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Core Viewpoint - JD's entry into the food delivery market has resulted in significant financial losses, impacting its overall profitability and stock performance, despite a record revenue growth in Q2 2025 [2][3][9]. Group 1: Financial Performance - In Q2 2025, JD reported a revenue of 356.66 billion yuan, a year-on-year increase of 22.4%, but net profit dropped by 50.8% to 6.2 billion yuan [2][7]. - The operating loss in the new business segment, which includes food delivery, surged from 700 million yuan to 14.8 billion yuan year-on-year, leading to an overall operating loss of 900 million yuan [8][9]. - Marketing expenses skyrocketed from 11.9 billion yuan to 27 billion yuan, a 127.6% increase, significantly outpacing revenue growth [8]. Group 2: Market Dynamics - JD's stock price fell over 33% from a peak of 179 HKD in March to 120.3 HKD by mid-August, reflecting investor concerns about its profitability [4][10]. - The food delivery business, which generated 13.9 billion yuan in revenue, is seen as a major focus for analysts, despite its substantial losses [5][8]. Group 3: Strategic Outlook - JD's CEO emphasized the long-term vision for food delivery and instant retail, aiming for sustainable business models rather than short-term profits [11]. - Despite the challenges, JD's core retail business remains strong, with a 20.6% revenue growth, contributing significantly to overall profits [7][12]. - Analysts express skepticism about JD's ability to maintain user growth and profitability in the food delivery sector, especially given the competitive landscape [11][14].