Core Insights - JD.com has achieved a significant milestone in its food delivery business, reaching nearly 20 million orders, marking a notable growth trajectory in the first quarter [1] - The company reported total revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, and an adjusted net profit of 12.8 billion yuan, up 43.8% [1] - JD.com has raised its revenue and profit growth expectations for 2025 to double digits, indicating confidence in its future performance [1] Business Performance - JD's core retail business continues to benefit from national subsidies, with product revenue increasing by 16.2% to 242.3 billion yuan and service revenue rising by 14.0% to 58.8 billion yuan [5] - The company's new business segment, which includes food delivery, saw revenue growth of 18.13% to 5.753 billion yuan, although losses widened from 670 million yuan to 1.327 billion yuan [3][4] - The expansion of the new business is primarily driven by the growth of the Jingxi platform, aimed at capturing lower-tier market users [3] Strategic Focus - JD.com is focusing on enhancing user and merchant experiences in its food delivery service, with ongoing efforts to improve operational systems and address integration challenges with existing restaurant management software [2][4] - The company is leveraging its food delivery service to drive cross-selling opportunities within its broader retail ecosystem, particularly in the supermarket and lifestyle service categories [4][6] - JD's management acknowledges the need for further improvements in operational capabilities and system integration as it continues to scale its food delivery business [4][6] Market Dynamics - The competitive landscape is intensifying, with Meituan actively responding to JD's market entry in food delivery, indicating a robust competitive environment [4] - Analysts are closely monitoring JD's unit economics and the sustainability of its subsidy-driven growth strategy, with expectations that the company will eventually reduce subsidies and enhance profitability [4][8] - JD's retail growth is also being driven by its focus on lower-tier cities and the expansion of its third-party business, which has shown promising growth potential [7][8]

京东外卖日订单量来到2000万关口。 作者 | 任彩茹 编辑 | 乔芊 "在我们谈话的同时，京东外卖的订单量已接近2000万单，这又是一个里程碑。" 5月13日晚间的财报后电话会开始不久，京东CEO许冉谈起备受关注的外卖业务，主动释放出500万单、1000万单之后的最新数字。 刚过去的第一季度，京东经历了从略显沉默到高调登台、成为主角的过程。此前几季的业绩沟通会上，分析师们抛出的问题总是离不开"国补的可持续 性"、"高基数之后的增长动力"、"电商竞争格局"、"京东的中长期优势"等等，这一季的最大主角则变成"外卖"的当下与展望。 当然，一个基础条件在于，京东交出的是一份满目"双位数增长"的超预期成绩单。一季度，京东实现3011亿元总收入，同比增长15.8%，创下近三年来 的最高同比增速；调整后净利润128亿元，同比增长43.8%。同时，京东上调2025年的收入及盈利增长预期至双位数。 如今的京东在"双线作战"。最核心的零售业务受益于国补，增长态势仍在持续，但市场期待更多增长新动力。大力投入的新业务外卖，正处于投入资源 抢市场的阶段，未来则要承担起"即时零售心智培养"及"高频带低频"的责任，让用户在京东app产生 ...