京东 20251113 摘要 京东第三季度总收入同比增长 1.7%，达到 2,477 亿元人民币，其中一 般商品收入增长 19%，服务收入增长 31%，市场营销收入增长 24%， 物流和其他服务收入增长 35%。 京东零售业务收入同比增长 11%至 2,510 亿元人民币，核心零售业务 毛利率扩张 1.3 个百分点至 19.3%，非公认会计准则经营收益同比增长 28%至 148 亿元，经营利润率上升 76 个基点至 5.9%。 京东食品外卖业务 GMV 实现双位数环比增长，高价值订单占绝大部分， 亏损较上一季度收窄，并与零售业务产生协同效应，带动用户规模和参 与度提升。 京东活跃客户数同比增长超过 40%，10 月份年度活跃客户数超过 7 亿， 用户购物频率增加 40%以上，新用户、现有用户及 JD Plus 会员购物频 率均显著提升。 京东物流通过扩展食品配送、京喜和国际业务，新业务净收入达到 156 亿元人民币，但非公认会计准则经营亏损略有增加至 157 亿人民币，未 来将扩大新业务规模，释放协同效应。 Q&A 京东集团在 2025 年第三季度的财务业绩表现如何？ 2025 年第三季度，京东集团总收入同比 ...

瑞吉物流通过优化运输路线和数字化供应链系统，提升进仓效率和订单 履行时间，尤其在家电行业通过数字化能力整合信息流，拓展 IOC 解决 方案，与知名家电品牌合作优化配送模式，减少中转频率。 瑞吉物流积极扩大海外业务，特别是在中东地区规划运营备件仓库，并 在日本阿里自由贸易区提供全程物流服务，计划至 2025 年底将海外仓 库面积翻一番，构建全球智能供应链网络。 京东集团人事变动，胡伟卸任京东物流 CEO，由王正辉接任，期望其能 带领团队提高成本效率和核心竞争力。 京东物流持续投资技术创新，自主研发机器人应用于大件货物存储、人 货协作、订单拣选等场景，并部署无人车用于集货，未来将继续推广自 动化设备应用，提升效率。 《2025 年物流报告》显示，京东被评为全球最强物流品牌，并列入最 有价值的物流品牌排行榜，表明其具有强大的国际竞争力和品牌影响力。 2025 年第三季度，京东物流收入达 150.58 亿人民币，同比增长 24.1%，实现利润 19.6 亿人民币，非经常性利润为 20.2 亿人民币，利 润率为 3.7%。来自 ifc 客户的业务收入总计 131.3 亿人民币，同比增长 45.8%。 京东物流全职骑手团 ...

乐观者认为京东今年所为属于"重新支棱起来"，集团上下重新唤起进取心，好像回到创业公司氛围，常言道不怕企业 有新闻，就怕管理层没动静； 反方则认为京东所进军均属于"红海市场"，虽然短期内热火朝天，但受限于资金规模（决定竞争"火力"）和基石电商 业务所面临的压力，会限制其突出重围的概率。 借京东2025年Q3发布，我们来试着重新审视京东，本文核心观点： 其一，外卖确实是大手笔，但从经济账和生态账上都未能见效，外卖提升电商贡献寥寥，这是管理层需要反思的； 其二，京东电商营利性改善源自采销团队的"控价能力"，但也需要反思若供应链关系持续恶化的代价。 外卖没有反哺电商 外卖业务推出之前，市场普遍认为京东电商处于腹背受敌的境地，一方面拼多多为代表新型电商模式仍处于快速增长 周期，尤其在下沉市场"截胡"京东为代表的老牌电商企业，另一方面直播电商已成规模，也正在抢走货架电商的风 头。 当外界为京东捏把汗时，管理层终于在2025年初祭出"杀手锏"：进军外卖。此举不仅可以提高京东的增长天花板，也 可以让高频业务带动低频的电商业务，以此来充盈京东平台总流量（刘强东也曾表示过投流买量不如做外卖补贴用 户）。 2025年Q3京东新业务 ...

Group 1 - The Hong Kong stock market has experienced fluctuations since October, with the Hang Seng Tech Index down nearly 10% from its peak, yet there has been a net inflow of 3.7 billion CNY into the E Fund Hang Seng Tech ETF (513010) and 2.4 billion CNY into the Hong Kong Stock Connect Internet ETF (513040) [1] - Tencent's Q3 2025 financial report shows revenue of 192.87 billion CNY, a 15% year-on-year increase, and a net profit of 63.133 billion CNY, up 19% year-on-year, indicating sustained high-quality revenue growth [1] - JD Group also reported strong Q3 performance, with AI applications being implemented across retail, health, logistics, and industrial sectors [1] Group 2 - The Hang Seng Tech Index focuses on technology-related companies listed in Hong Kong, while the China Securities Hong Kong Stock Connect Internet Index covers 30 leading internet companies within the Hong Kong Stock Connect, including major firms like Alibaba and Tencent [2] - Both indices have rolling price-to-earnings ratios below 25, positioned at the 31% and 24% percentiles since their inception, respectively [2] - The E Fund Hang Seng Tech ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) track these indices, providing investors with convenient access to AI application investment opportunities [2]

Group 1 - Tencent responded to rumors about a 15% fee agreement with Apple for mini-games, stating that their relationship is strong and progress is optimistic [2] - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, aiming to compete with ChatGPT and leveraging its Qwen model [3] - Baidu's founder, Li Yanhong, highlighted the transition of AI technology from "intelligent emergence" to "effect emergence," emphasizing the practical applications and value creation in the AI industry [4] Group 2 - Didi announced a strategic partnership with the Abu Dhabi Investment Office to expand its autonomous driving operations in the Middle East [5] - Xiaomi and Tencent have partnered to enable developers to distribute AI agents through Xiaomi's app store, enhancing accessibility for users [6] - Apple clarified its recent restrictions on authorized dealers in China, aimed at preventing unauthorized sales across regions [7] Group 3 - Yuzhu Technology launched a comprehensive training solution for humanoid robots, featuring a high-performance robot and data collection tools [8] - Alibaba Cloud's Baolian announced a price reduction for its Tongyi Qianwen 3-Max model, effective November 13, 2025 [9] - China has completed the first phase of 6G technology trials, establishing over 300 key technology reserves [10] Group 4 - Qualcomm introduced its first industrial-grade PC processor, the Longwing IQ-X series, designed for smart manufacturing applications [12] - Moer Thread plans to go public on the STAR Market, with an initial public offering of 70 million shares [13][14] - Muxi Integrated Circuit's IPO registration has been approved, focusing on high-performance GPU chips and AI applications [15] Group 5 - Haige Communication's subsidiary plans to raise up to 800 million yuan by introducing strategic investors to support its business development [17] - Daming City announced plans to acquire a 19.43% stake in Baicai Bang for 694 million yuan, focusing on 4G/5G/6G communication solutions [18] - Tencent reported a 15% year-on-year revenue increase to 192.87 billion yuan in Q3 2025, with net profit rising 18% to 70.55 billion yuan [19] Group 6 - SMIC reported a 9.9% year-on-year revenue increase to 17.162 billion yuan in Q3 2025, with a net profit growth of 43.1% [20] - JD Group's Q3 revenue reached 299.1 billion yuan, a 14.9% increase, with new business revenue growing 214% year-on-year [22] - Baidu launched its upgraded multi-modal AI assistant, Super Baidu, enhancing its capabilities in visual understanding and reasoning [23] Group 7 - DJI released the Osmo Action 6, its first action camera with a variable aperture, designed for improved performance in various lighting conditions [24]

11月14日，港股科技板块低开，恒生科技指数开盘跌2.22%。截至发稿，港股通科技指数跌1.32%。主 要成分股中，京东健康、药明康德、哔哩哔哩-W等多股走强。 消息面上，近期港股多家巨头公司陆续发布三季度财报，营收均实现同比两位数上涨。 腾讯控股11月13日晚间公告，公司第三季度实现收入1928.69亿元，同比增长15%；实现净利润631.33亿 元，同比增长19%，核心财务指标均保持稳健增长态势。 京东集团同日公告，2025年第三季度收入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归属于公司普通股股东的净利润为58亿元， 2024年同期为132亿元。 中信证券指出，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。 （文章来源：21世纪经济报道） 相关ETF中，截至发稿，港股科技ETF天弘（159128）盘中溢价，溢折率达0.20%，成交额超1400万 元，交投活跃。此外，恒生科技E ...

"外卖大战"对京东业绩影响有多大？ 11月13日，京东集团发布2025年三季度业绩。财报显示，2025年第三季度，京东集团收入为2991亿元，同比增长14.9%。净利润方面，今年第三 季度归属于普通股股东的净利润为53亿元，去年同期为117亿元；今年三季度非美国通用会计准则下，归属于普通股股东的净利润为58亿元，去年 同期为132亿元。 | | | 截至以下日期止三個月 | | | 截至以下日期止九個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | | | 人民幣 | 人民幣 | 美元 | 人民幣 | 人民幣 | 美元 | | | | | (以百萬計,百分比數據除外) | | | | | 收入： | | | | | | | | 京東零售 | 224.986 | 250.577 | 35.198 | 708.893 | 824.497 | 115.816 | ...

Core Insights - The 2025 Double Eleven shopping festival is characterized by an earlier start and a longer duration, with major platforms extending their promotional periods to attract users [7][10] - E-commerce platforms are simplifying promotional rules to enhance consumer engagement, while content platforms are leveraging user interest to drive conversions [5][10] E-commerce Platform Strategies - JD.com has extended its promotional period to 37 days, while Taobao and other platforms have also lengthened their sales cycles [7] - Major platforms like Douyin and Kuaishou began pre-sales early in October, with Kuaishou starting on October 7 [7] User Engagement and Growth - The early launch of Double Eleven has led to significant growth in monthly active users across platforms, with Taobao's traffic surpassing 1 billion for the first time [8] - In October 2025, the monthly active user growth rates for major apps were as follows: Taobao (3.7%), Douyin (14.4%), Pinduoduo (0.9%), JD.com (14.4%), Kuaishou (3.7%), and Xiaohongshu (6.4%) [8] Promotional Tactics - E-commerce platforms are using simplified promotional strategies such as direct discounts and no minimum purchase requirements to stimulate consumer spending [10] - Instant retail services, like "minute-level delivery," are being introduced by Taobao and JD.com to drive new consumption growth [10] Content E-commerce Performance - Content e-commerce platforms like Douyin, Kuaishou, and Xiaohongshu have seen significant traffic growth on November 11, leveraging their ability to activate user interest and demand [12] User Demographics - The proportion of post-00s users on platforms like JD.com and Xiaohongshu has increased, with JD.com at 18% and Xiaohongshu at 26.1%, reflecting a year-on-year growth of 2.7% and 2.4% respectively [5][15] Technology Integration - AI technology is deeply integrated into the consumer experience across platforms, enhancing user engagement and satisfaction during the shopping festival [14] Market Outlook - The report anticipates a continued evolution in the market landscape, with insights into industry trends and growth strategies for 2025-2026 [19]

随着消费观念日趋理性，叠加电商大促常态化布局，曾以"全民狂欢"标签深入人心的"双十一"，近年屡 屡面临"新意何在"的行业拷问。 在市场竞争从流量争夺转向价值深耕的当下，2025年"双十一"以战线拉长、优惠简化、场景扩容的三重 变化，回应了这份期待。 业内人士表示，今年的大促已跳出传统"低价比拼"，朝着更贴合消费需求、更注重体验感的方向演进。 新机制、新场景撑起消费季 首先，"抢跑"成为今年"双十一"的鲜明特征，大促周期的延长打破了早年"单日狂欢"的模式，升级为一 个长周期的消费季。 《金融时报》记者注意到，各大平台纷纷提前启动大促节点，为消费者预留更充足的决策时间。淘宝天 猫的活动周期从10月中旬延续至11月中旬，京东将大促时段设定为10月9日至11月14日，拼多多则以10 月16日至11月11日的近一个月时长覆盖消费需求。 "拉长战线"的布局，在缓解了物流与服务压力的同时，也顺应了理性消费群体"货比三家"的购物习惯。 金融助力"双十一" 9月1日，《个人消费贷款财政贴息政策实施方案》正式落地，政策红利也在"双十一"消费旺季迎来集中 释放。 从日常餐饮到大宗家电，即时零售的品类覆盖持续拓宽。例如，消费者在淘宝 ...

Core Viewpoint - Morgan Stanley believes that the Chinese food delivery market is at a critical turning point, with overall order volume declining due to reduced subsidies and seasonal factors [1][2]. Group 1: Market Trends - The total daily order volume in the food delivery market has decreased from 151 million in September to a projected 141 million in November [2]. - The market share of Meituan has dropped to 50% (approximately 71 million daily orders), while Alibaba holds 42% (about 59 million daily orders), and JD.com has 8% (around 11 million daily orders) [2]. Group 2: Profitability Outlook - Meituan's average loss per order has improved from 1.8 yuan in September to an expected 1.2 yuan in November, while Alibaba's loss per order is projected to be 3.0 yuan in November, and JD.com's is even higher at 4.8 yuan [4]. - Meituan is expected to achieve breakeven by mid-2026, with profits of 0.4-0.5 yuan per order in the second half of 2026, while Alibaba may still incur losses but will gradually narrow them [4]. Group 3: Strategic Focus - Meituan is focusing on managing high-frequency, quality memberships and providing substantial coupon packages to enhance customer loyalty [5]. - Alibaba plans to continue significant investments in its food delivery and flash purchase businesses, aiming for breakeven and improving conversion rates from 2% to 4-5% [5]. - JD.com is concentrating on key flash purchase categories like 3C digital products and maternal and infant goods, serving its JD Plus members with a more focused strategy [6]. Group 4: Competitive Landscape - The intense subsidy competition is expected to ease by the first quarter of 2026, driven by regulatory scrutiny, seasonal demand fluctuations, and the unsustainability of high subsidies in the face of large order volumes [8].