国补「续命」，京东「重生」

Core Viewpoint - JD.com has reported strong financial results for Q4 2024 and the entire year, but lacks a compelling new narrative to regain market trust amidst competition and changing consumer dynamics [2][3][4]. Group 1: Financial Performance - JD.com achieved a total revenue of 1,158.8 billion yuan for 2024, marking a year-on-year increase of 6.8%, with a net profit of 41.4 billion yuan, up 71.1% year-on-year [2]. - In Q4 2024, JD.com reported revenue of 347 billion yuan, a significant year-on-year growth of 13.4%, and a net profit of 9.9 billion yuan, which surged by 190.8% [7]. - The company benefited from government subsidies, which have been a major driver of its recent performance, particularly in the electronics and home appliance sectors [7][9]. Group 2: Market Position and Competition - JD.com is the largest beneficiary of government subsidies, which have helped it outperform competitors like Alibaba and Pinduoduo in several regions [7][9]. - Despite the positive financial results, there are concerns about the sustainability of these subsidies and the need for JD.com to find new growth drivers once the subsidies diminish [12][13]. Group 3: New Business Initiatives - JD.com is focusing on expanding its presence in the food delivery market, which has become a new focal point in its strategy, although it faces challenges in competing with established players like Meituan [15][18]. - The company is leveraging its logistics capabilities through its subsidiary Dada, but Dada has been struggling financially, which raises questions about the viability of JD.com's food delivery ambitions [20][19]. - JD.com aims to enhance its customer experience and service capabilities through its new initiatives, although it must overcome significant hurdles in user acquisition and market penetration [25][26].