JD.com, Inc. — Interim / Quarterly Report 2021

Nov 18, 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the “ Hong Kong Stock Exchange ”) take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class B ordinary shares. Each Class A ordinary share entitles the holder to exercise one vote, and each Class B ordinary share entitles the holder to exercise 20 votes, respectively, on any resolution tabled at our general meetings, except as may otherwise be required by law or provided for in our Memorandum and Articles of Association. Shareholders and prospective investors should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing two of our Class A ordinary shares, are listed on the Nasdaq Global Select Market in the United States under the symbol JD.

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JD.com, Inc. 京東集團股份有限公司

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 9618)

ANNOUNCEMENT OF

THE THIRD QUARTER 2021 RESULTS

We hereby announce our unaudited results for the three months ended September 30, 2021 (“ Third Quarter 2021 Results ”). The Third Quarter 2021 Results are available for viewing on the websites of the Hong Kong Stock Exchange at www.hkexnews.hk and our website at http://ir.jd.com.

By Order of the Board of Directors JD.com, Inc. Mr. Richard Qiangdong Liu Chairman of the Board of Directors and Chief Executive Officer

Beijing, China, November 18, 2021

As at the date of this announcement, our board of directors comprises Mr. Richard Qiangdong LIU as the chairman, Mr. Martin Chi Ping LAU as the director, Mr. Ming HUANG, Mr. Louis T. HSIEH, Mr. Dingbo XU and Ms. Caroline SCHEUFELE as the independent directors.

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JD.COM ANNOUNCES THIRD QUARTER 2021 RESULTS

Beijing, China — November 18, 2021 — JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months ended September 30, 2021.

Third Quarter 2021 Highlights

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• • Net revenues for the third quarter of 2021 were RMB218.7 billion (US$ 33.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.

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

• items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020 .

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

• Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.

• Operating cash flow for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.

• 4

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

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

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

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

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

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

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

Business Highlights

Environment, Social and Governance

• In August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.

• During the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.

JD Retail

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

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

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

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

JD Health

• In July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.

• In September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.

JD Logistics

• In September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.

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

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

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Third Quarter 2021 Financial Results

Net Revenues. For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.

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

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

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

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

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

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

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

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

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Others, net. Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.

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

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

Cash Flow and Working Capital

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

Net cash provided by operating activities Less: Impact from JD Baitiao receivables included in the operating cash flow Less: Capital expenditures, net of related sales proceeds Capital expenditures for development properties Other capital expenditures* Free cash flow	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 12,255,678 14,447,587 2,242,230 (2,785,606) (3,324,823) (516,004) (1,111,723) (5,147,087) (798,815) (839,706) (1,819,254) (282,344) 7,518,643 4,156,423 645,067	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 12,255,678 14,447,587 2,242,230 (2,785,606) (3,324,823) (516,004) (1,111,723) (5,147,087) (798,815) (839,706) (1,819,254) (282,344) 7,518,643 4,156,423 645,067
	September 30, 2020 RMB 12,255,678 (2,785,606) (1,111,723) (839,706) 7,518,643	September 30, 2021 RMB (In thousands) 14,447,587 (3,324,823) (5,147,087) (1,819,254) 4,156,423

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

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

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

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

Net cash provided by operating activities (Less)/Add: Impact from JD Baitiao receivables included in the operating cash flow Less: Capital expenditures, net of related sales proceeds Capital expenditures for development properties Other capital expenditures Free cash flow	For the twelve months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 37,334,450 41,042,537 6,369,702 (470,882) 1,398,385 217,026 (3,604,204) (8,517,968) (1,321,968) (3,068,413) (5,411,875) (839,910) 30,190,951 28,511,079 4,424,850	For the twelve months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 37,334,450 41,042,537 6,369,702 (470,882) 1,398,385 217,026 (3,604,204) (8,517,968) (1,321,968) (3,068,413) (5,411,875) (839,910) 30,190,951 28,511,079 4,424,850
	September 30, 2020 RMB 37,334,450 (470,882) (3,604,204) (3,068,413) 30,190,951	September 30, 2021 RMB (In thousands) 41,042,537 1,398,385 (8,517,968) (5,411,875) 28,511,079

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Supplemental Information

The company reports three segments, JD Retail, JD Logistics 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. New businesses mainly include JD Property, Jingxi, overseas businesses and technology initiatives.

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

Net revenues: JD Retail JD Logistics New businesses Inter-segment Total segment net revenues Unallocated items Total consolidated net revenues Operating income/(loss): JD Retail JD Logistics New businesses Including: gain on sale of development properties Total segment operating income Unallocated items* Total consolidated operating income	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 161,081,245 198,080,245 30,741,572 17,964,350 25,749,276 3,996,225 4,302,067 5,732,810 889,718 (9,291,697) (11,003,427) (1,707,705) 174,055,965 218,558,904 33,919,810 158,499 149,454 23,195 174,214,464 218,708,358 33,943,005 6,734,811 7,942,242 1,232,617 83,549 (726,612) (112,768) (1,200,492) (2,073,450) (321,796) 343,982 578,701 89,813 5,617,868 5,142,180 798,053 (1,234,519) (2,569,743) (398,817) 4,383,349 2,572,437 399,236	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 161,081,245 198,080,245 30,741,572 17,964,350 25,749,276 3,996,225 4,302,067 5,732,810 889,718 (9,291,697) (11,003,427) (1,707,705) 174,055,965 218,558,904 33,919,810 158,499 149,454 23,195 174,214,464 218,708,358 33,943,005 6,734,811 7,942,242 1,232,617 83,549 (726,612) (112,768) (1,200,492) (2,073,450) (321,796) 343,982 578,701 89,813 5,617,868 5,142,180 798,053 (1,234,519) (2,569,743) (398,817) 4,383,349 2,572,437 399,236
	September 30, 2020 RMB 161,081,245 17,964,350 4,302,067 (9,291,697) 174,055,965 158,499 174,214,464 6,734,811 83,549 (1,200,492) 343,982 5,617,868 (1,234,519) 4,383,349	September 30, 2021 RMB (In thousands) 198,080,245 25,749,276 5,732,810 (11,003,427) 218,558,904 149,454 218,708,358 7,942,242 (726,612) (2,073,450) 578,701 5,142,180 (2,569,743) 2,572,437

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

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

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The table below sets forth the revenue information:

Electronics and home appliances revenues General merchandise revenues Net product revenues Marketplace and marketing revenues Logistics and other service revenues Net service revenues Total net revenues	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 93,329,728 110,881,046 17,208,469 58,069,531 75,127,319 11,659,577 151,399,259 186,008,365 28,868,046 12,412,342 16,774,786 2,603,406 10,402,863 15,925,207 2,471,553 22,815,205 32,699,993 5,074,959 174,214,464 218,708,358 33,943,005	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ (In thousands) 93,329,728 110,881,046 17,208,469 58,069,531 75,127,319 11,659,577 151,399,259 186,008,365 28,868,046 12,412,342 16,774,786 2,603,406 10,402,863 15,925,207 2,471,553 22,815,205 32,699,993 5,074,959 174,214,464 218,708,358 33,943,005
	September 30, 2020 RMB 93,329,728 58,069,531 151,399,259 12,412,342 10,402,863 22,815,205 174,214,464	September 30, 2021 RMB (In thousands) 110,881,046 75,127,319 186,008,365 16,774,786 15,925,207 32,699,993 218,708,358

Conference Call

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

Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call, using participant dial-in numbers, Direct Event passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/2385515

CONFERENCE ID: 2385515

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

US Toll Free: +1-855-452-5696 or +1-646-254-3697 International: +61-2-8199-0299 Passcode: 2385515

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

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About JD.com

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

Non-GAAP Measures

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

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The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to ordinary shareholders and nonGAAP EBITDA reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from JD Baitiao receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the company’s current operating performance and future prospects in the same manner as management does, if they so choose. The company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the company’s core operating results and business outlook.

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

CONTACTS:

Investor Relations

Ruiyu Li Senior Director of Investor Relations +86 (10) 8912-6804 IR@JD.com

Media Relations

+86 (10) 8911-6155 Press@JD.com

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Safe Harbor Statement

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

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JD.com, Inc. Unaudited Interim Condensed Consolidated Balance Sheets

(In thousands, except otherwise noted)

ASSETS Current assets Cash and cash equivalents Restricted cash Short-term investments Accounts receivable, net (including JD Baitiao of RMB0.8 billion and RMB2.2 billion as of December 31, 2020 and September 30, 2021, respectively) (1) Advance to suppliers Inventories, net Prepayments and other current assets Amount due from related parties Assets held for sale (2) Total current assets Non-current assets Property, equipment and software, net Construction in progress Intangible assets, net Land use rights, net Operating lease right-of-use assets Goodwill Investment in equity investees Investment securities Deferred tax assets Other non-current assets Amount due from related parties Assets held for sale (2) Total non-current assets Total assets		As of
	December 31, 2020 RMB 86,084,857 4,434,448 60,577,110 7,111,947 3,767,933 58,932,519 7,076,590 6,667,262 148,592 234,801,258 22,596,570 7,906,406 6,462,888 11,124,913 15,484,082 10,904,409 58,501,329 39,085,150 532,746 13,315,844 242,527 1,329,672 187,486,536 422,287,794	September 30, 2021 RMB 87,997,670 5,872,018 102,346,912 10,951,303 4,751,219 60,043,995 10,471,299 6,366,529 — 288,800,945 27,884,937 6,847,557 6,079,799 13,321,660 17,693,478 12,395,299 67,128,486 21,898,941 853,053 19,885,003 257,776 — 194,245,989 483,046,934	September 30, 2021
			US$ 13,657,024 911,323 15,883,992 1,699,616 737,378 9,318,682 1,625,120 988,070 —
			44,821,205 4,327,674 1,062,724 943,570 2,067,489 2,745,985 1,923,720 10,418,178 3,398,662 132,392 3,086,104 40,006 —
			30,146,504
			74,967,709

13

JD.com, Inc. Unaudited Interim Condensed Consolidated Balance Sheets

(In thousands, except otherwise noted)

LIABILITIES Current liabilities Short-term debts Accounts payable Advance from customers Deferred revenues Taxes payable Amount due to related parties Accrued expenses and other current liabilities Operating lease liabilities Unsecured senior notes Liabilities held for sale (2) Total current liabilities Non-current liabilities Deferred revenues Unsecured senior notes Deferred tax liabilities Long-term borrowings Operating lease liabilities Other non-current liabilities Total non-current liabilities Total liabilities		As of
	December 31, 2020 RMB — 106,818,425 20,998,001 3,417,313 3,029,416 585,324 30,034,571 5,513,534 3,259,882 360,196 174,016,662 1,617,844 9,594,556 1,921,831 2,936,205 10,249,957 331,623 26,652,016 200,668,678	September 30, 2021 RMB 7,027,897 126,442,308 26,276,260 3,813,161 2,318,572 426,585 31,460,175 6,404,137 — — 204,169,095 1,355,767 9,544,666 1,949,525 2,947,910 11,683,031 2,250,938 29,731,837 233,900,932	September 30, 2021
			US$ 1,090,713 19,623,539 4,078,012 591,793 359,837 66,205 4,882,542 993,906 — —
			31,686,547 210,412 1,481,309 302,562 457,508 1,813,178 349,340
			4,614,309
			36,300,856

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

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

14

JD.com, Inc. Unaudited Interim Condensed Consolidated Balance Sheets

(In thousands, except otherwise noted)

MEZZANINE EQUITY Convertible redeemable non-controlling interests SHAREHOLDERS’ EQUITY Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000,000 shares authorized, 3,156,709 shares issued and 3,106,539 shares outstanding as of September 30, 2021) Non-controlling interests Total shareholders’ equity Total liabilities, mezzanine equity and shareholders’ equity		As of
	December 31, 2020 RMB 17,133,208 187,543,295 16,942,613 204,485,908 422,287,794	September 30, 2021 RMB 1,207,213 215,314,346 32,624,443 247,938,789 483,046,934	September 30, 2021
			US$ 187,357 33,416,262 5,063,234
			38,479,496
			74,967,709

15

JD.com, Inc. Unaudited Interim Condensed Consolidated Statements of Operations

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

Net revenues Net product revenues Net service revenues Total net revenues Cost of revenues Fulfillment Marketing Research and development General and administrative Gain on sale of development properties Income from operations (3)(4) Other income/(expenses) Share of results of equity investees Interest expense Others, net (5) Income/(loss) before tax Income tax expenses Net income/(loss) Net income/(loss) attributable to non-controlling interests shareholders Net income attributable to mezzanine equity classified as non-controlling interests shareholders Net income/(loss) attributable to ordinary shareholders	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 151,399,259 186,008,365 28,868,046 22,815,205 32,699,993 5,074,959 174,214,464 218,708,358 33,943,005 (147,419,446) (187,615,621) (29,117,488) (11,592,062) (14,275,651) (2,215,546) (5,460,508) (7,769,166) (1,205,756) (4,106,739) (4,004,001) (621,411) (1,596,342) (3,050,183) (473,381) 343,982 578,701 89,813 4,383,349 2,572,437 399,236 (272,313) (1,850,787) (287,238) (297,802) (276,139) (42,856) 4,462,624 (3,061,899) (475,199) 8,275,858 (2,616,388) (406,057) (690,373) (652,199) (101,220) 7,585,485 (3,268,587) (507,277) 23,127 (466,736) (72,436) 2,020 4,687 727 7,560,338 (2,806,538) (435,568)	For the nine months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 459,679,278 580,980,053 90,166,690 61,794,453 94,704,944 14,697,977 521,473,731 675,684,997 104,864,667 (443,507,716) (583,740,647) (90,595,128) (33,948,204) (42,728,366) (6,631,338) (16,732,743) (25,380,343) (3,938,967) (11,645,498) (12,226,917) (1,897,588) (4,431,265) (7,824,587) (1,214,357) 539,568 748,800 116,212 11,747,873 4,532,937 703,501 2,611,631 (645,677) (100,207) (829,120) (766,285) (118,926) 13,338,674 (568,228) (88,188) 26,869,058 2,552,747 396,180 (1,813,367) (1,701,312) (264,039) 25,055,691 851,435 132,141 (27,677) (764,856) (118,704) 3,596 11,277 1,750 25,079,772 1,605,014 249,095

16

JD.com, Inc. Unaudited Interim Condensed Consolidated Statements of Operations

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

For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ Net income/(loss) per share: Basic 2.44 (0.90) (0.14) Diluted 2.35 (0.90) (0.14) Net income/(loss) per ADS: Basic 4.88 (1.81) (0.28) Diluted 4.70 (1.81) (0.28) (3) Includes share-based compensation expenses as follows: Cost of revenues (31,120) (32,282) (5,010) Fulfillment (153,662) (265,211) (41,160) Marketing (87,099) (164,129) (25,472) Research and development (384,400) (472,429) (73,320) General and administrative (395,263) (1,409,379) (218,732)

For the nine months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 8.37 0.52 0.08 8.02 0.50 0.08 16.75 1.03 0.16 16.03 1.00 0.16 (65,618) (68,693) (10,661) (350,156) (606,570) (94,138) (218,354) (412,976) (64,093) (935,126) (1,350,536) (209,600) (1,092,028) (3,679,865) (571,106)

• (4) Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:

Fulfillment	(51,584)	(55,957)	(8,684)	(141,217)	(163,984)	(25,450)
Marketing	(187,876)	(216,246)	(33,561)	(473,534)	(636,853)	(98,838)
Research and
development	(24,700)	(26,250)	(4,074)	(74,100)	(77,716)	(12,061)
General and
administrative	(77,314)	(77,314)	(11,999)	(231,447)	(231,448)	(35,920)

(5) Others are other non-operating income/(loss), primarily consist of gains/(losses) from fair value change of long-term investments, gains/(losses) from business and investment disposals, impairment of investments, government incentives, interest income and foreign exchange gains/ (losses).

17

JD.com, Inc. Unaudited Non-GAAP Net Income Per Share and Per ADS

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

Non-GAAP net income attributable to ordinary shareholders Weighted average number of shares: Basic Diluted Non-GAAP net income per share: Basic Diluted Non-GAAP net income per ADS: Basic Diluted	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 5,558,054 5,047,992 783,435 3,096,304 3,106,141 3,106,141 3,191,159 3,186,702 3,186,702 1.80 1.63 0.25 1.71 1.58 0.25 3.59 3.25 0.50 3.42 3.16 0.49	For the nine months ended	For the nine months ended
		September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 14,441,408 13,642,150 2,117,228 2,994,756 3,106,344 3,106,344 3,077,063 3,194,877 3,194,877 4.82 4.39 0.68 4.50 4.26 0.66 9.64 8.78 1.36 9.00 8.53 1.32
			US$ 2,117,228 3,106,344 3,194,877 0.68 0.66 1.36 1.32

18

JD.com, Inc. Unaudited Interim Condensed Consolidated Statements of Cash Flows and Free Cash Flow (In thousands)

Net cash provided by operating activities Net cash used in investing activities Net cash provided by financing activities Effect of exchange rate changes on cash, cash equivalents and restricted cash Net increase/(decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period (6) Cash, cash equivalents and restricted cash at end of period (6) Net cash provided by operating activities (Less)/Add: Impact from JD Baitiao receivables included in the operating cash flow Less: Capital expenditures, net of related sales proceeds Capital expenditures for development properties Other capital expenditures Free cash flow	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 12,255,678 14,447,587 2,242,230 (12,518,857) (29,757,109) (4,618,231) 4,117,987 6,078,409 943,354 (2,660,012) 310,397 48,173 1,194,796 (8,920,716) (1,384,474) 77,491,381 102,790,404 15,952,821 78,686,177 93,869,688 14,568,347 12,255,678 14,447,587 2,242,230 (2,785,606) (3,324,823) (516,004) (1,111,723) (5,147,087) (798,815) (839,706) (1,819,254) (282,344) 7,518,643 4,156,423 645,067	For the nine months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 37,330,749 35,828,969 5,560,569 (44,105,163) (55,462,589) (8,607,659) 47,658,991 22,929,750 3,558,641 (2,110,679) (61,665) (9,570) 38,773,898 3,234,465 501,981 39,912,279 90,635,223 14,066,366 78,686,177 93,869,688 14,568,347 37,330,749 35,828,969 5,560,569 (159,164) 1,191,283 184,884 (4,659,481) (9,643,783) (1,496,692) (2,164,926) (3,440,457) (533,950) 30,347,178 23,936,012 3,714,811

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

19

JD.com, Inc. Supplemental Financial Information and Business Metrics

Free cash flow (in RMB billions) — trailing twelve months (“TTM”) Inventory turnover days (7)— TTM Accounts payable turnover days (8)— TTM Accounts receivable turnover days (9)— TTM Annual active customer accounts (in millions)	Q3 2020 30.2 34.3 49.2 2.8 441.6	Q4 2020 34.9 33.3 47.1 2.7 471.9	Q1 2021 28.2 31.2 44.2 2.6 499.8	Q2 2021 31.9 31.0 45.8 2.7 531.9	Q3 2021
					28.5 30.1 45.5 2.8 552.2

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

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

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

20

JD.com, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results

(In thousands, except percentage data)

Income from operations Add: Share-based compensation Add: Amortization of intangible assets resulting from assets and business acquisitions Reversal of: Effects of business cooperation arrangements Reversal of: Gain on sale of development properties Non-GAAP income from operations Add: Depreciation and other amortization Non-GAAP EBITDA Total net revenues Non-GAAP operating margin Non-GAAP EBITDA margin	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 4,383,349 2,572,437 399,236 1,051,544 2,343,430 363,694 193,215 236,543 36,711 (10,240) (10,230) (1,588) (343,982) (578,701) (89,813) 5,273,886 4,563,479 708,240 1,327,856 1,299,599 201,695 6,601,742 5,863,078 909,935 174,214,464 218,708,358 33,943,005 3.0% 2.1% 2.1% 3.8% 2.7% 2.7%	For the nine months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 11,747,873 4,532,937 703,501 2,661,282 6,118,640 949,598 494,797 703,153 109,128 (241,025) (17,690) (2,745) (539,568) (748,800) (116,212) 14,123,359 10,588,240 1,643,270 3,893,155 3,961,450 614,807 18,016,514 14,549,690 2,258,077 521,473,731 675,684,997 104,864,667 2.7% 1.6% 1.6% 3.5% 2.2% 2.2%

21

JD.com, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands, except percentage data)

Net income/(loss) attributable to ordinary shareholders Add: Share-based compensation Add: Amortization of intangible assets resulting from assets and business acquisitions Add/(Reversal of): Reconciling items on the share of equity method investments (10) Add: Impairment of goodwill, intangible assets, and investments (Reversal of)/Add: (Gain)/ Loss from fair value change of long-term investments Reversal of: Gain and foreign exchange impact in relation to sale of development properties Reversal of: Gain on disposals/deemed disposals of investments Reversal of: Effects of business cooperation arrangements and non-compete agreements Add/(Reversal of): Tax effects on non-GAAP adjustments Non-GAAP net income attributable to ordinary shareholders Total net revenues Non-GAAP net margin	For the three months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 7,560,338 (2,806,538) (435,568) 1,051,544 1,954,097 303,271 193,215 193,111 29,970 55,687 (118,683) (18,419) — 1,813,473 281,447 (2,939,789) 4,639,028 719,966 (343,982) (510,701) (79,260) (12,724) (52,601) (8,164) (30,847) (29,498) (4,578) 24,612 (33,696) (5,230) 5,558,054 5,047,992 783,435 174,214,464 218,708,358 33,943,005 3.2% 2.3% 2.3%	For the nine months ended September 30, 2020 September 30, 2021 September 30, 2021 RMB RMB US$ 25,079,772 1,605,014 249,095 2,661,282 5,729,307 889,175 494,797 659,721 102,387 172,156 (1,150,173) (178,504) 661,735 2,121,821 329,301 (9,007,791) 5,405,193 838,873 (539,568) (680,800) (105,659) (4,802,557) (68,601) (10,647) (303,507) (75,502) (11,718) 25,089 96,170 14,925 14,441,408 13,642,150 2,117,228 521,473,731 675,684,997 104,864,667 2.8% 2.0% 2.0%

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

22