Core Insights - JD's takeaway business continues to grow healthily, with daily order volume surpassing 25 million during the 618 shopping festival [1] - The number of full-time delivery riders has exceeded 150,000 as of the end of Q2 2025 [1] - JD's takeaway service is integrated within its overall ecosystem, enhancing synergy across user, fulfillment, and supply sides for long-term efficiency and growth [1] Business Developments - Over 1.5 million quality merchants have joined JD's takeaway platform [1] - In July 2025, JD launched "Seven Fresh Kitchen," which collaborates with partners to develop signature dishes, aiming to innovate the supply chain model in the food delivery market [1] - The initiative seeks to drive high-quality development in the industry through supply chain innovation [1]

京东(09618.HK)港交所公告，2025年二季度，京东外卖继续健康发展，京东618期间外卖业务日单量突 破2,500万单，入驻品质商家超150万家，截至二季度末全职骑手规模已突破15万人。京东外卖深植于京 东整体生态，并非一个独立割裂的业务，将继续发挥与京东现有业务的协同价值，包括用户侧、履约 侧、供给侧等，为京东长期效率提升和健康增长提供动力。此外，2025年7月，京东推出七鲜小厨，通 过"菜品合伙人模式"，与合伙人共同开发招牌菜。七鲜小厨致力于对餐饮外卖市场进行供应链模式的创 新与改革，以供应链创新助力行业高质量发展。 ...

Core Insights - JD Group reported a revenue of 356.7 billion RMB for Q2 2025, a year-on-year increase of 22.4%, with a net profit of 6.2 billion RMB [1] - For the first half of 2025, the company achieved a revenue of 657.742 billion RMB, up 19.28% year-on-year, with a net profit of 17.068 billion RMB [1] Retail Business Performance - The retail segment saw a revenue growth of 20.6% year-on-year, with an operating profit margin reaching 4.5%, the highest for any promotional quarter in the company's history [2] - The core retail business has shown consistent potential, with gross profit margins increasing for 13 consecutive quarters [2][3] New Business Developments - JD's new business initiatives, including food delivery, are progressing well, with daily order volumes exceeding 25 million during the 618 shopping festival and over 1.5 million quality merchants onboarded [4] - The launch of "Seven Fresh Kitchen" aims to innovate the supply chain model in the food delivery market, enhancing quality development in the industry [4] Logistics and Technology Advancements - JD Logistics has implemented its self-developed "Smart Wolf" system across multiple cities, significantly improving warehouse operational efficiency and enabling high-density storage [3] - The integration of online and offline data and services in JD MALL provides consumers with an immersive and digital shopping experience [3]

二季度，京东集团收入为3,567亿元人民币（约498亿美元），同比增长22.4%，远超市场预期，再次刷 新近三年来同比增速的纪录。 二季度，京东集团绝大多数品类实现加速增长，带电等核心品类优势愈发巩固。日百品类收入同比加速 增长了16.4%，其中商超品类连续6个季度保持收入同比双位数增长。服务收入同比加速增长了29.1%。 京东外卖带动新业务的收入同比大幅增长了199%。 二季度，得益于核心零售业务和外卖等新业务的发展势头，京东集团的季度活跃用户数和购物频次均实 现超过40%的同比增长，季度活跃用户数实现了连续7个季度的同比双位数增长。 "二季度，京东平台的用户流量、季度活跃用户数以及用户购买频次等均取得显著增长，这主要得益于 核心京东零售业务和外卖等新业务的持续发展势头，"京东集团首席执行官许冉女士表示。"本季度，京 东零售收入同比增长20.6%，表现强劲，经营利润率达到4.5%，创下公司历史上所有大促季度的最高纪 录。同期，京东外卖业务也取得健康发展，不仅在订单量增长、商家数量扩大、全职骑手招聘等方面稳 步推进，更重要的是与京东零售以及其他现有业务形成有效协同，成功达成我们的初期战略目标。展望 未来，随着 ...

Core Viewpoint - The article discusses the current state of the food delivery market in China, highlighting JD's relatively low profile amidst intense competition from Meituan and Alibaba's Taobao, and emphasizes the strategic decisions made by JD's CEO Xu Ran regarding the company's approach to the market [1][4][5]. Group 1: JD's Market Position - JD has been notably quiet in the recent food delivery battle, which has raised questions about its strategy and market presence [1][2]. - Xu Ran asserts that JD will not engage in "malicious internal competition" and aims to focus on quality rather than price wars [5][6]. - The company believes that the current food delivery market is experiencing a bubble due to excessive subsidies that do not create real value [4][5]. Group 2: Competitive Landscape - Meituan's "Flash Purchase" service has reportedly penetrated JD's core categories, with daily orders reaching 18 million [6]. - Taobao has recently surpassed Meituan in daily order volume, indicating a shift in market dynamics [9][10]. - The competition is not just about order volume but also about consumer perception and trust, which JD believes it has built over time [7][10]. Group 3: Strategic Focus - JD's strategy is centered around supply chain innovation, with the launch of "Seven Fresh Kitchen" seen as a significant move in the food delivery sector [14][15]. - The company aims to differentiate itself from competitors by focusing on safety and quality rather than just low prices [14][15]. - Xu Ran emphasizes the importance of having a clear narrative and strategy that aligns with JD's strengths, rather than merely reacting to competitors' moves [11][13]. Group 4: Future Outlook - The ongoing food delivery battle is expected to be a long-term engagement, with JD needing to prepare for systemic changes brought about by competition [16]. - JD's approach is to leverage its supply chain capabilities to create a unique value proposition in the food delivery market [14][15]. - The company is focused on building a sustainable business model that prioritizes customer experience and operational efficiency [14][15].

OTA平台的良好表现源于"生态协同+全球化+供应链创新"的模式创新。这些平台凭借数字化能力精准匹 配供需、优化服务体验、创新产品组合，在行业调整期实现了增长。 8月13日，据《观点指数 2025中国房地产全产业链发展白皮书》显示，当前文旅行业正经历明显的结构 性调整，不同领域呈现出分化态势。从细分板块数据来看，在线旅游OTA业务凭借数字化优势保持增 长，传统文旅企业则普遍面临增长放缓的情况，行业格局出现重塑的迹象。 文旅集团营收平均规模为16.07，营收平均增速-11.53%，平均净利润率-0.4%，净利润率增速低 至-185%，这一数据反映出重资产运营模式在消费需求变化中的适应能力有待提升。 地方文旅处境更为困难，营收平均规模仅1.04，营收平均增速-19%，平均净利润率-42.0%，净利润率增 速-355%，对"门票经济"的依赖以及产品同质化等问题较为突出。 观点指数认为，行业分化的本质是模式迭代速度的不同。传统文旅企业需要加快从"资源依赖"向"产品 创新+运营提效+生态协同"转型：或借助在线平台对接流量资源，或深耕在地文化打造差异化IP，或引 入数字化工具优化运营体系。只有主动适应变革，才能在消费需求向 ...

"在京东外卖上看直播，点一杯可以DIY的咖啡熊拿铁，再把乐寿御坊的北京烤鸭与老厨家的锅包肉一 起下单，不到30分钟，骑手就一起给送到家了。"6月18日，京东外卖重磅打造的创新业态——七鲜美食 MALL正式开业，2300平方米的空间创造日均2万多线下客流，相当于部分10万平方米级别的综合购物 中心的客流水平。 这座汇聚中华老字号、本地非遗与网红小吃等30个餐饮品牌的美食综合体，正以持续增长的强劲势头， 为餐饮行业打造创新范本。诚如京东集团创始人、董事局主席刘强东在分享京东做外卖的逻辑时所 说："京东做所有业务只围绕供应链。"七鲜美食MALL作为京东在品质餐饮市场的重要创新，正通过对 供应链的创新与向外赋能，切实帮助餐饮商家降本增效，找到增长点和创新动力。 堂食+外卖一周卖出1800只烤鸭 如果踏入位于哈尔滨的七鲜美食MALL，当地消费者很难不被炫彩轻快的装潢、鳞次栉比的档口、各地 特色的美食所震撼，强有力的视觉冲击只是网红新地标的表象，而更深层的野心则是京东外卖搭建的独 一无二的"品质堂食+品质外卖"全域餐饮标准体系。 在确保餐饮品质上，七鲜美食MALL严格筛选品质堂食商家，要求必须接入后厨直播，只有满足各项指 ...

Core Insights - JD.com has launched the innovative "Qixian Meishi MALL," a 2,300 square meter food complex that attracts over 20,000 daily visitors, comparable to larger shopping centers [1] - The MALL features 30 dining brands, including traditional Chinese brands and trendy snacks, and aims to enhance the restaurant industry's supply chain efficiency [1][12] - JD.com emphasizes a "quality dining + quality delivery" model, ensuring high standards through live kitchen broadcasts and a dual evaluation system for both dine-in and delivery services [3][4] Group 1: Business Model and Strategy - The MALL integrates both dine-in and delivery services, allowing customers to order from multiple brands simultaneously, enhancing consumer experience and driving demand [3][5] - JD.com’s supply chain innovations help restaurants reduce costs and improve efficiency, with some brands reporting sales increases of 2-3 times after joining the MALL [5][10] - The MALL is positioned as a unique dining destination rather than a typical food street, aiming for deeper collaboration with restaurant partners to drive product innovation and operational upgrades [11][12] Group 2: Brand Performance and Consumer Engagement - Brands like Coffee Bear and Leshou Yufang have successfully transitioned from B2B to B2C, achieving significant sales growth and consumer engagement through interactive experiences [5][6] - The introduction of new products, such as the "Erba Sauce Milk Tea," has led to strong sales performance, with some items becoming local bestsellers [6][8] - The MALL's design and operational strategies have resulted in increased efficiency, with some brands reporting sales per square meter that are 7-8 times higher than traditional models [7][10] Group 3: Supply Chain and Operational Efficiency - JD.com provides comprehensive support in supply chain management, allowing brands to operate with minimal inventory and reduced upfront costs [10][11] - The MALL leverages digital technology to enhance order fulfillment and inventory management, contributing to improved operational efficiency for participating brands [13] - The focus on supply chain optimization is expected to create long-term value for both JD.com and its restaurant partners, fostering a win-win scenario for all stakeholders involved [11][12]

Core Insights - JD.com has launched a nationwide recruitment for "Dish Partners" under its "Seven Fresh Kitchen" initiative, with over 66,000 applications received in the first week [1] - The company plans to invest 10 billion yuan to recruit partners for 1,000 signature dishes and aims to establish over 10,000 Seven Fresh Kitchens nationwide within three years [1] - The initiative addresses the traditional restaurant industry's challenges, including high rent and labor costs, and aims to promote healthy development in the food delivery sector through supply chain innovation [1] Recruitment and Partnership Model - The "Dish Partner" recruitment allows partners to provide recipes and participate in development without incurring startup costs or labor expenses, enabling nationwide sales [3] - Winning partners will receive a guaranteed cash share of 1 million yuan, with no cap on subsequent sales revenue [3] - JD.com will cover all rental, labor, and operational costs, allowing partners to focus solely on recipe development and quality ingredient supply chain collaboration [3] Sales and Market Performance - The first store of Seven Fresh Kitchen achieved an average of over 1,000 orders per day in its first week, with a 220% higher repurchase rate compared to industry averages [3] - The initiative has positively impacted surrounding restaurants, with a 12% increase in overall orders within a 3-kilometer radius [3] Food Safety Measures - Seven Fresh Kitchen implements four key food safety measures: sourcing from reputable suppliers, using high-quality processing facilities, maintaining a transparent kitchen environment, and live-streaming the cooking process [6] - The initiative aims to resolve consumer concerns regarding food safety and enhance the quality of food delivery services [6] Commitment to Partners - JD.com emphasizes its commitment to ensuring that partner merchants do not incur losses and aims to prevent exploitation of restaurants by delivery platforms [4]

Group 1 - The core viewpoint of the articles emphasizes the increasing role of Chinese private entrepreneurs, represented by Liu Qiangdong, in promoting international economic cooperation and seeking new opportunities for high-quality development and high-level opening-up [3][5][11] - Liu Qiangdong's participation in the recent China-Europe Entrepreneurs' Forum highlights the importance of fostering a positive competitive relationship and enhancing collaboration between China and Europe, especially in the context of the 50th anniversary of diplomatic relations [5][11] - The implementation of the Private Economy Promotion Law in May 2023 has provided a solid legal guarantee for the development of private enterprises, signaling a supportive policy environment for private entrepreneurs [5][6] Group 2 - JD Group, under Liu Qiangdong's leadership, has shown significant growth, ranking 44th in the Fortune Global 500, with a revenue of 301.1 billion yuan in Q1 2023, reflecting a year-on-year growth of 15.8% [6][8] - The launch of the "Seven Fresh Kitchen" initiative represents a major innovation in the food delivery supply chain, aiming to enhance the scalability of quality restaurants and improve service offerings [7][8] - JD's commitment to social responsibility is evident in its employment practices, with over 720,000 employees and plans to reach 900,000 by the end of Q2 2023, alongside significant investments in employee welfare and housing [9][10] Group 3 - JD's international strategy includes the localized operation of its European online retail brand, Joybuy, which has seen significant sales growth, with over 390 million items sold and revenue exceeding 46 billion yuan in the first half of 2025 [10][11] - The establishment of over 20 overseas warehouses in Europe enhances JD's logistics capabilities, improving supply chain efficiency and supporting the company's international business model [11] - The articles collectively highlight the revitalization of confidence among private entrepreneurs in China, driven by supportive policies and a focus on innovation and social value creation [6][9][11]