Core Insights - The "Double 11" shopping festival in China has evolved into a prolonged promotional period, with consumers becoming accustomed to discounts and promotions, leading to a decline in consumer enthusiasm [2][6] - Consumer confidence remains low, with the consumer confidence index at 89.6 in September, below the optimistic threshold of 100, indicating ongoing economic challenges [6] - Japanese brands are facing tough competition in the Chinese market, with a notable shift towards domestic products and a slight recovery in sales for certain categories [7][8] E-commerce Trends - E-commerce companies have extended promotional periods to over a month, with JD.com starting promotions three days earlier than in 2024, and Alibaba's promotions lasting until November 14 [6][10] - The trend of "emotional consumption" has emerged, with increased sales in outdoor sports products and cartoon-themed items during the early phase of the Double 11 promotions [6] Japanese Brands in China - Japanese brands are experiencing a decline in circulation on major e-commerce platforms, but there are signs of recovery with a 1% increase in circulation for the first ten months of the year [7] - Specific categories such as sports and outdoor products have seen significant growth, with a 19% increase, while clothing and skincare products grew by 4% [7][8] Consumer Behavior - Consumers are increasingly price-sensitive, with a focus on finding the lowest prices for everyday items, reflecting a shift in purchasing behavior [4][6] - The concept of "fail-proof shopping" is gaining traction among Chinese consumers, emphasizing the need for brands to provide value beyond discounts [10]

从细分业态来看，今年"双11"京东外卖入驻超200万家品质餐厅，合作的TOP300餐饮品牌"双11"期间日 均订单量较外卖上线首月增长13倍；七鲜小厨大促期间3日复购率达行业3倍，流量带动周边3公里品质 餐厅订单量增长超12%；七鲜美食MALL带动客流量环比增长80%；京东旅行酒店订单同比增长近8倍， 机票订单同比增长6.3倍；京东家政成交额同比增长超200%，其中自营家电清洗订单量同比增长超 210%。 北京商报讯（记者 何倩）11月12日，据京东数据统计，截至2025年11月11日23:59，京东"双11"成交额 再创新高，下单用户数增长40%，订单量增长近60%。 ...

瑞财经 吴文婷11月11日，据媒体报道，京东零售于近期正式成立预制食品业务部。 目前，该部门在组织架构上与3C数码事业群、家居家电事业群、大商超事业群等京东零售C1级部门平级，负责人为Andy Tian，直接向京东集团CEO许冉汇 报。 报道称，一位接近京东的业内人士表示，"京东布局预制菜并非新鲜事，只是没想到这次战略层级这么高。" 实际上，今年8月15日，"京东零售招聘"公众号的一则社招信息显示，京东零售预制食品业务部的核心业务明确指向"预制食品自有品牌的商品开发"。其正 在招募菜肴、主食、烘焙品类团队负责人和品类买手伙伴。 而据京东双11媒体沟通日公布的数据，京东11.11首周，七鲜小厨带动周边3公里品质餐厅的订单量增长超12%；京东旗下首个餐饮实体基础设施品牌-七鲜美 食MALL的线上成交订单环比增长超150%；京东自有品牌"七鲜私厨"店铺搜索量环比增长超350%，订单量环比增长超400%。 自今年2月份京东进入外卖业务以来，通过百亿补贴，迅速提升其单量。据其披露数据显示，京东618期间，遍布全国350个城市的12万多名全职骑手和兼职 骑手们，把来自150多万家品质餐饮门店的安心美味餐食送到用户手中，日 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][12]. Core Views - The company is expected to see steady growth in its retail segment, with a projected revenue of 2,486.7 billion yuan for Q3 2025, reflecting a year-over-year increase of 10.5% [8]. - The report anticipates a narrowing of losses in the food delivery segment due to strategic reductions in subsidies and improved operational efficiency [8]. - The target price for the company's stock is set at 190.96 HKD, based on a valuation of 9X PE for retail and new businesses in 2026 [12]. Financial Forecasts - Revenue projections for 2025-2027 are adjusted to 13,312 billion, 14,094 billion, and 14,856 billion yuan, respectively, with net profits expected to be 271 billion, 438 billion, and 525 billion yuan [3][12]. - The company is expected to achieve a gross margin of 15.8% in 2025, with a net profit margin of 1.55% [10]. - The operating profit margin (OPM) for Q3 2025 is projected to be 5.5%, indicating a year-over-year increase of 0.34% [8]. Segment Performance - The retail segment is projected to achieve a revenue of 1,155,005 million yuan in 2025, with a year-over-year growth rate of 14.87% [10]. - The logistics segment is expected to generate revenue of 493.0 billion yuan in Q3 2025, reflecting a year-over-year increase of 11.1% [8]. - New business revenue is forecasted to reach 128.7 billion yuan in Q3 2025, with a significant year-over-year growth of 158.9% [8].

近日，京东进军香港保险市场的消息引发市场关注。该公司在香港的经营主体京东保险顾问（香港）有限公司（下称"京东保险香港"）已获得香港保险经纪 牌照，并已在香港开启员工招募。 经济观察报 记者 老盈盈 一位近日在京东保险香港应聘的求职者告诉经济观察报记者，面试中他与香港业务主管谈及京东保险在港的发展规划，得知其初期客户群体或将以京东金融 的内地客户为主，若这类客户有香港保险的需求，会被进一步引流至香港完成投保。 经济观察报记者就京东在香港申请保险牌照并招兵买马一事联系该公司进行采访，暂未获回应。 近年来，越来越多内地访客赴港购买保险，香港保险牌照的价值日益凸显。在京东布局前，腾讯和阿里巴巴早已在香港开拓保险业务。至此，内地三巨头角 逐香港保险市场的竞争正式拉开帷幕。 在香港招兵买马 根据香港保险业监管局持牌保险中介人登记册（企业）资料，京东保险香港（Jingdong Insurance Consultants (Hong Kong) Limited）于2025年10月14日获保险 业监管局所授权的保险经纪公司牌照，经营的业务范围为一般及长期业务（包括相连长期保险，即投连险），开始日期为 2025年10月14日，结 ...

11.11期间，大量网友在社交平台晒出"外卖被免单"的截图，引发热议。京东支付回应称"就想请大家吃 饭"，成为11.11期间的现象级话题。整个活动期间，用户在京东App或京东金融App使用京东支付下 单，无论是在京东购物、点外卖，还是在12306、肯德基、必胜客、七鲜等合作场景中，都有机会获得 免单。 2025年京东11.11成交额再创新高！这个11.11，京东促销玩法全面简化，让消费者购物"又好又便宜"。 作为连接用户与交易的关键一环，支付体验也发挥着重要角色。11.11期间京东支付联合超8万商家、超 120家银行，为用户提供"支付免单"、笔笔返现、银行品类日特惠、信用卡积分抵现、数字人民币满减 等实打实的福利活动，带动快捷支付交易额同比增长40%，目前京东支付用户数已达6.5亿；免单活动 持续火爆，近1000万用户参与了"支付免单"活动，用京东支付省更多；"支付后返"助力采销带货，合作 爆品的交易额同比增长100%。 "支付免单"近千万人踊跃参与 活动上线以来，用户参与热度持续攀升，已有近1000万用户通过京东支付成功下单病参与"支付免单"活 动。 多样化银行营销"全面开花" 在京东11.11的消费热潮中 ...

JoyAI大模型深度应用京东11.11 全场景应用：JoyAI重塑超级供应链，释放增长新动能 在京东内部，AI的应用已从单点尝试走向全域覆盖，成为提升运营效率、降低综合成本的关键力量。 以商家运营为例，曾经最费工费时的商品素材生成，通过京点点平台，可以实现秒级的批量生成，在京 东11.11期间，京点点累计生产了2亿张商品图，已覆盖超4000万商品，帮助商家快速丰富营销素材库； 当商家纠结如何制定运营活动时，京麦商家AI助手可以结合店铺历史数据给出经营建议，每周它都会 辅助京东商家提供超3000万次经营决策。在物流运输上，物流超脑大模型搭配狼族机器人集群极大提升 了运输效率，与人仓对比存储坪效提升了200%，人效提升到300%。 在消费端，AI的价值不止于效率，有温度的交互为用户带来情绪价值，也让商家收入增长。京东11.11 期间，京东智能客服累计咨询服务量超42亿次，价保、活动、外卖售后等场景化Agent问题解决率达 85%；作为京东百万商家正在使用的智能客服和导购助手，京小智5.0在京东11.11期间累计服务1.6亿 次，为用户精准找到心仪商品。在一个深夜，飞鹤京东自营旗舰店的智能客服京小智，在面对一位焦虑 ...

Core Insights - JD.com achieved record sales during the 11.11 shopping festival in 2025, driven by consumer demand and enhanced shopping experiences [1] - The introduction of interest-free installment plans through JD's BaiTiao service significantly boosted sales across key categories, with a notable increase in merchant participation [2][3] Group 1: Sales Performance - JD's BaiTiao service led to a 125% year-on-year increase in interest-free transaction volume for 3C digital products, 231% for health products, and 185% for fashion items during the 11.11 event [2] - The number of merchants participating in BaiTiao's interest-free activities grew by 133% compared to the previous year, indicating its effectiveness as a marketing tool [2] Group 2: Consumer Benefits - BaiTiao offered consumers up to 24 months of interest-free installments on nearly 100 million products, enhancing affordability and driving sales in major categories [1] - Special promotions, such as the "Super Brand BaiTiao Interest-Free Day," allowed consumers to purchase high-end brands with deferred payment options, further stimulating demand [1] Group 3: Merchant Support - BaiTiao provided merchants with exclusive benefits, including up to 18 days of zero interest fees and cash incentives, reducing operational pressures and enhancing sales performance [2] - Merchants utilizing BaiTiao experienced an average transaction volume increase of over 125%, showcasing its role in driving business growth [2] Group 4: Consumer Engagement - BaiTiao has served nearly 300 million consumers and connected over 2 million merchants, becoming a core component of JD's strategy to enhance consumer experience and stimulate market activity [3] - The combination of national subsidies and BaiTiao's interest-free offerings significantly boosted consumer spending, particularly on products marked with "national subsidy" labels [1]

Core Viewpoint - The logistics industry is experiencing a peak in package volume during the "Double Eleven" shopping festival, with new technologies aiding delivery personnel in managing the increased workload [1]. Group 1: Automation and Efficiency - A new automated sorting system has been implemented at a major logistics hub, allowing a reduction in the number of staff needed for sorting from over ten to five or six, achieving an average sorting time of 40 seconds per package [3][5]. - The introduction of automation has alleviated the "explosion order anxiety" experienced by delivery personnel during peak seasons [5]. Group 2: Innovative Delivery Solutions - In Jiangsu, unmanned vehicles have been deployed to assist delivery personnel, enhancing collection efficiency by allowing drivers to input destinations and have the vehicle autonomously pick up packages [7]. - These unmanned vehicles are equipped with cooling and shock-absorbing systems, and logistics routes have been optimized to ensure the freshness of perishable goods, such as crabs [7]. - The delivery scope has expanded from just the Jiangsu region to nationwide distribution, with plans for further speed enhancements by 2025 [9].

本文作者：董董 版式设计：而漪 被锣鼓喧天的热闹吸引来的数以万计的消费者们，追到了爱豆、吃到了瓜，还顺便购了个物、下了个单。 京东的套路是一套又一套，一边让你"慢慢挑、稳稳省"，一边费尽心思，只是想让你逛得舒心、买得开心。 消费者吃不吃这一套呢？ 万万没想到，这次的双11，最出风头的居然是京东！ 如果你以为TA还是那个不会转弯的"钢铁直男"，那这次是要跌破眼镜了。 京东，是真会玩！ 姜妍走秀、张艺兴唱《闹天宫》、刘宇宁和雷佳音演小剧场，还有少爷和我时隔三年再度合体，今年双11的快乐必须是京东给的！ 京东，有多会玩？ 疯狂，疯狂不过《疯狂动物城》；噱头，噱头不过《花儿与少年》；热闹，热闹不过苏超。 京东，玩得就是心跳！ 稀缺的电玩好物、新鲜上市的小米K90、难得一见的球星亲签、比黄金还贵的黑松露，还有花少同款旅游路线1块钱就起拍，连KPL门票都免费送。 当大家已经对办了17年的双11开始审美疲劳的时候，京东营销打出了"热门IP+明星"这把王炸。 硬生生靠着整出的这些"花活儿"，把这场史上最长的购物节，演绎得高潮迭起。每一个"惊喜日"，不仅有吸睛的噱头，更有实惠的嚼头。 那可太吃了！ 《2025 Z世代双十一消费 ...