文｜《财经》特约撰稿人 李莹 编辑｜杨立赟 外卖所在业务板块在二季度亏损148亿元，但是给京东电商主站带来协同效应，拉动二季度活跃用户数和购物频次同比增长分别超过40% 8月14日，京东集团（9618.HK，JD.US）发布2025年二季度业绩。这是外卖大战开打至今，第一家"亮家底"的平台。 二季度京东呈现出"增收不增利"的经营状况。报告期内，其营收为3567亿元，同比增长22.4%，刷新近三年来同比增速纪录。但是营收增长的 同时，盈利能力大幅下降，二季度归属于普通股股东的净利润为62亿元，同比大幅下滑51%；在Non-GAAP（非公认会计准则）标准下，归属 于普通股股东的净利润为74亿元，跌幅达到49%，环比一季度也下降了42%。 根据财报可以推算，京东2025年上半年总收入达到6577亿元，同比增长19.28%；归属于普通股股东的净利润为170.68亿元，同比下降13.68%。 市场对京东的利润缩水早有预期。摩根士丹利在财报前发布的研报预测，京东二季度对外卖业务投资超100亿元，预计Non-GAAP净利润同比 下降63%。花旗的预测更为悲观，预计同比下降68%。京东实际交出的成绩单，略好于这些预测。 二季 ...

Core Viewpoint - JD Group's second-quarter financial report shows significant growth in revenue and user engagement, but also highlights substantial losses in its new business segment, particularly in food delivery services [1][4][7]. Financial Performance - The company's revenue for the quarter reached 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in nearly three years [1]. - Active user numbers and shopping frequency both grew by over 40% year-on-year [1]. - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the same period last year [1]. - The new business segment, which includes food delivery, saw revenue surge from 4.636 billion yuan to 13.852 billion yuan, a staggering increase of 198.79% year-on-year [4]. New Business Segment Analysis - Despite the revenue growth in the new business segment, operating losses expanded dramatically from 0.695 billion yuan to 14.777 billion yuan, resulting in an operating profit margin of -106.7% [4][8]. - The management indicated that short-term profit margins may fluctuate due to industry competition and investment pace, but these investments are aimed at breaking through growth ceilings and will eventually create new growth momentum [7]. Strategic Insights - The management emphasized that the new business is not a reckless venture but is intended to create a synergistic relationship with the core retail business, enhancing cross-selling opportunities [7]. - The food delivery service is positioned as a high-frequency consumption entry point, which is expected to solidify JD's platform as a "one-stop lifestyle service entry" [7]. - JD's logistics network and supply chain capabilities are being leveraged to optimize efficiency and enhance service offerings in the food delivery sector [7][8]. Competitive Landscape - JD is committed to resisting market practices that create bubbles, such as "0 yuan purchases," and aims to maintain a healthy profit margin in its core retail business [8]. - The company has established a robust service network with nearly 200 restaurant brands achieving over one million sales and has signed contracts with over 15,000 full-time delivery riders [8].

Core Insights - Multiple platforms including Meituan, Taobao, and Ele.me have issued statements to regulate promotions and limit subsidy behaviors, aiming to foster healthy competition in the industry [1][3] - The upcoming "Autumn First Cup of Milk Tea" event, a significant promotional period, has prompted these platforms to collectively emphasize the importance of avoiding irrational competition [1][5] Group 1: Industry Response - The State Administration for Market Regulation has previously conducted talks with food delivery platforms, urging them to rationalize promotional activities and engage in healthy competition [3] - Following these discussions, platforms have shown varying degrees of marketing contraction, although large subsidies like zero-yuan purchases and one-cent purchases continue, with merchants bearing about 70% of the subsidy costs [3] Group 2: Market Trends - Recent commentary from major media outlets highlights the ongoing price wars in the food delivery sector, indicating that such competition has not led to increased consumer spending, with a reported 3.6 percentage point decline in national catering revenue growth in the first half of the year [4] - The "Autumn First Cup of Milk Tea" event has become a staple marketing initiative since 2020, with Taobao launching its campaign featuring a 22 yuan red envelope for new users and enlisting celebrity endorsement [5][7] Group 3: Promotional Activities - Taobao has initiated its promotional activities for the "Autumn First Cup of Milk Tea," including a significant discount campaign and the use of a well-known celebrity as a spokesperson [2][5][7] - The collective statements from the platforms serve as a preemptive measure to signal adherence to anti-involution policies ahead of the competitive promotional period [5]

Core Viewpoint - The new-style tea beverage sector is expected to benefit significantly from the ongoing subsidy war among major food delivery platforms, with companies like Tea Baidao, Gu Ming, and Mi Xue Group showing substantial stock price increases this year [1][2]. Group 1: Market Performance - The Hong Kong stock market saw a collective surge in new-style tea beverage stocks, with Tea Baidao rising by 11% and Gu Ming and Mi Xue Group increasing by approximately 6% [1]. - Year-to-date performance shows Gu Ming up 178%, Mi Xue Group up 168%, and Luckin Coffee up 50% [1]. Group 2: Subsidy War Dynamics - On July 5, Alibaba and Meituan released a large number of high-value takeaway coupons, including offers like "25 off 21" and "16 off 16," with some items available for "zero purchase" [1]. - Following the launch of JD.com's food delivery service, a fierce competition has emerged among Alibaba, Meituan, and JD.com, with a reported total investment of 25 billion yuan in the second quarter [1]. Group 3: Financial Implications - Goldman Sachs predicts that the current food delivery price war will last longer than expected, with Alibaba's food delivery business projected to lose 41 billion yuan over the next 12 months, JD.com 26 billion yuan, and Meituan's EBIT expected to decline by 25 billion yuan [2]. - In the capital market, Meituan's stock has dropped over 21%, JD.com nearly 6%, while Alibaba's stock has risen by 30% due to better-than-expected growth in its e-commerce business [2]. Group 4: Sector Opportunities - The new-style tea beverage sector is identified as a potential winner in the ongoing subsidy competition, benefiting from high consumer frequency and low average spending, especially during the summer sales peak [2]. - The introduction of large subsidy coupons is expected to drive user engagement and increase the popularity of tea beverages on delivery platforms [2].

Core Viewpoint - The intense competition in the food delivery market, driven by significant subsidies from Meituan, JD, and Taobao, has led to a price war that is reshaping consumer behavior and impacting platforms like Meituan's "Pin Hao Fan" [1][10][11] Group 1: Market Dynamics - The price war has resulted in lower delivery prices, attracting consumers who previously did not use delivery services, leading to a shift in purchasing habits among users [1][2] - Consumers are increasingly comparing prices across multiple platforms, with some finding that "Pin Hao Fan" offers higher prices for certain items compared to competitors [2][4] - The competition has affected "Pin Hao Fan" by drawing away some of its customer base, particularly in first and second-tier cities, although the impact is less pronounced in lower-tier cities [4][6][9] Group 2: Consumer Behavior - Different consumer segments exhibit varied responses to the price war, with some continuing to prefer "Pin Hao Fan" for its simplicity and low prices, while others are swayed by the competitive offers from other platforms [5][6] - The convenience of using "Pin Hao Fan" remains appealing to certain consumers, despite the ongoing price competition [5][10] Group 3: Business Impact - Merchants in second-tier cities report a slight decrease in "Pin Hao Fan" orders, but overall, the impact is not severe, indicating that the platform still retains a significant customer base [5][6][11] - The ongoing price competition is reshaping the pricing structure of the food delivery industry, with "Pin Hao Fan" potentially leading to a long-term reduction in average delivery prices [10][11] Group 4: Future Outlook - The growth of "Pin Hao Fan" and its increasing variety of offerings suggest that it may continue to attract more consumers, potentially reshaping the competitive landscape of food delivery [10][11] - The long-term implications of the price war may lead to reduced profitability for all players involved, with consumers benefiting in the short term from lower prices [11][12]