京东净利腰斩！外卖等新业务现百亿级经营亏损

Core Viewpoint - JD Group's aggressive expansion into the food delivery business has led to significant financial strain, impacting overall profitability despite revenue growth in other segments [1][4]. Financial Performance - For Q2 2025, JD Group reported revenue of 356.7 billion RMB, a year-on-year increase of 22.4%, marking the highest revenue growth rate in nearly three years [2][3]. - Product revenue grew by 20.7%, with specific categories like electronics and daily necessities seeing increases of 23.4% and 16.4%, respectively [2][3]. - Service revenue rose by 29.1%, driven by logistics and advertising services, which grew by 34.3% and 21.7%, respectively [2][3]. Profitability Challenges - The net profit attributable to shareholders for Q2 was 6.2 billion RMB, down 51% from 12.6 billion RMB in the same period last year, resulting in a net profit margin of 1.7% compared to 4.3% [2][4]. - JD Group experienced an overall operating loss of 900 million RMB, a stark contrast to the operating profit of 10.5 billion RMB in Q2 2024, with the operating profit margin turning negative [4][7]. New Business Impact - The new business segment, primarily food delivery, saw revenue surge by 199% year-on-year, reaching nearly 13.9 billion RMB, but also incurred significant operating losses of 14.8 billion RMB, leading to an operating profit margin of -107% [5][7]. - The company has heavily invested in marketing and promotional activities for new business initiatives, with marketing expenses increasing by 127.6% to 27 billion RMB, raising the marketing expense ratio from 4.1% to 7.6% [8]. Market Dynamics - JD's entry into the food delivery market has intensified competition, particularly against Alibaba and Meituan, which are now the main players in this sector [8]. - JD's CEO expressed concerns about the current state of the food delivery market, highlighting issues such as "malicious subsidies" that disrupt pricing structures and create a challenging environment for businesses [8].