转自：新华财经 9月10日，2025年中国国际服务贸易交易会（简称"服贸会"）在北京开幕。连续第六年参加服贸会的京 东集团，围绕"数实共链 智享全球"主题，全面展现了在零售、科技、物流、健康、工业、产发及国际 等多个业务领域的创新产品与解决方案。其中，京东在今年上半年推出的七鲜小厨作为"合营品质餐饮 制作平台"，凭借创新供应链和首创"菜品合伙人"模式，以及基于JoyAI大模型推出的AI面试Agent，可 以使招聘效率提升70%，双双入选服贸会"2025年中国国际服务贸易交易会服务示范案例"。此外，由京 东科技提供技术支持的"京办"智能政务协同办公平台，也首次在服贸会展位上亮相。 作为同时具备实体企业基因和属性、拥有数字技术和能力的新型实体企业，京东集团以供应链数智化为 基础，专业服务于企业管理以及研、产、供、销、服等全链路降本，实现供应链全局最优，带动全社会 降本超万亿，同时立足于企业自身实践，积累并输出专业技术、服务经验，与30多个行业、100多座城 市、上百家国央企深度合作，赢得客户广泛信任，与整个产业共同高质量发展。 京东外卖、七鲜小厨、七鲜美食MALL、京东旅行、京东家政等京东本地业务首次亮相服贸会。 ...

【#京东Q2营收增利润降#，外卖成关键变量】#京东Q2新业务经营损失147.8亿元# 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。 新业务主要包括京东外卖、京东产发、京喜及海外业务。京东在今年2月正式推出了外卖业务，并且在4 月为了发展该业务推出了"百亿补贴"，二季度新业务营收出现了巨大变化。 新业务第二季度收入为138.5亿元，同比增长198.8%。但同时带来了144.1亿元的营业成本以及144.5亿元 的经营费用，因此新业务在第二季度产生了147.8亿元的经营损失，去年同期新业务的经营损失为6.95亿 元。 ...

Core Insights - JD.com launched its food delivery service in February 2025 and introduced a "100 billion subsidy" in April to boost this new business, resulting in significant revenue changes in Q2 2025 [1][5] - The company's Q2 2025 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, while net profit attributable to ordinary shareholders fell by 50.8% to 6.2 billion yuan [1] Business Performance - The new business segment, including food delivery, generated 13.85 billion yuan in Q2 2025, marking a year-on-year growth of 198.8%, but incurred an operating loss of 14.78 billion yuan due to high operating costs and expenses [5][7] - JD Retail, which encompasses various segments including JD Health and JD Industrial, reported Q2 2025 revenue of 310.1 billion yuan, up 20.6% year-on-year, with electronics and home appliances growing by 23.4% and daily necessities by 16.4% [3] Logistics and Expansion - JD Logistics generated 51.56 billion yuan in revenue in Q2 2025, reflecting a year-on-year increase of 16.6%, and expanded its overseas warehouse presence in multiple countries [4] - As of June 30, 2025, JD Logistics operated over 130 bonded warehouses and direct mail warehouses, covering 23 countries and regions globally [4] Marketing and User Engagement - Marketing expenses surged by 127.6% to 27 billion yuan in Q2 2025, primarily due to increased spending on new business promotions [7] - The food delivery service saw significant user engagement, with daily orders surpassing 25 million during the 618 shopping festival, and over 1.5 million quality merchants joining the platform [7]

Core Viewpoint - JD.com aims to innovate annually, focusing all business operations around the supply chain [2][11][18] Group 1: Innovation Strategy - JD.com has maintained a rhythm of innovating a new business model every three years, but will now introduce one innovation project each year, with six projects currently in progress, including stablecoins [2][19] - The company has recently entered the food delivery market, with a significant focus on leveraging its supply chain capabilities [3][25] - JD.com plans to launch a unique business model for its food delivery service that differs from competitors like Meituan, aiming to address food safety and provide high-quality, cost-effective food options [9][26] Group 2: Supply Chain Focus - All of JD.com's business operations are centered around the supply chain, with the company not engaging in activities unrelated to it [5][29] - The company has established over 1,600 logistics centers in mainland China, with a self-operated product range exceeding 10 million items, showcasing its strong supply chain capabilities [30] - JD.com maintains a low retail cost structure of around 10%, comparable to global leaders like Costco and Amazon, which supports its competitive advantage [30][31] Group 3: Organizational Changes - Liu Qiangdong has returned to a strategic role within JD.com, restructuring the organization to enhance decision-making and operational efficiency [2][16] - A strategic execution committee has been formed, including Liu and other senior executives, to oversee key business decisions [2][11] Group 4: Market Position and Competition - JD.com has rapidly scaled its food delivery service, achieving over 25 million daily orders and employing more than 120,000 full-time delivery personnel within a short period [7][24] - The company is positioned to compete aggressively in the food delivery market, offering substantial incentives to attract merchants and delivery personnel [6][25]

Core Insights - Liu Qiangdong emphasizes that JD.com will innovate annually, moving away from the previous model of introducing a new business model every three years [2][6] - The company has launched six innovation projects, including stablecoins, and aims to maintain a focus on supply chain-related innovations [5][9] Business Strategy - JD.com has entered the food delivery market, with over 25 million daily orders and more than 120,000 full-time delivery personnel within just over 100 days of operation [4][11] - The company plans to differentiate its food delivery model from competitors like Meituan, focusing on the underlying fresh supply chain rather than just food sales [4][12] Organizational Changes - Liu Qiangdong has restructured JD.com's organizational framework, establishing a strategic execution committee to oversee key decisions [2][9] - The company is adopting a flatter organizational structure, allowing for more autonomy at the operational level while maintaining strategic oversight from upper management [2] Supply Chain Focus - JD.com’s business model is heavily centered around supply chain efficiency, with over 1,600 logistics centers and a self-operated product range exceeding 10 million items [13][14] - The company maintains a low retail cost structure, comparable to industry leaders like Costco and Amazon, with a retail cost of only 10% [14] Future Plans - JD.com is set to officially announce its entry into the hotel and travel sector, leveraging its supply chain capabilities to address high costs and inefficiencies in the industry [5][9] - The company aims to enhance customer experience through better product offerings, pricing, and services, all rooted in its supply chain strategy [9][10]

Core Insights - JD.com is focusing on supply chain optimization as the core of all its business operations, including new ventures into food delivery and travel services [1][12][21] - The company aims to differentiate its food delivery service by leveraging its supply chain, with a new business model expected to address food safety issues [1][35] - JD.com has a long-term strategy of launching new business models every three years, with a history of successful expansions into logistics, finance, and healthcare [4][21] Business Expansion and Strategy - JD.com is set to officially announce its travel business, which is also centered around supply chain efficiency [3][38] - The company has introduced a "BIGBOSS plan" to streamline its organizational structure, reducing management layers to five [5][39] - JD.com has established over 1,600 logistics centers and aims to optimize inventory turnover days to between 20-25 days [23][31] Financial Performance and Projections - JD.com projects a net revenue of 1.1588 trillion yuan (approximately 164 billion USD) for 2024, with a net profit exceeding 40 billion yuan (approximately 5.6 billion USD) [4][27] - The company has committed to significant employee benefits, including full social insurance payments for its delivery personnel, with an average pre-tax salary exceeding 13,000 yuan (approximately 1,800 USD) [22][27] Innovation and Future Projects - JD.com is pursuing six innovative projects, including the application for global stablecoin licenses to reduce cross-border payment costs by 90% [6][36] - The company emphasizes continuous innovation while focusing on existing supply chain-related business models rather than diversifying into entirely new areas [7][36] Social Responsibility and Corporate Culture - JD.com has a strong commitment to social responsibility, having paid over 100 billion yuan (approximately 14 billion USD) in social insurance over 18 years [11][27] - The company promotes a flat organizational structure to empower frontline employees and ensure cultural and strategic continuity [9][40] Competitive Landscape - JD.com acknowledges competition in the food delivery sector, particularly with Meituan, but emphasizes its unique supply chain approach [10][35] - The company aims to enhance the quality and safety of food delivery services, setting it apart from competitors [1][35]