2025.08.15 本文字数：1217，阅读时长大约2分钟 作者 |第一财经 陆涵之 京东的外卖业务在第二季度财报中存在感十足。 8月14日，京东发布了第二季度财报。财报显示，京东第二季度收入为3567亿元，同比增加22.4%。第 二季度归属于本公司普通股股东的净利润为62亿元，同比下滑50.8%。 京东2025年第二季度经营损失为9亿元，2024年第二季度经营利润为105亿元。京东表示这一变化主要是 由于对新业务的战略投入增加导致。 分业务看，包括京东外卖在内的新业务在今年二季度的表现与往年相比有着巨大差异。 京东零售（包括京东健康及京东工业等经营分部）主要从事中国的自营业务、平台业务及广告服务。二 季度京东零售收入为3101亿元，同比增加20.6%。其中电子产品及家用电器商品收入同比增长23.4%， 日用百货商品收入同比增长16.4%。2025年二季度，京东MALL在北京、深圳、南京、武汉和太原等多 城市迎来新店开业。 京东物流包括内部及外部物流业务。京东物流第二季度收入为515.6亿元，同比增长16.6%。 2025年上半年，京东物流在全球多个国家新开海外仓，包括美国、英国、法国、波兰、韩国、越南、沙 ...

Group 1 - The company reported a revenue of 356.7 billion yuan for the second quarter, representing a 22.4% increase compared to the second quarter of 2024 [1] - The net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the second quarter of 2024 [1] - The new business segment, including JD's entry into the food delivery market, saw a significant revenue increase of 199% year-on-year, reaching 13.852 billion yuan [3] Group 2 - The total revenue for JD Retail was 257.072 billion yuan for the three months ending June 30, 2024, and is projected to reach 310.075 billion yuan for the same period in 2025 [5] - JD Logistics generated revenue of 44.207 billion yuan for the three months ending June 30, 2024, with a forecast of 51.564 billion yuan for 2025 [5] - The total human resources expenditure for JD's ecosystem reached 136 billion yuan for the twelve months ending June 30, 2025 [9] Group 3 - The number of full-time delivery riders exceeded 150,000 by the end of the second quarter, with daily orders during the 618 shopping festival surpassing 25 million [3] - The total number of personnel within JD's ecosystem, including part-time employees and interns, reached approximately 900,000 as of June 30, 2025, up from 670,000 as of December 31, 2024 [7]

公募基金方面本期较上一季度持股减少的公募基金共计1个，即兴全商业模式混合(LOF)A，持股减少占 比达0.91%。本期较上一季度新披露的公募基金共计3个，包括中欧时代先锋股票A、富达悦享红利优选 混合A、浙商汇金量化臻选股票A。本期较上一季未再披露的公募基金共计2个，包括兴全新视野定期开 放混合型发起式、南华丰睿量化选股混合A。 险资方向，本期较上一期持股增加的险资共计1个，即中国太平洋人寿保险股份有限公司-分红-个人分 红，持股增加占比小幅上涨。 2025年8月15日，密尔克卫(603713.SH)发布2025年半年度报告。截至2025年8月14日，共有10个机构投 资者披露持有密尔克卫A股股份，合计持股量达4197.48万股，占密尔克卫总股本的26.54%。其中，前 十大机构投资者包括香港中央结算有限公司、上海演若投资合伙企业(有限合伙)、招商银行股份有限公 司-兴全合润混合型证券投资基金、上海演智投资合伙企业(有限合伙)、中国光大银行股份有限公司-兴 全商业模式优选混合型证券投资基金(LOF)、上海演惠投资合伙企业(有限合伙)、中国太平洋人寿保险 股份有限公司-分红-个人分红、中国工商银行股份有限公司- ...

Summary of JD.com's Earnings Call Company Overview - **Company**: JD.com - **Date**: August 14, 2025 Key Financial Metrics - JD.com reported a **22% year-over-year revenue growth**, reaching **RMB 357 billion** [3][4] - Non-GAAP net income attributable to ordinary shareholders was **RMB 7.4 billion**, down from **RMB 14.5 billion** year-over-year, primarily due to investments in new businesses [3][4] - Operating profit under non-GAAP increased by **38%** to **RMB 13.9 billion**, with operating margin rising from **3.9% to 4.5%** [2][3][4] User Growth and Engagement - Quarterly Active Customers (QAC) grew by over **40% year-over-year**, with shopping frequency also increasing by over **40%** [2][5] - Membership user shopping frequency surged by over **50%** [5] - During the 618 shopping festival, the number of purchasing users more than doubled, with total orders exceeding **2.2 billion** [2][5] Supply Chain and Product Performance - JD's supply chain capabilities continued to strengthen, with electronics and home appliances revenue growing by **23%** and general merchandise revenue by **16%** [2][6] - Supermarket category maintained double-digit growth for six consecutive quarters, while fashion also saw double-digit growth [2][6] New Business Developments - New initiatives, including JD Daojia, experienced exponential growth in daily order volume and a rapid increase in full-time delivery drivers [2][7] - Urban food delivery services showed synergy with core retail operations, enhancing performance in supermarkets and lifestyle services [2][7] International Expansion Strategy - JD.com is establishing localized operations in Europe and the Middle East, focusing on retail formats, warehousing, and transportation infrastructure [4][8] - The company aims to leverage its supply chain and technology advantages in international markets [8][33] Long-term Strategic Goals - JD.com aims to serve **1 billion e-commerce users** in China, focusing on enhancing user experience, reducing costs, and improving efficiency [29] - The company plans to continue strategic investments to achieve sustainable user growth and value creation [29][32] Profitability and Margin Expansion - Core retail business profitability is driven by improved supply chain efficiency, leading to lower costs and enhanced operational efficiency [30] - The gross profit margin for the second quarter reached **15.9%**, with a **23%** year-over-year increase in gross profit [14][11] Challenges and Future Outlook - The company faces short-term pressure on net income due to strategic investments in new business areas, particularly in food delivery [14][32] - JD.com is committed to maintaining a balance between investment in growth and shareholder returns, including stock buybacks and dividends [25][32] Conclusion - JD.com demonstrated strong financial performance and user engagement in the second quarter, with significant growth in both core and new business areas. The company is strategically positioned for long-term growth through supply chain enhancements and international expansion efforts.

（编辑 李家琪） 证券日报网讯 8月14日晚间，密尔克卫发布公告称，公司于2025年8月14日召开第四届董事会第八次会 议，审议通过了《关于使用闲置募集资金进行现金管理的议案》。本着股东利益最大化原则，为提高闲 置募集资金使用效率，合理利用闲置募集资金，在确保不影响募集资金项目建设和募集资金使用的情况 下，公司使用不超过5，000.00万元公开发行可转换公司债券闲置募集资金，选择适当的时机，阶段性 购买安全性高、流动性好、低风险、期限不超过12个月的保本型产品。 ...

京东零售在2025年第二季度实现净收入3.101万亿元人民币，同比增长20.6%。京东零售 2025年第二季度运营收入为139亿元人民币，较2024年第二季度101 亿元人民币有所增长。京东零售2025年第二季度运营利润率为4.5%，较2024年第二季度3.9%有所提升。 | | | For the three months ended | | | --- | --- | --- | --- | | | June 30, | June 30, | June 30. | | | 2024 | 2025 | 2025 | | | RMB | RMB | US$ | | | | | (In millions, except pe | | Net revenues: | | | | | JD Retail | 257,072 | 310,075 | 43,285 | | JD Logistics | 44,207 | 51,564 | 7,198 | | New Businesses | 4,636 | 13,852 | 1,934 | | Inter-segment eliminations* | (14,518) ...

智通财经APP讯，京东集团-SW(09618)发布2025年第二季度及中期业绩，该公司第二季度取得收入3567 亿元(人民币，单位下同)，同比增加22.4%;归属于公司普通股股东的净利润62亿元;每股美国存托股摊薄 收益为4.15元;每股基本收益2.17元。 截至2025年6月30日止六个月，该集团期内取得收入6577.42亿元，同比增加19.28%;归属于公司普通股 股东的净利润170.68亿元;每股基本收益5.95元。 2025年二季度，京东MALL在北京、深圳、南京、武汉和太原等多城市迎来新店开业。截至2025年6月 末，京东MALL累计开业门店数量达24家。区别于传统线下卖场，京东MALL依托京东强大的供应链能 力，通过线上线下数据、服务、场景的深度融合，为消费者提供沉浸式、数字化、"一站式"的购物新体 验。 2025年上半年，京东物流自研的高效智能仓储解决方案"智狼"系统已进入全国规模化应用阶段，已在北 京、广州、成都、福州等多个核心城市的多种类型仓库实现落地部署。京东物流正加速推进智能化布 局。"智狼"系统融合了搬运机器人、飞梯机器人、立体货架等核心组件，以及自动入库和拣选工作站、 空箱自动回流线 ...

于2025年上半年，该集团取得收入985.32亿元，同比增加14.11%;期间非国际财务报告准则利润33.39亿 元，同比增加7.1%;归属于公司所有者的利润25.8亿元，同比增加13.93%。 作为领先的技术驱动的供应链解决方案及物流服务商，我们始终坚持以客户为中心，以"技术驱动，引 领全球高效流通和可持续发展"为使命，持续深耕一体化供应链核心赛道，用可信赖的供应链服务持续 创造价值。基于持续完善的网络覆盖、不断强化的数智化能力，以及深刻的行业洞察，我们为客户及消 费者提供全方位的、触达各业务领域的一体化供应链解决方案和优质物流服务，助力客户实现降本增 效，为客户创造价值。 2025年上半年，在中国经济稳中向好的趋势下，京东物流通过持续的能力建设，不断夯实产品和服务竞 争力，提升客户体验和满意度，拉动收入加速增长。2025年上半年，我们的总收入达到985亿元，同比 增长14.1%，其中来自外部客户的收入为661亿元，同比增长10.2%，占总收入的比例达到67.1%。在实 现收入加速增长的同时，我们也通过技术赋能、网络布局优化、精细化管理等举措，有效提升资源使用 效率，实现稳健的盈利水平。2025年上半年，我 ...

| 文人 | 51,564,661 | 44,207,421 | 16.6% | | --- | --- | --- | --- | | E利 | 5,479,117 | 5,252,911 | 4.3% | | 余税前利潤 | 2.555.615 | 2.486.100 | 2.8% | | 明 利 潤 | 2,348,544 | 2,245,043 | 4.6% | | 明間非國際財務報告準則利潤(1) | 2,587,585 | 2.455.535 | 5.4% | | 明間非國際財務報告準則利潤率1) | 5.0% | 5.6% | (0.5)個百分點 | | 明間非國際財務報告準則EBITDA | 5,719,323 | 5,633,097 | 1.5% | | 明間非國際財務報告準則EBITDA利潤率1 | 11.1% | 12.7% | (1.7)個百分點 | IT之家 8 月 14 日消息，京东物流今日发布截至 2025 年 6 月 30 日止三个月及六个月业绩公告，2025 年上半年： | C | 3 | 1 | | --- | --- | --- | | | | | | | | 总收入达到 ...

Core Insights - JD Logistics reported a revenue of RMB 51.565 billion for the three months ending June 30, 2025, representing a year-on-year increase of 16.6% [1] - For the first half of 2025, the company achieved a total revenue of RMB 98.532 billion, a year-on-year growth of 14.11% [2] - The company emphasizes its mission of "technology-driven, leading global efficient circulation and sustainable development" while focusing on integrated supply chain solutions [1][2] Financial Performance - Non-IFRS profit for the three months ending June 30, 2025, was RMB 2.588 billion, up 5.4% year-on-year [1] - For the first half of 2025, non-IFRS profit reached RMB 3.339 billion, reflecting a 7.1% increase year-on-year [2] - Profit attributable to owners for the three months was RMB 2.129 billion, a 5.08% increase year-on-year [1] Customer and Market Expansion - Revenue from external customers for the first half of 2025 was RMB 66.1 billion, a 10.2% increase, accounting for 67.1% of total revenue [2] - The number of external integrated supply chain customers reached 73,713, a year-on-year increase of 14.5% [3] - Average revenue per external integrated supply chain customer was RMB 239,000 [3] Service and Product Development - Integrated supply chain customer revenue for the first half of 2025 was RMB 50.1 billion, up 19.9% year-on-year [3] - The company launched its self-operated express brand "JoyExpress" in Saudi Arabia, enhancing its logistics network [4] - The company is expanding its overseas warehouse network, now covering 23 countries and regions [5] Technological Innovation and Infrastructure - The company employs over 4,700 R&D professionals, focusing on automation and AI to enhance logistics efficiency [6] - As of June 30, 2025, JD Logistics operates over 1,600 warehouses and more than 19,000 delivery stations [6] - The company has over 660,000 self-operated employees, including full-time delivery riders [6]