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 a revenue of 299.1 billion yuan for Q3 2025, representing a year-on-year growth of 14.9%, exceeding expectations [1] - However, net profit attributable to ordinary shareholders decreased significantly to 5.3 billion yuan from 11.7 billion yuan in the same period last year, primarily due to increased marketing expenses [3] Financial Performance - Q3 2025 revenue: 299.1 billion yuan, up 14.9% year-on-year [1] - Net profit attributable to ordinary shareholders: 5.3 billion yuan, down from 11.7 billion yuan year-on-year [3] - Non-GAAP net profit: 5.8 billion yuan, down from 13.2 billion yuan year-on-year [3] - Marketing expenses increased by 110.5% to 21.1 billion yuan, accounting for 7.0% of revenue compared to 3.8% in Q3 2024 [3] Business Growth - Core retail business strengthened, with daily necessities revenue growing by 18.8%, approximately four times the industry average [3] - Supermarket category revenue achieved double-digit growth for seven consecutive quarters [3] - New business revenue, including food delivery, surged by 214% year-on-year [3] - Service revenue grew by 30.8%, reaching a historical high of 24.4% of total revenue [3] User Engagement - Annual active user count surpassed 700 million in October 2025, marking a new milestone [4] - The number of customized heavy-duty new products increased fivefold compared to last year [5] Supply Chain and Logistics - Supply chain infrastructure asset scale reached 174.3 billion yuan [9] - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years [9] - JD's self-developed logistics system has been successfully implemented in multiple cities [9] AI and Technology Initiatives - JD is deepening AI applications across retail, health, logistics, and industrial sectors [10] - The company has invested nearly 160 billion yuan in R&D since 2017 [9] Employment Practices - JD is the first in the industry to sign formal labor contracts with all frontline employees and cover social insurance for full-time delivery riders [11]

她还谈到，"更加重要的是，京东外卖的业务会深植于整个京东的业务生态，包括用户端、供给端、履 约端都和我们现有的业务有深度融合和创造协同价值的空间，这些业务并不是简单的加减关系。从长期 看，我们的用户获取成本会下降，集团整体也会在保持盈利和现金流充足的基础上，追求可持续增 长。"（闫妍） 责任编辑：何俊熹 新浪科技讯 11月13日晚间消息，京东集团发布了2025年三季度业绩。三季度，京东集团收入为2991亿 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。 京东集团CEO许冉谈及京东外卖业务时表示，"未来，我们会继续以长期的视角来推进战略规划，当然 同时也会考虑长期的投入产出，我们的目标始终是打造可持续发展的商业模式，一方面追求单量的增 长，同时也会逐步释放外卖业务的规模效应，最终外卖业务是一个可以自己独立生存的业务。" ...

Core Insights - JD Group reported a strong Q3 2025 performance, with revenue reaching 299.1 billion RMB (approximately 42 billion USD), representing a year-on-year growth of 14.9%, exceeding expectations [3] - The company's core retail business continues to strengthen its market position, with significant growth in various categories, including daily necessities (up 18.8% YoY), supermarkets (double-digit growth for seven consecutive quarters), and clothing (growth approximately eight times the industry average) [3][4] - New business segments, such as food delivery, saw a remarkable revenue increase of 214% YoY, indicating accelerated growth compared to Q2 [3][4] Revenue and Growth Metrics - Service revenue grew by 30.8% YoY, marking a two-year high, with its share of total revenue reaching a historical high of 24.4% [3] - The number of active users surpassed 700 million in October, achieving a new milestone, while shopping frequency remained robust [4] Business Expansion and Innovations - JD's investment in a super supply chain has led to the launch of numerous customized products, with the number of new heavy-weight products increasing fivefold compared to last year [5] - The company has expanded its offline presence, with over 4,000 3C digital stores and more than 20 JD MALL locations nationwide [6] Technological Advancements - JD Logistics plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its supply chain capabilities [7] - The integration of AI into JD's operations has led to the development of an AI-driven "medical inspection and prescription" service, marking a significant advancement in healthcare [8] Social Responsibility and Market Position - JD ranked 44th in the 2025 Fortune Global 500 list, marking a significant rise from 366th place, and has been recognized as the top private enterprise in China for four consecutive years [9] - The company has committed to social responsibility by providing comprehensive benefits to its delivery personnel, including full insurance coverage [9] Agricultural Initiatives - JD has launched initiatives to support agricultural products, including a plan to establish one million acres of agricultural bases and a shopping festival covering over 600 agricultural product categories [10]

新浪科技讯 11月13日晚间消息，京东集团发布了2025年三季度业绩。三季度，京东集团收入为2991亿 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%，环比二季度实现加速增长。 责任编辑：何俊熹 在京东2025年第三季度业绩发布会上，京东集团CEO许冉谈及外卖业务时表示，"无论是外卖还是即时 零售，对于我们来说同样是一个长期战略。我们的目标还是推动业务的健康发展，保持可持续的增长， 所以在过去几个月，我们一直专注在持续优化内部的运营效率，在刚刚过去的三季度，面对行业的激烈 竞争，我们还是保持相对的理性。目前，整体业务还处在战略布局的第一个阶段，我们的目标是在品质 外卖领域有比较好的用户心智和市场份额。" 许冉透露，"三季度，京东外卖保持了健康的增长态势，一个是GMV环比取得了双位数的增长，在单量 增长的同时，订单结构变得更加健 ...

Market Overview - Both Shanghai and Hong Kong markets opened lower but showed strong recovery, with the Shanghai Composite Index breaking the 4000-point mark, reaching a ten-year high [1] - The Hang Seng Index also surpassed 27000 points, with trading volume exceeding 270 billion [1] - The U.S. government shutdown has ended after 43 days, improving dollar liquidity and boosting both risk and safe-haven assets [1] Financial Data - As of October 31, the total social financing scale reached 437.72 trillion yuan, a year-on-year increase of 8.5% [3] - The broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year [3] - The narrow money supply (M1) was 112 trillion yuan, with a year-on-year growth of 6.2% [3] Commodity Prices - Prices for VC electrolyte additives have surged significantly, with the average price reaching 110,000 yuan/ton, an increase of 68% [4] - R32 prices have risen to 68,000 yuan/ton, benefiting companies like Dongyue Group, which saw a nearly 9% increase in stock price [5] Industry Developments - Several paper companies have announced price increases, driven by rising costs and expanding demand, particularly in the packaging paper sector [9] - The West Mande project in Guinea, which has the potential to become the fifth-largest iron ore mine, has commenced production, impacting the iron ore supply landscape [5] Company Highlights - Zhongyuan Marine Energy plans to acquire a large LPG transport vessel for 598 million yuan, aiming to enhance its position in the liquefied gas transportation sector [10] - The company reported a revenue of 5.47 billion yuan for Q3 2025, a year-on-year decrease of 2.5%, but a net profit increase of 4.4% [10] - Zhongyuan Marine Energy has secured long-term contracts that cover approximately 20 million tons of its total oil transportation volume, providing stable revenue [11][12]

Market Overview - US stock index futures showed mixed performance ahead of the market opening, with Dow futures up 0.01%, S&P 500 futures down 0.15%, and Nasdaq futures down 0.20% [1] - European indices displayed varied results, with Germany's DAX down 0.65%, UK's FTSE 100 down 0.54%, France's CAC40 up 0.37%, and the Euro Stoxx 50 down 0.05% [2][3] Oil Prices - WTI crude oil increased by 0.79% to $58.95 per barrel, while Brent crude oil rose by 0.73% to $63.17 per barrel [3][4] Economic Events - The US federal government ended a 43-day shutdown after President Trump signed a temporary funding bill, allowing most government agencies to operate until January 30, 2026 [4] - New York Fed officials indicated that the Fed may soon initiate asset purchases to maintain liquidity, citing rising overnight financing costs as a sign of insufficient bank reserves [5] Corporate News - Disney reported better-than-expected Q4 profits, driven by strong performance in streaming and theme parks, and announced a 50% increase in dividends along with a doubling of its stock buyback plan [7] - Pfizer plans to sell its remaining stake in BioNTech, marking the end of a significant partnership that generated substantial revenue during the pandemic [8] - Cisco's Q1 results exceeded expectations, with an 8% year-over-year revenue increase to $14.9 billion, driven by growth in AI-related spending [9] - JD.com reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% [10] - Bilibili turned a profit in Q3 with a net profit of 469 million yuan, showing significant growth in user engagement metrics [10] - Starbucks employees initiated an indefinite strike affecting at least 65 stores across 40 cities, potentially impacting holiday sales [12]

Market Overview - US stock index futures showed mixed performance ahead of the market opening, with Dow futures up 0.01%, S&P 500 futures down 0.15%, and Nasdaq futures down 0.20% [1] - European indices also displayed varied results, with Germany's DAX down 0.65%, UK's FTSE 100 down 0.54%, France's CAC40 up 0.37%, and the Euro Stoxx 50 down 0.05% [2][3] Oil Prices - WTI crude oil increased by 0.79% to $58.95 per barrel, while Brent crude oil rose by 0.73% to $63.17 per barrel [3][4] Economic and Policy Updates - The US federal government ended its longest shutdown of 43 days, with a temporary funding bill signed by President Trump, providing funding until January 30, 2026 [5] - New York Fed officials indicated that the Fed may soon initiate asset purchases to maintain liquidity, as overnight financing costs have risen, signaling a shortage of bank reserves [6] - Economic advisor Kevin Hassett expressed support for a 50 basis point rate cut if appointed as Fed Chair, highlighting concerns over retail hiring and consumer confidence [7] Company News - Disney reported better-than-expected Q4 earnings, with adjusted EPS of $1.11, although down 3% year-over-year, and announced a 50% increase in dividends and a doubling of its stock buyback plan [8] - Pfizer plans to sell its remaining stake in BioNTech, potentially generating approximately $508 million, marking the end of a significant partnership during the pandemic [9] - Cisco's Q1 results exceeded expectations, with an 8% revenue increase to $14.9 billion, driven by AI-related spending [10] - JD.com reported Q3 revenue of 299.06 billion yuan, a 14.85% year-over-year increase, but a 56.49% drop in pre-tax profit [11] - Bilibili turned a profit in Q3 with a net income of 469 million yuan, showing growth in user engagement metrics [11] - Microsoft launched an "AI super factory" in Atlanta, integrating thousands of NVIDIA GPUs to support AI workloads [12] - Starbucks employees initiated an indefinite strike affecting at least 65 stores across 40 cities, potentially impacting holiday sales [13]

Group 1 - Dow futures rose by 0.07%, while S&P 500 and Nasdaq futures fell by 0.09% and 0.11% respectively [1] - Chinese concept stocks saw pre-market gains, with Alibaba rising over 5% due to reports of its secret project "Qianwen," an AI assistant app aimed to compete with ChatGPT. JD.com also rose over 4%, reporting Q3 2025 revenue of 299.1 billion yuan, a 14.9% year-on-year increase, and a net profit of 5.3 billion yuan [1] - Spot gold surpassed $4,230 per ounce, leading to a collective rise in gold stocks, with Harmony Gold up 5.6%, DRDGOLD over 4%, and others also showing significant gains [1] Group 2 - President Trump signed a temporary funding bill, ending a 43-day government shutdown, which caused an estimated economic loss of $7 billion to $15 billion and reduced Q4 GDP growth by 1.5 percentage points [2] - Cisco's stock rose over 7% after reporting Q1 revenue of $14.88 billion, an 8% year-on-year increase, and a non-GAAP EPS of $1, exceeding market expectations. Cisco also raised its full-year revenue guidance to between $60.2 billion and $61 billion [2] Group 3 - Michael Burry announced the closure of his Scion fund, which had recently disclosed put options on AI stocks like Palantir and Nvidia, citing concerns over a market bubble [3] - Morgan Stanley warned of a potential 20% electricity shortfall in the U.S. by 2028 due to the rapid growth in AI demand, which is straining the national grid [3] - Boston Fed President Susan Collins indicated that the threshold for further interest rate cuts is "relatively high," suggesting current rates will remain for some time [3] Group 4 - Disney plans to expand its sports brand ESPN into the Asian market, aiming to capitalize on the region's fast-growing streaming market. Disney+ is currently the third-largest streaming platform in Asia, with projected subscriptions reaching 19 million and revenue of $1.4 billion by the end of 2025, excluding India and China [4]

外卖业务方面，京东集团表示，三季度，京东外卖GMV和订单量取得增长，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。（智通财经记者 范佳来） 11月13日，京东集团发布三季度财报，公司三季度实现营收2990.6亿元，同比增长14.9%；净利润53亿 元，2024年三季度为117亿元。其中，京东零售三季度营收2506亿元，同比增加11.4%；净利润为148亿 元，2024年三季度为116亿元。 ...