执行费用220.0亿元人民币，同比+35%，预估196.8亿元人民币； 京东集团第三季度净营收达2990.6亿元人民币，同比增长15%，超出市场预期的2944亿元。尽管收入端表现稳健，但公司利润率出现大幅下 滑，反映出扩张投入加大对盈利能力的挤压。 京东首席财务官单苏表示，第三季度总收入同比增长14.9%，得益于各业务线的健康发展势头。公司在以旧换新政策的高基数背景下，仍对 巩固电子和家电领域的领先市场地位充满信心。 核心财务指标 净营收2990.6亿元人民币，同比+15%，预估2,944亿元人民币； 京东第三季度调整后息税折旧及摊销前利润（EBITDA）为25亿元人民币，同比下降83%，远低于市场预估的34.1亿元。 调整后运营利润率仅为0.1%，较上年同期的5%大幅收缩，显示公司在业务扩张过程中面临较大的成本压力。 执行费用同比增长35%至220亿元人民币，增速明显快于营收增速，成为利润率承压的主要原因。 三季度营销开支同比增加110.5% 京东集团财报显示，2025年三季度，营销开支由2024年第三季度的人民币100亿元增加110.5%至2025年第三季度的人民币211亿元（30亿美 元）。 调整后息税 ...

Core Insights - JD Group reported strong Q3 2025 earnings, with revenue reaching 299.1 billion RMB (approximately 42 billion USD), a year-on-year increase of 14.9%, exceeding expectations [2] - 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) [2][3] - New business segments, such as food delivery, saw a remarkable revenue increase of 214% YoY, indicating accelerated growth compared to Q2 [2] Revenue and Growth Metrics - Service revenue grew by 30.8% YoY, reaching a historical high of 24.4% of total revenue, showcasing the effectiveness of the super supply chain [2] - The number of active users surpassed 700 million in October, marking a significant milestone for the company [3] Product and Service Innovations - JD launched five times the number of customized flagship products compared to the previous year, with significant growth in categories like home appliances and beauty products [4] - The company introduced over 30 new specialty drugs, reinforcing its position as the leading platform for new drug launches [4] - JD's live-streaming sales saw a 140% increase in order volume, indicating strong consumer engagement [4] Supply Chain and Technological Advancements - The super supply chain, built over years of investment, is now valued at 174.3 billion RMB, enhancing operational efficiency across various industries [6] - JD Logistics plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics capabilities [8] Market Position and Social Responsibility - 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 been proactive in social responsibility, including initiatives to support farmers and provide employment benefits to delivery personnel [9][10]

每经AI快讯，京东(JD.US)美股盘前涨幅扩大至近5%，此前第三季度营收超预期。 ...

京东在美上市股票盘前涨幅扩大，此前该公司第三季度营收超预期，最新上涨4.7%。 来源：滚动播报 ...

格隆汇11月13日｜"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女士表示。"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。" ...

每经AI快讯，11月13日，京东集团公告，2025年第三季度收入2991亿元，同比增长14.9%。归属于公司 普通股股东的净利润为53亿元，2024年同期为117亿元。非美国通用会计准则下净利润为58亿元，2024 年同期为132亿元。 （文章来源：每日经济新闻） ...

京东集团第三季度净营收2,990.6亿元人民币，预估2,944亿元人民币。 来源：滚动播报 ...

Core Insights - JD Group reported a net revenue of 299.06 billion RMB for the third quarter, exceeding the estimated 294.4 billion RMB [1] - The adjusted earnings per ADS for the third quarter were 3.73 RMB, surpassing the forecast of 2.70 RMB [1] - The adjusted EBITDA for the third quarter was 2.5 billion RMB, lower than the expected 3.41 billion RMB [1] Financial Performance - Net revenue: 299.06 billion RMB, estimated 294.4 billion RMB [1] - Adjusted earnings per ADS: 3.73 RMB, estimated 2.70 RMB [1] - Adjusted EBITDA: 2.5 billion RMB, estimated 3.41 billion RMB [1]

来源：环球网 【环球网科技综合报道】11月13日，彭博社报道，阿里巴巴已秘密启动"千问"项目，基于Qwen最强模 型打造一款同名个人AI助手——千问APP，全面对标ChatGPT。这是在追赶竞争对手并最终从个人用户 身上盈利的更广泛努力中的关键一步。 彭博社援引知情人士消息称，在未来几个月内，公司将在该应用中逐步增加智能体AI（agentic-AI）功 能，以支持包括主要淘宝市场在内的平台上的购物功能。由于讨论的是非公开审议，这些人士要求匿 名。 这次千问的改版标志着阿里巴巴迄今为止为努力从面向消费者的服务中获得收入所采取的最大举措之 一。这家中国电子商务公司已加入从初创公司Minimax到字节跳动等竞争对手的行列，推出日益先进的 AI模型，每一家都试图在性能上超越像OpenAI和DeepSeek这样的行业领导者。 消息人士透露，千问应用目前将对用户保持免费。但建立用户基础将有助于阿里巴巴未来对面向消费者 的服务进行收费。除了收入之外，为移动用户创建一个一站式商店也可以在拥挤的市场中擦亮其品牌。 彭博社认为，中国的科技公司正在向人工智能领域投入前所未有的资金。它们加入了从OpenAI到Meta 等美国同行的支 ...

Group 1 - Vipshop (VIPS) is considering a potential listing in Hong Kong as early as next year, with discussions ongoing with advisors [1] - The company was founded in August 2008 and is a leading player in China's e-commerce sector, focusing on "brand discount" products [4] - Vipshop went public on the New York Stock Exchange in 2012, raising $71.5 million (approximately 509 million RMB) [4] Group 2 - In the first half of this year, Vipshop reported revenue of 52.075 billion RMB, a year-on-year decline of 4.4% [4] - The company's operating profit was 3.975 billion RMB, down 20.37% year-on-year, while net profit was 3.5 billion RMB, a decrease of 18.5% [4] - For the third quarter, Vipshop expects net revenue to be between 20.7 billion and 21.7 billion RMB, with a year-on-year growth of approximately 0% to 5% [4]