转自：新华财经 5月14日早上9点，贝发京东自营店店长骆晨东已经坐在了京东办公区的工位上开启了一天的工作。这是 他驻场京东的第二周，也是他扛起贝发集团（以下简称"贝发"）首个网络店铺大旗后，全身心投入网店 运营学习的一段宝贵时光。 "接到京东驻场通知的时候，我既紧张又兴奋。"骆晨东回忆道，"贝发从来没有开过线上店铺，在这方 面还属于空白，梳理线上运营流程是当前的燃眉之急。京东不仅提供了驻场机会，还在开店流程、运 营、产品开发、营销获客方面给予了全方位的支持。"今天，他要和京东团队共同确定贝发京东自营店 需要上线的具体品类，为贝发3年内京东全渠道销售额达到10亿迈出重要一步。 京东助力贝发启动自救之路 骆晨东所供职的贝发，对许多消费者来说或许有些陌生，但其在文具行业早已声名远扬。这家成立于 1994年的制笔企业，从三十余人的制笔作坊起步，仅用两年的时间就以年销售额2600万美元的佳绩，超 过了当时上海四大制笔上市公司的总和。在之后的发展历程中，贝发集团不仅成立了业内首家制笔研究 中心，仅成立3年就将产品销售到世界80多个国家和地区，如今已销往200多个国家和地区，成了中国最 大的文具出口厂商。 2024年，贝发 ...

Core Viewpoint - The "2025 Shandong Province Foreign Trade Quality Products Shopping Season" aims to support foreign trade enterprises in expanding domestic sales channels and stabilizing production operations, running from mid-May to late June with a focus on various industries [3][4][5]. Group 1: Event Overview - The shopping season features a theme of "Foreign Trade Quality Products, Quality Enjoyment in Qilu" and includes five specialized events targeting textiles, daily consumer goods, food, agricultural products, building materials, home appliances, crafts, and electromechanical products [2][3]. - Each of the five events is designed to cater to specific sectors, such as textiles and daily consumer goods, food and agricultural products, building materials and home appliances, crafts and gifts, and electromechanical products [3][4]. Group 2: Policy Support - Shandong is implementing policies to assist foreign trade enterprises in transitioning to domestic sales, addressing issues like export standards and funding shortages [5][6]. - The province plans to conduct regular exhibitions and promotional activities from May to December, including product procurement meetings and online sales initiatives to enhance the integration of foreign trade products into the domestic market [5][6]. Group 3: Market Strategy - The shopping season aims to create a seamless connection between supply and demand, enhancing the visibility of high-quality foreign trade products and facilitating consumer access [4][6]. - Shandong is leveraging its product advantages and market strengths to foster a robust domestic market, transforming external pressures into internal growth opportunities [7][8].

Core Viewpoint - The "2025 Shandong Province Foreign Trade Quality Products Shopping Season" event aims to enhance domestic sales channels for foreign trade enterprises and promote consumption expansion in Shandong Province [1][2]. Group 1: Event Overview - The event focuses on showcasing products in categories such as textiles, daily consumer goods, food, agricultural products, building materials, home appliances, crafts, and machinery [2]. - It will feature five specialized activities and invite over 1,000 foreign trade companies and nearly 5,000 buyers for on-site interactions [2]. - The event runs from May 15 to May 19, with activities taking place in multiple cities including Jinan, Qingdao, Dongying, Yantai, and Linyi [2]. Group 2: Market Dynamics - The event aims to address the challenges faced by foreign trade enterprises in exporting products amid changing international conditions [3]. - It seeks to enhance the visibility of Shandong's foreign trade enterprises and their products within the domestic market [3]. - The event includes specialized exhibition areas for different product categories, facilitating better engagement with potential buyers [3]. Group 3: Buyer Engagement - Nearly 5,000 buyers are expected to participate, with many coming prepared to negotiate and finalize deals on-site [4][7]. - The event is designed to facilitate immediate negotiations between foreign trade enterprises and buyers, enhancing the likelihood of contracts being signed [4]. Group 4: Innovative Marketing Strategies - The event features a runway show and live streaming sessions to promote products, integrating traditional culture with modern commercial practices [8]. - The focus is on transitioning from export-oriented strategies to a more integrated approach that includes domestic sales, leveraging e-commerce platforms [8]. - The initiative represents a shift towards enhancing the domestic market presence of foreign trade products, positioning them as key players in the consumption upgrade [8].

Group 1 - JD and Alibaba both reported strong financial results, with Alibaba's revenue growing by 9% year-on-year and JD's revenue reaching 301.1 billion yuan, a 15.8% increase, marking the highest growth rate in nearly three years [1][2] - Alibaba's 88VIP membership saw double-digit growth, indicating successful user experience enhancements [1] - JD's CEO attributed the growth to improved consumer sentiment, supply chain capabilities, and user experience [1] Group 2 - Both platforms are gearing up for the "618" shopping festival, with Alibaba launching its promotional activities early and introducing a straightforward discount mechanism [2] - JD announced its "618" activities will start at the end of May, offering consumers over 1,000 yuan in shopping subsidies daily [2] Group 3 - There is an acceleration in inter-platform cooperation, with Alibaba's Taobao and Xiaohongshu signing a strategic partnership to enhance brand visibility and consumer engagement [3] - JD is also reportedly collaborating with Xiaohongshu, allowing product links to redirect to JD's platform [3] Group 4 - JD is set to launch its first dining infrastructure, "Qixian Food Mall," in Harbin, featuring popular local and national food brands [4] Group 5 - In response to challenges in the international trade environment, JD announced a 200 billion yuan support plan for exporting goods to domestic markets, with thousands of companies already engaged in procurement discussions [5] - Taobao is initiating a "Foreign Trade Selection" program to simplify the entry process for foreign trade merchants, aiming to connect quality foreign products with domestic consumers [6]

Core Viewpoint - The article highlights the efforts of Chinese foreign trade enterprises to pivot towards domestic sales in response to international challenges, emphasizing the importance of integrating domestic and foreign trade to expand market opportunities and support economic stability. Group 1: Market Integration and Support - The Ministry of Commerce initiated the "Foreign Trade Quality Products China Tour" event, resulting in procurement intentions exceeding 16.7 billion yuan, with participation from over 2,400 foreign trade companies and 6,500 buyers [1] - A significant number of foreign trade enterprises, approximately 85%, also engage in domestic sales, with domestic sales accounting for nearly 75% of their total revenue [1] - Major supermarket chains like Yonghui and Hualian have established "green channels" to facilitate the transition of export products to domestic sales, providing tailored support and rapid product placement [2][3] Group 2: E-commerce and Technological Support - E-commerce platforms such as Tencent and Meituan have launched initiatives to assist foreign trade enterprises in entering the domestic market, with Tencent's "New Journey for Foreign Trade" plan and Meituan's measures already engaging over 300 companies [3] - Taobao and Tmall initiated a "Foreign Trade Selection" program aimed at supporting at least 10,000 foreign trade merchants, significantly reducing the time required for new store approvals [3] - The Qingchuang City International Online Wholesale Center has helped over 300 foreign trade companies sell more than 300,000 clothing items since April [4] Group 3: Financial and Cost Reduction Measures - JD.com has committed to a substantial procurement plan, aiming to purchase at least 200 billion yuan worth of export-to-domestic goods over the next year, significantly aiding foreign trade companies [6] - Tencent's "0 deposit trial operation" policy allows foreign trade businesses to list products without upfront costs, further reducing operational expenses [7] - Financial institutions in Fuzhou are providing flexible credit solutions to alleviate the financial pressures faced by foreign trade companies, with a focus on supporting cross-border trade [8] Group 4: Product Innovation and Market Adaptation - Companies like Ningbo Jingshan Shuanglu Battery Co. are leveraging technology and innovation to enhance product competitiveness, with significant investments in R&D and new product development [10] - The shift from foreign trade to domestic sales is seen as a transition from "manufacturing" to "branding," emphasizing the need for quality products to meet domestic consumer demands [11] - Firms are adopting flexible production strategies to respond to the "small orders and quick response" market demand, enhancing their ability to adapt to changing consumer preferences [14][15]

Core Viewpoint - Zhongshan is implementing ten measures to promote foreign trade enterprises to expand into the domestic market in response to changing external economic and trade environments [1][2]. Group 1: Market Access Optimization - Zhongshan will support the production of export products that meet the standards of the destination country and comply with China's mandatory standards for domestic sales [1]. - The city promotes the development of "same line, same standard, same quality" products, allowing foreign trade enterprises to produce goods that can be both exported and sold domestically, thereby reducing costs and facilitating the transition between domestic and foreign sales [1]. Group 2: Support for Domestic Market Expansion - Zhongshan will incentivize foreign trade enterprises to grow their domestic sales market by providing one-time rewards for newly established independent legal entities or industrial activity units that meet certain retail sales thresholds after 2025 [1]. - Retail and wholesale market operators achieving specific growth targets in retail sales will receive rewards based on incremental sales [1]. Group 3: E-commerce Development - Zhongshan will support foreign trade manufacturing enterprises that wish to transition to domestic sales through e-commerce platforms, providing assistance based on the sales volume of exported products sold domestically [1]. - The city aims to cultivate e-commerce brands and will offer one-time rewards to recognized live-streaming e-commerce brand enterprises [1]. Group 4: E-commerce Resource Integration - Zhongshan will collaborate with major e-commerce platforms to organize supply-demand matching activities for products transitioning from export to domestic sales [2]. - The city will include eligible foreign trade products in the consumer goods recycling policy to promote local foreign trade enterprises' participation in sales expansion [2]. - Efforts will be made to enhance publicity and ensure that policy benefits are fully realized for the public [2].

Core Viewpoint - The recent U.S.-China trade negotiations have led to a significant reduction in tariffs, with U.S. tariffs on Chinese goods dropping from 145% to 10%, creating a temporary boost for foreign trade companies in Dongguan [3][5]. Group 1: Impact of Tariff Reduction - Following the announcement of tariff reductions, Dongguan's foreign trade companies experienced a surge in orders, prompting many to resume production and expedite shipments [1][3]. - Companies like Guangdong Haixin Intelligent Kitchen Co., Ltd. reported a quick recovery in shipments, with many clients requesting faster delivery of previously paused orders [1][3]. - Logistics companies, such as Lianyu Group, noted a 50% increase in shipping volume within a day of the announcement, indicating a rapid response from the market [5]. Group 2: Market Adaptation Strategies - Many Dongguan companies are actively seeking new markets to mitigate risks associated with U.S. tariffs, with a noticeable shift towards Europe and Southeast Asia [6][8]. - The uncertainty in the U.S. market has led companies to diversify their client base, with some businesses reporting significant cancellations of U.S. orders due to high tariffs [8][9]. - Companies are also exploring domestic sales channels, with initiatives like live-streaming events aimed at promoting products to the local market [9][10]. Group 3: Focus on Brand Development - There is a strong emphasis on developing proprietary brands as a long-term strategy, with companies like JSoul and Wanle Toy focusing on innovation and brand recognition [10][12]. - The shift from OEM (Original Equipment Manufacturer) to self-branded products is seen as essential for maintaining competitiveness in a changing trade environment [12]. - Companies are investing in R&D, with some allocating 6-7% of revenue to innovation, aiming to enhance product quality and design for both domestic and international markets [12].

5月15日，在"京东618惊喜开放日"上，京东宣布又好又便宜的京东618将于5月底正式开启。 京喜自营也将在京东618期间启动"厂货百补节"，通过"厂货百补"计划，带动全国244个产业带超百万商 家的特价白牌好货销售，全面助力产业带商家稳增长，将极致性价比好物带给全国用户。 京东618期间，包括数万家京东自营或管理的门店，以及京东供应链接入的全国数百万家线下合作门店 都将参与其中。 京东MALL全国战略布局加速推进，在今年5月成都天府店、南京大明路店相继亮相后，在即将到来的 京东618，还将有北京南三环店、北京双井店、深圳首店、武汉光谷二店，四店同时开业。 京东打造的首家餐饮实体基础设施"七鲜美食MALL"，也将于6月18日在哈尔滨正式亮相，并携手十大 网红餐饮品牌开设哈尔滨首店。作为国内首个100%实现后厨直播的美食MALL，七鲜美食MALL将集本 地老字号、非遗美食、网红小吃于一体，以"好吃、放心、便宜"为主张，通过"品质堂食+品质外卖"线 上线下联动的方式，为消费者提供品质餐饮服务。 为给消费者带来更加简单、直接的补贴优惠，今年京东618将提供"每人每天补贴超1000元"的补贴加 码。消费者在活动主会场 ...

Group 1 - JD.com is launching a major promotional event called "618 Surprise Open Day," integrating national subsidies for trade-in programs and a 10 billion yuan subsidy for JD delivery services [1] - On May 14, JD's delivery orders exceeded 20 million, and during the 618 promotion, additional subsidies will be provided, including a discount of 61.8 yuan on orders and upgraded promotional activities [1] - JD's "200 billion export-to-domestic sales support plan" will feature more foreign trade products during the 618 event, while JD's self-operated platform will initiate a "Factory Goods Hundred Subsidy Festival" to boost sales of private label products from over 1 million merchants [1] Group 2 - JD's physical retail strategy is expanding, with thousands of self-operated or managed stores and millions of offline partner stores participating in the promotion [2] - The JD Mall in Beijing South Third Ring has nearly 80,000 square meters of space, offering a variety of product categories for customers to experience [2] - JD is set to launch its first dining infrastructure, "Seven Fresh Food Mall," on June 18 in Harbin, combining local cuisine and quality dining services [2] Group 3 - JD Cloud is providing free AI products to merchants, covering the entire process of operations, marketing, and services to help reduce costs and improve efficiency [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue growth of 15.8% year-on-year in Q1 2025, with Non-GAAP net profit increasing by 43.4% [1][4]. - The overall product revenue reached CNY 242.31 billion in Q1 2025, reflecting a 16.2% year-on-year growth, with significant contributions from home appliances and daily necessities [2][10]. - The company has initiated a plan to convert exports to domestic sales, aiming to procure no less than CNY 200 billion worth of goods to support domestic market expansion [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of CNY 301.08 billion, with a GAAP net profit of CNY 10.89 billion, marking a 52.7% increase year-on-year [1][10]. - The Non-GAAP net profit for the same period was CNY 12.76 billion, up 43.4% year-on-year [1][10]. Revenue Breakdown - The company's product revenue was CNY 242.31 billion, with home appliances and 3C products contributing CNY 144.30 billion (17.1% growth) and daily necessities contributing CNY 98.01 billion (14.9% growth) [2][10]. - Service revenue totaled CNY 58.77 billion, with platform and advertising revenue at CNY 22.32 billion (15.7% growth) [2][10]. Share Buyback and Employee Benefits - The company has repurchased 80.7 million A shares for approximately USD 1.5 billion, representing about 2.8% of the total shares outstanding as of the end of 2024 [3][4]. - Starting from March 1, 2025, the company began contributing to social insurance for full-time delivery riders, becoming the first platform in China to do so [3][4]. Profit Forecast Adjustments - The profit forecasts for 2025, 2026, and 2027 have been revised down by 14%, 12%, and 11% respectively, due to the ongoing development of the delivery business [4][5]. - The expected Non-GAAP net profits for 2025, 2026, and 2027 are CNY 448.14 billion, CNY 505.74 billion, and CNY 531.82 billion respectively [4][5]. Valuation Metrics - The projected revenue growth rates for the upcoming years are 12.19% for 2025, 6.56% for 2026, and 4.34% for 2027 [5][11]. - The company's P/E ratio is expected to be 11 for 2025, with a P/B ratio of 1.4 [5][11].