京东使出了全身力气

Core Viewpoint - The article discusses the current state of JD.com's food delivery business, highlighting its significant losses and strategic shifts in response to competition from Alibaba and Meituan. It emphasizes the need for sustainable growth and the challenges of achieving synergy between delivery and core retail operations [4][6][11]. Group 1: Financial Performance - In Q2, JD.com reported a new business loss of 14.7 billion yuan, exceeding investor expectations, with net profit down 51% year-on-year [4][6]. - Total revenue grew by 22.4% to 356.7 billion yuan, with the new business segment, including food delivery, seeing a revenue increase of 198.8% to 13.852 billion yuan [10][15]. - The core retail business achieved a revenue growth of 20.6%, with an operating profit margin of 4.5%, marking the highest record for JD.com during major promotional periods [15][18]. Group 2: Strategic Shifts - JD.com is focusing on foundational improvements in its delivery system rather than competing aggressively for market share, aiming for long-term sustainability [5][10]. - The company has shifted its strategy to prioritize quality supply and partnerships with major brands, rather than engaging in price wars with competitors [9][10]. - CEO Xu Ran stated that the goal is to enhance user experience and operational capabilities, with a focus on quality delivery rather than immediate market share gains [13][18]. Group 3: User Engagement and Growth - JD.com experienced a significant increase in active users, with daily active users up 35% year-on-year and monthly active users up 17% [10][11]. - The company aims to leverage the high-frequency nature of food delivery to drive cross-selling opportunities with its core retail business, although the effectiveness of this strategy remains uncertain [11][12]. - During the 618 shopping festival, JD.com achieved record-breaking user engagement, with total orders exceeding 2.2 billion, indicating strong resonance with its delivery services [12][17]. Group 4: Market Position and Competition - The article notes that JD.com is adopting a more cautious approach in the competitive landscape of food delivery, avoiding direct confrontations with Alibaba and Meituan [9][13]. - The management believes that excessive competition does not lead to innovation or value creation, and they are focused on a sustainable business model [13][18]. - JD.com positions instant retail as a complementary service rather than a disruptive force, maintaining that its core e-commerce business has advantages in product variety and cost-effectiveness [18].