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 ...

而让他们更难受的是，最新的京东三季度财报显示： 集团营收2991亿元，同比增长14.9%，延续了增长态势；但新业务经营亏损高达157.36亿元，前三季度累计亏损318.4亿元，相当于每天一睁眼就烧掉1.16 亿元。 可外卖日订单量仍停滞在半年前的2500万单。 自京东高调进军外卖行业以来，他们的股价已经跌了近30%，而同期的A股上证指数却上涨了超过20%。 这种反差着实让京东的投资者感到难受。 尽管刘强东亲自下场送外卖、站台卖酒，但京东试图用高频外卖业务带动平台活跃度的战略，似乎并未达到预期效果。 更严峻的是，阿里在今年夏季整合饿了么推出的淘宝闪购，以500亿元补贴规模强势入侵，至今还在补贴烧钱，已经吃下了外卖市场的大头。 京东的巨额投入，正在成为阿里的嫁衣…… 今年2月京东高调进入外卖市场，并且通过给骑手上"五险一金"的消息，成功引起了舆论刷屏，一时间，股价也是大涨。 这意味着，京东新业务在短短9个月内烧掉了超过300亿元。 这些成本不仅仅是外卖的补贴，还有很大一部分来自于大规模地扩充全职骑手队伍，并为他们缴纳五险，每人每月平均缴纳约2000元。 之所以如此执着于外卖业务，源于刘强东对京东增长困境的焦虑。 ...

每经评论员付克友 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。 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。 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乡土情怀， 为京东品牌注入了独特的情感元素，甚至成为京东品牌的核心内涵。 于是，个人 ...

【大河财立方 记者 陈薇】很多人在11月11日当天都在问：今年"双11"结束了吗？答案是——并没有。 天猫"双11"今年持续到11月14日。 11月15日凌晨，天猫发布了"双11"全周期战报，以剔除退款后的成交来看，天猫实现了四年以来"双 11"全周期最好的一次增长，其中，近600个品牌成交破亿元。 即便是繁杂多样的促销贯穿全年的当下，对很多品牌来说，"双11"最为看重的一个增长周期，除了拉长 周期之外，创造更多场景成为电商平台解锁增长的重要路径。 天猫"双11"拿下四年来最好的一次增长 今年"双11"被称为"史上最长"且"史上最早"。 抖音、京东早在10月9日就开售，几乎与国庆节假期无缝衔接；天猫10月15日开启预售、20日正式开 卖。结束时，抖音、京东还是选在11月11日，天猫则错位到11月14日。 囤完旅游，核销进度也在加快，截至11月14日24时，已出行或入住的活动商品GMV同比增长超30%。 以新疆旅游为例，疆游天下旅游旗舰店负责人宋俊岐表示，其新疆小团游商品"双11"期间累计GMV突 破1000万元，整个大促期间，就已经有超过1000位消费者履约。 场景创新多但打折依然不够省事 不仅天猫收获了四年 ...

Core Insights - JD Group's third-quarter financial report indicates a shift from "price wars" to "value wars" in the industry, highlighting a strategic transformation towards efficiency and ecosystem restructuring [1][12] - The report shows a 14.9% year-on-year revenue growth to 299.1 billion yuan, with service revenue growth reaching a two-year high, and active user numbers surpassing 700 million for the first time [1][2] Financial Performance - Revenue increased by 14.9% year-on-year to 299.1 billion yuan, with service revenue growing by 30.8% and accounting for a record 24.4% of total revenue [2][4] - Despite a short-term decline in net profit, the underlying logic of profit fluctuations is tied to ongoing investments in new business incubation and technological infrastructure [8][12] User Engagement and Growth Strategy - Active user numbers reached a milestone of over 700 million, with strong growth in shopping frequency, indicating successful user engagement strategies [2][3] - JD has transitioned from a "battery-driven" category focus to a "full-category synergy" strategy, establishing a multi-engine growth matrix [2][3] Service Revenue and Supply Chain Innovation - Service revenue's surge reflects JD's transformation from a "channel merchant" to a "service provider," with significant growth in areas like food delivery and health services [3][4] - The introduction of customized products and a focus on supply chain capabilities have activated new demand, with the number of customized products increasing fivefold compared to last year [4][6] Technological Advancements and Logistics - JD's supply chain infrastructure has reached an asset scale of 174.3 billion yuan, supported by years of technological investment [6][7] - The company plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance logistics capabilities [6][7] Strategic Vision and Market Position - JD's vision is to utilize its super supply chain to serve the domestic circulation market, promoting a virtuous interaction between production, circulation, and consumption [11][12] - The company's competitive logic has shifted from "traffic competition" to "supply reconstruction," aiming to avoid low-level internal competition [6][11] Social Responsibility and Long-term Goals - JD emphasizes a business model that does not rely on excessive profits, focusing on social responsibility initiatives such as agricultural product bases and employment contributions [9][10] - The long-term strategy aims to establish JD as an industrial innovation ecosystem based on its supply chain, moving beyond traditional retail [12]

Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9% [1] - The service revenue of JD grew by 30.8%, reaching a historical high of 24.4% of total revenue [1] - The core retail business strengthened its market position, with daily necessities revenue increasing by 18.8%, and apparel revenue growing at approximately eight times the industry average [1] Revenue Growth - JD's new business segments, including food delivery, saw a staggering revenue increase of 214% year-on-year [1] - During the "Double 11" shopping festival, JD achieved record transaction volume, with a 40% increase in the number of orders and nearly 60% growth in order volume [1] Supply Chain Development - JD's "super supply chain" capabilities are extending into local life and service sectors, creating a "goods + services" collaborative ecosystem [2] - The logistics infrastructure has reached an asset scale of 174.3 billion yuan, supported by long-term strategic investments [3] - JD plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance logistics efficiency [3] Technological Innovation - Since 2017, JD has invested nearly 160 billion yuan in research and development, with plans to further invest in AI to create a trillion-yuan industry ecosystem [3] - The "smart wolf" delivery system has been successfully tested during peak shopping events and is being rolled out nationwide [3] Market Positioning - JD is shifting from a low-price competition model to a high-quality development path, focusing on efficiency, quality assurance, and service innovation [2] - The company aims to enhance supply-demand matching efficiency through digital tools, establishing itself as a digital infrastructure for various industries [4] - As of October, JD's annual active user count surpassed 700 million, indicating strong growth in user engagement and shopping frequency [4]

Core Insights - The article highlights the robust performance of JD Group in Q3 2025, driven by a stable Chinese economy and a recovery in consumer spending, with revenue reaching RMB 299.1 billion, a 14.9% increase year-over-year [1][3] - JD's innovative supply chain continues to enhance its market position, with significant growth in new business segments such as food delivery, which saw a 214% year-over-year revenue increase [1][6] Financial Performance - JD Group reported Q3 revenue of RMB 299.1 billion (approximately USD 42 billion), exceeding expectations with a year-over-year growth of 14.9% [3] - Net profit attributable to ordinary shareholders was RMB 5.3 billion [1] Business Segments - Core retail business showed strong performance, with daily necessities category revenue growing by 18.8%, significantly outpacing industry averages [6] - Service revenue grew by 30.8%, reaching a historical high of 24.4% of total revenue [7] User Engagement - Active user count surpassed 700 million in October, marking a new milestone, with strong growth in shopping frequency [7] - During the "11.11" shopping event, JD achieved record transaction volumes, with a 40% increase in the number of users placing orders and nearly a 60% increase in order volume [1] Supply Chain Innovations - JD's supply chain infrastructure has reached an asset scale of RMB 174.3 billion, reflecting years of investment and upgrades [10] - The company plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance logistics capabilities [10] Strategic Initiatives - JD is focusing on international expansion and aims to build a global service network, leveraging its supply chain advantages to support Chinese brands entering overseas markets [7] - The company has initiated various programs to enhance product offerings, including a significant increase in customized products and the launch of new health-related services [8][9] Shareholder Returns - JD has actively repurchased shares, with 80.9 million A-class shares bought back in Q3, amounting to approximately USD 1.5 billion, representing 2.8% of total shares outstanding as of the end of 2024 [12]

Core Insights - JD Group reported a strong Q3 2025 performance, with revenue reaching 299.1 billion RMB (approximately 42 billion USD), representing a year-on-year growth of 14.9%, exceeding expectations [3] - 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) [3][4] - New business segments, such as food delivery, saw a remarkable revenue increase of 214% YoY, indicating accelerated growth compared to Q2 [3][4] Revenue and Growth Metrics - Service revenue grew by 30.8% YoY, marking a two-year high, with its share of total revenue reaching a historical high of 24.4% [3] - The number of active users surpassed 700 million in October, achieving a new milestone, while shopping frequency remained robust [4] Business Expansion and Innovations - JD's investment in a super supply chain has led to the launch of numerous customized products, with the number of new heavy-weight products increasing fivefold compared to last year [5] - The company has expanded its offline presence, with over 4,000 3C digital stores and more than 20 JD MALL locations nationwide [6] Technological Advancements - JD Logistics plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its supply chain capabilities [7] - The integration of AI into JD's operations has led to the development of an AI-driven "medical inspection and prescription" service, marking a significant advancement in healthcare [8] Social Responsibility and Market Position - 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 committed to social responsibility by providing comprehensive benefits to its delivery personnel, including full insurance coverage [9] Agricultural Initiatives - JD has launched initiatives to support agricultural products, including a plan to establish one million acres of agricultural bases and a shopping festival covering over 600 agricultural product categories [10]

Core Insights - JD Group reported a strong Q3 2025 performance, with revenue reaching 299.1 billion RMB (approximately 42 billion USD), a year-on-year increase of 14.9%, exceeding expectations [1] - The company's core retail business continues to strengthen its market position, with significant growth in various categories, including daily necessities and new businesses like food delivery [1][2] Revenue Growth - Q3 revenue from daily necessities increased by 18.8%, approximately four times the industry average growth rate [1] - Supermarket category revenue has seen double-digit growth for seven consecutive quarters [1] - Clothing and footwear category revenue growth was about eight times the industry average [1] - New businesses, particularly food delivery, experienced a remarkable 214% year-on-year revenue growth, accelerating from Q2 [1] User Engagement - The number of active users surpassed 700 million in October, marking a new milestone, with strong growth in shopping frequency [2] - The company has established a multi-engine complementary growth matrix in its core retail business [2] Supply Chain Innovation - JD's super supply chain, built over years of investment, is driving innovation and efficiency across various industries, enhancing the interaction between production, circulation, and consumption [2][4] - The supply chain infrastructure asset scale reached 174.3 billion RMB by Q3 2025 [5] Product and Service Expansion - The number of customized heavy-duty new products launched in Q3 was five times that of the previous year, with significant growth in categories like home appliances and beauty products [3] - JD Health launched over 30 new specialty drugs, reinforcing its position as the leading platform for new specialty drug launches [3] Market Position and Recognition - JD ranked 44th in the 2025 Fortune Global 500 list, improving from 366th, and has been recognized as the top private enterprise in China for four consecutive years [7] - The company is the only retail enterprise in China to sign formal labor contracts with all frontline employees and cover their social insurance [7] Community and Social Responsibility - JD initiated the "Warm Sun Elderly Assistance Public Welfare Action" in collaboration with the China Aging Development Foundation, leveraging its supply chain advantages to enhance services for the elderly [8]

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]