京东一季度活跃用户增速超20%，外卖拉动新业务收入增长

Core Insights - JD.com has shown significant revenue growth in Q1 2025, with total revenue reaching 301.1 billion yuan, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years [2] - The introduction of the food delivery business has positively impacted JD.com's overall performance, with new business revenue increasing by 18.1% year-on-year to 5.75 billion yuan, reversing a previous trend of decline [4] Revenue Performance - JD.com's Q1 revenue was 301.1 billion yuan, reflecting a 15.8% year-on-year growth [2] - Retail revenue for JD.com in Q1 was 263.85 billion yuan, up 16.3% year-on-year, with electronics and home appliances growing by 17.1% and daily necessities by 14.9% [3] User Growth and Engagement - The number of active users has seen double-digit year-on-year growth for six consecutive quarters, exceeding 20% [4] - The number of users transacting with third-party merchants and the order volume also maintained double-digit year-on-year growth [4] New Business Developments - JD.com launched a 200 billion yuan initiative to support the transition of export goods to domestic sales, with over 10,000 companies already engaged in procurement discussions [4] - The food delivery business, which began in February 2025, is in the investment phase, with operating expenses rising from 1.51 billion yuan in Q1 2024 to 2.49 billion yuan in Q1 2025, leading to an increase in operating losses [4] Logistics and AI Innovations - JD Logistics reported a revenue of 46.97 billion yuan in Q1, a year-on-year increase of 11.5% [6] - The AI team at JD.com has made advancements in creating digital human models, aiming to reduce costs for businesses lacking live streaming capabilities [6] Management Commentary - The CEO of JD.com highlighted that improved consumer sentiment, combined with enhanced supply chain capabilities and user experience, has driven strong performance in Q1 [6]