Core Viewpoint - JD Group's second-quarter financial report shows significant growth in revenue and user engagement, but also highlights substantial losses in its new business segment, particularly in food delivery services [1][4][7]. Financial Performance - The company's revenue for the quarter reached 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in nearly three years [1]. - Active user numbers and shopping frequency both grew by over 40% year-on-year [1]. - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the same period last year [1]. - The new business segment, which includes food delivery, saw revenue surge from 4.636 billion yuan to 13.852 billion yuan, a staggering increase of 198.79% year-on-year [4]. New Business Segment Analysis - Despite the revenue growth in the new business segment, operating losses expanded dramatically from 0.695 billion yuan to 14.777 billion yuan, resulting in an operating profit margin of -106.7% [4][8]. - The management indicated that short-term profit margins may fluctuate due to industry competition and investment pace, but these investments are aimed at breaking through growth ceilings and will eventually create new growth momentum [7]. Strategic Insights - The management emphasized that the new business is not a reckless venture but is intended to create a synergistic relationship with the core retail business, enhancing cross-selling opportunities [7]. - The food delivery service is positioned as a high-frequency consumption entry point, which is expected to solidify JD's platform as a "one-stop lifestyle service entry" [7]. - JD's logistics network and supply chain capabilities are being leveraged to optimize efficiency and enhance service offerings in the food delivery sector [7][8]. Competitive Landscape - JD is committed to resisting market practices that create bubbles, such as "0 yuan purchases," and aims to maintain a healthy profit margin in its core retail business [8]. - The company has established a robust service network with nearly 200 restaurant brands achieving over one million sales and has signed contracts with over 15,000 full-time delivery riders [8].
京东外卖等新业务亏损147亿