2025.11.13 本文字数：1435，阅读时长大约5分钟 作者 |第一财经 陆涵之 许冉最后表示，无论是在国补期间，还是未来进入常态化发展，京东的团队都会持续发挥供应链能力， 加强与品牌共建，通过定制包销这些方式推动产业效率的提升，带来行业利润的提升，也为京东带来长 期利润率的改善。京东有信心在家电和3C品类持续保持市场份额的提升。京东将继续强化自身能力和 战略布局，与品牌商紧密合作，共同应对短期的行业挑战，助力行业实现长期的健康发展。 同时，京东的增长动力也会更加多元化，超市、健康时尚这些日百品类以及广告等服务收入都保持持续 地加速增长态势，成为京东整体增长的新动力。 国补此前为家电品类销售提供了强大驱动力。在2024年四季度财报电话会议上，许冉曾表示，"从去年 下半年开始，国家出台的各项消费提升政策，在我们看来的确取得了很积极的效果，也带动了消费信心 的逐步提升。" 此外，许冉回应了京东外卖业务的发展情况。 从增长看，三季度京东外卖的GMV环比取得了双位数增长。许冉表示在单量增长的同时，订单结构变 得更加健康，正餐的订单占比持续提升，占到总订单量的"绝大多数"。同时，三季度外卖客单价环比出 现提升。外 ...

Major Events - Shanghai Industrial Holdings (00363) plans to sell 49% stake in Shanghai Shanshi Medical Beauty Hospital for 73.598 million yuan [1] - Hengrui Medicine (01276) received approval for clinical trial of Rivoceranib tablets [1] - CanSino Biologics (06185) initiated Phase I clinical trial of inhaled tuberculosis vaccine in Indonesia, completing the enrollment of the first subject [1] - Zhonghui Biotech-B (02627) started Phase I clinical trials for quadrivalent and trivalent influenza virus subunit vaccines [1] - Zhiyun Health (09955) signed a service cooperation agreement with JD Health (06618) to expand online sales and service channels for Livermore tablets and other P2M pipeline products [1] - China Resources Land (01109) plans to place shares of China Resources Mixc Lifestyle (01209) to diversify shareholder structure [1] - Shoucheng Holdings (00697) announced investment in Star Motion Era by Beijing Robotics Fund [1] Financial Performance - Tencent Holdings (00700) reported third-quarter revenue and profit growth, with non-IFRS profit attributable to shareholders reaching 70.551 billion yuan [1] - JD Group-SW (09618) reported third-quarter total revenue of 299.059 billion yuan, a year-on-year increase of 14.85% [1] - JD Logistics (02618) reported third-quarter revenue of 55.084 billion yuan, a year-on-year growth of 24.1% [1] - JD Health (06618) reported third-quarter operating profit of 1.243 billion yuan, a year-on-year increase of 125.3% [1] - SMIC (00981) reported third-quarter profit attributable to shareholders of approximately 192 million USD, a quarter-on-quarter increase of 44.7% and a year-on-year increase of 28.9% [1] - Bilibili-W (09626) reported a net profit of 469 million yuan in the third quarter, turning profitable year-on-year, with all core user metrics reaching historical highs [1] - China Pacific Insurance (02601) reported original insurance premium income of 241.322 billion yuan for the first ten months, a year-on-year increase of 9.9% [1]

Group 1 - The UCCA Gala 2025 charity event took place in Shanghai, showcasing a high-end custom travel package sponsored by JD Travel and Château la Coste, which sold for 280,000 yuan, with proceeds supporting UCCA exhibitions and public projects [1][2] - The auction item included round-trip business class tickets, a 4-day stay in a pool villa, wine tasting experiences, and high-end transportation services, highlighting the integration of art, architecture, and wine culture [2][3] - JD Travel's high-end custom travel service aims to meet the personalized needs of art enthusiasts and quality travelers, offering a range of services including domestic and international travel, hotel selections, and 24/7 personalized travel consulting [3][4] Group 2 - Since launching its wine and travel business in June, JD has innovated supply chain integration through initiatives like the "JD Wine Tasting Event," enhancing service and value for consumers [4] - JD Travel plans to continue enhancing service experiences based on supply chain capabilities, expanding its product offerings to become a trusted choice for travelers [4]

Core Viewpoint - JD.com reported a significant decline in profit margins despite a solid revenue growth, indicating pressure from increased operational costs and marketing expenses [3][4][6]. Financial Performance - JD.com achieved a net revenue of 299.06 billion RMB in Q3, a year-on-year increase of 15%, surpassing market expectations of 294.4 billion RMB [3][4]. - Adjusted EBITDA for Q3 was 2.5 billion RMB, down 83% year-on-year, significantly below the market forecast of 3.41 billion RMB [4][6]. - Adjusted operating profit margin fell to 0.1%, down from 5% in the same period last year, reflecting substantial cost pressures during business expansion [4][6]. Cost Structure - Total operating expenses rose to 22 billion RMB, a 35% increase year-on-year, outpacing revenue growth and contributing to the pressure on profit margins [4][7]. - Marketing expenses surged by 110.5% year-on-year, reaching 21.1 billion RMB in Q3, which accounted for 7.0% of total revenue, up from 3.8% in the previous year [8]. New Business Growth - New business revenue reached 15.592 billion RMB in Q3, marking a remarkable year-on-year growth of 213.9%, driven by JD's expansion into food delivery, product development, and overseas markets [10]. - The company expressed confidence in maintaining its leading market position in electronics and home appliances, while also exploring growth potential in daily necessities and advertising services [5][10]. Operational Efficiency - JD's food delivery service showed healthy growth with improved operational efficiency, leading to a reduction in overall investment and a gradual improvement in profit margins per order [11].

Core Insights - JD.com reported a 15% year-on-year revenue growth for Q3, but adjusted EBITDA fell by 83%, while new business revenue grew over twofold, and marketing expenses increased by 110% [1][3][12] - The management emphasized that food delivery is a long-term strategy, aiming to establish market share and user perception in the "quality food delivery" sector [1][26] - The company achieved a significant milestone with annual active users surpassing 700 million, driven by a 40% increase in quarterly active users [4][11] Revenue and Profitability - JD.com's total revenue for Q3 reached 251 billion RMB, with retail revenue growing by 11% year-on-year [5][14] - The gross profit margin for JD Retail improved, reaching 19.3%, marking a continuous increase for 14 consecutive quarters [14][39] - Service revenue grew by 31% year-on-year, with platform and marketing revenue increasing by 24%, indicating a robust ecosystem [13][39] Business Segments - The daily necessities category has seen a 19% year-on-year revenue growth, maintaining double-digit growth for four consecutive quarters [12][14] - Instant retail business achieved double-digit growth in GMV, with improved unit economics despite initial losses [8][15] - The advertising revenue has accelerated, growing over 20% year-on-year, driven by enhanced user engagement and advanced advertising tools [7][13] Strategic Initiatives - JD.com is focusing on AI development, planning to invest in building a comprehensive AI ecosystem over the next three years [2][10][33] - The company is expanding its international presence with Joybuy operating in key markets like the UK, France, and Germany, positioning internationalization as a critical long-term strategy [2][21] - The management highlighted the importance of supply chain capabilities and product innovation to maintain competitive pricing and enhance user experience [20][26] User Engagement - User shopping frequency increased by over 40% year-on-year, reflecting a strong engagement across all user segments [5][11] - The conversion rate of new users from the food delivery service is approaching 50%, indicating effective user acquisition strategies [31][32] - The company aims to leverage the synergies between food delivery and core retail to enhance overall user engagement and revenue growth [31][32]

【#京东外卖将成可独立生存业务#】京东集团发布了2025年三季度业绩。三季度，京东集团收入为2991 亿元人民币（约420亿美元），同比增长14.9%，超出预期。净利润53亿元，上年同期净利润117亿元。 京东集团CEO许冉谈及京东外卖业务时表示，"未来，我们会继续以长期的视角来推进战略规划，当然 同时也会考虑长期的投入产出，我们的目标始终是打造可持续发展的商业模式，一方面追求单量的增 长，同时也会逐步释放外卖业务的规模效应，最终外卖业务是一个可以自己独立生存的业务。" 她还谈到，"更加重要的是，京东外卖的业务会深植于整个京东的业务生态，包括用户端、供给端、履 约端都和我们现有的业务有深度融合和创造协同价值的空间，这些业务并不是简单的加减关系。从长期 看，我们的用户获取成本会下降，集团整体也会在保持盈利和现金流充足的基础上，追求可持续增 长。"（新浪科技） ...

京东第三季度财报发布后，国补、外卖等话题受到关注。 今年年底，用户将在北京看到更多的七鲜小厨。 国补此前为家电品类销售提供了强大驱动力。在2024年四季度财报电话会议上，许冉曾表示，"从去年 下半年开始，国家出台的各项消费提升政策，在我们看来的确取得了很积极的效果，也带动了消费信心 的逐步提升。" 此外，许冉回应了京东外卖业务的发展情况。 从增长看，三季度京东外卖的GMV环比取得了双位数增长。许冉表示在单量增长的同时，订单结构变 得更加健康，正餐的订单占比持续提升，占到总订单量的"绝大多数"。同时，三季度外卖客单价环比出 现提升。外卖业务在补贴效率方面正逐步提升，京东外卖针对不同地域用户群体以及订单类型正进行更 加精细化地运营。 许冉给出了几项具体举措。在产品创新方面，京东会与品牌方合作，推出更多定制化产品来推动产品的 升级和创新。在价格方面，京东会通过规模优势和供应链能力，带动成本和价格的不断优化，为用户提 供更具竞争力的价格。在服务方面，京东也会打造线上线下全渠道的购物体验，以及送装一体的差异化 服务，为用户提供更加优质的体验和更高效的模式，以巩固京东的市场份额。截至三季度，在全国已经 有超过20家京东M ...

Core Insights - The UCCA Gala 2025 charity event took place on November 12 in Shanghai, featuring a collaboration between JD Travel and Château la Coste, with a unique auction item raising 280,000 yuan for UCCA exhibitions and public projects [3][4] Group 1: Event Overview - The UCCA Gala 2025 is a significant annual charity event in the contemporary art sector of China [3] - JD Travel showcased a custom travel package at the event, marking its debut in high-end customized travel services [3] Group 2: Auction Details - The auction item, "Art Winery VIP Experience," was sold for 280,000 yuan, with proceeds supporting UCCA initiatives [3] - The package includes round-trip business class tickets, a 4-day stay in a villa, winery experiences, and a collection of 100 bottles of wine [3][4] Group 3: JD Travel's Services - JD Travel focuses on personalized travel services for art enthusiasts and high-quality travelers, offering both domestic and international custom travel options [4] - The service includes 24/7 dedicated travel consultants and integrates resources from JD Group, such as global rescue services and health packages [4] - Current offerings include themed travel routes like "Italian Renaissance Tour" and "European Art Museum Visit" [4]

京东外卖在第三季度的GMV环比双位数的增长，正餐占比也持续提升，占订单绝大部分。整体投入环 比收窄，得益于用户体验的优化、保证更丰富的供给、商家数量的增长，以及不同用户群体不同的运营 策略，优化整体的运营效率。 许冉表示，外卖将考虑长期的投入产出，目标始终是打造可持续发展的商业模式，一方面追求单量的增 长，同时也会逐步释放外卖业务的规模效应，最终外卖业务是一个可以自己独立生存的业务。 同时京东外卖的业务会深植于整个京东的业务生态，包括用户端、供给端、履约端都和现有的业务有深 度融合和创造协同价值的空间，这些业务并不是简单的加减关系。从长期看，用户获取成本会下降，集 团整体也会在保持盈利和现金流充足的基础上，追求可持续增长。 今日晚间的财报电话会议上，京东CEO许冉表示，目前京东外卖处于战略布局的第一个阶段，目标是在 品质外卖领域有比较好的用户心智和市场份额。 京东今日发布2025年第三季度财报，第三季度收入2991亿元，同比增长14.9%。归属于公司普通股股东 的净利润为53亿元，2024年同期为117亿元。非美国通用会计准则下净利润为58亿元，2024年同期为132 亿元。 外卖所在的新业务营收为155.9 ...

Core Insights - The 17th "Double 11" e-commerce promotion will end on November 14, featuring simplified discount methods such as "instant discounts" and "cash subsidies" to enhance consumer experience [1] Group 1: Online and Offline Integration - Nanjing's Commerce Bureau has actively promoted local products on platforms, boosting online retail sales significantly, particularly in key categories like home appliances and daily necessities [2] - The average daily processing volume at Nanjing's postal center increased by 13% year-on-year during the "Double 11" period, reflecting strong sales performance [2] - JD Electronics and Suning's offline stores have seen a surge in customer traffic, with JD's store traffic increasing by 20.5% month-on-month [2][3] Group 2: Consumer Trends - There is a notable shift in consumer demographics, with younger generations and the elderly becoming the main consumer groups for home appliances, emphasizing quality and personalized products [3] - Smart home appliances with AI features accounted for over 55% of sales, indicating a growing preference for technology-driven products among consumers [3] Group 3: Live Streaming Commerce - Live streaming has emerged as a dominant sales channel during "Double 11," with significant sales generated by various companies leveraging multi-platform live streaming strategies [4] - Nanjing's top live streaming companies achieved impressive sales figures, with one company selling 48.93 million on the first day of "Double 11" [4] Group 4: Promotional Strategies - The timing of "Double 11" coincided with the "Super League" finals, leading to increased promotional activities and digital coupon distribution, resulting in substantial sales growth for platforms like Taobao and Meituan [5] - Taobao's flash sales saw a 92% year-on-year increase in transaction volume in the Nanjing area during the finals [5] Group 5: Logistics and Delivery - The logistics sector adapted to the extended 25-day promotional period, resulting in a more stable delivery process with an average daily delivery volume of approximately 3.7 million packages [7] - Various courier companies implemented strategies to optimize delivery efficiency, including smart forecasting and pre-packaging, leading to improved delivery times [7]