作为政策倡导的 "新一代智能终端" 代表，京东数字人已实现技术突破与场景价值的双重落地。其核心 技术斩获 2024 年吴文俊人工智能科学技术奖特等奖，目前已服务超 2 万家品牌，覆盖电商直播、政务 服务、文旅宣传等多元领域。在普惠化层面，高定数字人免费向商家开放，数字人小程序更打破技术壁 垒 —— 用户上传一张照片即可生成专属数字人，让数字人从商业工具延伸为家庭情感连接的 "数字分 身"，成为情绪表达的新载体。 近日，国务院《关于深入实施 "人工智能 +" 行动的意见》配套细则即将出台，围绕科学技术、产业发 展、消费提质等六大重点领域制定具体实施方案，为人工智能与经济社会场景深度融合提供清晰 "路线 图"。国家发改委高技术司副司长张铠麟表示，"将抓好示范引领，加强场景示范以推出典型案例，推动 模式创新以加快经验推广 "。 这一实践既精准呼应了政策 "推动智能终端普惠化" 的导向，更在实际应用中释放价值：无论是远程互 动中的思念传递，还是创意表达中的情感寄托，数字人都让技术跳出 "功能工具" 范畴。截至目前，相 关应用已助力实现超 140 亿元销售额，印证了 "培育新一代智能终端" 与情绪价值融合的商业可行性。 ...

Core Viewpoint - The article discusses the impact of JD's aggressive entry into the food delivery market, highlighting a significant loss in its financial performance while also achieving substantial revenue growth. The strategy of "loss for traffic" is emphasized as a long-term vision despite short-term financial setbacks [1][3][12]. Financial Performance - JD's Q2 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in three years [2][7]. - The net profit for Q2 fell by 50.8% to 6.2 billion yuan compared to the same period last year [12]. - The operating loss for JD's new business segment, primarily driven by food delivery, was 14.78 billion yuan in Q2, a significant increase from 1.33 billion yuan in Q1 [11]. Business Strategy - JD's founder, Liu Qiangdong, believes that the food delivery business is a means to bind users through high-frequency transactions, which can then be directed towards higher-margin businesses like e-commerce and finance [3][4]. - The company aims to leverage its supply chain capabilities to achieve profitability in the long run, despite initial losses in the food delivery sector [3][4]. New Business Ventures - JD's new business revenue, including food delivery, reached 13.85 billion yuan, a year-on-year increase of 198.8% [8]. - The company is also exploring new directions such as AI and international expansion, with significant investments in these areas [5][19]. Competitive Landscape - The entry of JD into the food delivery market has intensified competition with Alibaba and Meituan, leading to increased regulatory scrutiny [4]. - JD has opted not to engage in aggressive subsidy wars, focusing instead on sustainable growth and avoiding "zero-dollar purchases" that harm the industry [22]. Future Outlook - JD's CEO, Xu Ran, emphasizes a long-term vision for the food delivery business, aiming for sustainable development over immediate results [13]. - The company is also investing in AI and international operations, with a recent acquisition of Germany's Ceconomy for 18 billion yuan, which will enhance its European presence [20][21].

Core Viewpoint - The article discusses the evolution of JD's AI model, now branded as "JoyAI," emphasizing its transition from a focus on model training to practical applications in various industries, marking the beginning of a new phase in AI development [1][2][3]. Group 1: JoyAI Model Upgrade - JD has upgraded its AI model brand to "JoyAI," which now encompasses a wide range of modalities including language, voice, image, and video, showcasing advancements in AI technology [6][7]. - The upgraded JoyAI features models ranging from 3 billion to 750 billion parameters, achieving a 30% increase in inference efficiency and a 70% reduction in training costs [7][8]. Group 2: Application and Impact - JoyAI has been applied in hundreds of scenarios within JD, with a significant increase in model usage during the recent "618" shopping festival, showing a 130% increase compared to the previous "11.11" event [11][12]. - The digital human technology based on JoyAI has been widely adopted, with over 20,000 brands utilizing it, demonstrating its commercial viability [16][19]. Group 3: Future of AI in Industry - The article highlights the potential growth of China's core AI industry, projected to reach a market value of $140 billion by 2030, indicating a shift from AI as a supplementary tool to a critical component in various industries [14]. - JD's AI technology is not only advancing in digital humans but also expanding into logistics, retail, and healthcare, with applications that enhance productivity and service quality [44][53]. Group 4: JoyInside Platform - JD introduced the JoyInside platform, which integrates AI capabilities into smart hardware, allowing for personalized interactions and enhancing user engagement [29][32]. - JoyInside has been adopted by numerous companies, including educational and industrial applications, showcasing its versatility across different sectors [33][34]. Group 5: Investment and Ecosystem Development - JD is actively investing in the embodied intelligence sector, having recently invested in four companies, indicating a strategic focus on building a robust ecosystem around AI technologies [41][42]. - The company is opening its JoyInside platform to various brands, providing a comprehensive solution that includes software, hardware, and content integration [43][56].

Group 1 - JD is actively recruiting top AI talent through its TGT program, which offers unlimited salary and targets global university students and recent graduates [2] - In less than 50 days, JD has engaged with thousands of students and faculty from leading universities such as Tsinghua, Peking University, and Shanghai Jiao Tong University [2] - The recruitment focuses on eight areas, including multimodal large models, machine learning, and search recommendation advertising [2] Group 2 - JD's AI strategy is deepening within business scenarios, as evidenced by a 130% increase in large model usage during this year's 618 shopping festival compared to last year's Double Eleven [3] - Over 14,000 AI agents are currently operational within JD, with more than 1 million merchants utilizing JD's AI services [3] - JD's intelligent assistant helps merchants manage various operational tasks, leveraging a multi-agent system based on large language models to address complex decision-making in e-commerce [3][4] Group 3 - The intelligent assistant requires the integration of multiple tools and models to assist merchants in product releases and marketing strategy adjustments [4] - A key challenge for JD is to enhance the asynchronous self-evolution of multiple agents within its system [4]

Group 1 - JD.com and its founder Liu Qiangdong have recently gained significant attention online due to high-profile activities, including entering the OTA travel sector with a "maximum 3 years zero commission" offer [1] - JD's food delivery service has achieved remarkable success, with daily order volume surpassing 25 million within four months of launch, and over 1.5 million quality dining establishments joining the platform [1] - JD's instant retail business, JD Seven Fresh, has also seen impressive growth, with online orders increasing by over 150% year-on-year and private label sales rising by 340% [1] Group 2 - During the 618 shopping festival, JD reported over 2.2 billion total orders across its retail and food delivery services, with a user count increase of over 100% [2] - The festival highlighted consumer trends such as a surge in demand for AI-related products and a preference for domestic brands, with over 70% of the top 100 brands being Chinese [2] - Rural areas showed significant growth, with order volume increasing by over 130% and user numbers by over 140% [2] Group 3 - JD's logistics capabilities were enhanced through data-driven strategies, resulting in a 20% reduction in logistics costs and improved delivery times [6] - The integration of logistics services led to a 300% year-on-year increase in orders for large appliances with "delivery and installation" services [7] - JD's physical stores also participated in the 618 event, with new store openings attracting significant foot traffic [7] Group 4 - Liu Qiangdong's return marks a new phase for JD, with plans for annual innovation launches and a focus on supply chain improvements in sectors like hospitality and dining [8] - The establishment of a new division for supply chain management in the hotel and restaurant sectors indicates JD's strategy to streamline operations and reduce costs [8]

Core Insights - JD's 618 shopping festival in 2025 saw over 100% year-on-year growth in the number of users placing orders, with total orders exceeding 2.2 billion [2] - AI-related products experienced significant sales growth, with AI laptops up 151%, AI tablets up 149%, and AI learning hardware up 120% [2] - The use of AI models increased by 130% compared to the previous year's Double Eleven event, with over 14,000 AI agents operating internally [2][3] AI Applications and Developments - JD has been utilizing AI technology since 2012, evolving from traditional methods to advanced NLP and deep learning techniques, achieving over 90% accuracy in AI applications [5] - The company aims to serve over 50,000 brand merchants with AI digital humans by the end of 2025, focusing on making AI technology more accessible [3] - JD's AI applications span retail, logistics, health, and industrial sectors, enhancing operational efficiency and reducing costs [6][7] Performance Metrics - During the 618 event, JD's AI-driven operations improved conversion rates in live streaming by 30%, with AI digital humans costing only one-tenth of human hosts [11] - The AI customer service system handled over 2.5 billion inquiries during the event, showcasing the scale of AI integration in customer interactions [11] - JD's logistics operations utilized AI models over 1.3 billion times, benefiting more than 500,000 frontline logistics employees [11] Future Directions - JD is exploring "embodied intelligence" technologies, integrating AI models with various hardware to enhance user interaction [12] - The company is focused on developing AGI through three main directions: large language models, multimodal capabilities, and embodied intelligence [12] - JD's industrial AI model, JoyIndustrial, aims for significant cost reductions in supply chain management, achieving a 99.3% reduction in technical costs [11]

Group 1: Tesla and New Energy Vehicles - The Ministry of Industry and Information Technology, along with other government bodies, has launched a campaign for new energy vehicles to enter rural markets, with 124 models including Tesla's Model 3 and Model Y being selected [1] - Tesla's entry into the rural market is driven by increasing demand for quality, performance, and environmental attributes among rural consumers, supported by improved infrastructure and stable electricity coverage [1] - Tesla's pricing strategy aligns well with the needs of rural consumers, providing an attractive purchasing option and enhancing its competitive edge in this market [2] Group 2: Luxury Car Market Dynamics - The automotive industry is experiencing a price war, with traditional luxury brands like Mercedes-Benz and BMW facing declining sales, prompting them to seek partnerships with local Chinese companies [4][5] - In 2024, the combined global investment of luxury brands (BBA) is projected to exceed €35 billion (approximately ¥270 billion), indicating their commitment to maintaining competitiveness in the Chinese market [4] - The ongoing price reductions by luxury brands create challenges for new entrants in the automotive market, suggesting that the competition is far from over [5] Group 3: Consumer Trends and Product Categories - During the 618 shopping festival, sunscreen clothing emerged as a hot-selling category, with various subcategories being highlighted on e-commerce platforms [7] - The UPF (Ultraviolet Protection Factor) is a critical factor for consumers when purchasing sunscreen clothing, but the increasing number of small and unregulated manufacturers has led to inconsistent UPF labeling [7][8] - The high-end ice cream market in China is becoming increasingly competitive, with Häagen-Dazs facing challenges from brands like DQ, which offers lower prices and a larger number of stores [10] Group 4: Digital Transformation in E-commerce - Digital influencers have transitioned from being supplementary to primary figures in live-streaming sales, with a penetration rate exceeding 60% in the market [13] - JD.com's digital influencers have shown a significant impact on sales, with an average conversion rate increase of 30% during the 618 shopping festival [14] - The ability of digital influencers to operate continuously without downtime provides a competitive advantage in the e-commerce landscape [14] Group 5: Consumer Behavior and Market Impact - The national subsidy program has stimulated consumer spending in various categories, but its recent tapering has led to a split in consumer behavior, with some rushing to purchase before the subsidy ends [16][17] - The subsidy program has primarily benefited larger brands and distributors, exacerbating the market divide and impacting smaller players negatively [17] - The emotional consumption trend among younger consumers is driving significant market growth, with the emotional consumption market projected to reach ¥1.2 trillion this year [19]

Core Insights - JD.com has launched a new 750B deep thinking model and the first commercially viable digital humans in the industry, showcasing advancements in AI cognitive capabilities and commercial applications [1] - The company emphasizes the importance of integrating large models into industries to maximize their value, as stated by He Xiaodong, Vice President of JD Group Exploration Research Institute [1] Group 1: Large Model Capabilities - JD.com has developed a full-size large model that meets diverse industry needs, with models of 3B, 10B, and 81B providing varying levels of response efficiency and performance [2] - The newly introduced 750B model features both "deep thinking" and "non-deep thinking" capabilities, catering to industries requiring instant responses and complex decision-making [2] - Innovative techniques such as dynamic hierarchical distillation and cross-domain data governance have been employed to reduce training and deployment costs while maintaining model effectiveness [2] Group 2: Technological Innovations - Recent research published in a Nature journal addresses the efficiency of large model development in open environments, introducing four core innovative methods: model distillation, data governance, training optimization, and cloud-edge collaboration [3] - These innovations have improved inference efficiency by an average of 30% and reduced training costs by 70%, creating a reusable industrial-grade technology paradigm [3] - The JD JoyBuild platform supports over 100 algorithms and toolchains, enabling businesses to quickly adapt general models into specialized ones [3] Group 3: Commercialization of Digital Humans - JD.com has achieved high commercial viability for digital humans, launching a general digital human model 2.0 that supports fine-tuning and natural expressions [4] - During the 618 shopping festival, JD.com offered six industry-specific digital humans for free to merchants, enhancing their sales capabilities [4] - A collaboration with a well-known snack brand resulted in a customized AI live streaming experience, generating over 10 million yuan in sales [4] Group 4: Embodied Intelligence - JD.com is exploring the integration of its large models into the physical world through the Joy Inside initiative, aiming to develop "personified" robots [5] - The Joy Inside platform utilizes over 10 million daily intelligent conversations to embed conversational AI into hardware like robots and AI toys, creating emotional connections with users [6] - This initiative is expanding the presence of intelligent interactions in everyday life, enhancing user experiences [6]

Core Viewpoint - JD.com is currently competing in three key areas: AI transformation, entering new market segments, and finding growth within its existing business. The underlying principle of these competitions is speed and efficiency [1]. Financial Performance - JD.com reported a revenue increase of 13.4% year-on-year to 347 billion yuan in Q4 2024. Operating profit under non-GAAP increased by 34.6% to 10.5 billion yuan, with an operating profit margin rising from 2.5% to 3% compared to the same period last year [1]. - The positive financial results were well-received in the capital markets, with JD.com's stock price rising over 6% in pre-market trading following the earnings announcement [1]. Market Expansion - JD.com officially entered the food delivery market shortly before the earnings report and plans to expand into local life group buying, travel, and moving services by early 2025. This move is seen as a direct competition with Meituan and Douyin in the local lifestyle market [1]. - The core e-commerce business, particularly in the 3C (computer, communication, consumer electronics) and daily necessities sectors, showed strong growth, with revenue growth in these categories reaching double digits year-on-year [4]. Marketing and User Growth - Marketing expenditures increased by 28.4% year-on-year to 13.1 billion yuan in Q4 2024, marking the fastest growth in marketing spending since the pandemic began. This contrasts with a 10.3% decline in Q4 2022 and a 9.4% increase in Q4 2023 [4]. - The increase in marketing investment and favorable government policies, such as the trade-in program for digital products, significantly boosted user growth, with active user numbers and shopping frequency both achieving double-digit growth year-on-year [4]. Cost Control and Efficiency - JD.com managed to keep its general and administrative expenses and operating costs below the revenue growth rate, with increases of 3.2% and 11.9%, respectively. This led to a notable improvement in profit margins [5]. - The retail segment's operating profit grew by 44.6% year-on-year to 10.036 billion yuan, marking the fastest growth in operating profit for JD Retail in Q4 since the pandemic [5]. AI Transformation - JD.com is actively pushing for AI integration across its business, with over 800,000 merchants currently using AI tools such as digital humans and AI short videos [2]. - The company has implemented AI in over 100 scenarios internally, with more than 600,000 employees utilizing AI tools based on JD's language model [7]. - The launch of the upgraded digital human technology and various AI applications in e-commerce has significantly improved conversion rates, with some applications exceeding a 300% increase compared to market averages [8]. Competitive Landscape - JD.com is now in direct competition with Meituan and Douyin in the local lifestyle sector, with both companies expanding their service offerings. However, JD.com is still in the early stages of its food delivery and travel services [11]. - The company faces challenges in balancing its resources between its core e-commerce business and new ventures, especially as competitors like Pinduoduo and Alibaba intensify their efforts in the same markets [12][13].