JD.com (09618.HK): Marketing expenses increased by 110.5% from RMB10 billion in Q3 2024 to RMB21.1 billion (US$3 billion) in Q3 2025. Marketing expenses as a percentage of revenue were 7.0% in Q3 2025 and 3.8% in Q3 2024. The increase was mainly due to increased spending on promotional activities for new businesses.