Investment Rating - The investment rating for the company is "Hold" [1] Core Insights - The report highlights that the company's revenue has reached a three-year high, although profitability is under pressure due to the expansion of new business segments [2] Financial Performance - The projected revenue for 2024 is 1,158,819 million RMB, with a growth rate of 6.84%. This is expected to increase to 1,228,348 million RMB in 2025, 1,289,765 million RMB in 2026, and 1,341,355 million RMB in 2027, reflecting a gradual decline in growth rates to 4.00% by 2027 [4][6] - Operating profit is forecasted to rise from 39,570 million RMB in 2024 to 44,510 million RMB in 2027, with a significant increase of 36.79% in 2024 [4][6] - Net profit attributable to the parent company is expected to grow from 41,359 million RMB in 2024 to 46,519 million RMB in 2027, with a notable increase of 63.87% in 2024 [4][6] Business Development - The company is focusing on optimizing its revenue structure, enhancing its core retail business, and expanding into new areas such as JD Delivery and logistics [8][9] - The report emphasizes the importance of the retail business as the core pillar, while also highlighting the potential of new business segments [9] Financial Ratios - The operating profit margin is projected to slightly decline from 3.41% in 2024 to 3.32% in 2027, indicating a gradual decrease in profitability [6] - The net profit margin is also expected to decrease from 3.57% in 2024 to 3.47% in 2027 [6] - The price-to-earnings (P/E) ratio is forecasted to fluctuate, starting at 9.59 in 2024 and dropping to 7.36 by 2027, suggesting a potential undervaluation over time [6]

11月13日晚，京东集团发布2025年三季度业绩。这份财报展现了强劲的增长韧性：集团收入达2,991亿 元人民币，同比增长14.9%，超出市场预期；服务收入同比增长高达30.8%，创近两年新高；至10月 份，年度活跃用户数已突破7亿大关。 一个值得注意的数据是，刚刚结束的2025年"京东11.11"，成交额再创新高，下单用户数增长40%，订单 量增长近60%。 支撑这场"战役"和京东集团强劲增长的核心动能是什么？答案直指京东锤炼了二十多年的核心能力—— 超级供应链。 正如京东战略中所明确定义的，超级供应链是"提升供应链韧性的重大创新，也是服务中国实体经济的 重大创新"。它旨在破除行业内卷，助力构建良性的现代化产业体系。 "0.5秒"一台电脑打包入库的速度与"83.6%"的个性化，是如何被"灯塔工厂"同时实现的？ 这不仅关乎智能制造，更在于京东"超级供应链"的消费洞察对实体制造的助力。在11.11的订单洪峰之 下，那个"定义"生产的决策信号，正是来自京东的C2M（反向定制）"方法论"。 联 这套宏观逻辑如何在微观实践？在刚刚过去的京东11.11订单洪峰之下，支撑战役的一个"超级后 端"——联想的"灯塔工厂"或可 ...

"以洪湖大闸蟹为例，客户在京东下单，商家当日下午四点捕捞上岸并打包，我们可以做到最快次日中午12点送达长三角消费者手 中。"京东物流华中区规划负责人向鋆介绍。同样，对于易氧化的莲藕、洪山菜薹等湖北特色来说，快速恒温运输能有效减少发黑、失色等 问题，让消费者收货时仍保新鲜。 11月14日上午11：15，一架红色"尾巴"的全货机降落在武汉天河机场跑道上，稳稳地滑向停机坪。 这架机身写有"京东快递"的B738型号全货机是京东物流在武汉的第一架货运专机，即将于11月15日凌晨，满载刚从湖北省洪湖市打捞 的新鲜大闸蟹以及来自武汉光谷的先进医药产品飞向长三角地区，开启"武汉＝芜湖"航线的首航之旅。 作为京东物流布局华中"航空＋高铁＋冷链陆运"立体网络中的关键举措，本次航线的开通，搭建起双向畅通的物流桥梁：一方面能将 洪湖大闸蟹等湖北特色产品、华中地区高新技术产业商品快速运往全国乃至全球，让各地消费者共享武汉以及周边地区"好物"；另一方面 也能加速全球优质商品流入武汉，让武汉市民实现"买全球、卖全球"的便捷消费体验。该全货机航线每周6天常态化执飞，由京东航空机组 操作，承运湖北特色生鲜，以及高值服饰、3C数码、医疗器械、文 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 146 / USD 38, indicating a potential upside of 17% for the Hong Kong stock and 24% for the US stock [3][5][6]. Core Insights - The company's Q3 2025 revenue reached RMB 299.1 billion, a year-on-year increase of 14.9%, surpassing market expectations by 1.6%. However, the growth rate of product revenue significantly slowed to 10.5%, primarily due to a high base effect from last year's government subsidies [1][2]. - Service revenue showed strong performance, growing by 30.8%, driven by substantial increases in advertising and logistics revenue, which grew by 23.7% and 35.0%, respectively [1][2]. - The report anticipates that the impact of the high base will be more pronounced in Q4, potentially leading to further deceleration in growth rates [1]. Financial Summary - The adjusted net profit for Q3 2025 decreased by 56% to RMB 5.8 billion, with an adjusted net profit margin of 1.9%, down from 5.1% in the same period last year. This decline was attributed to a 111% increase in marketing expenses related to food delivery subsidies [2][4]. - The overall gross margin for the company was reported at 16.9%, a decline of 0.4 percentage points year-on-year [2]. - The report projects FY25E revenue at RMB 1,337.7 billion, with an adjusted net profit forecast of RMB 29.8 billion [4][8]. Market Performance - The current stock price is HKD 124.4, with a 52-week range of HKD 114.8 to HKD 180.8, and a total market capitalization of HKD 341.2 billion [5]. - The average daily trading volume over the past three months is HKD 1.87 billion [5]. Valuation Metrics - The report provides a forward P/E ratio of 13.2x for FY25E and 8.0x for FY26E, indicating a favorable valuation compared to industry peers [3][4].

作者 | 王小娟 编辑 | 黄昱 在存量竞争的电商市场中，京东正试图通过一场战略豪赌，在短期增长与长期能力建设之间找到平衡点。 11月13日，京东集团交出了一份营收2991亿元、同比增长14.9%的季度成绩单，连续四个季度保持双位数增长。 在表面增长背后，京东正处于一场深刻的战略转型阵痛期——净利润同比下滑54.7%，创下近年来的最大跌幅。 这份矛盾的成绩单，折射出京东在当下中国电商存量竞争时代的战略选择：以短期利润换取长期能力建设，而这一切都围绕着一个核心——京东想通过"超 级供应链"串联所有业务，进而形成一个生态，成为未来的护城河。 然而，在短期业绩波动与长期壁垒形成之间，京东仍然需要被市场持续打量。 收入增长14.9%，但投入也不少 第三季度，京东营销开支同比增长110.5%至211亿元，营销费用率从3.8%跃升至7.0%。财报明确指出，费用增长主要源于新业务推广活动的支出增加。 与此同时，履约开支同比增长35.2%至220亿元，履约开支占收入百分比从去年同期的6.3%上升至7.4%。研发开支同比增长28.4%至56亿元，显示京东在技术 投入上保持力度。 投入换增长的策略在用户数据上得到体现。 京东20 ...

双十一大促刚收官，京东集团便交出了三季度成绩单。这份成绩单数据看似矛盾，实则传递出产业正 从"价格战"到"价值战"升维的信号。 11月13日，京东集团发布第三季度财报，其中，收入同比增长14.9%至2991亿元，服务收入增速创两年 新高，用户活跃度与购物频次持续攀升，年度活跃用户数首次突破7亿大关。与此同时，净利润的短期 下滑引发市场疑虑。然而，若将视线超越传统财务指标，不难发现京东正以"超级供应链"为支点，撬动 一场从效率革命到生态重塑的产业升级。 透视这份财报发现，其不仅是京东对抗行业"内卷"的宣言，更是京东以技术和创新激发新质生产力中的 供应链活力。 亮眼数据背后，多引擎增长矩阵成型 在消费市场潜力与挑战并存的当下，京东财报当中一组组数据，呈现着其穿越周期的战略定力。 "三季度，我们的用户规模与购物频次保持强劲增长，年度活跃用户数在10月份突破7亿大关，创下新的 里程碑，"京东集团首席执行官许冉表示。 活跃用户数创下新里程碑背后，是京东已从"带电品类主导"向"全品类协同"的战略转型。许冉一语中 的："京东多引擎互补的增长矩阵已构建完成。" 京东核心的零售业务展现出惊人的周期穿透力。财报显示，三季度，日百 ...

Core Viewpoint - JD Group's third-quarter net profit halved due to increased marketing expenses, with hopes for the food delivery business to eventually become self-sustaining [2][4] Financial Performance - In Q3 2025, JD Group reported revenue of 299.1 billion RMB, a year-on-year increase of 14.9%. Net profit attributable to ordinary shareholders was 5.3 billion RMB, down from 11.7 billion RMB in the same period last year [2][3] - The adjusted net profit under non-GAAP was 5.8 billion RMB, compared to 13.2 billion RMB in the previous year [2] Business Segments - JD Retail revenue for Q3 2025 was 250.6 billion RMB, accounting for 83.78% of total revenue, with a year-on-year growth of 11.37% [7] - New business revenue, including food delivery, reached 15.6 billion RMB, a year-on-year increase of 213.7%, but incurred a loss of 15.7 billion RMB [4][7] Marketing and Investment - Marketing expenses surged by 110.5% year-on-year to 21.1 billion RMB in Q3 2025, representing 7% of total revenue, up from 3.8% in the previous year [4] - The company aims to optimize internal operational efficiency and improve the unit economic model (UE) while maintaining rationality in a competitive environment [5][6] Future Strategy - JD's CEO expressed a long-term vision for the food delivery business, aiming for it to become an independent and sustainable operation within JD's ecosystem [5][6] - The company is also focusing on building a comprehensive AI capability system, with plans to invest in creating a trillion-scale AI ecosystem over the next three years [8]

编辑 岳彩周 校对 卢茜 新京报贝壳财经讯（记者程子姣）11月14日，京东旗下餐饮品牌七鲜小厨宣布正式推出团体餐食服务， 将全面承接各类企事业单位食堂运营及线上团餐订餐业务，服务范围涵盖校园、职场等多元团餐场景。 ...

Core Insights - The market scale of the 2025 Double 11 reached a new historical high, with total online retail sales estimated at nearly 1.8 trillion yuan, reflecting a year-on-year growth of over 10% [1] - Intelligent consumption has become mainstream, with AI deeply penetrating the 3C digital sector, leading to a surge in sales of smart devices and a strong consumer enthusiasm for new 3C digital products [1][3] - JD.com maintains a leading position in the 3C digital category, capturing 60% of online sales due to its advantages in product authenticity, after-sales service, and logistics speed [1][7] 3C Digital Product Trends - The top five most frequently used 3C digital products are smartphones, computers, headphones, tablets, and smartwatches/bands [3] - The demand for new 3C digital products is driven by the need to adapt to new scenarios, improve work-life efficiency, and upgrade experiences [3] - 91.7% of consumers pay special attention to new 3C digital products, and 77.9% prefer the latest models, indicating a strong sensitivity to new releases [3] Consumer Behavior and Preferences - During the pursuit of new products, 79.7% of consumers check JD.com for new recommendations and best-selling products before making a purchase [7] - Over 60% of respondents plan to purchase 3C digital products this Double 11, with more than 87% preferring to buy from JD.com [7] - The "pursuit of new" trend in the 3C digital category has significantly contributed to the record high in total online retail sales for this year's Double 11, showcasing sustained consumer enthusiasm [7]

新浪科技讯 11月14日晚间消息，京东旗下餐饮品牌七鲜小厨于今日正式宣布推出团体餐食服务，将全 面承接各类企事业单位食堂运营及线上团餐订餐业务，服务范围涵盖校园、职场等多元团餐场景。 据介绍，七鲜小厨自开业以来，始终秉持"新鲜现炒"、"食材透明"与"后厨直播"等理念，严守食品安全 底线，广受用户认可，单量持续增长，其服务品质已得到市场充分验证。此次启动团餐服务，是七鲜小 厨在现有业务模式上的战略性延伸，旨在将经过市场检验的高标准餐饮服务体系引入团体用餐场景。 七鲜小厨相关负责人表示："我们推出团餐服务，正是为了积极回应社会对餐食安全的迫切期待，致力 于为学生、企业员工等群体提供更加安心、健康的用餐选择。"（闫妍） 责任编辑：刘万里 SF014 ...