Slightly beat market expectation. In 3Q25, JD.com reported total revenues of RMB299.1bn, up 14.9% YoY, surpassing consensus estimates of RMB294.4bn by 1.6%. Non-GAAP net profit reached RMB5.8bn, 39.5% above the Street's expectation of RMB4.15bn. GAAP gross profit grew 12.1% YoY to RMB50.5bn, with a gross margin of 16.9% (vs. 15.9% in 2Q25 and 17.3% in 3Q24). Non-GAAP operating profit came in at RMB211mn (0.1% margin), supported by higher revenue, improved gross profit, and lower G&A, partially offset by hig ...

管理学大师Paul Grace曾断言："在当今社会中，一切都是项目，一切也将成为项目。"这一洞见在今日 技术革新的浪潮中愈发彰显其预见性。 生成式AI、大数据、云计算与物联网等前沿技术正以前所未有的力度重塑商业生态，推动项目管理从 辅助性职能升级为组织核心竞争优势。在充满不确定性的环境中，卓越的项目管理能力已成为企业将战 略蓝图转化为商业成果的关键引擎，是驱动价值创造的战略执行中枢。 那么，项目管理将如何演进以释放新价值？2025年11月8日至9日，由项目管理协会（Project Management Institute, PMI）主办的2025 PMI项目管理大会在深圳盛大召开。本届大会以"智驱万象项启 新篇"为主题，聚焦AI时代项目管理的创新实践与未来趋势。大会同期揭晓了2025年PMI中国项目管理 大奖，共颁发包括年度项目大奖、年度PMO大奖、杰出项目奖、杰出PMO奖在内的15个奖项。 大奖中的管理创新赛场 应对挑战，德赛西威从设计前置、生态共创、AI赋能三方面进行优化。第一，在设计阶段就利用仿真 和AI工具进行充分评审，尽可能早地发现问题，确保设计方案的高质量，为后续环节节省时间。第二 与供应商及客户 ...

管理学大师 Paul Grace 曾断言："在当今社会中，一切都是项目，一切也将成为项目。"这一洞见 在今日技术革新的浪潮中愈发彰显其预见性。 生成式 AI 、大数据、云计算与物联网等前沿技术正以前所未有的力度重塑商业生态，推动项目管理 从辅助性职能升级为组织核心竞争优势。在充满不确定性的环境中，卓越的项目管理能力已成为企业 将战略蓝图转化为商业成果的关键引擎，是驱动价值创造的战略执行中枢。 那么，项目管理将如何演进以释放新价值？ 2025 年 11 月 8 日至 9 日，由项目管理协会（ Project Management Institute, PMI ）主办的 2025 PMI 项目管理大会在深圳盛大召开。本届大 会以 " 智驱万象 项启新篇 " 为主题，聚焦 AI 时代项目管理的创新实践与未来趋势。大会同期揭晓 了 2025 年 PMI 中国项目管理大奖，共颁发包括年度项目大奖、年度 PMO 大奖、杰出项目奖、杰 出 PMO 奖在内的 15 个奖项。 大奖中的管理创新赛场 公开资料显示， PMI 中国项目管理大奖是由全球领先的项目管理领域专业协会—— PMI 于 2010 年在中国发起的一个专业奖项。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue growth of 14.9% year-on-year in Q3 2025, reaching 299.1 billion RMB, which exceeded both the consensus and the firm's expectations [1] - Non-GAAP net profit for the same period was 5.8 billion RMB, a decline of 56.0% year-on-year, but still better than expected due to better-than-expected operating profit in the retail segment and non-recurring gains [1] - The report highlights the improvement in operational efficiency and the potential for narrowing losses in the food delivery segment, alongside a robust growth trend in daily necessities sales [1][3] Summary by Sections Revenue and Profitability - The total revenue for JD Retail in Q3 2025 was 250.6 billion RMB, with a year-on-year increase of 11.4% and operating profit of 14.8 billion RMB, up 27.7% [2][11] - The report notes that the revenue from the electronic products category grew by 4.9% to 128.6 billion RMB, while daily necessities saw an 18.8% increase to 97.5 billion RMB [2] User Growth and Engagement - Active user numbers grew by 40% year-on-year in Q3 2025, with annual active users surpassing 700 million [3] - The frequency of purchases per user also increased by 40% year-on-year, indicating improved user engagement [3] Operational Efficiency - The food delivery segment achieved a double-digit growth in GMV quarter-on-quarter, driven by increased order volume and improved order structure [3] - The report emphasizes the narrowing of overall operating losses in the food delivery business, attributed to enhanced supply chain efficiency and disciplined investment [3] Profit Forecast and Valuation - The company adjusted its non-GAAP net profit forecasts for 2025-2027, with expected profits of 30.5 billion RMB in 2025, 38.1 billion RMB in 2026, and 51.1 billion RMB in 2027 [4][18] - The target price based on SOTP valuation is set at 51.04 USD per ADS and 198.32 HKD per ordinary share, reflecting a valuation multiple of 17.2x, 13.7x, and 10.2x for 2025, 2026, and 2027 respectively [21][23]

值得一提的是，在随后举行的三季度财报电话会议上，京东CEO许冉表示，从去年开始，"国补"政策明 显激发了消费需求，特别是对"家电"和"电脑"这两个品类的销售拉动是很明显的，这也导致行业增长在 短期内不可避免地进入了高基数的情况。"我相信市场对此也是有预期的。"许冉称，然"国补"造成了短 期行业需求的变化，但她觉得更重要、更深远的意义在于它驱动了整个家电行业的升级，推动了产品的 创新、智能化和绿色化，也为行业高质量的增长注入了动力。 许冉透露，京东在"国补"期间积极地支持了政策落地，在"家电"和"3C"品类的市场份额、供应链能力也 得到了进一步提升，特别是自营模式。这些核心优势的持续强化才是京东差异化的竞争力和业务长期发 展的基础。京东也会继续发挥在产品、价格、服务上的优势，长期目标始终是不断强化用户心智，持续 巩固和提升市场份额。（旺旺） 来源：环球网 【环球网科技综合报道】11月14日消息，京东集团日前发布了2025年三季度业绩。三季度，京东集团收 入为2991亿元人民币。同比增长14.9%；净利润53亿元，上年同期净利润117亿元。外卖等新业务三季 度收入同比增长214%；服务收入同比增长达到30.8%， ...

Investment Rating - The report maintains a "Strong Buy" rating for JD Group [3] Core Views - JD Group's Q3 2025 performance exceeded expectations with revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, and retail revenue of 250.6 billion yuan, up 11.4% year-on-year. Retail operating profit reached 14.8 billion yuan, a 27.7% increase year-on-year [1][5] - The report highlights the robust growth in the daily necessities category and the rapid expansion of third-party service revenue, while the electric category faced growth pressure due to high base effects from government subsidies [1][5] - The report expresses optimism about JD's strong self-operated supply chain and its ability to maintain a solid competitive edge in the long term [1][5] Financial Performance Summary - Q3 2025 Non-GAAP net profit was 5.8 billion yuan, down 56% year-on-year, but better than the expected decline of 70% [1][5] - The report projects that JD's retail revenue and profit will continue to grow at double-digit rates year-on-year for the full year [1][5] - The report anticipates that JD's Non-GAAP net profits for 2025, 2026, and 2027 will be 31.8 billion yuan, 36.8 billion yuan, and 55.6 billion yuan, respectively [5][6] Business Segment Insights - The report notes that JD's food delivery business is steadily developing, with losses narrowing quarter-on-quarter, and highlights the potential for further loss reduction in the future [1][5] - The report emphasizes the importance of user engagement and conversion rates from the food delivery segment, which are improving and contributing to overall growth [1][5] Valuation and Target Price - The target price for JD Group is set at 136.5 HKD per share, based on a 10x PE ratio for 2026 Non-GAAP net profit [3][5] - The current stock price is 124.4 HKD, indicating potential upside [3]

11月14日，京东集团与香港科技大学在香港宣布正式成立联合实验室。"香港科技大学–京东集团联合实 验室"由港科大郑家纯机器人研究院、京东探索研究院、京东物流共同负责，双方将聚焦智能供应链与 具身智能技术，重点围绕物流、健康、零售、工业等方向展开研究攻关。实验室将开展跨行业融合创 新，重点方向包括：医疗健康领域的肿瘤预测与辅助诊疗、零售领域的智能电商场景构建等，同时结合 多模态大模型、边缘计算优化算法等技术，形成可复制的行业智能化解决方案。 ...

Market Overview - US stocks experienced significant declines, with the Nasdaq dropping 2.3%, the S&P 500 down 1.7%, and the Dow Jones falling 1.7% due to concerns over the release of key economic data[11] - European markets also closed lower, with the pan-European Stoxx 600 index down 0.61% and the German DAX index falling 1.39% as investors opted for profit-taking after recent gains[11] Economic Indicators - The market's expectations for a December interest rate cut have diminished, with the probability now below 50%[6] - The US 10-year Treasury yield rose to 4.12%, while the 30-year yield increased to 4.71%, reflecting market reactions to hawkish comments from Federal Reserve officials[31] Commodity Trends - International gold prices fell by 0.45% to $4,194.5 per ounce, influenced by reduced rate cut expectations[28] - Oil prices saw a slight rebound after a significant drop, with NY crude oil rising 0.34% to $58.69 per barrel[28] Chinese Market Performance - The A-share market closed higher, with the Shanghai Composite Index up 0.73% at 4,029 points, driven by gains in the lithium sector and precious metals[18] - The total market turnover reached 2.07 trillion yuan, indicating robust trading activity[18] Corporate Earnings Insights - JD.com reported a 15% year-on-year revenue increase to 299.1 billion yuan, but adjusted EBIT fell sharply by 98% to 2.11 billion yuan, highlighting challenges in its electronics segment[8] - Tencent's Q3 revenue grew 15% to 192.9 billion yuan, with a notable 23% increase in its gaming business, reflecting strong performance in its core segments[14] Investment Recommendations - Focus on sectors such as technology, manufacturing, and energy infrastructure, particularly in nuclear power and military industries, as potential investment opportunities[6] - The S&P 500 is expected to see revenue and earnings growth rates of 7.3% and 15.6%, respectively, in 2026, suggesting a favorable outlook for equities[6]

Core Insights - JD Group and Hong Kong University of Science and Technology (HKUST) have officially established a joint laboratory focused on intelligent supply chain and embodied intelligence technology [1] Group 1: Joint Laboratory Overview - The "HKUST-JD Group Joint Laboratory" is co-managed by HKUST's Zheng Jiachun Robotics Research Institute, JD Exploration Research Institute, and JD Logistics [1] - The laboratory will focus on research in logistics, healthcare, retail, and industrial sectors [1] Group 2: Research Focus Areas - Key research areas include tumor prediction and assisted diagnosis in the healthcare sector, and the construction of intelligent e-commerce scenarios in the retail sector [1] - The laboratory aims to integrate technologies such as multimodal large models and edge computing optimization algorithms to create replicable industry intelligence solutions [1]

言归正传，今天给大家分享一下 2025 年双十一快报。QuestMobile数据显示，2025年双十一基本形成了电商平台、内容平台两分天下的 格局，双方为了实现蓄客，纷纷将开启时间拉长，快手连十一长假没过完就开始了预售，京东、抖音也从10月9日点燃战火，京东今年的 双十一大促周期战线拉长至37天。 与此同步，促销规则简化成为各家都争抢用户的卖点，在"直降、立减"等简化规则的基础上，淘宝、京东结合即时零售，以"分钟级送 达"促单，抖音、快手、小红书等内容电商则以"兴趣激活"、"心智抢占"为手段吸引转化，形成了两种不同的打法。与此同时，AI技术已 经成为了各家APP强化用户体验的标配。伴随着长周期蓄客、简化规则促转化，整个10月份，各家的月活跃用户规模均出现了增长，其 中，抖音APP、京东APP月活跃用户规模同比均增长了14.4%，小红书APP则增长了6.4%。从用户画像上看，双十一期间，京东、小红书 00后用户占比分别为18%、26.1%，同比分别增长了2.7%和2.4%，淘宝、拼多多、抖音的00后用户同比分别增长了1.4%、1.3%、 1.2%……具体各家表现如何？不妨看报告吧。 1、 2025年"双十一"呈 ...