用户数破7亿大关、外卖业务投入收窄、GMV双位数增长 京东三季度找到“平衡点”？

Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9%, maintaining over 10% growth for four consecutive quarters [2] - The net profit attributable to shareholders was 5.3 billion yuan, a decline of 54.7% year-on-year, primarily due to increased investments in new business segments, particularly in the food delivery sector [2][5] - The retail segment remains a strong profit contributor, with an operating profit of 14.8 billion yuan and a profit margin of 5.9%, up 0.7 percentage points from the previous year [2][7] Revenue Breakdown - New business revenue, including food delivery, increased by 214% year-on-year to 15.59 billion yuan, although the operating loss rate for new businesses improved to 100.9% from 106.7% in the previous quarter [5] - Marketing expenses rose by 110.5% year-on-year to 21.1 billion yuan, accounting for 7.0% of total revenue, up from 3.8% a year earlier, driven by promotional activities for new businesses [5] - Product revenue grew by 10.5% year-on-year, while service revenue surged by 30.8%, reaching a new high with a revenue share of 24.4% [6][7] Business Strategy - The CEO explained that the company implemented a commission-free policy for merchants, resulting in lower commission income, while new businesses are just beginning to generate limited advertising revenue [3][6] - The food delivery segment saw double-digit growth in GMV, with an improved order structure and increased average order value, despite a reduction in overall investment [4][6] - The company is focusing on enhancing operational efficiency and expanding merchant numbers, with plans to introduce more localized offerings in key markets [6][8] International Expansion - JD's international business, particularly the Joybuy platform, is in trial operations in key markets such as the UK, France, and Germany [7][8] - The company emphasizes a gradual and disciplined approach to international investments, ensuring that input-output ratios are monitored and adjusted dynamically [8]