Xin Lang Zheng Quan·2025-08-29 08:43Core Viewpoint - JD.com has entered the food delivery market with a strong strategy of "0 commission + 100 billion subsidies + rider social security," aiming to disrupt the duopoly of Meituan and Ele.me by focusing on high-ticket orders and niche categories like fresh produce and pharmaceuticals [1][2]. Group 1: Financial Performance - In Q2 2025, JD.com's revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in nearly three years [1]. - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down over 50% from 12.6 billion yuan in Q2 2024 [1]. - The new business segment, primarily driven by the food delivery service, saw a staggering revenue growth of 199%, reaching 13.852 billion yuan, with daily order volume exceeding 25 million [2]. Group 2: Cost and Investment - The aggressive strategy to penetrate the food delivery market has led to significant operational losses, with the new business segment's operating loss soaring from 0.695 billion yuan in the previous year to 14.777 billion yuan, resulting in an operating profit margin of -106.7% [2]. - Marketing expenses surged by 127.6%, increasing from 11.9 billion yuan in Q2 2024 to 27 billion yuan (approximately 3.8 billion USD) in Q2 2025, primarily due to high subsidies for the food delivery business [2]. Group 3: Strategic Outlook - JD.com's management indicated that the short-term profit margin fluctuations are a result of competitive pressures and investment pace, with the intention of transforming these investments into new growth drivers that will synergize with core business operations [2].