文/耿朴凡 刘强东掌舵下的"京东系"，迎来第六家上市公司。12月11日，京东工业在历经两年半、四次递表冲刺后，正式登陆港交所。京东工业此次IPO发行价为 14.1港元/股，盘中一度破发。截至收盘，京东工业维持了发行价，最新市值377.48亿港元。 来源：宿迁发布 京东工业登陆港交所 京东工业起源于京东集团2013年面向企业客户开展的企业业务，主要是为了满足企业客户综合一站式采购的需求，2017年成为京东集团的独立 业务单元，2018年10月以京东一级类目形式正式上线，2019年11月正式注册升级为子公司。 如今，京东工业已崛起为国内头部工业供应链技术与服务提供商。 招股书显示，靠着涵盖80个产品类别的超8100万个SKU（库存保有单位），京东工业在2022年至2024年实现营收141.35亿元、173.36亿元、204 亿元和103亿元， 三年间年复合增长率达20.13%。净利润方面，在2022年亏损约13亿元的情况下，2023年扭亏为盈，2024年净利润飙升至7.62 亿元。 今年上半年，京东工业实现营收103亿元，同比增长18.9%；实现净利润4.5亿元，同比增长55.2%。 业绩持续向好的京东工业，上市 ...

文 | 有点Marks 我们相信,当前外卖领域的非理性竞争将不可避免地过渡到更理性、更成熟的阶段。最终，拥有更深产 业洞察、经过验证的卓越运营能力以及持续高质量增长能力的平台将成为行业领导者。 ——王兴 今年的这场外卖三国杀，打到现在，便宜了谁？ 刘强东、王兴、蒋凡先后都露出了相同的意思："这仗，不能再这么打了""接下来投入要收缩"。在最新 财报电话会上，美团CEO王兴的话最直接："半年来的市场结果已经充分证明：外卖价格战没有为行业 创造价值，不可持续。" 这话的背景是三份惨淡的财报——最新的季度报表里，美团亏损160亿，阿里利润暴跌76%，京东净利 润腰斩。有机构测算，仅仅一个季度，三大平台就在这场外卖大战中烧掉了超过770亿元——比京东或 美团一年的净利润都高！ 三国的故事，大家都知道——魏蜀吴争来争去，最后便宜的却是司马家，魏蜀吴都很快湮灭。 四输收尾 如果商业竞争是一场牌局，2025年的外卖大战就是那种所有人都知道底牌已烂、却不得不跟注到底的绝 望游戏。 最先挑起战火的京东，奇袭入场。 好消息是，靠着外卖，用户在增多。许冉在电话会中透露，年度活跃用户数于10月突破7亿里程碑。 坏消息是利润受损。三季度 ...

Investment Rating - The report maintains a "Buy" rating for JD Group [3][5]. Core Views - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, representing a year-on-year growth of 14.9%. The revenue breakdown includes JD Retail at 250.6 billion yuan, JD Logistics at 55.1 billion yuan, and new businesses at 15.6 billion yuan, with respective growth rates of 11.4%, 24.1%, and 213.7% [1]. - The company recorded a consolidated operating loss of 1.1 billion yuan for the quarter, with JD Retail and JD Logistics achieving operating profit margins of 5.9% and 2.3%, while new businesses had a negative margin of 100.9% [1]. - Non-GAAP net profit attributable to shareholders was 5.8 billion yuan, a decline of 56% year-on-year, with a non-GAAP net profit margin of approximately 1.9% [1]. Revenue Growth and User Engagement - As of October, JD's annual active users exceeded 700 million, with a 40% year-on-year increase in user numbers and purchase frequency [2]. - The revenue growth for JD's consumer goods and daily necessities categories was 4.9% and 18.8%, respectively, with the daily necessities category growing approximately four times faster than the industry average [2]. - The platform and advertising service revenue growth accelerated, achieving a year-on-year increase of 23.7% [2]. Delivery Business Performance - JD's delivery business continues to improve, with a significant reduction in operating losses due to increased order volume and a higher proportion of high-ticket orders [2][3]. - The number of quality restaurants on the delivery platform has surpassed 2 million, with top 300 restaurant brands seeing a 13-fold increase in daily order volume since launch [3]. - The "Seven Fresh Kitchen" initiative has gained consumer recognition, contributing to a 12% increase in order volume for nearby quality restaurants [3]. Financial Projections - The report forecasts revenues of 1,328.7 billion yuan, 1,415.5 billion yuan, and 1,512.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.7%, 6.5%, and 6.9% [3][4]. - Non-GAAP net profit projections for the same years are 28 billion yuan, 39.5 billion yuan, and 51.4 billion yuan, with year-on-year changes of -41.5%, 40.9%, and 30.3% [3][4]. - The report estimates a reasonable market capitalization of 335.3 billion yuan for JD, corresponding to target prices of 32 USD and 124 HKD [3].

Core Viewpoint - Liu Qiangdong's kitchen philosophy is reshaping JD's strategic logic, emphasizing emotional connections and cultural narratives through food [1][2][3] Group 1: Emotional and Cultural Connection - Liu Qiangdong promotes his hometown specialties, enhancing consumer emotional engagement with products [2][3] - The successful launch of "Shu Qian Huang Gou Zhi Tou Rou" during Double 11 indicates the effectiveness of the "emotion + commerce" model [3] Group 2: Personal Branding and Corporate Image - Liu Qiangdong's cooking livestreams are a strategic move to build a relatable personal brand, moving away from purely financial discussions [5][6] - His personal stories and humor create a warmer image, resonating with consumers and enhancing brand loyalty [6][8] Group 3: Business Strategy and Expansion - The launch of JD's independent delivery app and the focus on quality through "Qi Xian Xiao Chu" signify a strategic shift towards lifestyle services [1][8] - JD's new business revenue grew by 214% year-on-year, reflecting the company's ongoing transformation and investment in supply chain capabilities [9][10] Group 4: Integration of Technology and Daily Life - Liu Qiangdong's cooking showcases JD's supply chain strengths, linking technology with everyday experiences [9][10] - The emphasis on "human warmth" in JD's strategy illustrates the company's commitment to expanding from retail to comprehensive lifestyle services [10][11]

11月17日晚，三亚。刘强东再次系上围裙，在第三场"京东品酒会"前直播炒菜。当晚，刘强东宣布京东 外卖独立App（手机应用）上线，他还表示，京东点评将永不商业化。 "我对渔民、对船有天然的感情，小的时候免费蛋白质基本都来自水里，夜里经常钓黄鳝，白天抓小 鱼。"刘强东边炒边与观众聊天，仿佛是老友间的家常叙旧。 这时，距离刘强东上次直播炒菜刚过去两个月。上一次，他炒的是老家宿迁名菜"黄狗猪头肉"；这一 次，他做了两道宿迁名菜，"卷饼尖椒小鱼"和"酱豆炒蛋"。 他炒的是家乡味道 近年来，不断推广宿迁特产，似乎成了刘强东的一个标签。 在直播中，他介绍酱豆的来历，还说这是小时候冬天补充蛋白质的好东西，道出了物质匮乏年代的记 忆。他坦言，即使到世界各地，也会一直带着老家的酱豆子。 这些故事将菜品从简单的食物，提升为情感与文化的载体。消费者购买的不仅是特产，更是一份有故事 的情感连接。 "宿迁黄狗猪头肉"在"双11"首发10分钟预订超千单，证明这种"情感+商业"模式的有效性。 一把炒勺，两端平衡。刘强东的厨房哲学，似乎正在重构京东的战略逻辑。 显然，在商品同质化严重的今天，情感附加值成为差异化竞争的关键。刘强东的个人故事与 ...

Core Viewpoint - Liu Qiangdong's kitchen philosophy is reshaping JD's strategic logic, emphasizing emotional connections and cultural narratives in product offerings [1][3][10] Group 1: Emotional and Cultural Connection - Liu Qiangdong promotes his hometown specialties, enhancing consumer emotional engagement through storytelling [2][3] - The successful launch of "Suqian Yellow Dog Pork" during the Double 11 event demonstrates the effectiveness of combining emotion with commerce [3] Group 2: Personal Branding and Consumer Engagement - Liu Qiangdong's cooking livestreams are a strategic move to build a relatable personal brand, moving away from purely financial discussions to sharing personal stories [5][6] - His humorous interactions during the livestreams help to create a more approachable image, fostering a connection with consumers [6] Group 3: Business Strategy and Expansion - The launch of JD's independent delivery app and the focus on quality service through "Qixian Xiaochu" signify a strategic shift towards lifestyle services [8][9] - JD's new business revenue grew by 214% year-on-year, indicating a successful transition from product retail to comprehensive lifestyle services [10] Group 4: Supply Chain and Operational Efficiency - Liu Qiangdong's cooking showcases JD's supply chain capabilities, linking culinary offerings to the company's logistics and quality control strengths [10][11] - The integration of technology in enhancing everyday experiences reflects JD's commitment to expanding its service offerings beyond traditional retail [11][12]

Core Insights - JD Group's founder and chairman Liu Qiangdong announced the launch of an independent app for JD Takeout, along with JD Reviews and JD Rankings, promising "never to commercialize" these services [1] Group 1: JD Takeout Performance - Since its launch in March, JD Takeout has rapidly gained traction, collaborating with over 2 million quality restaurants during the recent "Double 11" shopping festival [3] - The top 300 restaurant brands involved in the promotion saw a daily order volume increase of 13 times compared to the first month after the launch of JD Takeout [3] - On November 7, the launch day of its selected popular products, over 6.5 million units were sold within 8 hours [3] Group 2: Impact on Related Businesses - The promotional activities of JD Takeout positively affected related dining sectors, with the affiliated Seven Fresh Kitchen achieving a repurchase rate three times the industry average during the promotion [3] - The traffic generated by JD Takeout also led to a more than 12% increase in order volume for quality restaurants within a 3-kilometer radius [3] - Seven Fresh Food MALL experienced an 80% increase in customer traffic compared to the previous period during the promotion [3]

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 专题：刘强东现身第三场京东品酒会 刘强东亲自下厨，现场制作宿迁家常菜——卷饼尖椒小鱼和酱豆炒鸡蛋，这两道菜品已上线七鲜小厨。 此前，刘强东曾直播做黄狗猪头肉，在七鲜小厨上线首日即售空。 责任编辑：李思阳 ...

他表示，自己即使到全世界各地，也会一直带着老家的酱豆子。（新浪科技） 【#刘强东称到全世界都带老家的酱豆#】今日，京东集团创始人、董事局主席@刘强东 现身三亚保利 瑰丽酒店，举办第三场"京东品酒会"。刘强东在品酒会之前现身京东旅行直播间，现场炒制宿迁名菜， 并为"七鲜小厨"、"七鲜咖啡"等带货。#刘强东现场炒宿迁家乡菜# 直播中，刘强东为到场观众做了两道宿迁名菜，分别是"卷饼尖椒小鱼"和"酱豆炒蛋"。他表示，"我对 渔民、对船有天然的感情，小的时候免费蛋白质基本都来自水里，小时候夜里经常钓黄鳝，白天抓小 鱼。"现场炒制"酱豆炒蛋"时，刘强东表示，"过去盐其实是相对比较稀缺的一个东西，需要花钱买，我 们小时候冬天补充蛋白质主要来自于酱豆的，因为它是黄豆做的。" ...

现场炒制"酱豆炒蛋"时，刘强东表示，"过去盐其实是相对比较稀缺的一个东西，需要花钱买，我们小 时候冬天补充蛋白质主要来自于酱豆的，因为它是黄豆做的。" 新浪科技讯 11月17日下午消息，今日，京东集团创始人、董事局主席刘强东现身三亚保利瑰丽酒店， 举办第三场"京东品酒会"。刘强东在品酒会之前现身京东旅行直播间，现场炒制宿迁名菜，并为"七鲜 小厨"、"七鲜咖啡"等带货。 直播中，刘强东为到场观众做了两道宿迁名菜，分别是"卷饼尖椒小鱼"和"酱豆炒蛋"。他表示，"我对 渔民、对船有天然的感情，小的时候免费蛋白质基本都来自水里，小时候夜里经常钓黄鳝，白天抓小 鱼。" 责任编辑：梁斌 SF055 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 ...