京东核心业务增长超预期，外卖二季度开始见分晓丨智氪

Core Viewpoint - JD Group's Q1 2025 financial report significantly exceeded market expectations, with revenue reaching 301.08 billion yuan, a year-on-year increase of 15.8% [4]. Revenue Performance - JD Retail, including JD Health and JD Industrial, generated revenue of 263.845 billion yuan, up 16.3% year-on-year [5]. - JD Logistics achieved revenue of 46.967 billion yuan, reflecting an 11.5% year-on-year growth [5]. - New business segments, including Dada, JD Industrial, Jingxi, and overseas operations, reported revenue of 5.753 billion yuan, a year-on-year increase of 18.1% [5]. Product Categories - The 3C home appliance segment saw revenue of 144.295 billion yuan, growing 17.1% year-on-year, marking the highest growth rate since 2022 [9]. - Daily necessities revenue reached 98.014 billion yuan, with a year-on-year growth of 14.9%, indicating a recovery trend after a dip in 2023 [10]. - The supermarket category within daily necessities has achieved double-digit growth for five consecutive quarters, with expectations for continued growth throughout 2025 [10]. Market Position - JD's performance in the 3C home appliance and daily necessities categories outpaced the overall market, which saw a 5.7% year-on-year growth in online retail sales [12]. - The 3P business, which focuses on e-commerce platforms and advertising services, reported revenue of 22.32 billion yuan, a year-on-year increase of 15.71% [13]. Profitability - JD's gross margin improved by 0.6 percentage points to 15.89%, leading to an increase in operating profit margin from 3% in Q1 2024 to 3.5% in Q1 2025, contributing nearly 2 billion yuan to profit growth [14]. New Business Developments - JD launched its food delivery service in March 2025, with expectations for significant growth in order volume, aiming to reach 20 million daily orders [18]. - The company is focusing on enhancing user and merchant experiences in its new delivery business, which may impact short-term profitability but is essential for long-term growth [18]. Future Outlook - The impact of the food delivery business on JD's financials is expected to become more apparent in Q2 2025, with anticipated increases in sales expenses due to promotional activities [19]. - Despite concerns about the new delivery business affecting overall performance, JD's strong growth in core segments provides a solid foundation for future profitability [21]. - Following the Q1 report, JD's stock saw a rise of over 3% in the US market and nearly 3% in Hong Kong, indicating market confidence in the company's performance [21].