3 6 Ke·2025-05-14 10:36Core Insights - JD.com has achieved a significant milestone in its food delivery business, reaching nearly 20 million orders, marking a notable growth trajectory in the first quarter [1] - The company reported total revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, and an adjusted net profit of 12.8 billion yuan, up 43.8% [1] - JD.com has raised its revenue and profit growth expectations for 2025 to double digits, indicating confidence in its future performance [1] Business Performance - JD's core retail business continues to benefit from national subsidies, with product revenue increasing by 16.2% to 242.3 billion yuan and service revenue rising by 14.0% to 58.8 billion yuan [5] - The company's new business segment, which includes food delivery, saw revenue growth of 18.13% to 5.753 billion yuan, although losses widened from 670 million yuan to 1.327 billion yuan [3][4] - The expansion of the new business is primarily driven by the growth of the Jingxi platform, aimed at capturing lower-tier market users [3] Strategic Focus - JD.com is focusing on enhancing user and merchant experiences in its food delivery service, with ongoing efforts to improve operational systems and address integration challenges with existing restaurant management software [2][4] - The company is leveraging its food delivery service to drive cross-selling opportunities within its broader retail ecosystem, particularly in the supermarket and lifestyle service categories [4][6] - JD's management acknowledges the need for further improvements in operational capabilities and system integration as it continues to scale its food delivery business [4][6] Market Dynamics - The competitive landscape is intensifying, with Meituan actively responding to JD's market entry in food delivery, indicating a robust competitive environment [4] - Analysts are closely monitoring JD's unit economics and the sustainability of its subsidy-driven growth strategy, with expectations that the company will eventually reduce subsidies and enhance profitability [4][8] - JD's retail growth is also being driven by its focus on lower-tier cities and the expansion of its third-party business, which has shown promising growth potential [7][8]