虎嗅APP·2025-08-19 00:13Core Viewpoint - JD Group's second quarter and mid-year performance shows strong revenue growth driven by retail and service income, despite significant losses in new business ventures like food delivery [4][23]. Group 1: Financial Performance - In Q2 2025, JD Group reported revenue of 356.7 billion, a year-on-year increase of 22.4%, with product revenue growing by 20.7% and service revenue by 29.1% [4]. - JD Retail's operating profit reached 13.94 billion, up 37.9% year-on-year, with a profit margin of 4.5% [4]. - The total revenue for H1 2025 was 657.74 billion, reflecting a 19.3% year-on-year growth, with JD Retail contributing 84.7% to the total revenue increase [23]. Group 2: Service Revenue Growth - Service revenue's share of total revenue surpassed 20% for the first time, indicating a significant shift in JD's revenue structure [8][12]. - The service revenue has consistently increased from 8.4% in 2017 to 20.2% in H1 2025, highlighting its importance in improving JD's overall profitability [10][12]. Group 3: New Business Ventures - JD's new business segment, primarily driven by food delivery, saw a staggering revenue increase of 199% in Q2 2025, reaching 13.85 billion, but also incurred a substantial operating loss of 14.78 billion [21][33]. - The company is strategically investing in the food delivery sector despite the losses, aiming for long-term growth and market positioning [50][51]. Group 4: Market Dynamics - The online retail market in China is approaching saturation, with e-commerce growth rates aligning closely with GDP growth, indicating limited future expansion potential [40][44]. - The shift towards "E-commerce 3.0" is necessary to break through existing market ceilings, focusing on integrating online and offline supply chains [46][48]. Group 5: Competitive Landscape - JD's food delivery service, while currently third in daily order volume, is positioned for growth through strategic investments and leveraging existing customer data [51][52]. - The competitive landscape in the food delivery market is intense, with JD aiming to enhance its operational capabilities to improve efficiency and profitability [50].