JD.com Earnings Call: Profit Inflection Point Reached, Food Delivery Losses Narrow by Over 50%, Q3 Retail Expected to Return to Positive Growth

JD.com's Q2 2026 revenue fell 2.9% year-over-year to RMB 346.4 billion, still in an adjustment phase, but non-GAAP net profit rose 21% to RMB 8.9 billion. Retail operating margin hit a record high for the promotional season, and food delivery losses narrowed by over 50% year-over-year. Management stated that the profit inflection point is clear, expecting retail to resume positive growth in Q3. AI applications, overseas expansion, and lower-tier market penetration are progressing steadily, with strategic focus shifting to user quality and lifetime value. In H2, the company will balance revenue recovery with margin improvement.