8月15日，港股科网股盘初多数走低，阿里巴巴(09988.HK)、美团(03690.HK)、京东(09618.HK)均跌超 2%，比亚迪股份(01211.HK)、快手(01024.HK)、百度(09888.HK)跌超1%。（新浪财经） ...

今日有网络消息称，"阶跃星辰裁撤视频生成团队，全员并入京东"。 上海阶跃星辰智能科技有限公司成立于2023年4月6日，由微软前全球副总裁姜⼤昕创办。 责任编辑：梁斌 SF055 对于上述传闻，京东对新浪科技表示作为京东集团专注前沿科技探索的研发部门，京东集团探索研究院 正在按照计划，正常推进对各类优秀AI人才的招聘，包括业内技术大牛、TGT（Tech Genius Team） 等，感谢您的关注。 ...

Core Viewpoint - JD Group reported a significant decline in net profit for Q2 2025, primarily due to losses from its new food delivery business, despite overall revenue growth [1][2]. Financial Performance - JD's Q2 2025 operating loss was 859 million RMB, a stark contrast to an operating profit of 10.5 billion RMB in Q2 2024 [2][4]. - The net profit attributable to shareholders for Q2 2025 was 6.178 billion RMB, down 50.8% year-on-year [1][4]. - Total revenue for Q2 2025 reached 356.66 billion RMB, reflecting a year-on-year growth of 22.4% [2][3]. - Operating costs increased by 22.2% to 300 billion RMB, with marketing expenses surging by nearly 129% to 27.013 billion RMB [2][3]. Business Segments - The food delivery segment generated 13.852 billion RMB in revenue but reported a staggering operating profit margin of -106.7% [5]. - The company’s strategic investments in new businesses, including food delivery, have led to increased operational costs, impacting overall profitability [2][4]. Market Dynamics - Intense competition in the food delivery market has led to unsustainable pricing strategies, affecting the industry’s price structure and creating challenges for merchants [4][7]. - Analysts predict that losses in the food delivery segment may continue to expand in Q3 2025, further impacting JD's overall financial performance [6][7]. Cash Flow and Share Buyback - JD's free cash flow for Q2 2025 was 22.018 billion RMB, a significant decrease from 49.555 billion RMB in the same period last year [8][9]. - The company repurchased approximately 80.7 million Class A ordinary shares, totaling around 1.5 billion USD, with a remaining buyback amount of 3.5 billion USD as of August 14 [5]. Industry Outlook - Other tech companies, including Meituan and Alibaba, are expected to report similar challenges due to their early investments in the food delivery sector, although the impact may not be as severe as JD's [10][11]. - The competitive landscape is anticipated to remain challenging, with potential pressure on profit margins across the sector due to increased subsidies and promotional activities [11].

Core Viewpoint - The competition in the unmanned logistics vehicle industry is intensifying, highlighted by the recent legal dispute between JD.com and the newly recognized unicorn company, Jiushi Intelligent, which may impact Jiushi's planned IPO [1][6]. Company Overview - Jiushi Intelligent, founded in August 2021, specializes in L4-level autonomous driving technology for various applications, including express delivery and community group buying [2][5]. - The founding team, including Kong Qi, Zhu Weicheng, and Zhuang Li, has a strong background in autonomous driving, having previously worked at JD Logistics and Baidu [2][3]. Competitive Landscape - Jiushi Intelligent's rapid development from establishment to mass production and road operation is notable, achieving milestones faster than competitors like New Stone Unmanned Vehicles and Baidu [5][6]. - JD Logistics has also entered the unmanned vehicle sector with its self-developed JD Logistics VAN, further intensifying competition [1]. Funding and Market Interest - Jiushi Intelligent has attracted significant investment, including a $100 million Series A round in February 2024 and a $300 million Series B round in April 2024, indicating strong market interest [6]. - The company is seen as a potential candidate for an IPO, with industry experts suggesting that the ongoing legal issues with JD.com could complicate this process [6][7]. Legal Challenges - JD.com has reported Jiushi Intelligent for alleged intellectual property infringement, which could pose risks to Jiushi's IPO plans if substantiated [1][7]. - The outcome of the legal investigation will be crucial, as it may lead to increased scrutiny from stock exchanges regarding Jiushi's IPO application [7].

Core Insights - JD.com has officially completed the acquisition of Hong Kong-based Jia Bao Supermarket, aiming to deepen collaboration and enhance its supply chain advantages in the region [1] - The acquisition is expected to enrich the quality product offerings in Hong Kong's retail market and accelerate JD.com's expansion in the local retail sector [1] - JD.com has established an Innovation Retail - Jia Bao Business Unit, appointing Jia Bao's founder, Lin Xiaoyi, as the head of this new unit [1]

Core Insights - 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][2] - The acquisition is expected to leverage JD.com's supply chain advantages to optimize Jia Bao's operations, providing consumers with a wider range of quality products at competitive prices [1][2] Group 1: Acquisition Details - The acquisition marks JD.com's entry into the Hong Kong physical retail sector, integrating Jia Bao's extensive network of over 90 stores and more than 1,000 employees [1][2] - 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: Strategic Implications - JD.com aims to enhance the richness and price competitiveness of the Hong Kong retail market through the integration of Jia Bao's offline store network [2] - The company had previously invested 1.5 billion yuan in September 2022 to bolster its market presence in Hong Kong, focusing on price subsidies, logistics support, and service optimization [2] Group 3: Future Initiatives - JD.com plans to launch a three-day promotional event from August 16 to August 18, offering a 20% discount on a selection of products from its supply chain [2] - The company has introduced various consumer-friendly services in Hong Kong, including a price guarantee and free shipping for self-operated products [2]

Investment Rating - The report maintains a "Strong Buy" rating for JD Group [4][6] Core Views - JD Group's Q2 2025 performance exceeded expectations with revenue of 356.66 billion yuan, a year-on-year increase of 22.4%, driven by government subsidies and user growth [1][6] - The retail segment generated revenue of 310.075 billion yuan, up 20.6% year-on-year, with retail operating profit reaching 13.94 billion yuan, a 37.9% increase [1][6] - Non-GAAP net profit for the quarter was 7.394 billion yuan, down 48.9% year-on-year, but better than consensus expectations [1][6] - The report highlights the robust growth of the takeaway business and its potential synergy with the retail segment, emphasizing the need to monitor future investments in this area [1][6] Financial Data and Valuation - Projected revenue for JD Group is expected to grow from 1,084.662 million yuan in 2023 to 1,383.240 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3% [3][7] - Non-GAAP net profit is projected to fluctuate, with estimates of 27.603 billion yuan in 2025, 49.083 billion yuan in 2026, and 63.430 billion yuan in 2027 [3][7] - The report provides a target valuation range of 146-182 HKD per share based on a 2026 Non-GAAP net profit multiple of 8-10 times [4][6] Stock Performance - JD Group's stock has shown a 1-month absolute performance of 9.1%, a 6-month performance of 17.6%, and a 12-month performance of 20.0% [5]

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]

做良性且持久的生意 很显然，无论是下狠劲做外卖，还是拓展线下多元零售场景，京东已逐步找到了自己的发展节奏，而不 是被动防御竞对的进攻。换言之，京东扩张的目标并不是为了打败谁，而是尽可能"卷"自己。 当各路玩家挤入同一个赛道，做同一项业务时，获取的市场订单量、收入只是表象，更深层次的竞争要 点在于企业如何构建效率更高的商业模型。以外卖为例，虽然今年7月京东未参与竞争对手之间凶猛的 价格战，其业务体量也难与其他平台相提并论，但这并不影响京东通过外卖业务持续释放主站的品类增 长，并与更多餐饮商家实现深入合作。 京东再次实现业务突破。8月14日晚间，京东公布2025年二季度财报。集团整体收入达3567亿元，同比 增长22.4%，远超市场预期，再次刷新近三年来同比增速的纪录。其中，包括外卖等新业务收入突飞猛 进，有效带动平台整体用户活跃和品类的持续增长。 这也令人不禁疑惑，眼下，当电商巨头苦苦缠斗于单量和价格战时，为何京东能巧妙化解锋芒，避开流 量内耗，在战场上赢得自己的增量呢？ 新老业务增速亮眼 今年二季度，京东绝大多数品类都在加速增长。除了"6·18"大促的影响，外卖等新业务带来的联动效应 也传导至更多品类表现上。 ...

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 ...