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JD.com’s Joybuy Expansion — Could Europe Become the Next Big Growth Lever?

JD.com’s second quarter of 2026 results showed a steady operational performance amid challenging macroeconomic and industry conditions, delivering a mix of positives and areas for cautious observation. Revenues declined slightly by 2.9% year-over-year to RMB 346 billion, primarily due to headwinds in the electronics and home appliances categories. This segment faced pressure from a high comparison base linked to last year’s trade-in program and upstream raw material cost increases. Despite this, JD.com’s strong supply chain capabilities helped to mitigate the impact, allowing market share gains and a recovery in sales momentum by June. General merchandise categories, particularly groceries and health care, maintained solid near double-digit growth, supporting the company’s diversified business model. Profitability showed marked improvement, with non-GAAP net income attributable to shareholders rising 20.8% year-over-year to RMB 8.9 billion. This was underpinned by JD Retail’s gross margin expansion to 18.5%, a 1.