《E-commerce GMV Growth Slows Profit Pressure Intensifies JD Net Profit Plummets 52.6%》 - 行业洞察

E-commerce GMV Growth Slows Profit Pressure Intensifies JD Net Profit Plummets 52.6%

Taobao Tmall GMV High Single-Digit Growth, But User Sentiment Diverges

According to Sanqin News citing Taobao Tmall data, in 2025, Taobao Tmall GMV achieved high single-digit YoY growth, with continued growth in purchase frequency and order volume achieving double-digit YoY growth. However, user sentiment diverged: approximately 23% of users mentioned "price confusion," "complex coupons," and "inconsistent live-streaming quality" in reviews. In contrast, JD.com reported full-year 2025 revenue of 1.3091 trillion yuan, up 13% YoY, maintaining double-digit growth for multiple years. JD Retail's annual active user base exceeded 700 million, with quarterly active users and shopping frequency growing over 30% YoY.

JD Net Profit Plummets 52.6%, 157.2B Yuan Labor Cost Becomes Heaviest Burden

Per Tencent News citing JD financial report, net profit attributable to ordinary shareholders in 2025 was 19.6 billion yuan, down 52.6% from 41.4 billion yuan in 2024. In stark contrast, JD's labor cost expenditure reached 157.2 billion yuan, accounting for 12% of total revenue. This data reveals a harsh reality: the "heavy asset model" of traditional e-commerce (self-built logistics + full-time delivery personnel) has advantages in scale effects but has become a heavy burden on the profit side.

Taobao Platform Lost 870K Active Merchants in One Year, SME Survival Space Squeezed

According to CSDN e-commerce ecosystem analysis, Taobao platform net lost over 870,000 active merchants in 2025, with many SMEs and even top stores closing or transforming after years of e-commerce operation. The root cause is the hegemonic model of centralized platforms: traffic costs rose from an average of 8% in 2019 to 23% in 2025, compounded by platform commissions, rising return rates, and price wars, squeezing SME survival space.

Live-Streaming E-commerce Enters "De-Head" Phase, Brand Self-Broadcasting Rises to 45%

In 2025, the live-streaming e-commerce industry underwent a key turning point: top streamer GMV share dropped from 52% in 2024 to 38%, while brand self-broadcasting share rose from 32% to 45%. The core driver of this change is: platform algorithm adjustments, shifting from "traffic concentration on top streamers" to "traffic倾斜 toward brand self-broadcasting." For FMCG brands, this means: the era of relying on top streamers for "one-broadcast success" is over; future requires building in-house live-streaming teams to accumulate user assets into brand private domains.

Brand Action Recommendations: Shift from "Multi-Platform Distribution" to "Precise Platform Matching"

Traditional e-commerce has entered a triple inflection point of "GMV growth but profit decline + merchant exodus + live-streaming de-heading." Brand strategy must shift from "multi-platform distribution" to "precise platform matching." Specific path: First, if pursuing scale growth, prioritize Taobao Tmall but must accept 23% user sentiment divergence risk. Second, if pursuing stable profits, prioritize JD but must bear the 12% labor cost premium. Third, if pursuing emerging traffic, layout Douyin e-commerce but must build brand self-broadcasting capabilities. In 2026, traditional e-commerce is no longer a "traffic dividend period" but a "refined operation period."

Data Source

Data Source: Sanqin News, Tencent News, CSDN E-commerce Ecosystem Analysis, JD Financial Report, Taobao Tmall Official Data, iResearch

Statistical Period

Statistical Period: Q1 2025 to Q4 2025

Sample Size

Monitored Merchants: 870K+ | Covered Platforms: Taobao Tmall, JD, Pinduoduo, Douyin E-commerce | Covered Categories: FMCG, Apparel, 3C

Analysis Method

Analysis Method: Based on platform financial report analysis, user review NLP sentiment analysis, merchant churn rate modeling, live-streaming GMV share trend forecasting

FAQ

How is Taobao Tmall's GMV growth in 2025?

A: Taobao Tmall GMV achieved high single-digit YoY growth, with purchase frequency and order volume continuing to grow, but user sentiment diverged with 23% mentioning price confusion.

Why did JD's net profit plummet in 2025?

A: JD's net profit attributable to ordinary shareholders in 2025 was 19.6 billion yuan, down 52.6% YoY, mainly due to labor costs reaching 157.2 billion yuan, accounting for 12% of revenue.

How severe is merchant exodus on Taobao?

A: Taobao platform net lost over 870,000 active merchants in 2025, with traffic costs rising from 8% in 2019 to 23% in 2025, squeezing SME survival space.

What changes occurred in live-streaming e-commerce?

A: Top streamer GMV share dropped from 52% to 38%, brand self-broadcasting share rose from 32% to 45%, as platform algorithms shifted to favor brand self-broadcasting.

How should brands layout on traditional e-commerce platforms?

A: Shift from "multi-platform distribution" to "precise platform matching": choose Taobao Tmall for scale, JD for stable profits, Douyin for emerging traffic with self-broadcasting capabilities.