Core Viewpoint - JD.com reported a revenue of 356.7 billion RMB for the second quarter, representing a year-on-year growth of 22.4%, emphasizing its commitment to long-term strategic development in the competitive food delivery industry [1] Group 1: Financial Performance - The revenue for the second quarter reached 356.7 billion RMB, marking a 22.4% increase compared to the same period last year [1] Group 2: Strategic Focus - JD.com management highlighted the importance of food delivery and instant retail in the overall strategy, aiming to build a sustainable business model that can endure for five, ten, or even twenty years [1][3] - The company introduced the concept of "quality food delivery" as a differentiation strategy, focusing on enhancing platform systems and user experience rather than engaging in price wars [3] Group 3: User Engagement and Cross-Selling - There is an observed increase in cross-buying behavior among users of JD.com's food delivery service, indicating growing user stickiness and laying a solid foundation for long-term development [3] Group 4: Investment Strategy - While new business investments may impact short-term profit margins, management believes these will open up greater growth potential and create synergies with core businesses in the long run [3] - JD.com will maintain investment discipline and closely monitor return on investment (ROI) to ensure effective allocation of resources [3]

Group 1 - JD Group reported Q2 2025 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in nearly three years [1] - Core retail business showed strong performance with a 20.6% year-on-year growth and an operating profit margin of 4.5%, the highest in promotional quarters [1] - New business revenue surged by 199%, primarily driven by JD's food delivery services [1] Group 2 - User traffic, active user count, and purchase frequency all saw significant growth, with active user count increasing by over 40% year-on-year for seven consecutive quarters [1] - During the "618" shopping festival, JD's overall order volume exceeded 2.2 billion, with daily active users reaching a historical high [1] - JD Supermarket launched new products and enhanced user experience through supply chain innovations, including the introduction of "JD label" products [2] Group 3 - JD's food delivery service achieved over 25 million daily orders, covering 350 cities with over 1.5 million quality restaurant partners [2] - The company has invested over 150 billion yuan in R&D since 2017, with supply chain infrastructure assets nearing 170 billion yuan [2] - JD plans to recruit 35,000 positions in 2026 and has invested 7 billion yuan in youth apartments in Beijing [3] Group 4 - JD has employed over 4,000 disabled individuals and supports their employment through training and operational guidance [3] - The company aims to introduce 1,000 overseas brands within three years, targeting a cumulative sales growth of 10 billion yuan [2]

Core Viewpoint - JD Group reported a net profit of 6.178 billion yuan for Q2 2025, a 50.8% decrease year-on-year, primarily due to losses from its new food delivery business [2][4]. Financial Performance - JD's Q2 2025 operating loss was 859 million yuan, compared to an operating profit of 10.501 billion yuan in Q2 2024 [4]. - Total revenue for Q2 2025 was 356.66 billion yuan, a 22.4% increase year-on-year, while operating costs rose by 22.2% to 300.02 billion yuan [4][6]. - Marketing expenses surged to 27.013 billion yuan, nearly a 129% increase year-on-year [4][6]. Business Segments - The food delivery segment generated 13.852 billion yuan in revenue but had an operating profit margin of -106.7% [7]. - The strategic investment in new businesses, including food delivery, has led to significant short-term losses, impacting overall profitability [4][7]. Market Reaction - JD's stock price fell over 4% during trading on August 15, dropping below 120 HKD, reflecting investor concerns over the impact of the food delivery business on profits [3][9]. - Analysts predict that losses in the food delivery segment may continue to expand in Q3 2025, further affecting JD's overall financial performance [9][12]. Cash Flow and Share Buyback - JD repurchased approximately 80.7 million Class A ordinary shares for about 1.5 billion USD in the first half of 2025, with a remaining buyback amount of 3.5 billion USD as of August 14 [8]. - Free cash flow decreased significantly from 49.555 billion yuan in Q2 2024 to 22.018 billion yuan in Q2 2025, indicating potential future funding needs [10][11]. Competitive Landscape - The CEO of JD noted intensified competition in the food delivery market since July, which has disrupted pricing structures and created unsustainable business practices [7]. - Other companies in the sector, such as Meituan and Alibaba, are expected to face similar challenges, although their prior investments may mitigate the impact compared to JD [12].

证券研究报告 | 公司点评报告 2025 年 08 月 15 日 京东集团-SW（09618.HK）25Q2 财报点评 电商收入及利润超预期，关注外卖后续投入与生态协同 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 1084662 | 1158819 | 1317886 | 1338673 | 1383240 | | 同比增长 | 4% | 7% | 14% | 2% | 3% | | Nongaap 归 母 净 利 润 | 35200 | 47827 | 27603 | 49083 | 63430 | | 同比增长 | 25% | 36% | -42% | 78% | 29% | | 每股收益(元) | 8.34 | 14.27 | 7.25 | 14.37 | 18.83 | | P/E(nongaap) | 9.3 | 6.8 | 11.8 | 6.7 | 5.1 | 强烈推荐（维持） 消费品/商业 目标估值：146-182 港元 当前股 ...

Core Viewpoint - Dongfeng Motor and JD Group have officially signed a strategic cooperation agreement to establish a comprehensive strategic partnership, focusing on leveraging JD's advantages in digital supply chain, platform ecosystem, and user services [2] Group 1: Strategic Cooperation - The strategic cooperation will focus on three core areas: vehicle marketing and after-sales service ecosystem, procurement and supply chain, and smart logistics [2] - The signing ceremony was attended by key executives, including Dongfeng Motor's Party Secretary and Chairman Yang Qing and JD Group's SEC Vice Chairman and CEO Xu Ran [2]

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 ...