Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's retail business continues to benefit from government subsidies, leading to sustained revenue growth. However, increased investment in the food delivery business is expected to impact profitability [3][21]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, reflecting increases of 3%, 2%, and 1% respectively. Adjusted net profits for the same period are forecasted to be 452 billion, 521 billion, and 570 billion yuan, with adjustments of -13%, -8%, and -9% respectively [3][21]. Revenue Summary - The company achieved a total revenue of 3,011 billion yuan in the latest quarter, representing a year-on-year increase of 16%. The breakdown includes: - Retail revenue of 2,638 billion yuan, also up 16% year-on-year, with self-operated business revenue growing by 16% [10][11]. - Logistics revenue of 470 billion yuan, up 12% year-on-year [10]. - New business revenue of 58 billion yuan, up 18% year-on-year, driven primarily by the rapid growth of the Jingxi business [10][11]. Profit Summary - The company's non-GAAP net profit for the quarter was 128 billion yuan, with a non-GAAP net profit margin of 4.2%. The operating profit margin (OPM) for the retail business was 4.9%, an increase of 0.6 percentage points year-on-year, primarily due to improved gross margins [2][11]. - The logistics business reported an OPM of 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel [2][11]. - The new business segment had an OPM of -23%, a decline of 4 percentage points year-on-year, mainly due to increased losses from the Jingxi business [2][11]. AI Application and Shareholder Returns - The company is actively applying AI technology across various retail and supply chain scenarios, including optimizing search recommendation systems and enhancing operational efficiency [3][12]. - As of 2025, the company has repurchased approximately 80.7 million shares, totaling around 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3][12].
京东集团-SW（09618）：25Q1 财报点评：零售业务表现亮眼，关注外卖进展