京东的野心藏不住了？

Core Viewpoint - JD Group has established a significant presence in the capital market, particularly in Hong Kong, with multiple subsidiaries listed and ongoing plans for further listings [1][4]. Revenue Structure - The revenue structure of JD Group has stabilized, with service revenue accounting for approximately 20% of total revenue [3][4]. - In 2023, product sales reached 871.2 billion, while service revenue was 213.4 billion, with service revenue's share at 19.7% [4]. - The proportion of electronic products in self-operated sales has stabilized around 60%, with sales reaching 5,388 billion in 2023 [5]. Profitability and Performance - The main driver of improved performance is the increase in gross profit margin, which rose to 15.9% in 2024 [9][10]. - JD Group has demonstrated sustained profitability, achieving net profits exceeding 100 billion in recent quarters despite significant asset impairments [12]. Logistics and Supply Chain - JD Logistics, initially a fulfillment department, has evolved into a key player, providing integrated supply chain services and significantly reducing fulfillment costs [21][22]. - The revenue from integrated supply chain services has decreased as a percentage of total logistics revenue, indicating a shift towards more diverse service offerings [17][18]. Segment Performance - JD Retail's revenue surpassed 1 trillion for the first time in 2024, with a year-on-year growth of 7.5% [26]. - JD Logistics has shown remarkable improvement, with operating profit soaring to 63 billion in 2024, reflecting a profit margin of 3.5% [28]. Corporate Structure and Strategy - JD Group has multiple subsidiaries, with significant inter-company revenue that has been increasing over the years, indicating a complex corporate structure [29]. - The strategy of spinning off subsidiaries for public listing has created a network of companies under the JD umbrella, akin to a "big flower pot" nurturing various entities [30].