21世纪经济报道记者孔海丽 北京报道 京东全面出击，刘强东火力全开，回应一切。 618前夜，京东集团董事局主席刘强东现身北京亦庄京东总部，首次分享了京东做外卖、进军酒旅的业 务逻辑。他称，京东所有业务100%围绕供应链展开，"我们并不是一个所谓多元化（企业），看似我们 有很多很多公司，但其实所有公司都服务于供应链，包括我们今天做的外卖，也是为了服务生鲜供应 链，这才是我真正想要的。" 他还首次公开了做外卖的"赚钱逻辑"，称："前端卖饭菜我可以永远不赚钱，只要靠供应链赚钱就可以 了。"据他披露，京东外卖客户向电商的转化率达到40%，再过一个月，京东外卖很快就会出来一个跟 美团完全不同的商业模式。"我相信这种商业模式将彻底解决食品安全问题。" 刘强东透露，京东杀入酒旅行业，也是为了背后的工业品供应链，通过降低行业成本创造价值。但他否 认了京东要进入网约车行业的传言。 围绕京东过去21年的发展，刘强东一再强调，无论是做物流、金融、工业、健康、产发，还是现在做外 卖、酒旅，都是以"体验、成本、效率"为核心经营理念，最终目的是优化供应链，"拿合理利润"。 关于刘强东本人的"半退休"、回归、希望未来能把国内业务交予职业经 ...

2025.06. 18 本文字数：5257，阅读时长大约9分钟 作者 | 一财科技 在6.18的前一天，京东集团创始人、董事局主席刘强东出现在位于北京亦庄的京东总部，在与第一 财经等媒体的交流中，分享了京东进军外卖、酒旅等领域背后的思考，他还谈到了京东创新业务及稳 定币、国际化的最新进展。 刘强东表示，京东集团保持每隔三年会有一个新的商业模式出来，但最近这五年，京东没有任何新的 东西，很遗憾。"最近五年可以说是京东失落的五年,是走下坡路的五年，可以毫不留情地这么说，没 有创新，没有成长，没有进步的五年，应该算是我创业史上是最没有特色的、贡献价值最少的五 年。"他透露，未来每年都会有一个创新业务推出，目前已经有包括稳定币在内的6个创新业务在 做。 对于进军外卖，京东集团的核心是供应链。刘强东透露，自己在进军外卖领域前，请了王兴、姚劲波 和程维吃饭。"那天我说得很直接，兄弟，我要正式进入外卖了。" 刘强东强调，外卖市场很大，再过一个月之后，京东外卖很快就会出现一个跟美团完全不同的商业模 式，也期待这种商业模式能够彻底解决食品安全问题，而且能让消费者买到高性价比且安全的食品。 对于京东进军酒旅餐饮领域，刘强东表示目 ...

文｜新浪科技 闫妍 京东外卖上线三个月，京东集团 SEC 副主席、京东集团 CEO 许冉罕见公开披露，这场被 业内称为"闪电战"的即时零售突围背后，京东扩张外卖业务的战略目的是什么？目标在哪 里？未来要怎么打？ 许冉表示，"京东从来不觉得自己是纯粹互联网公司，而是'以供应链为基础的技术与服务企 业'，我们认为作为一家公司，不仅要为员工、股东创造价值，也要为社会创造价值，这也 是我们为什么一开始就愿意为员工缴纳五险一金，包括我们做外卖，其实并不仅仅为了商业 利益，也是为了创造更多的就业机会。" 她直言，"外卖业务的增长超出我们的预期""京东外卖全职骑手已突破 12 万人，预计这个 季度末会超过 15 万人。"许冉还透露，"在北上广深等一线城市，我们的全职外卖骑手的人 均收入已经接近了 13000 元。" 6 月 17 日，许冉向新浪科技等首度全景式披露了京东外卖的进击之路。在这场信息量密集 的对话中，她不仅详细分享了京东外卖如何在巨头环伺的即时零售战场实现"闪电突围"， 更披露了其对即时零售市场的深度思考，以及京东过去几年布局多元业态融合场景的发展经 历和攒下来的经验。 以下是新浪科技对分享内容进行的归纳整理： ...

"我现在就是想把京东带好，因为走到今天，它早就已经不再属于哪个人了。" 文 丨 管艺雯 宋玮 编辑 丨 宋玮 明天就是 618 购物节，位于北京亦庄的京东总部大堂，"战斗战斗，只做第一" 的红色横幅高悬 于顶。 2025 年，京东进入了久违的全员战斗状态。 它做外卖，3 个月时间，用上百亿的补贴迅速拿下 2500 万订单，打破了外卖市场几年的稳定格 局，它发力即时零售，自建前置仓卖自营的生鲜、酒水、美妆。接下来，京东还要进军酒旅。 整个行业充满疑问：京东为什么要做外卖？京东想做一切吗？ 6 月 17 日傍晚，京东集团创始人、董事局主席刘强东首次分享了京东做外卖、酒旅的逻 辑："京东做所有业务只围绕供应链。" 刘强东说，京东做餐饮、做酒旅，都是为了背后的供应链去做铺垫。"我们做外卖，如果能做到外卖三 分天下，餐饮店不需要去选边站，没有任何平台有能力对它们二选一的时候，那最后比拼得还是 —— 谁的成本好、价格低、服务品质好。" 但供应链是一个更复杂、更难以赚钱、需要更长时间精细运营的生意。从 2017 到 2024 年，美团围绕 食杂零售业务（美团优选、美团快驴、小象超市）投入了近千亿元。 京东在做外卖上投入了很 ...

当前时点如何看阿里巴巴与京东？20250612 摘要 2025 年 618 购物节期间，各平台策略调整：淘宝天猫使用 88VIP 大额 消费券，京东多主题分场次运营，拼多多强化低价心智，抖音快手则通 过商品立减和直播间优惠推动销售。 预售期数据显示，淘宝天猫、京东支付口径增速稳定在 9%左右，抖音 和拼多多增速放缓至 18.2%和 12.8%。包裹揽收量和投递量分别增长 18.3%和 23%，反映客单价承压。 家电家居品类中，淘天成交额占比最高，快手增速最快达 37.3%。服饰 品类方面，淘宝天猫仍占主导地位，快手增速领先，达 13.2%。 美妆品类淘天成交额占比约 45%，抖音占比 31%。母婴品类淘天占比 约 50%，抖音和快手增速接近 20%，显示新兴平台在该品类增长潜力。 即时零售成为 618 新亮点，美团、阿里、京东均加强外卖和闪购推广， 美团白酒前 12 小时成交额同比增长 70 倍，3C 商品订单翻倍，竞争加 剧。 京东加大酒旅市场投入，APP 新增入口，解决 OTA 捆绑销售问题，通过 价格补贴抢占市场份额，对 OTA 行业造成冲击，但自身利润承压。 阿里外卖业务 ROI 较高，通过饿了么本地 ...

Group 1 - The core viewpoint of the article highlights the transformation in the accommodation industry towards a more integrated and responsive model, driven by the evolving demands of young consumers for convenience and efficiency [1][3] - The demand for cross-category combinations in accommodation has surged, with "accommodation + dining" increasing by nearly 87%, "accommodation + entertainment" by 99%, and "accommodation + flights" by 36% over the past year [1] - During the recent "May Day" holiday, the growth rate for "hotel + flash purchase" combinations exceeded 40%, with night-time craft beer flash purchase orders rising by 176% [1] Group 2 - The proportion of users under 30 years old in the context of travel has reached 44%, indicating a diverse range of cultural and tourism consumption needs among younger consumers [3] - There is a notable increase in demand for medium to long-distance travel (over 300 kilometers), with growth exceeding 15% [3] - The rise of "niche" destinations is evident, with 80% of the top twenty cities for inbound tourists being lesser-known locations, highlighting a gap in quality and unique accommodation supply in these areas [3] Group 3 - The first quarter saw a 127% year-on-year growth in travel packages combining "hotels + traditional attire," indicating a significant trend towards cross-category collaboration [3] - The traditional hotel industry is urged to incorporate more flexible experiential offerings to meet the changing consumer preferences [3] - The travel industry is expected to enter the "AI era" post-2025, with the current AI customer service problem resolution rate on the platform reaching 95% [3]

Core Insights - The company reported Q1 2025 revenue of 86.6 billion RMB, an 18% year-on-year increase, aligning with market expectations [1] - Adjusted net profit rose 46% year-on-year to 10.9 billion RMB, with a net profit margin of 13%, up 2.4 percentage points from the previous year [1] - Core business operating profit margin improved to 21%, exceeding expectations of 19%, while new business incurred an operating loss of 2.3 billion RMB, with a loss rate of 10% [1] Business Performance - Core business: Estimated daily orders for food delivery increased by 9-10% year-on-year, with average order value (AOV) experiencing a low single-digit decline due to increased contributions from "拼好饭" and "神枪手" [1] - Flash purchase daily orders reached nearly 11 million, a year-on-year increase of approximately 30%, with non-food categories like 3C, home appliances, and beauty products seeing over 60% growth [1] - In-store travel and accommodation gross transaction value (GTV) grew over 30% year-on-year, with stable operating profit margins [1] New Business Developments - New business segment showed a slight reduction in losses, with the pace of loss narrowing due to ongoing long-term capability building [1] - "Keeta" has rapidly grown to become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia, covering nine major cities, with plans to enter Brazil and invest $1 billion over the next five years [1] Market Outlook - Increased competition in the food delivery market is expected to lead to higher subsidies, potentially impacting revenue and profit growth in Q2 [2] - Forecasts suggest mid-single-digit year-on-year growth in food delivery order volume, while flash purchase order volume is expected to maintain slightly above 30% growth [2] - New business revenue growth is projected at 22%, with losses expected to widen to approximately 2.6 billion RMB due to overseas investments [2] Valuation - Despite the lower entry barriers in the food delivery market due to increased subsidies, operational and scheduling capabilities for merchants and riders will take time to improve [2] - The company is expected to maintain a leading market share, with a projected profit growth of about 7% in 2025, leading to a target price adjustment to 165 HKD, while maintaining a buy rating [2]

Core Insights - Meituan's Q1 revenue and adjusted profit exceeded market expectations, with total revenue reaching 86.6 billion yuan, a year-on-year increase of 18% [1] - The core local business operating profit grew by 39% year-on-year, surpassing market expectations by 10% [1] - The company reported record high annual active users and merchants, indicating strong market presence [1] Financial Performance - Q1 total revenue was 86.6 billion yuan, slightly above market expectations by 1.4% [1] - Adjusted net profit for Q1 was 10.9 billion yuan, a 46% year-on-year increase, exceeding market expectations by 18% [1] - Core local business revenue increased by 18% year-on-year, with operating profit margin improving by 3 percentage points to 21% [1][2] Business Segments - Delivery, commission, and online marketing revenues grew by 22%, 20%, and 15% year-on-year, respectively [2] - The food delivery segment saw an increase in user order frequency, with daily order volume growth estimated at around 10% [2] - Instant retail and travel segments also showed strong growth, with non-food orders in instant retail increasing over 60% year-on-year [2] Competitive Landscape - Management emphasized commitment to compete effectively, planning to invest 100 billion yuan over the next three years to enhance supply chain and merchant digital transformation [2] - Despite competitive pressures, Meituan's food delivery segment maintained steady growth in daily order volume [2] Financial Forecast and Valuation - For Q2, total revenue is expected to grow by 13%, with core local business and new business revenues projected to increase by 10% and 21%, respectively [3] - The company anticipates a 15% year-on-year increase in total revenue for 2025, with adjustments made to core local business profit forecasts [3] - The valuation for core local business is set at 18 times the 2025 operating profit, with a target price adjustment to 177 HKD, indicating a potential upside of 34% from recent closing prices [3]

北京时间 5 月 1 日美股盘后，Airbnb（爱彼迎）公布了 2025 财年 1 季度财报，详细要点如下： 1、核心经营指标全面放缓 ：本季 Airbnb 的 总预订金额（GBV）为$245 亿，同比仅增长 7% ，疫情以后首次跌破 10%，且直接跌至仅中个位数%，放缓幅度非常 明显。即便 剔除汇率逆风影响，增速也仅 9%，同样环比降速约 3pct。 价量驱动上，本季 总间夜预订量同比增长仅 7.9% ， 环比降速整整 6.4pct 。作为典型的可选性支出， 酒旅是被认为受近期关税和宏观走弱影响最大的行业之一 ， 因此业绩前市场对包括 Airbnb 在内的酒旅行业普遍比较悲观， 实际表现也确实很弱。 雪上加霜的是， 本季 ADR 也同比下降了约 0.9% ，也 是 4Q22 以来首次客单价下滑 。据公司解释，主要是 受汇率的拖累 。 2、北美欧洲地区疲软，南美亚太仍坚挺 ：分地区来看， 北美地区 需求走弱是最严重的， 本季间夜单量增长仅低个位数 。 剔除北美地区，本季整体间夜增速可 达 11%。 欧洲地区的间夜量同比增长也仅中个位数，同样很弱。 南美和亚太地区间夜预订量增速则分别为 20+% 和 15% 左 ...

Market Performance - Major global markets recorded gains, with Nasdaq up 6.73%, DAX up 4.89%, and S&P 500 rising over 4.5% [1] - The Hang Seng Index and other indices like CSI 300 and A50 saw more modest increases, with Hang Seng Index up 2.74% [1] A-Share Market - A-share market experienced fluctuations driven by policy dynamics and earnings expectations, with the ChiNext Index leading with a 1.74% weekly gain [2] - Daily average trading volume for the week reached 1.15 trillion yuan, an increase of 38 billion yuan from the previous week [2][6] Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector rose by 3.97%, while the power equipment sector saw a decline of 7.73% [3] - The automotive sector increased by 4.87%, and the beauty care sector rose by 3.8%, indicating strong performance in certain industries [5] Policy Impact - The Politburo meeting emphasized the need for more proactive macro policies, suggesting a potential acceleration in policy implementation to boost market confidence [2] - The G20 meeting highlighted the importance of dialogue and policy coordination, which may enhance financial cooperation between China and the European Central Bank [1] Investment Opportunities - Short-term focus remains on domestic demand sectors, particularly in building materials, smart home appliances, and the hospitality industry, which are expected to benefit from policy upgrades [2]