作者 | 范亮 毫无疑问，利润同比下滑主要是受到了外卖业务补贴的影响，资本市场对此也已有一定预期。如果不考虑外卖业务的影响，本季度京东零售仍实现了远超 预期的增长，营业收入同比增长20.6%，经营利润同比增长达到37.9%，核心业务厚实也是京东发力外卖业务的底气所在。 那么，外卖业务究竟通过怎样的路径影响京东的业绩，其核心基本面表现究竟如何？ 外卖投入百亿，冲击利润表现 随着外卖大战的愈演愈烈，京东二季度财报中外卖业务对其业务的具体影响是市场最为关注的焦点。 从财报披露看，京东将外卖业务归类到了新业务口径中。此前，新业务口径主要包括京东产发、京喜和海外业务，本季度则增加了京东外卖。 因此，从新业务口径的营业收入、营业成本、经营费用、经营利润等财务数据，就可以把握京东外卖业务的财务变化。 编辑 | 丁卯 8月14日晚，京东集团公布了2025年第二季度业绩报告。 根据财报数据，京东集团二季度实现营业收入3566.6亿元，同比增长22.4%；归母净利润为61.78亿元，同比下滑约51%。 下图为京东2024年至今，新业务营业收入、经营利润的季度变化数据。可以看到，其新业务营收从2025年一季度开始有小幅增长，同期经 ...

Core Viewpoint - JD Group's Q2 2025 financial report shows strong retail performance but significant losses in the new food delivery business due to high marketing expenditures and subsidies [5][21][35]. Group 1: Financial Performance - JD Group achieved Q2 2025 revenue of 356.66 billion RMB, a year-on-year increase of 22.4%, while net profit dropped by approximately 51% to 6.178 billion RMB [5][22]. - The retail segment alone saw revenue of 310.075 billion RMB, growing 20.6% year-on-year, with operating profit increasing by 37.9% to 13.939 billion RMB [22][32]. - New business revenue, including food delivery, surged nearly 200% year-on-year to 13.852 billion RMB, but operating losses expanded to 14.777 billion RMB [10][12]. Group 2: Impact of Food Delivery Business - The food delivery business has been categorized under new business metrics, which previously included JD's other ventures [9]. - The rapid increase in operating expenses, particularly marketing costs, which rose by 128% to 27.013 billion RMB, is the primary driver of losses in the food delivery segment [15][19]. - The food delivery business is expected to continue incurring high marketing expenses in the short term due to competitive pressures in the market [35]. Group 3: User Engagement and Ecosystem Synergy - The food delivery service has positively impacted user engagement, with active user growth exceeding 40% year-on-year and increased shopping frequency on the platform [19][36]. - JD plans to enhance cross-category shopping capabilities, integrating food delivery with traditional retail to optimize user experience [20][26]. Group 4: Future Outlook - To mitigate the financial impact of the food delivery business, JD needs to scale operations to cover rider costs and gradually reduce subsidies [35]. - The company is investing in its self-operated food delivery service "Seven Fresh Kitchen" to differentiate itself from competitors, although this will be a long-term process [35][36]. - Despite short-term profit volatility, the long-term synergy between food delivery and retail could yield significant benefits for JD's ecosystem [36].

8月14日晚，京东集团公布了2025年第二季度业绩报告。 （原标题：京东外卖的三笔账） 作者 | 范亮 编辑 | 丁卯 根据财报数据，京东集团二季度实现营业收入3566.6亿元，同比增长22.4%；归母净利润为61.78亿元， 同比下滑约51%。 毫无疑问，利润同比下滑主要是受到了外卖业务补贴的影响，资本市场对此也已有一定预期。如果不考 虑外卖业务的影响，本季度京东零售仍实现了远超预期的增长，营业收入同比增长20.6%，经营利润同 比增长达到37.9%，核心业务厚实也是京东发力外卖业务的底气所在。 那么，外卖业务究竟通过怎样的路径影响京东的业绩，其核心基本面表现究竟如何？ 外卖投入百亿，冲击利润表现 随着外卖大战的愈演愈烈，京东二季度财报中外卖业务对其业务的具体影响是市场最为关注的焦点。 从财报披露看，京东将外卖业务归类到了新业务口径中。此前，新业务口径主要包括京东产发、京喜和 海外业务，本季度则增加了京东外卖。 因此，从新业务口径的营业收入、营业成本、经营费用、经营利润等财务数据，就可以把握京东外卖业 务的财务变化。 下图为京东2024年至今，新业务营业收入、经营利润的季度变化数据。可以看到，其新业务营收从 ...