11月20日，沃尔玛发布2026财年第三季度业绩，披露沃尔玛第三季度实现总营收1795亿美元，同比增长 5.8%（剔除汇率波动影响后，总营收为1797亿美元，同比增长6.0%）；第三季度调整后营业利润为72 亿美元，同比增长8.0%。 (编辑：王璨 林辰) （企业公众号） 具体至中国市场，沃尔玛中国第三季度实现净销售额61亿美元，同比增长21.8%；可比销售额增长 13.8%；电商业务净销售额增长32%，电商销售额占比超50%（较去年同期提升超过390个基点）。第三 季度山姆会员商店继续保持强劲的增长势头。其中，交易单量呈双位数增长，山姆在过去12个月增加8 家新店（含本季度新增1家）。同时，由于业态占比的变化，本季度毛利率有所下降。但得益于强劲的 销售增长，业态占比的变化，以及营运效率的提升，营运费率下降，营业利润增长。 ...

京东在财报中表示，2025年三季度，外卖GMV和订单量取得稳步增长，且整体投入环比收窄，这主要 得益于京东外卖运营效率的提升。并且京东外卖在行业竞争中保持理性，由此取得单均损益水平的逐步 改善。第三季度，新业务的经营亏损率为100.9%，好于二季度的106.7%。 【#京东年活跃用户数破7亿#，#京东外卖业务投入收窄#】11月13日，京东发布了第三季度财报。三季 度京东集团收入同比增长14.9%至2991亿元。其中，商品收入增加10.5%，服务收入增加30.8%。三季度 归属于本公司普通股股东的净利润为53亿元，同比下滑54.7%，这主要是因为对新业务的投入，二季度 净利润同样也出现了下滑。 京东同时表示三季度用户规模与购物频次保持增长，年度活跃用户数在10月份突破7亿。 ...

Core Insights - JD Group reported Q3 2025 revenue of 299.1 billion RMB, a year-on-year increase of 14.9%, exceeding expectations [1] - The core retail business of JD continues to strengthen its market position, with daily necessities category revenue growing by 18.8%, approximately four times the industry average growth rate [1] - New business segments, such as food delivery, saw a significant revenue increase of 214% year-on-year, accelerating growth compared to Q2 [1] Business Performance - Service revenue grew by 30.8% year-on-year, reaching a historical high of 24.4% of total revenue [1] - The annual active user count surpassed 700 million in October, marking a new milestone for the company [2] - JD's CEO highlighted the establishment of a multi-engine complementary growth matrix within the core retail business, indicating confidence in maintaining market leadership despite challenges in certain categories [2] Strategic Developments - The food delivery segment continues to expand, with improved unit economics leading to a reduction in losses compared to previous quarters [2] - The company aims to leverage the growth potential in daily necessities and advertising services, indicating a focus on diversifying revenue streams [2] - Overall, JD's various business segments are making steady progress, with expectations for collaborative efforts to unlock long-term development potential across the business ecosystem [2]

"三季度，我们的用户规模与购物频次保持强劲增长，年度活跃用户数在10月份突破7亿大关，创下新的 里程碑，"京东集团首席执行官许冉表示。"核心京东零售业务已构建起多引擎互补的增长矩阵。虽然带 电品类面临以旧换新高基数的影响，我们有信心进一步巩固在该领域的领先市场地位，并挖掘日用百货 品类与广告服务的巨大增长潜力。此外，京东外卖继续扩大业务规模，并与京东零售不断加深协同效 应，与此同时，三季度京东外卖实现了环比投入收窄，这主要得益于其单均损益表现的改善。整体来 看，我们各项业务均取得稳健进展，相信它们将协同发力，充分释放我们整体业务生态的长期发展潜 能。" 责任编辑：何俊熹 新浪科技讯 11月13日下午消息，京东集团发布了2025年三季度业绩。三季度，京东集团收入为2，991 亿元人民币（约420亿美元），同比增长14.9%，超出预期。净利润53亿元，上年同期净利润117亿元。 三季度，京东的核心零售业务市场地位持续加强，其中日百品类收入同比增长18.8%，增速约是行业平 均增速的4倍；商超品类收入同比实现连续7个季度的双位数增长；服装鞋帽品类收入同比增速约是行业 的8倍；外卖等新业务三季度收入同比增长214%， ...

Core Insights - JD Group reported Q3 2025 revenue of 299.1 billion RMB, a year-on-year increase of 14.9%, exceeding expectations [1] - The core retail business of JD continues to strengthen its market position, with daily necessities category revenue growing by 18.8%, approximately four times the industry average growth rate [1] - New business segments, such as food delivery, saw a significant revenue increase of 214% year-on-year, accelerating from Q2 [1] Business Performance - Service revenue grew by 30.8% year-on-year, reaching a two-year high, with its revenue share increasing to a historical high of 24.4% [1] - The annual active user count surpassed 700 million in October, marking a new milestone for the company [2] - JD's CEO highlighted the establishment of a multi-engine complementary growth matrix within the core retail business, indicating confidence in maintaining market leadership despite challenges in certain categories [2] Strategic Developments - The company is focused on leveraging the growth potential in daily necessities and advertising services while expanding its food delivery business [2] - JD's food delivery segment has improved its unit economics, leading to a reduction in investment while continuing to scale operations [2] - Overall, all business segments are making steady progress, with expectations for collaborative efforts to unlock long-term development potential across the business ecosystem [2]

周六福(06168)发布公告，经本公司内部核算，自今年各电商平台"双11"活动以来，本公司的电商子公 司除唯品会、京东自营管道之外的总出货金额为2.87亿元人民币，同比增长35.28%(不含金条口径)，综 合毛利率22.05%，同比提高近10个百分点。 另外，本公司的电商业务2025年1 10月收入同比增长32%，净利润同比增长71%，同期净利率超过8%。 ...

Core Insights - Church & Dwight Company, Inc. reported third-quarter adjusted earnings per share of 81 cents, exceeding the analyst consensus estimate of 74 cents [1] - Quarterly sales reached $1.585 billion, reflecting a 5% year-over-year increase, surpassing the expected $1.536 billion [1] Financial Performance - Organic sales increased by 3.4%, driven by a volume growth of 4%, partially offset by negative pricing and mix of 0.6% [2] - The Domestic Division experienced a 2.3% organic growth, with four out of eight power brands gaining market share [2] - The International Division's organic growth was 7.7%, supported by broad-based share gains across subsidiaries and the Global Markets Group [3] - The Specialty Products Division also reported strong performance with an organic sales growth of 4.2% [3] Marketing and E-commerce - The company increased its marketing investment as a percentage of sales by 50 basis points compared to the previous year, contributing to consumption and share gains [4] - Global online sales accounted for 23% of total consumer sales in the third quarter, up from 21% the previous year [4] Margins and Operations - Reported and adjusted gross margins were 45.1%, with reported margins falling by 10 basis points year-over-year, while adjusted margins rose by 10 basis points, exceeding the outlook by 110 basis points [4] - Adjusted income from operations totaled $270.6 million, reflecting a $3.4 million increase or 1.3% [5] Debt and Cash Position - As of September 30, total debt stood at $2.2 billion, with cash on hand amounting to $305.3 million [5] Future Outlook - The company tightened its fiscal year 2025 adjusted earnings per share outlook to $3.49, compared to the analyst view of $3.47 [6] - Church & Dwight anticipates approximately $1.2 billion in cash from operations for the year [6] - The projected fourth-quarter adjusted earnings per share is $0.83, below the analyst consensus of $0.90 [6] Stock Performance - CHD shares increased by 6.41% to $86.97 as of the latest trading session [6]

Core Viewpoint - The company, Zhili Holdings (02209), reported a significant increase in order amounts for its e-commerce platform and offline wholesale channels for beauty, fashion, and lifestyle products in Q3 2025, with a year-on-year growth of approximately 49.0% to around $126 million [1] Group 1 - The order amount for the e-commerce platform, including website and mobile applications, showed a notable increase [1] - The offline wholesale channels also contributed to the overall growth in order amounts [1] - The total order amount reached approximately $126 million, reflecting strong performance in the beauty and fashion sectors [1]

Financial Data and Key Metrics Changes - Net sales for Q2 were approximately $1.6 billion, up 3.3% year-over-year, with a comparable sales increase of 0.2% [24][26] - Gross margin was 36%, down 2 basis points from the previous year, while merchandise margin improved by 40 basis points [26][28] - Operating income was $172 million, and diluted earnings per share were $1.85, with adjusted earnings per share at $1.94 [27][28] - Inventory per store increased, with units per store up 4.6% and dollars per store up 8.2% [28] Business Line Data and Key Metrics Changes - The e-commerce channel saw a positive comparable sales increase of approximately 18% during Q2, building on a 10% increase in Q1 [24][10] - Performance across major business categories was consistent, with footwear, apparel, sports and recreation, and outdoor all showing low single-digit increases [10][11] - Seasonal categories like swim and summer footwear experienced a slow start but rebounded in late June and July [11] Market Data and Key Metrics Changes - Strong double-digit growth in foot traffic was observed among customers in the top two income quintiles (households making over $100,000) [12][13] - Traffic share remained flat among middle-income consumers (households making $50,000 to $100,000), while there was erosion in lower-income cohorts (households making less than $50,000) [12][13] - Market share data indicated meaningful gains across key businesses such as apparel, footwear, and sporting goods [13] Company Strategy and Development Direction - The primary growth strategy involves opening new stores, with three new locations opened in Q2, bringing the total to 306 stores across 21 states [15] - The company aims to grow its e-commerce business by improving site navigation, order fulfillment, and expanding product assortment [16][18] - Initiatives to enhance store productivity include adding desirable brands and implementing new technology like RFID scanners [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of inflation on consumer behavior, noting a trade-down effect among lower-income consumers [12][13] - The company remains optimistic about future performance, citing positive momentum and the effectiveness of strategic initiatives [30][31] - Management is closely monitoring tariff impacts and has implemented strategies to mitigate these effects [23][46] Other Important Information - The company has maintained strong liquidity with $300 million in cash and an undrawn $1 billion revolver [28] - Capital allocation remains disciplined, with investments in inventory, dividends, and strategic initiatives totaling approximately $148.7 million in Q2 [29] Q&A Session Summary Question: Insights on consumer behavior post back-to-school period - Management noted episodic shopping patterns and expressed optimism about momentum continuing into the remainder of the quarter [34][35] Question: Impact of tariff pricing on average ticket - Average unit retails (AURs) were up low to mid-single digits, with expectations for further price adjustments in the back half of the year [36][37] Question: Guidance on SG&A and operating leverage - Management indicated expectations for continued moderation of SG&A deleverage, with a focus on maintaining investment in growth initiatives [41][42] Question: Promotional environment and merchandise margin - The promotional environment remains competitive, with higher take rates observed during promotional events [84] Question: Performance of higher-income consumers - The top two income quintiles showed double-digit growth in traffic, offsetting declines in lower-income segments [86][87] Question: Expansion of Nike and Jordan assortments - The company has significantly expanded its Jordan brand assortment and is seeing strong performance from both Nike and Jordan products [92][100]

Core Viewpoint - Alibaba's Taobao Flash Sale significantly boosts the overall user scale and activity of the mobile Taobao platform, indicating a positive trend for the e-commerce business [1] User Engagement - Taobao Flash Sale has led to a 20% increase in daily active users (DAU) for mobile Taobao in August, enhancing user engagement and activity days [1] - The higher frequency of the Flash Sale scenario has contributed to a notable increase in user activity on the platform [1] Revenue Impact - Increased traffic from the Flash Sale has resulted in higher advertising revenue and Customer Marketing Revenue (CMR) [1] - Enhanced user engagement and the ability to attract new users while reducing churn have allowed the company to decrease marketing expenses [1] - The company anticipates that this positive trend will continue and further enhance e-commerce revenue in the medium to long term [1]