Sou Hu Cai Jing·2025-11-18 02:12Core Viewpoint - JD.com's stock has dropped nearly 30% since entering the food delivery market, contrasting with a 20% increase in the A-share Shanghai Composite Index, causing discomfort among investors [2] Financial Performance - JD.com reported Q3 revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, but incurred a significant operating loss of 15.736 billion yuan in new businesses, totaling 31.84 billion yuan in losses for the first three quarters, averaging a daily loss of 116 million yuan [4][7] - The company's new business losses have escalated from 1.327 billion yuan in Q1 to 14.777 billion yuan in Q2, and further to 15.736 billion yuan in Q3, indicating over 30 billion yuan burned in just nine months [7] Strategic Initiatives - JD.com is attempting to leverage its food delivery business to enhance platform activity, but this strategy has not yielded the expected results, as evidenced by stagnant daily order volumes at 25 million since mid-year [5][10] - Despite high-profile efforts from CEO Liu Qiangdong, including personally delivering food, the anticipated boost in user engagement has not materialized [5] Competitive Landscape - Alibaba's aggressive strategy, including a 50 billion yuan subsidy for its food delivery service, has significantly impacted JD.com's market position, capturing a large share of the food delivery market [6][12] - JD.com faces challenges in scaling its delivery network, with only 150,000 full-time riders compared to Alibaba's 4 million active riders, which affects delivery speed and operational flexibility [14] User Engagement and Cross-Selling - JD.com has seen a 40% cross-purchase rate among food delivery customers buying other products, suggesting potential for user engagement, but the conversion of this traffic into retail sales has been disappointing, with product revenue growth slowing from 20.7% to 10.5% [8][10] - The lack of growth in food delivery orders, remaining at "over 25 million" since June, indicates a bottleneck in user acquisition [10] Future Directions - In response to the challenges in the food delivery sector, JD.com is exploring new business avenues, such as the travel sector, with a focus on innovative offerings like "unbundled" flight tickets [16] - However, the travel market is highly competitive, and JD.com must navigate complex pricing and supply chain issues while competing against established players like Ctrip and Meituan [18] Market Outlook - Goldman Sachs predicts that JD.com may incur losses of 26 billion yuan in the coming year due to ongoing subsidy wars, raising questions about whether to continue investing heavily or pivot to a different strategy [19]