高盛：京东&京东物流-2025 年第一季度点评：京东零售表现强劲超预期，京东即时配送业务扩张加速；维持买入评级

14 May 2025 | 6:39AM HKT JD.com (JD/9618.HK) & JD Logistics (2618.HK) 1Q25 review: Strong JD Retail beat with faster-than-expected JD Food Delivery ramp-up; Buy With JD's strong 1Q profit beat and management's lifted JD Retail's full-year double-digit growth targets, yet removing full-year group net profit guidance (due to still evolving/faster-than-expected food delivery business ramp-up — latest daily orders at nearly 20mn, or 1/3 of Meituan's food delivery), we believe the slight positive share price rea ...