再砸184亿，刘强东的Plan B落子

Core Insights - JD.com has made a formal acquisition offer to European company CECONOMY, valuing the deal at approximately €4.6 per share, totaling around €2.2 billion (184 billion RMB) [1][3] - The acquisition price represents a 42.6% premium over the three-month volume-weighted average price (VWAP) as of July 23, 2025, indicating a strategic move despite JD's significant losses in its new business segments [3][10] - JD's internationalization efforts have faced challenges, with frequent management changes and a lack of consistent strategy, highlighting the difficulties of expanding overseas [4][5][10] Company Strategy - JD's international strategy has shifted focus from Russia and Southeast Asia to Europe, aiming to leverage existing brand resources and sales networks through acquisitions [10][11] - The company plans to build a supply chain fulfillment system and overseas warehousing network, emphasizing logistics as a key component of its global strategy [10][11] - JD's approach to internationalization will follow a "self-built + acquisition" model, focusing on local e-commerce rather than cross-border e-commerce, which may limit differentiation in foreign markets [15][16] Market Context - The competitive landscape in the domestic e-commerce sector is more intense than in foreign markets, where established players like Amazon still hold significant market share [11][12] - JD's reliance on domestic business models may not translate effectively to international markets, as evidenced by past failures of similar strategies by other Chinese companies [12][13] - Successful international players like Shein and Temu have established differentiated strategies rather than merely replicating domestic models, suggesting that JD must adapt to local market conditions to succeed [20][22][23]