Our loss for the year increased from RMB98.9 million in 2024 to RMB155.1 million in 2025 despite a substantial increase in gross profit, primarily due to (i) an increase in administrative expense, primarily attributable to share-based payments granted to our administrative personnel in 2025, (ii) an increase in selling expense, primarily due to strengthened marketing and branding efforts, more promotional services utilized and expansion of sales team, (iii) an increase in R&D expense, primarily attributable to increased number of R&D personnel and our increased need for new product development, (iv) an increase in [REDACTED] expense and (v) an increase in finance costs, primarily attributable to an increase in interest on bank loans, as we increased borrowings in 2025.
Summary · p. 12
Share-based payment expenses are non-cash in nature and represent the arrangement under which we receive services from employees as consideration for our equity instruments.
In 2023, we incurred a net loss of RMB837.3 million and adjusted loss (non-IFRS measure) of RMB639.2 million, primarily attributable to: (i) sustained weak demand in our end markets, particularly in key sectors such as mobile phones and computers, driven by the global economic slowdown, continued de-stocking efforts by downstream enterprise customers for the majority of 2023, and rising inflation; and (ii) an increase in operating expenses, largely due to increased investment in R&D, alongside additional costs related to share-based payments and service fees associated with our acquisitions during the year.
Share-based payment expenses are non-cash expenses arising from share awards granted to certain management personnel and employees and do not result in cash outflow.
Summary · p. 7
We recorded a net loss of RMB2.5 million in the three months ended March 31, 2026, primarily because we made share-based payments of RMB25.1 million under the Pre-IPO Share Option Scheme and incurred listing expenses of RMB12.5 million.
Business · p. 165
Nevertheless, we expect our net profit for 2026 to decrease as compared with 2025, primarily due to equity-settled share-based payments and listing expenses.
Net share-based payment expense recognized in profit/(loss) is calculated using share-based payment expense for the year/period (per financial statements), which is RMB119,328 thousand, RMB21,042 thousand, RMB16,003 thousand, RMB8,027 thousand and RMB2,677 thousand, for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively, plus the movement of capitalized share-based payment expense disclosed as contract fulfillment costs, which is RMB(9,481) thousand, RMB9,545 thousand, RMB186 thousand, RMB186 thousand and nil, for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30,2025 and 2026, respectively.
During each period of the Track Record Period, we only recorded share-based payment expenses for modification of CRPS in 2025, amounting to RMB954.6 million.
Financial Information · p. 213
On September 8, 2025, we issued 618,917,203 new Ordinary Shares to our Shareholders, including our Pre-[REDACTED] Investors, pursuant to the supplemented shareholders’ agreement on the same date.
Financial Information · p. 213
Share-based payments to employees mainly represent expenses associated with the equity incentive plans designed for management and employees who have demonstrated outstanding performance.
Share-based payment expenses represented non-cash employee benefit expenses incurred in connection with share awards granted to our management and eligible employees for their contributions to our Group.
Summary · p. 9
Such expenses included share-based payment expenses associated with employee incentive arrangements designed to attract, retain and incentivise employees in support of the Group’s continued development.
Our net loss increased from the 2024 to 2025, primarily due to the significant increase in our operating expenses, arising from the share-based payment to our employees and the incurring of [REDACTED] expenses.
Summary · p. 9
Equity-settled share-based payment expenses are non-cash in nature and represent the arrangement under which we receive services from employees as consideration for our equity instruments.
(ii) share-based payment, arising from granting share incentives to senior management and selected employees, which is non-cash in nature
Summary · p. 10
Our net liabilities of RMB1,341.2 million as of December 31, 2024 changed to net assets of RMB503.2 million as of December 31, 2025, primarily attributable to termination of redemption liabilities on ordinary shares of RMB1,975.9 million, capital injection of RMB535.8 million and share-based payment compensation of RMB260.8 million, partially offset by loss for the year of RMB751.8 million and recognition of redemption liabilities on ordinary shares of RMB172.5 million.
Our loss for the year increased from RMB80.8 million in 2024 to RMB94.5 million in 2025, primarily due to an increase in equity-settled share-based payment expenses, and an increase in administrative expenses, mainly as a result of the [REDACTED] in relation to the [REDACTED] of RMB[REDACTED] million.
Summary · p. 7
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for (1) equity-settled share-based payments, and (2) [REDACTED].
(iii) the impact of certain non-cash items, such as equity-settled share-based payment expenses, changes in the carrying amount of ordinary shares with redemption rights, and [REDACTED] expenses.
Business · p. 160
equity-settled share-based payment expenses relate to the share-based awards that we grant to employees, non-employee consultants and Directors and are non-cash in nature;
Share-based payment expenses are non-cash in nature and are employee related expenses arising from grant of shares under our employee incentive scheme.
Summary · p. 6
Our significant net loss in 2023 was primarily attributable to the substantial share-based payment expenses incurred during the year.
Summary · p. 10
Our net loss decreased from RMB224.3 million in 2023 to RMB108.9 million in 2024 partially due to the share-based payment expenses incurred in 2023.
We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure) excluding share-based payment expenses, [REDACTED] expenses and changes in the carrying amount of redemption liabilities.
We define adjusted net (loss)/profit (non-IFRS measure), as (loss)/profit for the year by adding back (i) share-based payments expenses related to our Pre-[REDACTED] share incentive plan, which are non-cash in nature, (ii) [REDACTED] expense which are expenses related to the [REDACTED], and (iii) loss on fair value change of financial liabilities at FVTPL relating to certain special rights granted to our Pre-[REDACTED] Investors, which is non-operating in nature and was reclassified to equity in 2025.
The increase in net losses in 2025 primarily attribute to increased share-based compensation and listing expenses.
Business · p. 183
Our net loss further increased from 2024 to 2025 primarily due to a further increase in the fair value changes of financial instruments issued to investors, which rose to RMB843.5 million in 2025, as well as increases in R&D expenses, selling and marketing expenses, general and administrative expenses and share-based payment expenses in line with the expansion of our business and continued investment in commercialization and corporate development.
Share-based compensation expenses, net | 147,971 | 219,374 | 144,186
Summary · p. 11
We define adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the year, adjusted for share-based compensation expenses, which are non-cash in nature, and [REDACTED].
We had a net loss of RMB263.0 million, RMB255.1 million, RMB580.8 million, RMB122.6 million and RMB455.1 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively, primarily due to (i) our continuous investment in research and development, (ii) continuous increase in net finance costs mainly resulting from financial cost on financial instruments with preferred rights at amortized cost in relation to our Pre-IPO investments, and (iii) share-based payments incurred in relation to our Share Incentive Scheme adopted and approved on September 23, 2024, which amounted to RMB313.5 million in 2024 and RMB266.8 million for the six months ended June 30, 2025.
Summary · p. 21
(1) Share-based payments relate to the non-cash employee benefit expenses incurred in connection with our award to management and key employees.
The consolidated financial statements include allocation of the expenses recorded at JD Group based on our employees and non-employees participating under the JD Group Share Incentive Plan.
Financial Information · p. 308
In 2021, we launched our Company’s Pre-IPO ESOP. Under the JD Industrials Share Incentive Plan, the Group receives services from employees and non-employees as consideration for share options and RSUs of the Company.
Financial Information · p. 309
The net loss from continuing operations recorded in 2022 was primarily attributable to certain non-cash items, including share-based payment expenses and fair value changes of convertible preferred shares.
The increase of our net losses from 2023 to 2024 was primarily due to (i) an increase of RMB118.2 million in research and development expenses, mainly attributable to (a) an increase of RMB93.6 million in share-based payments, arising from our grant of share incentives to research and development personnel in 2024, and (b) an increase of RMB13.1 million in staff costs, resulting from the expansion of our research and development team;
Summary · p. 23
Share-based payments represent expenses arising from our grant of share incentives to eligible individuals, which are non-cash in nature.