 | |
Intangible assets impairment charge recorded | 0 | ¥ 0 | ¥ 0 | |
Amortization expenses related to the intangible assets for future periods | ||||
2023 | 1,305 | |||
2024 | 1,188 | |||
2025 | 1,124 | |||
2026 | 979 | |||
2027 | 908 | |||
2028 and thereafter | ¥ 3,635 | |||
Non-compete Agreement | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 8 years | 8 years | ||
Gross Carrying Amount | ¥ 2,467 | ¥ 2,467 | ||
Accumulated Amortization | (2,279) | (2,120) | ||
Net Carrying Amount | ¥ 188 | ¥ 347 | ||
Domain names and trademarks | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 17 years 9 months 18 days | 18 years 10 months 24 days | ||
Gross Carrying Amount | ¥ 6,756 | ¥ 4,186 | ||
Accumulated Amortization | (1,440) | (1,066) | ||
Impairment Amount | (27) | (27) | ||
Net Carrying Amount | ¥ 5,289 | ¥ 3,093 | ||
Customer relationship | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 8 years 8 months 12 days | 8 years 9 months 18 days | ||
Gross Carrying Amount | ¥ 2,823 | ¥ 2,713 | ||
Accumulated Amortization | (765) | (454) | ||
Impairment Amount | (60) | (60) | ||
Net Carrying Amount | ¥ 1,998 | ¥ 2,199 | ||
Technology and Others | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 5 years 4 months 24 days | 6 years | ||
Gross Carrying Amount | ¥ 2,890 | ¥ 1,050 | ||
Accumulated Amortization | (1,141) | (767) | ||
Impairment Amount | (85) | (85) | ||
Net Carrying Amount | ¥ 1,664 | ¥ 198 |
Goodwill (Details)
Goodwill (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Goodwill | ||||
Additions | ¥ 11,478 | ¥ 1,529 | ¥ 4,260 | |
Impairment | 0 | 0 | 0 | |
Goodwill | 25,723 | 15,033 | 13,504 | |
Disposal of a subsidiary | (788) | |||
Accumulated impairment loss | (2,600) | (2,600) | (2,600) | |
Goodwill, ending balance | 23,123 | $ 3,353 | 12,433 | 10,904 |
JD Retail | ||||
Goodwill | ||||
Additions | 1,398 | 1,529 | 2,627 | |
Goodwill | 11,417 | 10,807 | 9,278 | |
Disposal of a subsidiary | (788) | |||
Accumulated impairment loss | (7) | (7) | (7) | |
Goodwill, ending balance | 11,410 | 10,800 | 9,271 | |
JD Logistics | ||||
Goodwill | ||||
Additions | 5,350 | 0 | 1,633 | |
Goodwill | 6,983 | 1,633 | 1,633 | |
Goodwill, ending balance | 6,983 | 1,633 | 1,633 | |
Dada | ||||
Goodwill | ||||
Additions | 3,144 | |||
Goodwill | 3,144 | |||
Goodwill, ending balance | 3,144 | |||
New Businesses | ||||
Goodwill | ||||
Additions | 1,586 | |||
Goodwill | 4,179 | 2,593 | 2,593 | |
Accumulated impairment loss | (2,593) | ¥ (2,593) | ¥ (2,593) | |
Goodwill, ending balance | ¥ 1,586 |
Accounts payable (Details)
Accounts payable (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accounts payable | |||
Vendor payable | ¥ 126,821 | ¥ 112,317 | |
Shipping charges payable and others | 33,786 | 28,167 | |
Total | 160,607 | $ 23,286 | 140,484 |
Outstanding payment obligations | ¥ 16,671 | ¥ 20,127 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accrued expenses and other current liabilities | |||
Deposits | ¥ 18,211 | ¥ 17,372 | |
Salary and welfare | 11,303 | 8,396 | |
Accrued administrative expenses | 1,917 | 1,165 | |
Rental fee payable | 1,361 | 1,199 | |
Professional fee | 1,348 | 904 | |
Payable related to employees' exercise of share-based awards | 1,273 | 333 | |
Liabilities for return allowances | 743 | 618 | |
Deferred consideration payables. | 575 | 0 | |
Vehicle fee | 520 | 437 | |
Internet data center fee | 409 | 444 | |
Interest payable | 167 | 134 | |
Others | 4,743 | 3,466 | |
Total | ¥ 42,570 | $ 6,172 | ¥ 34,468 |
Unsecured senior notes (Details
Unsecured senior notes (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 CNY (¥) item | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 31, 2020 CNY (¥) | Jan. 31, 2020 USD ($) | Apr. 30, 2016 USD ($) | |
Unsecured senior notes | |||||||||||
Carrying value | ¥ 10,224 | $ 1,482 | ¥ 9,386 | ||||||||
Total principal amounts of unsecured senior notes | 42,379 | ||||||||||
Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Number of maturities for debt issued | item | 2 | ||||||||||
Aggregate principal amount | $ | $ 500 | $ 1,000 | $ 1,000 | ||||||||
Carrying value | 10,224 | 9,386 | |||||||||
Unamortized discount and debt issuance costs | 98 | 101 | |||||||||
Total principal amounts of unsecured senior notes | 10,322 | 9,487 | |||||||||
Debt discount | ¥ 79 | ¥ 37 | |||||||||
Debt issuance costs | ¥ 36 | ¥ 45 | |||||||||
Future principal payments for unsecured senior notes due | |||||||||||
Due in 2026 | 3,482 | ||||||||||
Due in 2030 | 4,840 | ||||||||||
Due in 2050 | ¥ 2,000 | ||||||||||
Debt instrument maturity date | Apr. 29, 2021 | ||||||||||
Unsecured senior notes | 3.875% notes due 2026 | |||||||||||
Unsecured senior notes | |||||||||||
Aggregate principal amount | $ | $ 500 | ||||||||||
Interest rate (as a percent) | 3.875% | 3.875% | |||||||||
Carrying value | ¥ 3,453 | 3,154 | |||||||||
Effective interest rate (as a percent) | 4.15% | 4.15% | |||||||||
Unsecured senior notes | 3.375% notes due 2030 | |||||||||||
Unsecured senior notes | |||||||||||
Aggregate principal amount | $ | $ 700 | ||||||||||
Interest rate (as a percent) | 3.375% | 3.375% | |||||||||
Carrying value | ¥ 4,812 | 4,402 | |||||||||
Effective interest rate (as a percent) | 3.47% | 3.47% | |||||||||
Unsecured senior notes | 4.125% notes due 2050 | |||||||||||
Unsecured senior notes | |||||||||||
Aggregate principal amount | $ | $ 300 | ||||||||||
Interest rate (as a percent) | 4.125% | 4.125% | |||||||||
Carrying value | ¥ 1,959 | ¥ 1,830 | |||||||||
Effective interest rate (as a percent) | 4.25% | 4.25% | |||||||||
Unsecured senior notes | Unsecured Senior Notes [Member] | |||||||||||
Future principal payments for unsecured senior notes due | |||||||||||
Debt instrument repurchase amount | ¥ 42 | ¥ 78 | $ 6 | $ 12 | |||||||
Take as Extension | 35 | 72 | $ 5 | $ 10 | |||||||
Unsecured Debt [Member] | |||||||||||
Future principal payments for unsecured senior notes due | |||||||||||
Repayments of debt | $ | $ 500 | ||||||||||
Interest Expense [Member] | Unsecured senior notes | Unsecured Senior Notes [Member] | |||||||||||
Future principal payments for unsecured senior notes due | |||||||||||
Debt Instrument Repurchased Gain | ¥ 6 | ¥ 11 |
Unsecured senior notes (Detai_2
Unsecured senior notes (Details 2) - Unsecured Senior Note [Member] ¥ in Millions | Dec. 31, 2022 CNY (¥) |
Within 1 year | ¥ 0 |
Between 1 to 2 years | 0 |
Between 2 to 3 years | 0 |
Between 3 to 4 years | 3,482 |
Between 4 to 5 years | 0 |
Beyond 5 years | 6,840 |
Total | ¥ 10,322 |
Leases (Details)
Leases (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Leases | |||
Operating lease ROU assets | ¥ 22,267 | $ 3,228 | ¥ 19,987 |
Operating lease liabilities-current | 7,688 | 1,115 | 6,665 |
Operating lease liabilities-non-current | 14,978 | $ 2,172 | 13,721 |
Total operating lease liabilities | ¥ 22,666 | ¥ 20,386 | |
Weighted average remaining lease term | 5 years 4 months 24 days | 5 years 4 months 24 days | 5 years 7 months 6 days |
Weighted average discount rate | 5% | 5% | 5% |
Leases (Details 2)
Leases (Details 2) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Operating lease cost | ¥ 7,951 | ¥ 6,763 | ¥ 4,903 |
Short-term lease cost | 3,181 | 2,782 | 1,902 |
Total | 11,132 | 9,545 | 6,805 |
Cash paid for operating leases | ¥ 7,915 | ¥ 6,715 | ¥ 4,801 |
Leases (Details 3)
Leases (Details 3) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
2023 | ¥ 7,885 | |
2024 | 5,322 | |
2025 | 3,417 | |
2026 | 2,278 | |
2027 | 1,633 | |
2028 and thereafter | 5,298 | |
Total lease payments | 25,833 | |
Less: interest | (3,167) | |
Present value of operating lease liabilities | ¥ 22,666 | ¥ 20,386 |
Gain on sale of development p_2
Gain on sale of development properties (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 | |
Gain on sale of development properties [Line Items] | |||||
Gain on sale of development properties | ¥ 1,379 | $ 200 | ¥ 767 | ¥ 1,649 | |
Development Fund [Member] | |||||
Gain on sale of development properties [Line Items] | |||||
Gain on sale of development properties | 112 | ¥ 468 | |||
Minimum | |||||
Gain on sale of development properties [Line Items] | |||||
Lease term | 4 years | 4 years | |||
Maximum | |||||
Gain on sale of development properties [Line Items] | |||||
Lease term | 10 years | 10 years | |||
General partner | Development Fund [Member] | |||||
Gain on sale of development properties [Line Items] | |||||
Committed percentage of the total capital (as a percent) | 40% | ||||
Third Party Investor | Development Fund [Member] | |||||
Gain on sale of development properties [Line Items] | |||||
Committed percentage of the total capital (as a percent) | 60% | ||||
Core Funds | |||||
Gain on sale of development properties [Line Items] | |||||
Gain on sale of development properties | ¥ 1,289 | ¥ 637 | ¥ 1,181 | ||
Rental rate adjusted with growth rate of fair market rent | 5 years | 5 years | 5 years | 5 years | |
Core Funds | General partner | Minimum | |||||
Gain on sale of development properties [Line Items] | |||||
Committed percentage of the total capital (as a percent) | 10% | 10% | |||
Core Funds | General partner | Maximum | |||||
Gain on sale of development properties [Line Items] | |||||
Committed percentage of the total capital (as a percent) | 20% | 20% | |||
Core Funds | Third Party Investor | Minimum | |||||
Gain on sale of development properties [Line Items] | |||||
Committed percentage of the total capital (as a percent) | 80% | 80% | |||
Core Funds | Third Party Investor | Maximum | |||||
Gain on sale of development properties [Line Items] | |||||
Committed percentage of the total capital (as a percent) | 90% | 90% |
Others, net (Details)
Others, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Others, net | ||||
Gains/(losses) from fair value change of long-term investments | ¥ (4,096) | ¥ (7,252) | ¥ 29,483 | |
Government financial incentives | 2,773 | 2,482 | 2,545 | |
Interest income | 5,742 | 4,213 | 2,753 | |
Gains/(losses) from acquirements or disposals of business and investment | (3,558) | $ (516) | 140 | 279 |
Impairment of investments | (1,969) | (285) | (574) | (208) |
Foreign exchange gains/(losses), net | 114 | 17 | 42 | (90) |
Others | (561) | 359 | 548 | |
Total | ¥ (1,555) | $ (225) | ¥ (590) | ¥ 35,310 |
Taxation (Details)
Taxation (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | 33 Months Ended | 36 Months Ended | 45 Months Ended | 57 Months Ended | 72 Months Ended | ||||||
Sep. 01, 2022 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 | Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2024 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 HKD ($) | Dec. 31, 2023 | |
Taxation | ||||||||||||||
Applicable tax rate approved (as a percent) | 25% | 25% | 25% | |||||||||||
The Hong Kong profits applicable for the first tier tax rate | $ | $ 2 | |||||||||||||
Beijing Jingdong Shangke Information Technology Co., Ltd. | Software enterprise | ||||||||||||||
Taxation | ||||||||||||||
Number of years exempted from income tax | 2 years | |||||||||||||
Number of years half exempted income tax | 3 years | |||||||||||||
Beijing Wodong Tianjun Information Technology Co., Ltd. [Member] | Software enterprise | ||||||||||||||
Taxation | ||||||||||||||
Number of years half exempted income tax | 3 years | |||||||||||||
PRC | ||||||||||||||
Taxation | ||||||||||||||
Applicable tax rate approved (as a percent) | 25% | |||||||||||||
Percentage of claiming tax deductible for research and development expense (as a percent) | 150% | |||||||||||||
Percentage of entitled to claim announced by State Taxation Administration (as a percent) | 175% | 200% | 175% | |||||||||||
Withholding tax rate on dividend distributed by FIE | 10% | |||||||||||||
Maximum rate of withholding tax for dividends paid by an FIE in China to its immediate holding company in Hong Kong under specified conditions | 5% | |||||||||||||
Minimum ownership percentage of the FIE by foreign investors to qualify for withholding tax rate limit for dividends paid by an FIE in China to its immediate holding company in Hong Kong | 25% | |||||||||||||
Accrued Withholding Tax Expenses | ¥ 367 | |||||||||||||
Unrecognized deferred tax liabilities of subsidiaries | ¥ 4,300 | ¥ 4,300 | ¥ 4,300 | ¥ 4,300 | ¥ 4,300 | |||||||||
PRC | High and new technology enterprise | ||||||||||||||
Taxation | ||||||||||||||
Preferential income tax rate (as a percent) | 15% | |||||||||||||
PRC | Beijing Jingdong Shangke Information Technology Co., Ltd. | High and new technology enterprise | ||||||||||||||
Taxation | ||||||||||||||
Preferential income tax rate (as a percent) | 15% | |||||||||||||
PRC | Beijing Jingdong Shangke Information Technology Co., Ltd. | Software enterprise | ||||||||||||||
Taxation | ||||||||||||||
Preferential income tax rate (as a percent) | 12.50% | |||||||||||||
PRC | Certain enterprises located in applicable PRC regions | Encouraged industry in the Western Regions of China | ||||||||||||||
Taxation | ||||||||||||||
Preferential income tax rate (as a percent) | 15% | |||||||||||||
PRC | Beijing Wodong Tianjun Information Technology Co., Ltd. [Member] | Software enterprise | ||||||||||||||
Taxation | ||||||||||||||
Reduction percentage of preferential corporate income tax rate | 50% | |||||||||||||
PRC | Sales of audio, video products and books | ||||||||||||||
Taxation | ||||||||||||||
Statutory VAT rate (as a percent) | 9% | |||||||||||||
PRC | Sales of other products | ||||||||||||||
Taxation | ||||||||||||||
Statutory VAT rate (as a percent) | 13% | |||||||||||||
PRC | Logistics services | ||||||||||||||
Taxation | ||||||||||||||
Statutory VAT rate (as a percent) | 6% | 9% | ||||||||||||
PRC | Online advertising and other services | ||||||||||||||
Taxation | ||||||||||||||
Statutory VAT rate (as a percent) | 6% | |||||||||||||
Percentage of cultural undertaking development fees | 3% | |||||||||||||
PRC | Value Added Tax [Member] | ||||||||||||||
Taxation | ||||||||||||||
Reduction percentage of cultural undertaking development fees | 50% | |||||||||||||
Republic of Indonesia | ||||||||||||||
Taxation | ||||||||||||||
Profit tax rate (as a percent) | 22% | |||||||||||||
Hong Kong | Profit Above Two Million Hon Kong Dollar [Member] | ||||||||||||||
Taxation | ||||||||||||||
Profit tax rate (as a percent) | 16.50% | |||||||||||||
Hong Kong | Profit Below Two Million Hong kong Dollar [Member] | ||||||||||||||
Taxation | ||||||||||||||
Profit tax rate (as a percent) | 8.25% | |||||||||||||
Singapore | ||||||||||||||
Taxation | ||||||||||||||
Profit tax rate (as a percent) | 17% |
Taxation (Details 2)
Taxation (Details 2) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income/(loss) before tax | ||||
Income from Chinese mainland operations | ¥ 16,800 | ¥ 14,518 | ¥ 15,803 | |
Income/(loss) from non-Chinese mainland operations | (2,933) | (17,098) | 35,016 | |
Total income/(loss) before tax | 13,867 | $ 2,012 | (2,580) | 50,819 |
Income tax benefits/(expenses) applicable to Chinese mainland operations | ||||
Current income tax expenses | (4,418) | (2,538) | (2,201) | |
Deferred tax benefits | 732 | 651 | 719 | |
Subtotal income tax expenses applicable to Chinese mainland operations | (3,686) | (1,887) | (1,482) | |
Income tax expenses applicable to non-Chinese mainland operations | ||||
Current income tax expenses | (307) | 0 | 0 | |
Deferred tax expenses | (183) | 0 | 0 | |
Subtotal income tax expenses applicable to non-Chinese mainland operations | (490) | 0 | 0 | |
Total income tax expenses | ¥ (4,176) | $ (605) | ¥ (1,887) | ¥ (1,482) |
Taxation (Details 3)
Taxation (Details 3) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of differences between statutory tax rate and effective tax rate | ||||
Statutory income tax rate (as a percent) | 25% | 25% | 25% | |
Tax effect of preferential tax rates and tax holiday | (19.30%) | 86% | (2.30%) | |
Tax effect of tax-exempt entities (as a percent) | 12.10% | (143.70%) | (16.80%) | |
Effect on tax rates in different tax jurisdiction (as a percent) | (3.20%) | (2.30%) | (0.50%) | |
Tax effect of non-deductible expenses (as a percent) | 4% | (13.80%) | 0.50% | |
Tax effect of non-taxable income (as a percent) | (0.40%) | 1.40% | 0% | |
Tax effect of Super Deduction and others (as a percent) | (19.00%) | 105.90% | (4.20%) | |
Changes in valuation allowance (as a percent) | 28.30% | (131.60%) | 1.20% | |
Effect on withholding income tax | 2.60% | 0% | 0% | |
Effective tax rates (as a percent) | 30.10% | (73.10%) | 2.90% | |
Effect of tax holiday | ||||
Tax holiday effect | ¥ 2,677 | ¥ 2,219 | ¥ 1,153 | |
Effect of tax holiday on basic net income/(loss) per share | ¥ 0.86 | ¥ 0.71 | ¥ 0.38 | |
Effect of tax holiday on diluted net income/(loss) per share | ¥ 0.84 | ¥ 0.71 | ¥ 0.37 | |
Deferred tax assets | ||||
Net operating loss carry forwards and others | ¥ 12,715 | ¥ 6,303 | ||
Deferred revenues | 472 | 553 | ||
Inventory valuation allowance | 1,029 | 575 | ||
Allowance for doubtful accounts | 1,001 | 603 | ||
Unrealized fair value losses for certain investments | 595 | 747 | ||
Less: valuation allowance | (14,276) | (7,670) | ¥ (4,289) | ¥ (3,674) |
Net deferred tax assets | 1,536 | 1,111 | ||
Deferred tax liabilities | ||||
Intangible assets arisen from business combination | 5,598 | 1,454 | ||
Withholding tax on undistributed earnings | 183 | 0 | ||
Accelerated tax depreciation and others | 730 | 443 | ||
Total deferred tax liabilities | 6,511 | ¥ 1,897 | ||
Company's subsidiaries incorporated in Singapore and Hong Kong | ||||
Net operating loss carry forwards | ||||
Net operating loss carry forwards | 8,425 | |||
Company's subsidiaries, consolidated VIEs and VIEs' subsidiaries established in PRC and Indonesia | ||||
Net operating loss carry forwards | ||||
Net operating loss carry forwards | ¥ 33,632 |
Taxation (Details 4)
Taxation (Details 4) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxation | |||
Balance at beginning of the Year | ¥ 7,670 | ¥ 4,289 | ¥ 3,674 |
Additions | 7,694 | 5,052 | 4,393 |
Reversals | (1,088) | (1,671) | (3,778) |
Balance at end of the Year | ¥ 14,276 | ¥ 7,670 | ¥ 4,289 |
Financing for major subsidiar_2
Financing for major subsidiaries (Details) $ / shares in Units, ¥ in Millions, $ in Millions, $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||||
Apr. 01, 2022 HKD ($) | Apr. 01, 2022 USD ($) | May 31, 2021 $ / shares shares | Dec. 31, 2020 CNY (¥) shares | Sep. 30, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 $ / shares | Aug. 31, 2020 CNY (¥) | May 31, 2019 CNY (¥) | |
Common Stock [Member] | ||||||||||||||
Issuance of ordinary shares (in shares) | shares | 2,164,236 | 1,914,998 | 155,850,684 | |||||||||||
JD Health | IPO | ||||||||||||||
Sale of stock net consideration received on the transaction | ¥ 25,700 | |||||||||||||
JD Health | IPO | Common Stock [Member] | ||||||||||||||
Issuance of ordinary shares (in shares) | shares | 439,185,000 | |||||||||||||
Sale of stock issue price per share | $ / shares | $ 70.58 | |||||||||||||
JD Logistics [Member] | ||||||||||||||
Ownership percentage, on a fully-diluted (as a percentage) | 63.56% | |||||||||||||
Issuance non controlling interest | ¥ 2,221 | |||||||||||||
Additional Paid in Capital, Preferred Stock | 295 | |||||||||||||
JD Logistics [Member] | IPO | ||||||||||||||
Issuance non controlling interest | ¥ 6,100 | |||||||||||||
Additional Paid in Capital, Preferred Stock | 16,800 | |||||||||||||
Sale of stock net consideration received on the transaction | ¥ 22,900 | |||||||||||||
JD Logistics [Member] | IPO | Common Stock [Member] | ||||||||||||||
Issuance of ordinary shares (in shares) | shares | 700,534,900 | |||||||||||||
Sale of stock issue price per share | $ / shares | $ 40.36 | |||||||||||||
JD Logistics [Member] | JDL Placement [Member] | ||||||||||||||
Sale of stock net consideration received on the transaction | $ | $ 3,102 | |||||||||||||
JD Logistics [Member] | JD Subscription [Member] | ||||||||||||||
Sale of stock net consideration received on the transaction | $ | $ 692 | |||||||||||||
Series A Preferred Shares | JD Health | ||||||||||||||
Total amount received by issuance of the non-redeemable preferred preference shares | ¥ 6,500 | ¥ 6,500 | ||||||||||||
Issuance non controlling interest | ¥ 11,800 | ¥ 11,800 | ||||||||||||
Additional Paid in Capital, Preferred Stock | 26,700 | 26,700 | ||||||||||||
Series A Preferred Shares | JD Industry [Member] | ||||||||||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 335 | |||||||||||||
Series A Preferred Shares | JD Property [Member] | ||||||||||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 703 | |||||||||||||
Issuance non controlling interest | 3,100 | |||||||||||||
Additional Paid in Capital, Preferred Stock | ¥ 1,300 | |||||||||||||
Series B Preferred Shares | JD Health | ||||||||||||||
Total amount received by issuance of the non-redeemable preferred preference shares | ¥ 6,300 | ¥ 6,300 | ||||||||||||
Series B Preferred Shares | JD Property [Member] | ||||||||||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 803 | |||||||||||||
Issuance non controlling interest | 3,900 | |||||||||||||
Additional Paid in Capital, Preferred Stock | ¥ 1,400 | |||||||||||||
Series A1Preferred Stock | JD Industry [Member] | ||||||||||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 335 | |||||||||||||
Issuance non controlling interest | 510 | 510 | ||||||||||||
Additional Paid in Capital, Preferred Stock | ¥ 1,792 | ¥ 1,792 |
Ordinary shares (Details)
Ordinary shares (Details) - USD ($) $ in Millions | 1 Months Ended | ||||||||
Jun. 29, 2022 | May 10, 2019 | Jul. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2020 | May 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
RSUs and share options | |||||||||
Ordinary shares | |||||||||
Ordinary shares reserved for issuance | 90,955,190 | 124,045,978 | |||||||
Class A ordinary shares | Huang River Investment Limited | |||||||||
Ordinary shares | |||||||||
Shares Issued | 2,164,236 | 1,914,998 | 2,938,584 | 8,127,302 | |||||
Class A ordinary shares | Huang River Investment Limited | Transaction with Tencent | |||||||||
Ordinary shares | |||||||||
Business combination, consideration transferred | $ 220 | $ 250 | |||||||
Class A ordinary shares | HKSE | |||||||||
Ordinary shares | |||||||||
Shares Issued | 152,912,100 |
Dividends - Additional Informat
Dividends - Additional Information (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||
May 04, 2022 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Common stock, dividends, per share, cash paid | $ 0.63 | ||||
Dividends | $ 2,000 | ¥ 12,994 | |||
Payments of ordinary dividends, common stock | ¥ 13,087 | $ 1,897 | ¥ 0 | ¥ 0 | |
American Depositary Share [Member] | |||||
Common stock, dividends, per share, cash paid | $ 1.26 |
Share repurchase program (Detai
Share repurchase program (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | |||||||
Mar. 31, 2020 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) $ / shares shares | Nov. 30, 2021 USD ($) | |
Shares repurchased during the year | ¥ | ¥ 1,823 | ¥ 5,246 | ¥ 312 | |||||
ADS | 2020 Share repurchase program | ||||||||
Authorized amount | $ 2,000 | |||||||
Repurchase period (in months) | 24 months | |||||||
Shares repurchased during the year (in ADS shares) | shares | 5,010,203 | 5,010,203 | 10,214,827 | 10,214,827 | 1,191,370 | 1,191,370 | ||
Shares repurchased during the year | ¥ 1,823 | $ 286 | ¥ 5,246 | $ 806 | ¥ 312 | $ 44 | ||
Weighted average repurchase price (in dollars per ADS) | $ / shares | $ 57.14 | $ 78.92 | $ 37.04 | |||||
Share Repurchase Authorization | $ 3,000 | $ 2,000 |
Other comprehensive income (Det
Other comprehensive income (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | ¥ 245,572 | ¥ 204,486 | ¥ 84,660 | |
Balance | 273,533 | $ 39,659 | 245,572 | 204,486 |
Foreign currency translation adjustments | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | (6,090) | (3,548) | 4,108 | |
Other comprehensive income/(loss) | 5,131 | (2,542) | (7,656) | |
Balance | (959) | (6,090) | (3,548) | |
Net unrealized gains/(losses) on available-for-sale securities | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | 55 | |||
Other comprehensive income/(loss) | (55) | |||
Accumulated other comprehensive income/(loss) | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | (6,090) | (3,548) | 4,163 | |
Other comprehensive income/(loss) | 5,131 | (2,542) | (7,711) | |
Balance | ¥ (959) | ¥ (6,090) | ¥ (3,548) |
Share-based compensation (Detai
Share-based compensation (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation | |||
Share-based compensation expenses | ¥ 7,548 | ¥ 9,134 | ¥ 4,156 |
Cost of revenues | |||
Share-based compensation | |||
Share-based compensation expenses | 143 | 102 | 98 |
Fulfillment | |||
Share-based compensation | |||
Share-based compensation expenses | 930 | 882 | 646 |
Marketing | |||
Share-based compensation | |||
Share-based compensation expenses | 631 | 586 | 347 |
Research and development | |||
Share-based compensation | |||
Share-based compensation expenses | 1,557 | 1,781 | 1,400 |
General and administrative | |||
Share-based compensation | |||
Share-based compensation expenses | ¥ 4,287 | ¥ 5,783 | ¥ 1,665 |
Share-based compensation (Det_2
Share-based compensation (Details 2) ¥ / shares in Units, $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||||||
Oct. 31, 2020 $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 7,548 | ¥ 9,134 | ¥ 4,156 | ||||||||
Share Incentive Plan | Employee and non-employee | |||||||||||
Share-based compensation | |||||||||||
Number of ordinary shares available for future grants | 194,927,210 | 194,927,210 | 194,927,210 | ||||||||
Share Incentive Plan | Employee and non-employee | RSU | |||||||||||
Share-based compensation | |||||||||||
Vesting schedule | 4 years | 4 years | |||||||||
Share Incentive Plan | Employee and non-employee | RSU | Service-based | |||||||||||
Number of Shares | |||||||||||
Unvested at the beginning of the year (in shares) | 95,108,866 | 95,108,866 | 108,269,242 | 108,269,242 | 100,831,204 | 100,831,204 | |||||
Granted (in shares) | 13,951,100 | 13,951,100 | 30,069,498 | 30,069,498 | 42,621,084 | 42,621,084 | |||||
Vested (in shares) | (23,123,292) | (23,123,292) | (23,834,466) | (23,834,466) | (20,632,596) | (20,632,596) | |||||
Forfeited or cancelled | (14,295,620) | (14,295,620) | (19,395,408) | (19,395,408) | (14,550,450) | (14,550,450) | |||||
Unvested at the end of the year (in shares) | 71,641,054 | 71,641,054 | 95,108,866 | 95,108,866 | 108,269,242 | 108,269,242 | 100,831,204 | ||||
Weighted-Average Grant-Date Fair Value | |||||||||||
Unvested at the beginning of the year (in dollars per share) | $ / shares | $ 25.89 | $ 19.62 | $ 15.35 | ||||||||
Granted (in dollars per share) | $ / shares | 29.81 | 39.93 | 26.44 | ||||||||
Vested (in dollars per share) | $ / shares | 23.04 | 18.89 | 15.25 | ||||||||
Forfeited or cancelled | $ / shares | 25.94 | 21.3 | 16.13 | ||||||||
Unvested at the end of the year (in dollars per share) | $ / shares | $ 27.56 | $ 25.89 | $ 19.62 | $ 15.35 | |||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 3,877 | ¥ 4,129 | ¥ 3,085 | ||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 5,735 | ¥ 5,735 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 8 months 12 days | 3 years 8 months 12 days | |||||||||
Total fair value of RSUs vested | ¥ 4,590 | $ 706 | 6,359 | $ 973 | 3,458 | $ 494 | |||||
Total intrinsic value of RSUs vested | ¥ 4,590 | $ 706 | ¥ 6,359 | $ 973 | ¥ 3,458 | $ 494 | |||||
Share Incentive Plan | Employee and non-employee | Options | Service-based | |||||||||||
Number of share options | |||||||||||
Outstanding at the beginning of the year (in shares) | 2,937,112 | 2,937,112 | 4,907,060 | 4,907,060 | 10,224,124 | 10,224,124 | |||||
Granted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Exercised (in shares) | (620,476) | (620,476) | (1,962,856) | (1,962,856) | (5,073,294) | (5,073,294) | |||||
Forfeited or cancelled | (2,500) | (2,500) | (7,092) | (7,092) | (243,770) | (243,770) | |||||
Outstanding at the end of the year (in shares) | 2,314,136 | 2,314,136 | 2,937,112 | 2,937,112 | 4,907,060 | 4,907,060 | 10,224,124 | ||||
Vested and expected to vest at the end of the year (in shares) | 2,298,132 | 2,298,132 | 2,298,132 | ||||||||
Exercisable at the end of the year (in shares) | 2,247,452 | 2,247,452 | 2,247,452 | ||||||||
Weighted Average Exercise Price | |||||||||||
Outstanding at the beginning of the year (in dollars per share) | $ / shares | $ 6.95 | $ 6.38 | $ 6.39 | ||||||||
Exercised (in dollars per share) | $ / shares | 5.7 | 5.49 | 6.23 | ||||||||
Forfeited or cancelled (in dollars per share) | $ / shares | 3.96 | 13.42 | 10.24 | ||||||||
Outstanding at the end of the year (in dollars per share) | $ / shares | $ 7.29 | $ 6.95 | $ 6.38 | $ 6.39 | |||||||
Vested and expected to vest at the end of the year (in dollars per share) | $ / shares | $ 7.25 | ||||||||||
Exercisable at the end of the year (in dollars per share) | $ / shares | $ 7.12 | ||||||||||
Weighted Average Remaining Contractual Term (years) | |||||||||||
Outstanding at the end of the year | 2 years 2 months 12 days | 2 years 2 months 12 days | 2 years 10 months 24 days | 2 years 10 months 24 days | 3 years | 3 years | 4 years 3 months 18 days | ||||
Vested and expected to vest at the end of the year | 2 years 2 months 12 days | 2 years 2 months 12 days | |||||||||
Exercisable at the end of the year | 2 years 1 month 6 days | 2 years 1 month 6 days | |||||||||
Aggregate Intrinsic Value | |||||||||||
Outstanding at the end of the year (in dollars) | $ | $ 82 | $ 82 | $ 184 | $ 115 | $ 48 | ||||||
Vested and expected to vest at the end of the year (in dollars) | $ | 48 | ||||||||||
Exercisable at the end of the year (in dollars) | $ | $ 47 | ||||||||||
Additional disclosures | |||||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 1 year 10 months 24 days | 1 year 10 months 24 days | |||||||||
Total intrinsic value of options exercised | ¥ 98 | $ 14 | ¥ 453 | $ 70 | ¥ 762 | $ 111 | |||||
Share Incentive Plan | Non-employees | RSU | Service-based | |||||||||||
Number of Shares | |||||||||||
Unvested at the beginning of the year (in shares) | 8,208,616 | 8,208,616 | |||||||||
Unvested at the end of the year (in shares) | 5,526,834 | 5,526,834 | 8,208,616 | 8,208,616 | |||||||
Share Incentive Plan | Non-employees | Options | Service-based | |||||||||||
Number of share options | |||||||||||
Outstanding at the beginning of the year (in shares) | 167,206 | 167,206 | |||||||||
Outstanding at the end of the year (in shares) | 78,706 | 78,706 | 167,206 | 167,206 | |||||||
Share Incentive Plan | Year two | Employee and non-employee | RSUs and options | |||||||||||
Share-based compensation | |||||||||||
Vesting schedule | 2 years | 2 years | |||||||||
Vesting percentage (as a percent) | 50% | 50% | |||||||||
Share Incentive Plan | Year three | Employee and non-employee | RSUs and options | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage (as a percent) | 33% | 33% | |||||||||
Share Incentive Plan | Year four | Employee and non-employee | RSUs and options | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage (as a percent) | 25% | 25% | |||||||||
Share Incentive Plan | Year five | Employee and non-employee | RSUs and options | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage (as a percent) | 20% | 20% | |||||||||
Share Incentive Plan | Year six | Employee and non-employee | RSUs and options | |||||||||||
Share-based compensation | |||||||||||
Vesting schedule | 6 years | 6 years | |||||||||
Vesting percentage (as a percent) | 17% | 17% | |||||||||
Share Incentive Plan | Year ten | Employee and non-employee | RSUs and options | |||||||||||
Share-based compensation | |||||||||||
Vesting schedule | 10 years | 10 years | |||||||||
Vesting percentage (as a percent) | 10% | 10% | |||||||||
Jd Logistics Plan [Member] | Employee and non-employee | RSU | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 41,570,538 | 41,570,538 | 9,663,953 | 9,663,953 | |||||||
Weighted-Average Grant-Date Fair Value | |||||||||||
Granted (in dollars per share) | $ / shares | ¥ 18.23 | $ 35 | |||||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 259 | ¥ 39 | |||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 412 | ¥ 412 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 3 months 18 days | 3 years 3 months 18 days | |||||||||
Jd Logistics Plan [Member] | Employee and non-employee | Options | |||||||||||
Number of share options | |||||||||||
Granted (in shares) | 30,030,446 | 30,030,446 | 224,511,105 | 224,511,105 | |||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 702 | ¥ 1,162 | ¥ 640 | ||||||||
Unrecognized share-based compensation expense related to options | ¥ | ¥ 970 | ¥ 970 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 7 months 6 days | 3 years 7 months 6 days | |||||||||
Jd Logistics Plan [Member] | Liu [Member] | Options | |||||||||||
Share-based compensation | |||||||||||
Vesting schedule | 6 years | ||||||||||
Vesting percentage (as a percent) | 16.70% | ||||||||||
Number of share options | |||||||||||
Granted (in shares) | 99,186,705 | ||||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | $ / shares | $ 0.01 | ||||||||||
JD Health Plan [Member] | Employee and non-employee | RSU | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 4,638,422 | 4,638,422 | 80,582,712 | 80,582,712 | |||||||
Weighted-Average Grant-Date Fair Value | |||||||||||
Granted (in dollars per share) | $ / shares | ¥ 52.33 | $ 112.31 | |||||||||
Additional disclosures | |||||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 10 months 24 days | 3 years 10 months 24 days | |||||||||
JD Health Plan [Member] | Employee and non-employee | RSU | Service-based | |||||||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 1,108 | ¥ 1,428 | |||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 1,609 | ¥ 1,609 | |||||||||
JD Property [Member] | Employee and non-employee | RSU | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 193,059,698 | 193,059,698 | |||||||||
Weighted-Average Grant-Date Fair Value | |||||||||||
Granted (in dollars per share) | ¥ / shares | ¥ 2.42 | ||||||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 467 | ||||||||||
Jd Industrials Plan [Member] | Employee and non-employee | RSU | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 90,629,636 | 90,629,636 | |||||||||
Weighted-Average Grant-Date Fair Value | |||||||||||
Granted (in dollars per share) | $ / shares | $ 1.18 | ||||||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 684 | ||||||||||
Jd Industrials Plan [Member] | Employee and non-employee | Options | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 2,660,000 | 2,660,000 | |||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | $ / shares | $ 1.4 | ||||||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 7 | ||||||||||
Unrecognized share-based compensation expense related to options | ¥ | ¥ 12 | 12 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 3 months | 3 years 3 months | |||||||||
Jd Industrials Plan [Member] | Liu [Member] | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 90,629,636 | 90,629,636 | |||||||||
JD Property Plan [Member] | Employee and non-employee | Options | |||||||||||
Number of Shares | |||||||||||
Granted (in shares) | 108,399,512 | 108,399,512 | |||||||||
Weighted-Average Grant-Date Fair Value | |||||||||||
Granted (in dollars per share) | ¥ / shares | ¥ 4.03 | ||||||||||
Additional disclosures | |||||||||||
Share-based compensation expenses | ¥ | ¥ 354 | ||||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 50 | ¥ 50 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years | 3 years | |||||||||
JD Property Plan [Member] | Liu [Member] | RSU | |||||||||||
Number of share options | |||||||||||
Granted (in shares) | 193,059,698 | 193,059,698 | |||||||||
JD Property Plan [Member] | Liu [Member] | Options | |||||||||||
Number of share options | |||||||||||
Granted (in shares) | 81,446,610 | 81,446,610 | |||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | $ / shares | $ 0.00 |
Share-based compensation (Det_3
Share-based compensation (Details 3) ¥ in Millions | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020 $ / shares shares | May 31, 2015 $ / shares shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 $ / shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 $ / shares | Dec. 31, 2020 CNY (¥) shares | |
Share-based compensation | |||||||
Share-based compensation expenses | ¥ 7,548 | ¥ 9,134 | ¥ 4,156 | ||||
Share Incentive Plan | Options | Founder | |||||||
Share-based compensation | |||||||
Vesting schedule | 10 years | ||||||
Share-based compensation expenses | 54 | ¥ 73 | ¥ 104 | ||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 63 | ||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 2 years 4 months 24 days | ||||||
Share Incentive Plan | Options | Founder | Each anniversary | |||||||
Share-based compensation | |||||||
Vesting percentage (as a percent) | 10% | ||||||
Share Incentive Plan | Options | Founder | Class A ordinary shares | |||||||
Share-based compensation | |||||||
Granted (in shares) | shares | 26,000,000 | ||||||
Exercise price | $ / shares | $ 16.7 | ||||||
Share Incentive Plan | Options | Founder | ADS | |||||||
Share-based compensation | |||||||
Exercise price | $ / shares | $ 33.4 | ||||||
JD Logistics Plan | Options | Employees and Non-employees | |||||||
Share-based compensation | |||||||
Granted (in shares) | shares | 30,030,446 | 224,511,105 | |||||
Share-based compensation expenses | ¥ 702 | ¥ 1,162 | ¥ 640 | ||||
Weighted average grant date fair value of options granted | $ / shares | $ 4.31 | $ 2 | |||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 970 | ||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 7 months 6 days | ||||||
JD Logistics Plan | Options | Liu | |||||||
Share-based compensation | |||||||
Granted (in shares) | shares | 99,186,705 | ||||||
Exercise price | $ / shares | $ 0.01 | ||||||
Vesting schedule | 6 years | ||||||
Vesting percentage (as a percent) | 16.70% | ||||||
JD Health | Options | Employees and Non-employees | |||||||
Share-based compensation | |||||||
Granted (in shares) | shares | 94,770,812 | ||||||
Share-based compensation expenses | ¥ 960 | ¥ 1,133 | ¥ 331 | ||||
Weighted average grant date fair value of options granted | $ / shares | $ 7.45 | ||||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 1,165 | ||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 4 years 8 months 12 days | ||||||
JD Health | Options | Liu | |||||||
Share-based compensation | |||||||
Granted (in shares) | shares | 53,042,516 | ||||||
Exercise price | $ / shares | $ 0.00 | ||||||
Vesting schedule | 6 years | ||||||
Vesting percentage (as a percent) | 16.70% |
Net income_(loss) per share (De
Net income/(loss) per share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income/(loss) attributable to ordinary shareholders — basic | ¥ 10,380 | ¥ (3,560) | ¥ 49,405 |
Impact of subsidiaries' diluted earnings | (170) | (2) | (157) |
Net income/(loss) attributable to ordinary shareholders — diluted | ¥ 10,210 | ¥ (3,562) | ¥ 49,248 |
Denominator: | |||
Weighted average number of shares — basic | 3,125,571,110 | 3,107,436,665 | 3,021,808,985 |
Adjustments for dilutive options and RSUs | 55,315,026 | 0 | 87,215,045 |
Weighted average number of shares — diluted | 3,180,886,136 | 3,107,436,665 | 3,109,024,030 |
Basic net income/(loss) per share attributable to ordinary shareholders | ¥ 3.32 | ¥ (1.15) | ¥ 16.35 |
Diluted net income/(loss) per share attributable to ordinary shareholders | ¥ 3.21 | ¥ (1.15) | ¥ 15.84 |
Net income_(loss) per share (_2
Net income/(loss) per share (Details 2) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-vested ordinary shares, RSUs and options | |||
Anti-dilutive securities | |||
Anti-dilutive securities | 105,899,185 | 127,098,868 | 138,762,892 |
Related party transactions (Det
Related party transactions (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) shares | Mar. 31, 2022 shares | Jun. 18, 2020 shares | |
Related party transactions | ||||||
Amount due to related parties | ¥ (488) | ¥ (519) | $ (71) | |||
Amount due from related parties | 5,577 | 5,272 | ||||
Amount due from related parties | ¥ 6,142 | ¥ 5,500 | $ 891 | |||
Tencent Group [Member] | ||||||
Related party transactions | ||||||
Noncontrolling interest, ownership percentage by parent | 2.30% | |||||
Common Class A [Member] | ||||||
Related party transactions | ||||||
Common stock, shares, issued | shares | 2,793,298,344 | 2,731,123,330 | 2,793,298,344 | 152,912,100 | ||
Common Class A [Member] | Tencent Group [Member] | ||||||
Related party transactions | ||||||
Common stock, shares, issued | shares | 460,000,000 | |||||
Tencent Group | ||||||
Related party transactions | ||||||
Amount due from related parties | ¥ 0 | ¥ 1,956 | ||||
Tencent Group | Commission service revenue from cooperation on advertising business | ||||||
Related party transactions | ||||||
Revenues | 44 | 248 | ¥ 355 | |||
Tencent Group | Services provided and products sold | ||||||
Related party transactions | ||||||
Revenues | 77 | 553 | 375 | |||
Tencent Group | Services received and purchases | ||||||
Related party transactions | ||||||
Operating expenses | 1,314 | 5,010 | 3,226 | |||
Dada Group | ||||||
Related party transactions | ||||||
Amount due to related parties | 0 | (337) | ||||
Dada Group | Services received | ||||||
Related party transactions | ||||||
Revenues | 135 | 523 | 179 | |||
Operating expenses | 212 | 1,087 | 2,200 | |||
Dada Group | Traffic support, marketing and promotion services | ||||||
Related party transactions | ||||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | 0 | (83) | ||||
Dada Group | Non-compete agreement | ||||||
Related party transactions | ||||||
Other income | 13 | 77 | 82 | |||
Other liabilities | 0 | (101) | ||||
ATRenew Group | ||||||
Related party transactions | ||||||
Amount due to related parties | 0 | (45) | ||||
Amount due from related parties | 22 | |||||
ATRenew Group | Services provided and products sold | ||||||
Related party transactions | ||||||
Revenues | 806 | 894 | 664 | |||
ATRenew Group | Services received | ||||||
Related party transactions | ||||||
Operating expenses | 4 | 31 | 32 | |||
ATRenew Group | Traffic support, marketing and promotion services | ||||||
Related party transactions | ||||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (610) | (1,038) | ||||
JD Technology | ||||||
Related party transactions | ||||||
Amount of over-due receivable transferred | 237 | 77 | 493 | |||
JD Technology | Services provided and products sold | ||||||
Related party transactions | ||||||
Revenues | 1,044 | 882 | 598 | |||
JD Technology | Payment processing and other services received | ||||||
Related party transactions | ||||||
Operating expenses | 11,494 | 8,762 | 6,945 | |||
Amount due to related party for payment processing services | 1,627 | 1,985 | 1,721 | |||
JD Technology | Loan | ||||||
Related party transactions | ||||||
Other income | 301 | 253 | 31 | |||
Amount due from related parties | 3,378 | 2,876 | ||||
JD Technology | Other receivables from/(payables to) | ||||||
Related party transactions | ||||||
Amount due from related parties | (637) | (416) | ||||
JD Technology | Finance receivables past due over certain agreed period of time | ||||||
Related party transactions | ||||||
Accounts receivables transferred without recourse and derecognized | 50,282 | 43,299 | ¥ 33,406 | |||
Related party transaction, Amounts of transaction | 1,462 | |||||
Major related parties | ||||||
Related party transactions | ||||||
Amount due to related parties | 0 | (382) | ||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (610) | (1,121) | ||||
Other liabilities | 0 | (101) | ||||
Related parties, other than the major related parties | ||||||
Related party transactions | ||||||
Amount due from related parties | ¥ 565 | ¥ 492 | ||||
Amount due from related parties as a percentage of total accounts receivable, net and prepayments and other current assets | 1.58% | 2.11% | 1.58% | |||
Amount due to and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | ¥ 488 | ¥ 137 | ||||
Amount due to and deferred revenues from related parties as a percentage of total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other non-current liabilities | 0.20% | 0.07% | 0.20% | |||
Related parties, other than the major related parties | Total net revenues | Related parties concentration risk | ||||||
Related party transactions | ||||||
Concentration risk (as a percentage) | 0.26% | 0.24% | 0.15% | |||
Related parties, other than the major related parties | Total operating expenses | Related parties concentration risk | ||||||
Related party transactions | ||||||
Concentration risk (as a percentage) | 0.13% | 0.17% | 0.28% | |||
Property Funds [Member] | Loan | ||||||
Related party transactions | ||||||
Other income | ¥ 43 | ¥ 39 | ¥ 49 | |||
Amount due from related parties | 1,746 | 769 | ||||
Property Funds [Member] | Other receivables from | ||||||
Related party transactions | ||||||
Amount due from related parties | 1,068 | 87 | ||||
Property Funds [Member] | Lease and property management services received | ||||||
Related party transactions | ||||||
Operating expenses | ¥ 1,249 | ¥ 1,180 | ¥ 838 |
Segment reporting (Details)
Segment reporting (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Net revenues | ¥ 1,046,236 | $ 151,690 | ¥ 951,592 | ¥ 745,802 |
Operating income/(loss) | 19,723 | 2,860 | 4,141 | 12,343 |
Including: gain on sale of development properties | 1,379 | 200 | 767 | 1,649 |
Total other income/(expense) | (5,856) | (6,721) | 38,476 | |
Income/(loss) before tax | 13,867 | $ 2,012 | (2,580) | 50,819 |
Operating segments | ||||
Net revenues | 1,046,236 | 951,016 | 744,996 | |
Operating income/(loss) | 28,963 | 14,186 | 16,986 | |
Inter-segment | ||||
Net revenues | (50,904) | (46,043) | (39,945) | |
Unallocated items | ||||
Net revenues | 0 | 576 | 806 | |
Operating income/(loss) | (9,240) | (10,045) | (4,643) | |
JD Retail | Operating segments | ||||
Net revenues | 929,929 | 866,303 | 693,965 | |
Operating income/(loss) | 34,852 | 26,613 | 20,611 | |
JD Logistics [Member] | Operating segments | ||||
Net revenues | 137,402 | 104,693 | 73,375 | |
Operating income/(loss) | 528 | (1,827) | 1,098 | |
Dada [Member] | Operating segments | ||||
Net revenues | 8,030 | |||
Operating income/(loss) | (1,122) | |||
New Businesses | Operating segments | ||||
Net revenues | 21,779 | 26,063 | 17,601 | |
Operating income/(loss) | (5,295) | (10,600) | (4,723) | |
Including: gain on sale of development properties | ¥ 1,379 | ¥ 767 | ¥ 1,649 |
Segment reporting (Details 2)
Segment reporting (Details 2) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Share-based compensation | ¥ (7,548) | ¥ (9,134) | ¥ (4,156) | |
Total | 19,723 | $ 2,860 | 4,141 | 12,343 |
Unallocated items | ||||
Share-based compensation | (7,548) | (9,134) | (4,156) | |
Amortization of intangible assets resulting from assets and business acquisitions | (1,217) | (940) | (723) | |
Effects of business cooperation arrangements | (475) | 29 | 236 | |
Total | ¥ (9,240) | ¥ (10,045) | ¥ (4,643) |
Employee benefit (Details)
Employee benefit (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract] | |||
Employee benefit expenses | ¥ 7,627 | ¥ 7,894 | ¥ 4,580 |
Loan facilities and lines of _3
Loan facilities and lines of credit (Details) ¥ in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
May 31, 2022 CNY (¥) | Apr. 30, 2022 USD ($) | Feb. 28, 2022 HKD ($) | Dec. 31, 2022 CNY (¥) item | Dec. 31, 2022 USD ($) item | Feb. 28, 2023 HKD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 HKD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | |
Lines of credit and loan facilities | ||||||||||
Proceeds from long-term borrowings | ¥ 14,101 | $ 2,044 | ||||||||
Short-term debts | 12,146 | $ 1,761 | ¥ 4,368 | |||||||
Debt Instrument, Collateral Amount | 19,765 | |||||||||
Collateral Pledged [Member] | ||||||||||
Lines of credit and loan facilities | ||||||||||
Short-term debts | 875 | |||||||||
long-term borrowings | 6,953 | |||||||||
Uncollateralized [Member] | ||||||||||
Lines of credit and loan facilities | ||||||||||
Short-term debts | 3,185 | |||||||||
long-term borrowings | ¥ 4,101 | |||||||||
LIBOR | ||||||||||
Lines of credit and loan facilities | ||||||||||
Percentage over variable rate basis | 0.85% | 0.85% | ||||||||
Prime Rate [Member] | ||||||||||
Lines of credit and loan facilities | ||||||||||
Term (in years) | 7 years | 7 years | 7 years | |||||||
Maximum borrowing capacity under facilities | ¥ 3,000 | |||||||||
Percentage below variable rate basis | 1.45% | 1.45% | ||||||||
Undrawn balance which will be expired one month prior to the final maturity date | ¥ 1,000 | |||||||||
Proceeds from long-term borrowings | ¥ 2,000 | |||||||||
Term and Revolving Credit Facilities | ||||||||||
Lines of credit and loan facilities | ||||||||||
Term (in years) | 5 years | 5 years | ||||||||
Maximum borrowing capacity under facilities | $ | $ 2,000 | |||||||||
Number of arrangers | item | 5 | 5 | ||||||||
Undrawn balance which will be expired one month prior to the final maturity date | $ | $ 1,000 | |||||||||
Proceeds from long-term borrowings | $ | $ 1,000 | |||||||||
long-term borrowings | ¥ 6,965 | |||||||||
Term loan facility agreement | ||||||||||
Lines of credit and loan facilities | ||||||||||
Undrawn balance which will be expired one month prior to the final maturity date | $ | $ 15,931 | |||||||||
Proceeds from long-term borrowings | ¥ 2,741 | $ 6,300 | ||||||||
Term loan facility agreement | Subsequent Event [Member] | ||||||||||
Lines of credit and loan facilities | ||||||||||
Undrawn balance which will be expired one month prior to the final maturity date | $ | $ 9,041 | |||||||||
Term loan facility agreement | Hong Kong Interbank Offered Rate | Date falling 6 months from the initial utilization date | ||||||||||
Lines of credit and loan facilities | ||||||||||
Percentage over variable rate basis | 0.70% | 0.70% | ||||||||
Term loan facility agreement | Hong Kong Interbank Offered Rate | Initial Utilization date | ||||||||||
Lines of credit and loan facilities | ||||||||||
Percentage over variable rate basis | 0.50% | 0.50% | ||||||||
Short-term Debt | ||||||||||
Lines of credit and loan facilities | ||||||||||
Undrawn balance which will be expired one month prior to the final maturity date | $ | $ 6,890 | |||||||||
Short-term debts | ¥ 10 | |||||||||
Long-Term Debt | Prime Rate [Member] | ||||||||||
Lines of credit and loan facilities | ||||||||||
long-term borrowings | ¥ 1,990 |
Loan facilities and lines of _4
Loan facilities and lines of credit (Details 2) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Debt Instrument [Line Items] | |||
Unsecured senior notes | ¥ 10,224 | $ 1,482 | ¥ 9,386 |
Total Loan Facilities | 42,379 | ||
Unsecured Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes | 10,224 | ||
Unsecured Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured borrowings | 24,327 | ||
Secured Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Secured borrowings | ¥ 7,828 |
Loan facilities and lines of _5
Loan facilities and lines of credit (Details 3) - Line of Credit [Member] ¥ in Millions | Dec. 31, 2022 CNY (¥) |
Debt Instrument [Line Items] | |
2023 | ¥ 885 |
2024 | 1,367 |
2025 | 3,360 |
2026 | 2,109 |
2027 | 7,619 |
2028 and thereafter | 5,554 |
Total | ¥ 20,894 |
Loan facilities and lines of _6
Loan facilities and lines of credit (Details 4) ¥ in Millions | Dec. 31, 2022 CNY (¥) |
Lines of credit and loan facilities | |
Amount reserved for the issuance of bank acceptance | ¥ 30,391 |
Amount reserved for bank guarantee | 2,331 |
Unsecured revolving lines of credit | |
Lines of credit and loan facilities | |
Revolving lines of credit | ¥ 131,367 |
Commitments and contingencies_2
Commitments and contingencies (Details) - Internet data center (IDC) service - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | |||
Internet data center (IDC) service related expenses | ¥ 3,661 | ¥ 2,236 | ¥ 2,864 |
Future minimum payments under these non-cancelable agreements with initial terms of one year or more | |||
2023 | 824 | ||
2024 | 784 | ||
2025 | 357 | ||
2026 | 330 | ||
2027 | 328 | ||
2028 and thereafter | 1,708 | ||
Total | ¥ 4,331 |
Commitments and contingencies_3
Commitments and contingencies (Details 1) ¥ in Millions | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Investment Commitment | |
Capital commitments and Long-Term Debt Obligations | |
Investment commitments primarily related to capital contribution obligation | ¥ 2,449 |
Capital commitments | |
Capital commitments and Long-Term Debt Obligations | |
Total commitments contracted but not yet reflected | ¥ 10,744 |
Purchase Commitment | Total net revenues | Customer | Customer Concentration Risk | |
Capital commitments and Long-Term Debt Obligations | |
Concentration risk (as a percentage) | 1% |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Millions | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Restricted net assets | |
Restricted net assets | ¥ 58,228 |
The ratio of restricted net assets to the Company's total consolidated net assets | 27% |
PRC | |
Restricted net assets | |
Required minimum percentage of annual appropriations to general reserve fund or statutory surplus fund | 10% |
PRC | General reserve fund | Foreign invested enterprise | |
Restricted net assets | |
Required minimum percentage of annual appropriations to general reserve fund | 10% |
Maximum percentage of statutory general reserve related to entity's registered capital | 50% |
PRC | Statutory surplus reserve | Domestic enterprise | |
Restricted net assets | |
Required minimum percentage of annual appropriations to statutory surplus fund | 10% |
Maximum percentage of statutory surplus reserve related to entity's registered capital | 50% |
Subsequent events (Details)
Subsequent events (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 1 Months Ended | 4 Months Ended | 12 Months Ended | 37 Months Ended | ||||
Mar. 08, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Feb. 28, 2023 CNY (¥) | Apr. 20, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Apr. 20, 2023 USD ($) shares | |
Subsequent events | ||||||||
Shares repurchased during the year | ¥ | ¥ 1,823 | ¥ 5,246 | ¥ 312 | |||||
Subsequent event | ||||||||
Subsequent events | ||||||||
Cash dividend, per ordinary share | $ / shares | $ 0.31 | |||||||
Dividends Payable | $ 1,000 | |||||||
Dividends Payable, expected payment date | Apr. 27, 2023 | |||||||
Subsequent event | SHANGHAI STOCK EXCHANGE [Member] | ||||||||
Subsequent events | ||||||||
Proceeds from REITS listed on the shanghai stock exchange | ¥ | ¥ 1,700 | |||||||
Subsequent event | Series B Preferred Stock [Member] | ||||||||
Subsequent events | ||||||||
Preference shares financing | $ 210 | |||||||
Subsequent event | American Depositary Share [Member] | ||||||||
Subsequent events | ||||||||
Shares repurchased during the year (in ADS shares) | shares | 3,839,490 | 20,255,890 | ||||||
Shares repurchased during the year | $ 153 | $ 1,290 | ||||||
Cash dividend, per ordinary share | $ / shares | $ 0.62 | |||||||
Dividends Payable, expected payment date | May 04, 2023 |
Parent company only condensed_3
Parent company only condensed financial information (Details) $ / shares in Units, ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 $ / shares | Jun. 18, 2020 shares |
ASSETS | |||||
Cash and cash equivalents | ¥ 78,861 | $ 11,434 | ¥ 70,767 | ||
Short-term investments | 141,095 | 20,457 | 114,564 | ||
Investments in subsidiaries and consolidated VIEs | ¥ | 28,952 | 36,254 | |||
Prepayments and other assets | 15,156 | 2,197 | 11,455 | ||
Total assets | 595,250 | 86,303 | 496,507 | ||
LIABILITIES | |||||
Short-term debts | 12,146 | 1,761 | 4,368 | ||
Unsecured senior notes | 10,224 | 1,482 | 9,386 | ||
Long-term borrowings | 20,009 | 2,901 | |||
Accrued expenses and other liabilities | 42,570 | 6,172 | 34,468 | ||
Total liabilities | 321,127 | 46,558 | 249,723 | ||
SHAREHOLDERS' EQUITY: | |||||
Additional paid-in capital | 184,041 | 26,683 | 182,578 | ||
Statutory reserves | 3,473 | 504 | 1,586 | ||
Treasury stock | (2,493) | (361) | (2,968) | ||
Retained earnings | 29,304 | 4,249 | 33,805 | ||
Accumulated other comprehensive loss | (959) | (139) | (6,090) | ||
Total JD.com, Inc. shareholders' equity | 213,366 | 30,936 | 208,911 | ||
Total liabilities, mezzanine equity and shareholders' equity | ¥ 595,250 | $ 86,303 | ¥ 496,507 | ||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | |||
Ordinary shares, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | ||
Class A ordinary shares | |||||
SHAREHOLDERS' EQUITY: | |||||
Ordinary shares, shares issued (in shares) | 2,793,298,344 | 2,793,298,344 | 2,731,123,330 | 152,912,100 | |
Ordinary shares, shares outstanding (in shares) | 2,756,458,772 | 2,756,458,772 | 2,690,342,230 | ||
Class B ordinary shares | |||||
SHAREHOLDERS' EQUITY: | |||||
Ordinary shares, shares issued (in shares) | 386,374,723 | 386,374,723 | 428,185,501 | ||
Ordinary shares, shares outstanding (in shares) | 379,220,475 | 379,220,475 | 420,449,419 | ||
Parent company | |||||
ASSETS | |||||
Cash and cash equivalents | ¥ 5,029 | $ 729 | ¥ 7,417 | ||
Short-term investments | ¥ | 1 | ||||
Internal balance | 63,708 | 9,237 | 65,120 | ||
Investments in subsidiaries and consolidated VIEs | 162,015 | 23,491 | 148,607 | ||
Prepayments and other assets | 308 | 44 | 419 | ||
Total assets | 231,060 | 33,501 | 221,564 | ||
LIABILITIES | |||||
Short-term debts | ¥ | 2,869 | ||||
Unsecured senior notes | 10,347 | 1,499 | 9,461 | ||
Long-term borrowings | 6,965 | 1,010 | |||
Accrued expenses and other liabilities | 382 | 56 | 323 | ||
Total liabilities | 17,694 | 2,565 | 12,653 | ||
SHAREHOLDERS' EQUITY: | |||||
Additional paid-in capital | 184,041 | 26,683 | 182,578 | ||
Statutory reserves | 3,473 | 504 | 1,586 | ||
Treasury stock | (2,493) | (361) | (2,968) | ||
Retained earnings | 29,304 | 4,249 | 33,805 | ||
Accumulated other comprehensive loss | (959) | (139) | (6,090) | ||
Total JD.com, Inc. shareholders' equity | 213,366 | 30,936 | 208,911 | ||
Total liabilities, mezzanine equity and shareholders' equity | ¥ 231,060 | $ 33,501 | ¥ 221,564 | ||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | |||
Ordinary shares, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | ||
Parent company | Class A ordinary shares | |||||
SHAREHOLDERS' EQUITY: | |||||
Ordinary shares, shares issued (in shares) | 2,793,298,344 | 2,793,298,344 | 2,731,123,330 | ||
Ordinary shares, shares outstanding (in shares) | 2,756,458,772 | 2,756,458,772 | 2,690,342,230 | ||
Parent company | Class B ordinary shares | |||||
SHAREHOLDERS' EQUITY: | |||||
Ordinary shares, shares issued (in shares) | 386,374,723 | 386,374,723 | 428,185,501 | ||
Ordinary shares, shares outstanding (in shares) | 379,220,475 | 379,220,475 | 420,449,419 |
Parent company only condensed_4
Parent company only condensed financial information (Details 2) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses | ||||
Marketing | ¥ (37,772) | $ (5,476) | ¥ (38,743) | ¥ (27,156) |
General and administrative | (11,053) | (1,603) | (11,562) | (6,409) |
Income/(loss) from operations | 19,723 | 2,860 | 4,141 | 12,343 |
Other income/(expense) | ||||
Other income/(expense), net | (1,555) | (225) | (590) | 35,310 |
Income/(loss) before tax | 13,867 | 2,012 | (2,580) | 50,819 |
Income tax expenses | (4,176) | (605) | (1,887) | (1,482) |
Net income/(loss) | 9,691 | 1,407 | (4,467) | 49,337 |
Net income/(loss) attributable to ordinary shareholders | 10,380 | 1,507 | (3,560) | 49,405 |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustments | 7,810 | 1,132 | (2,872) | (7,955) |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 705 | |||
Reclassification adjustment for gains recorded in net income, net of tax | (760) | |||
Net unrealized losses on available-for-sale securities | (55) | |||
Total comprehensive income/(loss) | 17,501 | 2,539 | (7,339) | 41,327 |
Parent company | ||||
Operating expenses | ||||
Marketing | (2) | (4) | (11) | |
General and administrative | (331) | (48) | (465) | (453) |
Income/(loss) from operations | (333) | (48) | (469) | (464) |
Other income/(expense) | ||||
Income/(loss) of subsidiaries and consolidated VIEs | 10,667 | 1,548 | (2,708) | 50,154 |
Other income/(expense), net | 48 | 7 | (376) | (266) |
Income/(loss) before tax | 10,382 | 1,507 | (3,553) | 49,424 |
Income tax expenses | (2) | 0 | (7) | (19) |
Net income/(loss) | 10,380 | 1,507 | (3,560) | 49,405 |
Net income/(loss) attributable to ordinary shareholders | 10,380 | 1,507 | (3,560) | 49,405 |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustments | 5,131 | 744 | (2,542) | (7,656) |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 705 | |||
Reclassification adjustment for gains recorded in net income, net of tax | (760) | |||
Net unrealized losses on available-for-sale securities | (55) | |||
Total other comprehensive income/(loss) | 5,131 | 744 | (2,542) | (7,711) |
Total comprehensive income/(loss) | ¥ 15,511 | $ 2,251 | ¥ (6,102) | ¥ 41,694 |
Parent company only condensed_5
Parent company only condensed financial information (Details 3) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Condensed Statements of Cash Flows | ||||
Net cash used in operating activities | ¥ 57,819 | $ 8,383 | ¥ 42,301 | ¥ 42,544 |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (180,291) | (26,140) | (167,684) | (60,747) |
Maturity of short-term investments | 165,093 | 23,936 | 113,362 | 25,148 |
Loans (provided to)/settled by internal companies | (502) | (73) | (169) | (2,342) |
Other investing activities | (88) | (10) | 1,587 | (617) |
Net cash used in investing activities | (54,026) | (7,833) | (74,248) | (57,811) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 31,342 | |||
Repurchase of ordinary shares | (1,823) | (264) | (5,246) | (312) |
Cash paid for dividends | (13,087) | (1,897) | 0 | 0 |
Proceeds from short-term borrowings | 33,208 | 4,815 | 7,133 | 14,766 |
Repayment of short-term borrowings | (31,804) | (4,611) | (5,982) | (16,582) |
Proceeds from long-term borrowings | 14,101 | 2,044 | ||
Proceeds from unsecured senior notes | 6,804 | |||
Other financing activities | (195) | (30) | (8) | (9) |
Net cash provided by financing activities | 1,180 | 171 | 19,503 | 71,072 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3,490 | 506 | (1,498) | (5,082) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 8,463 | 1,227 | (13,942) | 50,723 |
Cash, cash equivalents, and restricted cash at beginning of year | 76,693 | 11,119 | 90,519 | 39,912 |
Cash, cash equivalents, and restricted cash at end of year | 85,115 | 12,341 | 76,693 | 90,519 |
Parent company | ||||
Condensed Statements of Cash Flows | ||||
Net cash used in operating activities | (509) | (74) | (411) | (243) |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (3,189) | (3,421) | ||
Maturity of short-term investments | 1 | 6,546 | ||
Loans (provided to)/settled by internal companies | 7,426 | 1,077 | (20,900) | (13,421) |
Other investing activities | 3,147 | 40 | ||
Net cash used in investing activities | 7,427 | 1,077 | (14,396) | (16,802) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 31,342 | |||
Repurchase of ordinary shares | (1,823) | (264) | ||
Cash paid for dividends | (13,087) | (1,897) | ||
Proceeds from short-term borrowings | 3,945 | 572 | ||
Repayment of short-term borrowings | (7,005) | (1,016) | ||
Proceeds from long-term borrowings | 6,618 | 960 | ||
Repayment of unsecured senior notes | (3,246) | |||
Proceeds from unsecured senior notes | 6,804 | |||
Other financing activities | 1,043 | 151 | 62 | 236 |
Net cash provided by financing activities | (10,309) | (1,494) | (3,184) | 38,382 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,003 | 145 | (136) | (2,369) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (2,388) | (346) | (18,127) | 18,968 |
Cash, cash equivalents, and restricted cash at beginning of year | 7,417 | 1,075 | 25,544 | 6,576 |
Cash, cash equivalents, and restricted cash at end of year | ¥ 5,029 | $ 729 | ¥ 7,417 | ¥ 25,544 |