证券研究报告 京东集团-SW (9618 HK/JD US) 零售板块稳健增长带动收入超预期 华泰研究 中报点评 2025 年 8 月 15 日│中国香港/美国 互联网 京东 2Q25 营收同增 22.4%至 3,567 亿元，优于 VA 一致预期/华泰预测的 +15.0/+15.6%，非 GAAP 归母净利润 74 亿元，同比-48.9%，优于一致预 期/华泰预测的-58.8/-69.9%，主因零售板块经营利润释放好于预期和非经常 性损益及所得税情况好于预期。在外卖行业激化的竞争中，我们预计京东的 投入或在 3Q25 起进入效率优化阶段，但整体投入量级受季度总订单量环比 增长明显影响或继续维持在较高水平（2Q 估算为 130-140 亿元）。展望后 续，京东如何长效留存其通过国补行动与外卖业务探索获得的新用户并提升 核心客户的活跃度，将是其核心零售业务下一阶段增长的关键，建议持续关 注。维持"买入"评级。 活跃买家增长迅速，国补利好下带电品类延续加速增长 2Q25 京东零售总收入 3,101 亿元，同增 20.6%，经营利润 139 亿元，同增 37.9%，优于一致预期的同增 17.5%，主因国补带动的经营 ...

Core Viewpoint - JD.com has completed the acquisition of Hong Kong-based supermarket chain Jia Bao, aiming to enhance its supply chain capabilities and expand its presence in the Hong Kong retail market [1][3]. Group 1: Acquisition Details - The acquisition is expected to deepen cooperation between JD.com and Jia Bao, leveraging JD's supply chain advantages to improve Jia Bao's multi-channel business development [1][3]. - JD.com has established an Innovation Retail-Jia Bao Business Unit, appointing Jia Bao's founder, Lin Xiaoyi, as the head of this unit [1]. Group 2: Jia Bao Overview - Jia Bao, established in 1991, is a well-known supermarket chain in Hong Kong, operating over 90 stores and employing more than 1,000 staff [3]. - The supermarket focuses on providing a wide range of products, including frozen poultry, seafood, grains, and fresh fruits and vegetables [3]. Group 3: JD.com's Strategy - JD.com has been increasing its investment in supply chain infrastructure and technology innovation, which is expected to optimize Jia Bao's supply chain costs and efficiency [3]. - The acquisition marks a significant step in JD's strategy to enter the Hong Kong physical retail market, enhancing product variety and price competitiveness [3]. Group 4: Market Context - Hong Kong is a major trade hub in Asia with a large retail market, and JD.com aims to leverage its supply chain capabilities to offer a wider range of quality and affordable products [3][4]. - JD.com previously announced a 1.5 billion RMB investment in the Hong Kong market for price subsidies, logistics support, and service optimization [4]. Group 5: Future Plans - Following the acquisition, JD Jia Bao Supermarket will launch a three-day promotional event from August 16 to August 18, offering a 20% discount on selected JD supply chain products [5]. - The collaboration is expected to stimulate local consumption and contribute to the prosperity of the Hong Kong retail market [5].

Group 1 - JD has completed the acquisition of Hong Kong-based supermarket chain Jia Bao, marking its entry into the Hong Kong physical retail market [1] - The acquisition aims to leverage JD's supply chain advantages to enhance Jia Bao's omnichannel business and expand JD's fresh supply chain in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - JD has established an Innovation Retail-Jia Bao business unit, appointing Jia Bao's founder, Lin Xiaoyi, as the head of this unit [1] Group 2 - Other e-commerce giants like Alibaba and Pinduoduo are also targeting the Hong Kong market, with Alibaba investing 1 billion yuan to make Hong Kong a free shipping zone [2] - Pinduoduo has introduced a "one item free shipping" policy in Hong Kong to attract price-sensitive consumers [2] - Pinduoduo has partnered with SF Express Hong Kong to provide local logistics services, maintaining its "one item free shipping" offer [2]

Core Viewpoint - JD Group and Dongfeng Motor Group have signed a strategic cooperation agreement to establish a comprehensive strategic partnership aimed at enhancing cost reduction and efficiency improvement through collaboration in supply chain and digital operations [1][3]. Group 1: Strategic Cooperation - The partnership will leverage both companies' strengths in supply chain demand scenarios and digital operations to promote deeper cooperation in cost reduction and efficiency enhancement [1]. - JD Group's SEC Vice Chairman and CEO Xu Ran and Dongfeng Motor's Party Secretary and Chairman Yang Qing attended the signing ceremony, highlighting the importance of this collaboration [1][3]. Group 2: Supply Chain Solutions - JD Industrial has developed the "Ta Pu" integrated supply chain solution, which connects supply and demand precisely, reducing social collaboration costs and improving overall productivity [4]. - The "Ta Pu" solution has been recognized in the automotive industry, with a notable case where a leading new energy vehicle company reduced procurement time from 21 days to 7 days, achieving over 70% reduction in time and saving approximately 30 million in annual inventory costs [4]. Group 3: Global Expansion - JD Industrial is advancing its global layout, covering countries like Thailand, Vietnam, and Hungary, to assist Chinese automotive companies in international trade [5]. - The company has created a digital procurement platform that addresses language, currency, tax, and legal compatibility issues, providing a transparent, efficient, and low-cost procurement experience [5]. Group 4: Technological Innovation - JD Industrial has launched the industry's first supply chain-centric industrial model, "Joy Industrial," focusing on supply chain advantages and integrating AI products to support various industrial sectors [6]. - The model aims to enhance cost reduction, efficiency, compliance, and supply assurance across key verticals such as automotive aftermarket, new energy vehicles, and robotics [6][7]. Group 5: Future Directions - JD Industrial plans to continue linking supply and demand precisely through its digital supply chain technology and services, aiming to enhance collaboration efficiency and support the digital transformation of industrial enterprises [7]. - The company emphasizes the importance of building a solid infrastructure to promote new industrialization development [7].

2025.08. 15 本文字数：1217，阅读时长大约2分钟 作者 | 第一财经 陆涵之 京东的外卖业务在第二季度财报中存在感十足。 2025年上半年，京东物流在全球多个国家新开海外仓，包括美国、英国、法国、波兰、韩国、越 南、沙特阿拉伯等国家。截至2025年6月30日，京东物流拥有超过130个保税仓库、直邮仓库和海外 仓库。京东物流的海外仓已覆盖全球23个国家和地区。 2025年6月，京东物流在沙特阿拉伯启动配送业务，推出自营快递品牌"JoyExpress"。 新业务主要包括京东外卖、京东产发、京喜及海外业务。京东在今年2月正式推出了外卖业务，并且 在4月为了发展该业务推出了"百亿补贴"，二季度新业务营收出现了巨大变化。 8 月 14 日 ， 京 东 发 布 了 第 二 季 度 财 报 。 财 报 显 示 ， 京 东 第 二 季 度 收 入 为 3567 亿 元 ， 同 比 增 加 22.4%。第二季度归属于本公司普通股股东的净利润为62亿元，同比下滑50.8%。 京东2025年第二季度经营损失为9亿元，2024年第二季度经营利润为105亿元。京东表示这一变化 主要是由于对新业务的战略投入增加导致。 分业 ...

在员工福利场景，京东政企业务为东风汽车提供了从福利采购发放、定制化履约、数智化管理等全方位 员工服务，帮助企业实现阳光采购、降本增效的同时，满足员工的个性化的福利需求。在办公日用场 景，聚焦高频、刚需、通用型商品和服务，提供简单、高效、专业的服务及一站式办公用品解决方案， 实现整体采购降本5%以上。在市场营销场景，通过对车主商城的数智化改造升级，为其量身定制专属 商品池和会员积分体系，带来用户活跃度的快速增长。 近日，京东集团与东风汽车集团有限公司（下称东风汽车）签署战略合作协议，建立全面战略合作关 系。京东集团SEC副主席、京东集团CEO许冉与东风汽车党委书记、董事长杨青共同出席战略合作签约 仪式。 实现全面战略合作后，京东集团和东风汽车将进一步加深在乘用车全渠道营销、商用车绿色智能运力、 配件销售及售后服务生态等领域的合作。同时，依托彼此在供应链需求场景及数智化运营上的优势，将 着力推进降本增效的深入合作。在企业办公及国产化场景、员工服务场景、车主商城营销场景等方面提 高采购效率，降低运营和管理成本。 东风汽车与京东集团签署战略合作协议 多年来，京东集团与东风汽车围绕物流商用车合作、用户营销与售后服务生态 ...

Core Viewpoint - JD.com has completed the acquisition of Hong Kong's Jia Bao Supermarket, marking its entry into the physical retail sector in Hong Kong [1] Group 1: Acquisition Details - The acquisition aims to deepen cooperation between JD.com and Jia Bao, leveraging JD.com's supply chain advantages [1] - The partnership is expected to enhance Jia Bao's omni-channel business development [1] Group 2: Market Impact - The acquisition will enrich the supply of quality goods in Hong Kong's retail market [1] - It will also promote JD.com's fresh supply chain layout in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The move is intended to accelerate JD.com's expansion in the local retail market in Hong Kong [1]

Core Insights - JD Group reported a record revenue of 356.7 billion yuan (approximately 49.8 billion USD) for Q2 2025, marking a year-on-year growth of 22.4%, the highest growth rate in nearly three years [1] - The core retail business showed accelerated growth, with most categories experiencing significant increases, particularly the fresh food category, which saw a 16.4% year-on-year revenue growth [1] - Service revenue grew by 29.1% year-on-year, indicating strong performance in new business segments [1] Financial Performance - For Q2 2025, JD Group's net profit attributable to ordinary shareholders was 6.2 billion yuan (approximately 0.9 billion USD), while the non-GAAP net profit was 7.4 billion yuan (approximately 1 billion USD) [2] - The retail segment generated 310.1 billion yuan in revenue, a 20.6% increase year-on-year, with an operating profit of 13.9 billion yuan and an operating margin of 4.5%, setting a record for promotional quarters [2] - During the 618 shopping festival, JD's online and offline orders exceeded 2.2 billion, with significant growth in electronics, home appliances, and fashion categories [2] Business Development - JD's new business, particularly the food delivery service, saw a remarkable revenue increase of 199% year-on-year [2] - The food delivery service achieved over 25 million daily orders and expanded its coverage to 350 cities, with over 1.5 million quality restaurants onboard [3] - JD plans to build 10,000 "Seven Fresh Kitchen" locations nationwide within three years, with significant interest from potential partners [3] Share Buyback Plan - JD Group announced a share buyback plan of up to 5 billion USD, valid until August 2027, with approximately 807 million A-shares repurchased for a total of about 1.5 billion USD as of June 30, 2025 [3] - The remaining amount under the buyback plan is 3.5 billion USD [3]

Group 1 - The company reported a revenue of 356.7 billion yuan for the second quarter, representing a 22.4% increase compared to the second quarter of 2024 [1] - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the second quarter of 2024 [1] - The new business segment, including JD's entry into the food delivery market, saw a significant revenue increase of 199% year-on-year, reaching 13.852 billion yuan [3] Group 2 - The total revenue for JD Retail was 257.072 billion yuan for the three months ending June 30, 2024, and is projected to reach 310.075 billion yuan for the same period in 2025 [5] - JD Logistics generated revenue of 44.207 billion yuan for the three months ending June 30, 2024, with a forecast of 51.564 billion yuan for 2025 [5] - The total human resources expenditure for JD's ecosystem reached 136 billion yuan for the twelve months ending June 30, 2025 [9] Group 3 - The number of full-time delivery riders exceeded 150,000 by the end of the second quarter, with daily orders during the 618 shopping festival surpassing 25 million [3] - The total number of personnel within JD's ecosystem, including part-time employees and interns, reached approximately 900,000 as of June 30, 2025, up from 670,000 as of December 31, 2024 [7]

"二季度，京东平台的用户流量、季度活跃用户数以及京东平台用户购物频率均实现了强劲增长，这得 益于我们核心京东零售业务以及包括京东到家在内的全新业务的持续发展势头。"京东首席执行官许冉 女士表示。 京东集团公告，第二季度净营收3566.6亿元，同比增22.4%，预估3354.5亿元；第二季度调整后每ADS 收益4.97元，预估3.78元。 ...