政策红利推动京东Q1营收超预期，外卖业务或引发巨头入口争夺

Core Viewpoint - JD.com reported better-than-expected Q1 2025 earnings, driven by improved consumer confidence, despite facing intense competition and uncertainties in international trade [2][4] Group 1: Earnings Report - JD.com’s adjusted net profit for Q1 2025 was 12.8 billion RMB, a year-on-year increase of approximately 43% [2] - Revenue grew by 15.8% year-on-year, reaching approximately 301.1 billion RMB, surpassing analyst expectations [2] - The company’s stock rose over 5% in the US market following the earnings announcement [2] Group 2: Competition and Market Dynamics - JD.com launched its food delivery service in February 2025, achieving over 1 million daily orders within 40 days, and later surpassing 10 million daily orders [4] - Competitors like Meituan and Alibaba are also intensifying their presence in the food delivery market, with Alibaba's Taobao "Flash Purchase" rapidly gaining traction [8][9] - JD.com’s CEO emphasized the importance of food delivery as a "traffic entry point" for the overall platform, enhancing user engagement and cross-category purchasing behavior [9][10] Group 3: Strategic Initiatives - JD.com is implementing a zero-commission policy for merchants to attract high-quality restaurants and brands, alongside significant subsidies for users to drive frequent purchases [5] - The company plans to increase its full-time delivery personnel from 50,000 to 100,000 to enhance service stability and reputation [5] - JD.com reported a loss of approximately 12 RMB per order in April 2025, with expectations to reduce this to below 10 RMB by mid-May [5] Group 4: Policy Impact on Sales - National subsidy policies have positively influenced JD.com's sales, particularly in the 3C (computer, communication, consumer electronics) sector, which saw a revenue increase of 17.1% year-on-year in Q1 2025 [15][18] - The "old-for-new" policy is expected to further stimulate consumer spending on electronics, with a funding scale of 300 billion RMB for the year [18] Group 5: Upcoming Sales Events - The 618 shopping festival is set to begin on May 13, 2025, with JD.com, Alibaba, and ByteDance launching marketing activities simultaneously, intensifying competition for consumer traffic [19][20] - JD.com is adopting a "no registration fee" mechanism for merchants during the 618 event, aiming to streamline the process and enhance product visibility [19]