中概股调整。 迅雷大涨超20%。公司发布的第二季度未经审计财报显示，本季度迅雷总营收为1.04亿美元，同比增长 30.6%。基于非美国通用会计准则（Non-GAAP），本季度净利润为830万美元，去年同期净利润为320万美 元。净利润的增长主要是迅雷对影石创新公司长期投资的公允价值的变动，该公司已于2025年6月完成IPO。 当地时间8月14日，美股三大指数集体低开，随后窄幅震荡。 中概股表现较弱，纳斯达克中国金龙指数盘中一 度跌超2%。 8月14日亚洲交易时段，A股、港股均在冲高后出现调整，截至当天收盘，沪指跌0.46%，深证成指跌0.87%， 恒生指数跌0.37%，恒生科技指数跌0.97%。 具体中概股方面，网易盘初一度跌超9%，随后跌幅显著收窄，截至发稿，跌幅不足2%。 消息面上，网易当天发布了2025年第二季度财报。财报显示，网易二季度净收入279亿元，同比增长9.4%， 预估284亿元；归属于公司股东净利润为86亿元，经调整归属于公司股东净利润为95亿元。游戏及相关增值服 务净收入228亿元，上一季度和去年同期分别为240亿元和201亿元。 京东集团盘前一度涨超3%，盘初小幅冲高后转跌，截至发稿跌超 ...

Core Viewpoint - JD.com Inc's shares are declining despite a strong second-quarter earnings and revenue report, primarily due to rising costs associated with its new food delivery service overshadowing optimism from its acquisition of Ceconomy [1] Group 1: Stock Performance - JD.com shares fell 3.4% to $31.40, maintaining losses since April amid U.S.-China trade tensions [2] - Year-to-date, the stock is down 8% [2] Group 2: Options Trading Activity - Options traders are betting on a rebound, with activity at twice the usual intraday amount, including 71,000 calls and 23,000 puts exchanged [2] - The most active contracts are the August 33 and 32.50 calls, with new positions opening at the latter [2] Group 3: Analyst Sentiment - The call/put volume ratio for JD.com is 8.96, higher than 99% of readings from the past year, indicating strong bullish sentiment [3] - Of the 17 firms covering JD.com, 13 rate the stock as "buy" or better, while four recommend "hold" or worse [3]

Summary of JD.com's Earnings Call Company Overview - **Company**: JD.com - **Date**: August 14, 2025 Key Financial Metrics - JD.com reported a **22% year-over-year revenue growth**, reaching **RMB 357 billion** [3][4] - Non-GAAP net income attributable to ordinary shareholders was **RMB 7.4 billion**, down from **RMB 14.5 billion** year-over-year, primarily due to investments in new businesses [3][4] - Operating profit under non-GAAP increased by **38%** to **RMB 13.9 billion**, with operating margin rising from **3.9% to 4.5%** [2][3][4] User Growth and Engagement - Quarterly Active Customers (QAC) grew by over **40% year-over-year**, with shopping frequency also increasing by over **40%** [2][5] - Membership user shopping frequency surged by over **50%** [5] - During the 618 shopping festival, the number of purchasing users more than doubled, with total orders exceeding **2.2 billion** [2][5] Supply Chain and Product Performance - JD's supply chain capabilities continued to strengthen, with electronics and home appliances revenue growing by **23%** and general merchandise revenue by **16%** [2][6] - Supermarket category maintained double-digit growth for six consecutive quarters, while fashion also saw double-digit growth [2][6] New Business Developments - New initiatives, including JD Daojia, experienced exponential growth in daily order volume and a rapid increase in full-time delivery drivers [2][7] - Urban food delivery services showed synergy with core retail operations, enhancing performance in supermarkets and lifestyle services [2][7] International Expansion Strategy - JD.com is establishing localized operations in Europe and the Middle East, focusing on retail formats, warehousing, and transportation infrastructure [4][8] - The company aims to leverage its supply chain and technology advantages in international markets [8][33] Long-term Strategic Goals - JD.com aims to serve **1 billion e-commerce users** in China, focusing on enhancing user experience, reducing costs, and improving efficiency [29] - The company plans to continue strategic investments to achieve sustainable user growth and value creation [29][32] Profitability and Margin Expansion - Core retail business profitability is driven by improved supply chain efficiency, leading to lower costs and enhanced operational efficiency [30] - The gross profit margin for the second quarter reached **15.9%**, with a **23%** year-over-year increase in gross profit [14][11] Challenges and Future Outlook - The company faces short-term pressure on net income due to strategic investments in new business areas, particularly in food delivery [14][32] - JD.com is committed to maintaining a balance between investment in growth and shareholder returns, including stock buybacks and dividends [25][32] Conclusion - JD.com demonstrated strong financial performance and user engagement in the second quarter, with significant growth in both core and new business areas. The company is strategically positioned for long-term growth through supply chain enhancements and international expansion efforts.

关于盈利问题，单甦表示京东短期利润率可能会因行业竞争和自身业务投入节奏出现波动。他在电话会 上表示，前期的投入布局短期内可能影响集团利润率。从长期角度来看，新业务将逐步转化为新的增长 驱动力，为核心业务带来更大的协同价值，最终产生更大的利润空间。 7月31日，京东宣布向欧洲消费电子产品零售商MediaMarkt及Saturn的母公司CECONOMY作出自愿公开 收购要约。 对于外卖业务的进展，许冉表示外卖业务深植于京东整体的业务生态。经过一个多季度的运营，外卖业 务正在与核心电商业务产生协同价值，这也符合京东最初的预期。 首先，外卖为京东带来了明显的流量和用户增长，二季度用户活跃度和购物频次均大幅提升。 其次，外卖用户的核心电商品类购买转化率也在持续提升，尤其在商超品类产生了大量的交叉购买，业 务团队也在更大力度地推动内部协同。 最后，京东对于外卖和零售领域的整体市场投放和营销费用有很大协同空间，团队会整体权衡各个不同 渠道的投放，以提升整体营销效率和用户体验。 京东集团CFO单甦表示，二季度京东的用户增长十分强劲，季度购买用户数量和用户购买频次的同比增 速均超过50%，这是近年来用户增长势头最强劲的一个季度 ...

Core Insights - JD Group reported a revenue growth of 22.4% year-on-year for Q2 2025, reaching 356.7 billion yuan, marking the highest growth rate in three years and leading the industry [1] - The launch of the "Assured Quality" label for apparel has enhanced consumer confidence and contributed to a healthy and orderly development in the clothing sector [1] Group 1: Revenue and Growth - JD's Q2 revenue reached 356.7 billion yuan, with a year-on-year growth of 22.4%, the highest in three years [1] - The apparel sector saw significant sales growth during the 618 shopping festival, achieving a robust 33.8% increase [8] Group 2: Quality Standards and Consumer Trust - JD Apparel partnered with Zhonglian Inspection Group to establish the "Assured Quality" standards, covering various clothing categories and ensuring comprehensive quality control [4] - The introduction of the "Assured Quality" label has led to a substantial increase in sales for specific products, such as a 150% increase in sales of raw yarn sun-protective clothing [4] Group 3: Consumer Preferences and Market Position - Nearly 70% of consumers preferred to purchase apparel from JD during the 618 shopping festival, indicating a significant increase in brand richness and quality assurance [5] - The integration of technology, supply chain, marketing, and service capabilities has positioned JD Apparel as a new growth point for brand merchants while meeting diverse consumer fashion needs [8]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding significant corporate actions and financial results. Major Events - Cambrian: The company announced that recent online information regarding large orders and revenue forecasts is misleading and not true [4] - China Shipbuilding: The company has applied for voluntary delisting following a merger with China Shipbuilding Industry [5][6] - Kanda New Materials: The company plans to acquire 51% of Chengdu Zhongke Huamei for 275 million yuan to expand in the semiconductor integrated circuit sector [7] - Aimeike: A major arbitration case involving its subsidiary REGEN has been initiated, with a claim of approximately 1.6 billion yuan [8] - China Evergrande: A hearing regarding the company's liquidation is scheduled for September 16, with shares continuing to be suspended [9] - *ST Suwu: The company's stock price fell below 1 yuan, risking delisting if it remains below this threshold for 20 consecutive trading days [10] - Foton Motor: The company has identified tax payment issues amounting to approximately 28.83 million yuan for the years 2022-2024 [11][12] - Wolong Electric: The company has submitted an application for H-share issuance and listing in Hong Kong [13] - Dayuan Pump Industry: The company clarified that its liquid cooling business is part of its original operations, with first-quarter sales of approximately 1.6 million yuan [14] - Gansu Energy: The Jinhe Coal Mine has resumed production after passing safety inspections [15] - Chipsea Technology: The company plans to issue H-shares to enhance its international strategy [16] Financial Performance - China Telecom: Reported a net profit of 23.017 billion yuan for the first half of 2025, a year-on-year increase of 5.5% [17] - JD Group: Achieved a revenue of 356.7 billion yuan in Q2 2025, a year-on-year growth of 22.4% [19] - Chuanjinno: Reported a net profit of 177 million yuan for the first half of 2025, a significant increase of 166.51% [20] - Darentang: Achieved a net profit of 1.928 billion yuan for the first half of 2025, a year-on-year increase of 193.08% [21] - Baodi Mining: Reported a net profit of 61.592 million yuan for the first half of 2025, a decline of 40.11% [22] - Bailong Oriental: Achieved a net profit of 390 million yuan for the first half of 2025, a year-on-year increase of 67.53% [23] - Dunhuang Seed Industry: Reported a net profit of 54.454 million yuan for the first half of 2025, a year-on-year increase of 73.43% [24] - Huarui Precision: Achieved a net profit of 85.4597 million yuan for the first half of 2025, a year-on-year increase of 18.80% [25] - Chongqing Beer: Reported a net profit of 865 million yuan for the first half of 2025, a decline of 4.03% [26] - Heertai: Achieved a net profit of 354 million yuan for the first half of 2025, a year-on-year increase of 78.65% [27] Shareholding Changes - Junshi Biosciences: Major shareholder Shanghai Tanying plans to reduce its stake by up to 2% [28] - Tibet Tourism: Major shareholder Lvtou Group plans to reduce its stake by up to 0.97% [29] Strategic Partnerships - Shanying International: The company has signed strategic investment cooperation agreements with Yunyin Technology and Proton Technology to enhance industrial applications in the paper and packaging sectors [30]

详见：京东第二季度营收3567亿元 经调净利润74亿元 财报发布后，京东集团CEO许冉、CFO单甦出席了分析师电话会议，对财报进行了解读，并回答了分析 师提问。 以下即为本次电话会议分析师问答环节实录： 高盛分析师Ronald Keung：我的第一个问题有关京东的"以旧换新"。在"618"活动期间，我们看到有一 些省份短暂地暂停了"国补"。另外，明年的"国补"也有一定不确定性，其他平台的竞争也加剧了。我们 看到，在第二季度京东的表现也非常努力。我想请问管理层，您对今年下半年和明年"带电品类"有哪些 策略？您计划如何提升市场份额？ 我的第二个问题有关京东的外卖业务。从现在的竞争情况来看，不止是三家（京东、美团、淘宝闪 购），其实还有更多公司参与竞争，大家要拼的是耐力、执行力还有差异化。从目前的竞争来看，排在 第一位的规模最大，排在第二名的有非常雄厚的资金背景。对京东来说，管理层如何思考京东的投入和 长期的决心？作为目前的第三名，公司未来应该还要持续投入一段时间，这期间也可能产生亏损。我们 应该如何评估流量入口的获客以及交叉销售？管理层计划如何改善业务的单位经济效益（UE）？ 许冉：首先，在"国补"政策落地期间， ...

Group 1 - China's artificial intelligence patent count accounts for 60% of the global total, showcasing significant advancements in digital technology and the rise of domestic operating systems like HarmonyOS, which has reached over 1.19 billion devices [2][5] - A total of 65 A-share companies have announced plans to distribute dividends amounting to 82.902 billion yuan for the 2025 interim report, indicating a trend of substantial dividend payouts [3][5] - The Shanghai Composite Index has surpassed the 3700-point mark, increasing by 0.46%, with AI chips and Chiplet concepts leading the market gains [7] Group 2 - The national food safety supervision and sampling results for the first half of the year show an overall non-compliance rate of 2.61%, a decrease of 0.17 percentage points compared to the same period last year [8] - The total import and export value of the Yellow River Basin reached 3.67 trillion yuan in the first seven months of the year, reflecting a year-on-year growth of 7.8%, which is higher than the national average growth rate of 4.3% [8] - The ecological product value in the Tianjin Eco-city has exceeded 10 billion yuan for the first time, growing approximately 21 times since its establishment, with a projected value of 11.12 billion yuan for 2024 [8] - The number of inbound and outbound travelers at Beijing's ports is expected to exceed 13 million by 2025, marking an 18.7% year-on-year increase [8] Group 3 - JD Group reported a net revenue of 356.66 billion yuan for Q2, representing a year-on-year growth of 22.4%, surpassing the estimated 335.45 billion yuan [9]

Core Insights - JD Group reported Q2 2025 revenue of 356.7 billion RMB, a year-on-year increase of 22.4%, exceeding market expectations and setting a new record for revenue growth in nearly three years [1] - The acceleration in revenue growth is primarily driven by the core retail business, with key categories such as electrical appliances and daily necessities showing year-on-year growth of 23.4% and 16.4% respectively [1] - The new business segment, including JD's food delivery service, saw a significant revenue increase of 199% year-on-year [1] Retail Business Performance - JD's retail revenue grew by 20.6% year-on-year in Q2, with an operating profit margin of 4.5%, marking the highest record for any promotional quarter in the company's history [2] - The number of active users and shopping frequency increased by over 40% year-on-year, with active users achieving double-digit growth for seven consecutive quarters [1][2] Food Delivery Business Development - JD's food delivery service achieved a daily order volume exceeding 25 million, with coverage in 350 cities and over 150,000 quality dining establishments [2] - The company emphasizes a commitment to quality and service, rejecting unhealthy competition practices and focusing on technological empowerment and supply chain innovation [2] New Initiatives in Food Service - The launch of "Seven Fresh Kitchen," a quality dining partnership platform, aims to alleviate financial pressures on partner merchants, with plans to establish 10,000 locations nationwide within three years [3] - The first store of "Seven Fresh Food MALL" opened, utilizing 100% kitchen live streaming and a quality dining development plan to enhance consumer trust and operational efficiency for merchants [3]

Core Insights - JD.com reported Q2 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, but net profit declined significantly [1][3][9] - New business revenue surged by 198.8%, primarily driven by JD's food delivery service, although operational losses in this segment expanded from 700 million yuan to 14.8 billion yuan [1][12] - The management emphasized a long-term strategy focusing on sustainable growth rather than short-term results, particularly in the competitive food delivery market [1][20] Financial Performance - Q2 total revenue reached 357 billion yuan, with product revenue growing by 21% and service revenue increasing by 29% [9][10] - Non-GAAP net profit for Q2 was 7.4 billion yuan, down from 14.5 billion yuan in the same period last year, primarily due to investments in new businesses [3][12] - Gross profit margin improved to 15.9%, marking the 13th consecutive quarter of year-on-year growth [8][12] Business Segments - Core retail business showed resilience, with electronics and home appliances revenue growing over 20% year-on-year [2][10] - The food delivery segment has seen exponential growth, with a significant increase in order volume and user engagement [6][12] - The international business is focusing on localizing operations and enhancing supply chain collaboration, with plans to acquire Ceconomy to strengthen its European market presence [2][31] User Engagement - Active user growth exceeded 40% year-on-year, with total users reaching a new high [4][5] - Shopping frequency increased by over 40%, with JD Plus members showing even higher engagement [5][28] - The food delivery service has attracted younger users, contributing to increased shopping frequency and overall user growth [28][29] Strategic Focus - Management reiterated the importance of a sustainable business model for food delivery, aiming for long-term profitability and efficiency improvements [20][30] - The company is committed to maintaining investment discipline while focusing on return on investment (ROI) for new business initiatives [1][30] - JD.com aims to leverage its supply chain advantages to enhance user experience and operational efficiency across all business segments [22][26]