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智氪丨京东核心业务增长超预期，外卖二季度开始见分晓
3 6 Ke·2025-05-14 07:15

Core Viewpoint - JD Group's Q1 2025 financial report significantly exceeded market expectations, with a revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, surpassing the market's forecast of 11%-12% [1][12] Revenue Performance - JD Retail, including JD Health and JD Industrial, achieved a revenue of 263.845 billion yuan in Q1 2025, growing by 16.3% year-on-year [1][4] - JD Logistics reported a revenue of 46.967 billion yuan, marking an 11.5% year-on-year increase [1] - New business segments, including Dada, JD Industrial Development, Jingxi, and overseas operations, generated 5.753 billion yuan in revenue, up 18.1% year-on-year [1] Product Category Insights - The 3C home appliances segment generated 144.295 billion yuan in revenue, reflecting a 17.1% year-on-year growth, the highest since 2022 [3][4] - Daily necessities revenue reached 98.014 billion yuan, with a year-on-year increase of 14.9%, showing a recovery trend after a dip in growth due to high base effects and offline economic recovery [4][5] - The 3P business, which focuses on e-commerce platform and advertising services, achieved a revenue of 22.32 billion yuan, growing by 15.71% year-on-year [9] Profitability Metrics - JD's operating profit for Q1 2025 was 10.53 billion yuan, a 36.4% increase year-on-year, while non-GAAP operating profit was 11.66 billion yuan, up 31.5% [1] - The gross margin improved by 0.6 percentage points to 15.89%, leading to an increase in operating profit margin from 3% in Q1 2024 to 3.5% in Q1 2025 [11] Future Outlook - The impact of JD's newly launched food delivery service will be more evident in Q2 2025, as the service's daily order volume is expected to exceed 20 million [12][14] - The company is focusing on building a robust ecosystem for users, merchants, and delivery personnel, which may affect short-term profitability but is deemed necessary for long-term growth [14][15] - Following the Q1 report, JD's stock saw a rise of over 3% in the US market and nearly 3% in the Hong Kong market, indicating positive market sentiment towards the company's performance [16]