On November 14th, JD.com released its third quarter 2024 performance report, with revenue increasing by 5.1% year-on-year to RMB 260.4 billion and net profit (non GAAP) increasing by 23.9% year-on-year to RMB 13.2 billion. Compared to performance growth, JD's active user growth rate is even stronger. JD's quarterly active users and user shopping frequency have maintained double-digit growth year-on-year for three consecutive quarters. During the just concluded "Double 11" shopping festival, the number of JD shopping users increased by over 20% year-on-year.
In the third quarter, with the overall consumer confidence recovering, JD's revenue growth accelerated and profit levels remained healthy, "said Xu Ran, CEO of JD.
On the same day, JD Logistics released its third quarter report, showing that the company's total revenue for the quarter increased by 6.6% year-on-year to 44.4 billion yuan, of which external customer revenue reached 31.6 billion yuan, accounting for over 70% of the total revenue. After adjustment, the net profit reached 2.57 billion yuan, setting a new historical high.
According to the financial report, in the third quarter, JD's total revenue increased by 5.1% year-on-year, with electronic products and home appliances regaining growth momentum. Daily necessities revenue maintained high single digit year-on-year growth for three consecutive quarters and exceeded the industry average growth rate. Supermarket and clothing revenue both achieved double-digit year-on-year growth. In the third quarter, the company's service revenue reached approximately 55.8 billion yuan.
As we continue to refine our supply chain capabilities, improve economies of scale and operational efficiency, JD's gross profit margin and non GAAP net profit margin both achieved healthy growth in the third quarter. At the same time, we completed the stock repurchase plan announced in March this year and launched a new $5 billion stock repurchase plan valid until the end of August 2027, further highlighting JD's firm commitment to shareholder returns. This series of achievements is due to our progress in user growth and participation, price competitiveness, and platform ecology. In the future, we will continue to create long-term value for users, business partners, and shareholders
According to the financial report, during the three-month period ending September 30, 2024, JD.com repurchased approximately 31 million Class A common shares (equivalent to 15.5 million American Depositary Shares).
Since JD proposed a comprehensive technological transformation in 2017, as of the end of the third quarter of this year, JD's R&D investment has accumulated over 130 billion yuan. At the previous JD Cloud Summit, JD Cloud showcased the leading technology and application practices of Yanxi's big model landing industry, and released three intelligent platforms: Enterprise Big Model Service, Yanxi Intelligent Agent Platform, Intelligent Programming Assistant JoyCoder, and Yanxi Digital Person 3.0.
In the past 10 years, the number of employees in the JD system has increased nearly tenfold to 620000. In the third quarter, the salary and welfare expenses of frontline employees at JD Logistics amounted to approximately 14.6 billion yuan. As of September 30, 2024, the total human resources expenditure of JD Group (including the company's own employees and external personnel) reached 111.6 billion yuan for the twelve months ended.