Hu Xiu·2025-08-16 10:56Core Viewpoint - JD.com is reassessing the significance and strategy of its food delivery business, focusing on the balance between investment and returns, user growth, and profit margins [1][2]. Group 1: Business Strategy and Performance - The majority of questions during JD.com's earnings call centered on the food delivery and instant retail sectors, highlighting concerns about investment versus output and user growth [1]. - CEO Xu Ran emphasized viewing the food delivery business through an ecological lens, integrating it with core retail to create synergies and cross-selling opportunities [2]. - JD.com's revenue for Q2 reached 356.7 billion yuan, a year-on-year increase of 22.4%, but net profit dropped by 51% to 6.2 billion yuan, primarily due to losses from new business investments totaling 14.8 billion yuan [2][3]. Group 2: Market Position and Challenges - JD.com holds approximately 10% of the food delivery market, ranking third, and faces challenges in overtaking the top two competitors, Meituan and Alibaba [4]. - The core revenue sources, particularly in the 3C product and daily necessities categories, showed moderate growth, indicating that new business expansions have not yet significantly boosted the core business [3]. Group 3: Future Outlook and Investment Strategy - JD.com is focusing on converting food delivery users into core e-commerce customers, viewing investments in food delivery as a means to attract new users and drive traffic [5]. - The company is exploring a sustainable business model for food delivery and instant retail, aiming for long-term viability rather than short-term gains [6].