2 1 Shi Ji Jing Ji Bao Dao·2025-05-14 11:26Core Insights - JD.com reported a revenue of 301.1 billion yuan for Q1 2025, marking a year-on-year growth of 15.8%, the highest growth rate in nearly three years [1] - The company is strategically focusing on its food delivery, instant retail, and AI sectors, with founder Liu Qiangdong actively involved in training management [1][2] - JD's food delivery service is positioned as a long-term sustainable business, integrated into its overall ecosystem rather than as a standalone operation [1][2] Food Delivery Business - JD's food delivery service has reached nearly 20 million daily orders, with over 1 million merchants onboard [1] - The CEO highlighted that the food delivery service enhances overall platform traffic and user acquisition, contributing to cross-category purchasing behavior [2] - JD's differentiation in the food delivery market includes a strong brand reputation, leveraging its logistics capabilities, and building a robust merchant ecosystem [2][3] Instant Retail Strategy - Instant retail is seen as a natural extension of JD's retail business, capitalizing on the large market size of China's supermarket industry [4] - The company has achieved double-digit growth in its supermarket category for five consecutive quarters, with a 14.9% year-on-year increase in daily necessities revenue [5] - JD is expanding its overseas operations with the launch of the Joybuy brand in Europe, aiming for same-day delivery while facing challenges in local operations and logistics [5] AI Integration - JD's R&D investment reached 145.6 billion yuan in Q1, with over 14,000 internal AI agents deployed [6] - AI is being integrated across the entire retail chain, optimizing search algorithms, assisting in supply chain decisions, and enhancing logistics automation [7] - The company aims to transform AI from a cost center into a profit driver, focusing on practical applications rather than disruptive innovations [7][8] Strategic Synergy and Efficiency - JD's strategy involves using food delivery to drive high-frequency traffic, expanding coverage through instant retail, and enhancing efficiency with AI, creating a closed loop of "users-scenarios-technology" [8] - The sustainability of this strategy faces challenges, including the need to validate the unit economic model for food delivery and balance investments in domestic and international markets [8] - JD's long-term profit margin target remains unchanged, emphasizing the need for efficiency and synergy in its strategic investments [8]