事件：2025 年第三季度，京东集团实现营业收入2991 亿元，同比增长14.9%，超彭博一致预期；其 中，商品收入2260.92 亿元，同比增长10.5%；服务收入729.67 亿元，同比增长30.8%。从费用端来看， 2025 年第三季度研发/销售/管理/履约费用率分别为1.9%/7.0%/1.0%/7.4%，研发/管理/履约费用率环比增 长0.4/0.1/1.1pct，销售费用率环比下降0.5pct。利润端短期承压：2025年第三季度Non-GAAP 归属于公 司普通股股东净利润为58 亿元，同比下降56%，Non-GAAP 净利润率为1.9%，同比下滑3.2pct。 京东零售：多品类协同增长，用户规模突破里程碑。2025 年第三季度，京东零售实现收入2506 亿元， 同比增长11.4%，经营利润148 亿元，同比增长27.6%，经营利润率同比上升0.8pct 至5.9%。分品类来 看：1）电子产品及家用电器品类受以旧换新高基数影响，增速有所放缓，但仍凭借供应链优势巩固领 先地位。截至三季度末，京东3C 数码门店突破4000 家，线下触点持续加密。2）日用百货品类收入同 比增长18.8%，增速约为行业平 ...

Investment Rating - The report initiates coverage with a "Buy" rating for JD Group [4][6]. Core Insights - JD Group's Q3 2025 revenue reached 299.1 billion RMB, a year-on-year increase of 14.9%, exceeding Bloomberg consensus expectations [1]. - The company's retail segment achieved revenue of 250.6 billion RMB, growing 11.4% year-on-year, with operating profit rising 27.6% to 14.8 billion RMB [2]. - New business, including food delivery, saw a significant revenue increase of 214% year-on-year, indicating strong growth potential [3]. - JD Logistics reported revenue of 55.1 billion RMB, up 24.1% year-on-year, with a net profit of 2.02 billion RMB [3]. Summary by Sections Financial Performance - Q3 2025 Non-GAAP net profit attributable to ordinary shareholders was 5.8 billion RMB, a decline of 56% year-on-year, with a Non-GAAP net profit margin of 1.9%, down 3.2 percentage points [1]. - The report forecasts revenues for 2025-2027 to be 1,339.9 billion RMB, 1,463.1 billion RMB, and 1,586.5 billion RMB, reflecting growth rates of 15.6%, 9.2%, and 8.4% respectively [4][5]. Business Segments - JD Retail's user base surpassed 700 million, with significant growth in shopping frequency during the "11.11" shopping festival, where the number of ordering users increased by 40% and order volume by nearly 60% [2]. - The logistics segment is expanding internationally, with new services launched in Saudi Arabia and the U.S., enhancing JD's integrated supply chain capabilities [3]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 12 for 2025, 8 for 2026, and 6 for 2027 [4][5].

Group 1 - The company achieved a revenue of 299.1 billion yuan in the latest quarter, representing a year-on-year growth of 15% [1] - JD Retail revenue reached 250.6 billion yuan, up 11% year-on-year, driven by accelerated growth in daily necessities and marketing revenue [1] - The number of active users on the platform exceeded 700 million in October, with over 40% growth in both active user count and shopping frequency [1] Group 2 - Non-GAAP net profit was 5.8 billion yuan, with a non-GAAP net profit margin of 1.9%, a decrease of 3.2 percentage points compared to the same period last year [2] - Retail operating profit margin improved from 5.2% to 5.9% year-on-year, attributed to an increase in gross margin and a slight decrease in marketing expenses [2] - The company repurchased 1.5 billion USD worth of shares in the first three quarters of 2025, accounting for 2.8% of the total outstanding shares as of December 31, 2024 [2] Group 3 - The company maintains an "outperform the market" rating, with revenue projections for 2025-2027 adjusted to 1,334.9 billion, 1,433.4 billion, and 1,558.7 billion yuan respectively [2] - Adjusted net profits for 2025-2027 are projected to be 30 billion, 41.5 billion, and 57.4 billion yuan respectively, with slight upward adjustments [2] - The company is expected to optimize supply chain efficiency and improve gross margins, enhancing user experience [2]

Core Insights - JD.com has emerged as the top private enterprise in China for 2025, surpassing Alibaba and Huawei with a revenue of 1.15 trillion yuan, marking a significant shift in the private enterprise landscape [1][17] - The company has aggressively expanded its workforce, hiring 200,000 new employees, bringing its total to nearly 1 million, which is comparable to the labor force of a medium-sized city [2][4] - JD.com has adopted a unique business strategy by investing heavily in logistics infrastructure, which has become a competitive advantage, allowing for rapid delivery services [1][10] Group 1: Business Strategy - JD.com has focused on building its logistics network, with 3,600 smart warehouses, enabling 90% of counties to achieve next-day delivery [1] - The company's "three毛五" theory, where it retains only 35% of profits and shares the rest with suppliers, has strengthened its supply chain and brand reputation for quality [1] - Despite losses in its food delivery segment, JD.com continues to invest in this area, indicating a long-term strategy to capture market share [8][10] Group 2: Workforce and Employment - The company has invested 136 billion yuan in human resources over the past year, reflecting its commitment to workforce expansion [2] - JD.com provides comprehensive benefits to its employees, including social insurance for 150,000 full-time delivery personnel, which is considered exceptional in the industry [6] - The establishment of 5,000 youth apartments in Beijing for interns addresses housing challenges for young workers, enhancing JD.com's reputation as a major employer [8] Group 3: Market Position and Competition - JD.com's rise signifies a shift in competitive dynamics among major Chinese companies, with Huawei and BYD also reporting significant revenues [12][14] - The competition is evolving into an ecosystem battle, with JD.com focusing on instant retail, while other companies like Huawei and BYD are enhancing their technological and industrial ecosystems [14][15] - The ongoing competition in the food delivery market has intensified, with JD.com leveraging its logistics capabilities to challenge established players like Meituan [10][12]

证券研究报告 | 2025年11月15日 京东集团-SW（09618.HK） 优于大市 2025Q3 点评：日百品类和平台业务快速增长，京东外卖亏损 环比小幅减少 本季度收入增长亮眼：本季度公司实现营业收入 2991 亿元，同比+15%， 分拆看，1）本季度京东零售收入 2506 亿元，同比+11%，收入强劲增长 主要受益于日百和市场营销收入加速增长，我们测算自营收入同比 11%， 其中带电品类收入增速 5%，商超品类收入增速 19%；自营增速环比 Q2 23% 的增速显著降低，主要由于国补高基数影响，且 Q3 多地国补额度用完 对带电品类销售带动减弱。本季度平台活跃用户数以及购物频次均实现 40%以上增长，年度活跃用户在 10 月突破 7 亿；2）京东物流收入 521 亿元，同比+15%；3）新业务收入同比+214%，主要由于京东外卖快速增 长导致。 公司利润：non-GAAP 净利润 58 亿元，non-GAAP 净利率 1.9%，与去年同 期相比下降 3.2pct。其中经调 EBITDA 利润率从 5.8%降至 0.8%。分业务 看，零售经营利润率从去年同期 5.2%提升至 5.9%，我们推测主要由于 ...

Investment Rating - The report maintains a "Strong Buy" rating for JD Group [3] Core Views - JD Group's Q3 2025 performance exceeded expectations with revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, and retail revenue of 250.6 billion yuan, up 11.4% year-on-year. Retail operating profit reached 14.8 billion yuan, a 27.7% increase year-on-year [1][5] - The report highlights the robust growth in the daily necessities category and the rapid expansion of third-party service revenue, while the electric category faced growth pressure due to high base effects from government subsidies [1][5] - The report expresses optimism about JD's strong self-operated supply chain and its ability to maintain a solid competitive edge in the long term [1][5] Financial Performance Summary - Q3 2025 Non-GAAP net profit was 5.8 billion yuan, down 56% year-on-year, but better than the expected decline of 70% [1][5] - The report projects that JD's retail revenue and profit will continue to grow at double-digit rates year-on-year for the full year [1][5] - The report anticipates that JD's Non-GAAP net profits for 2025, 2026, and 2027 will be 31.8 billion yuan, 36.8 billion yuan, and 55.6 billion yuan, respectively [5][6] Business Segment Insights - The report notes that JD's food delivery business is steadily developing, with losses narrowing quarter-on-quarter, and highlights the potential for further loss reduction in the future [1][5] - The report emphasizes the importance of user engagement and conversion rates from the food delivery segment, which are improving and contributing to overall growth [1][5] Valuation and Target Price - The target price for JD Group is set at 136.5 HKD per share, based on a 10x PE ratio for 2026 Non-GAAP net profit [3][5] - The current stock price is 124.4 HKD, indicating potential upside [3]

Core Insights - JD Group reported a revenue of 299.1 billion RMB for Q3 2025, representing a year-on-year growth of 14.9% [1] - The net profit attributable to ordinary shareholders for Q3 2025 was 5.3 billion RMB, down from 11.7 billion RMB in the same period last year [1] - The significant decline in net profit is primarily attributed to increased investments in the food delivery business [3][4] Revenue Breakdown - JD Retail revenue for Q3 2025 was 250.6 billion RMB, a year-on-year increase of 11.4% [2] - JD Logistics revenue reached 55.1 billion RMB, up 24.2% year-on-year [2] - New business revenue, including food delivery, amounted to 15.6 billion RMB, a staggering year-on-year increase of 213.7% [4] Cost and Profitability - Marketing expenses surged by 110.5% year-on-year to 21.1 billion RMB in Q3 2025, accounting for 7% of total revenue [3] - New business incurred a loss of 15.7 billion RMB in Q3 2025, compared to a loss of 0.6 billion RMB in the same quarter last year [4] - The overall investment in the food delivery business has decreased quarter-on-quarter, attributed to improvements in the unit economic model [4] Strategic Focus - The CEO emphasized that food delivery and instant retail are long-term strategic priorities aimed at sustainable growth [4][5] - JD aims to reduce user acquisition costs and maintain profitability while pursuing sustainable growth [5] - The company is committed to enhancing operational efficiency and improving the unit economic model for food delivery [4] International Expansion and AI Strategy - JD is advancing its international business by leveraging supply chain capabilities for local e-commerce, with operations starting in several European countries [8] - The company is building a comprehensive AI capability system and plans to invest significantly in AI over the next three years [8] - New AI products and applications have been launched across various sectors, including retail, healthcare, logistics, and industry [8]

Core Insights - The company achieved total revenue of 299.1 billion RMB in the latest quarter, representing a year-on-year growth of 14.9%, significantly exceeding market expectations and indicating a high-quality growth trend across its overall business [1] Revenue Breakdown - JD Retail generated revenue of 224.986 billion RMB for the quarter ending September 30, 2024, with a projected increase to 250.577 billion RMB by September 30, 2025, reflecting a growth rate of approximately 35.19% [2] - JD Logistics reported revenue of 44.396 billion RMB for the same quarter, expected to rise to 55.084 billion RMB by September 30, 2025, indicating a growth of 7% [2] - New business segments, including JD Delivery, saw a revenue increase from 4.970 billion RMB to a projected 15.592 billion RMB, showcasing a growth trajectory of 2% [2] Profitability Analysis - The operating profit for JD Retail was 11.608 billion RMB, with expectations to reach 14.828 billion RMB by September 30, 2025, marking a growth of 2% [2] - JD Logistics experienced an operating profit of 2.086 billion RMB, with a forecasted decline to 1.282 billion RMB, indicating a potential challenge in profitability [2] - The overall operating profit for the company was reported at 12.044 billion RMB, with a projected loss of 1.051 billion RMB by September 30, 2025 [2] Business Performance Highlights - JD Retail's market dominance continues to strengthen, with daily necessities category revenue growing by 18.8%, approximately four times the industry average [2] - The supermarket category has maintained double-digit growth for seven consecutive quarters, demonstrating resilience [2] - The apparel and footwear category achieved explosive growth, with a year-on-year increase that is eight times the industry average, becoming a significant growth driver for the retail segment [2] New Business Developments - Innovative business segments, particularly JD Delivery, reported a remarkable year-on-year revenue growth of 214%, with accelerating growth compared to the previous quarter [3] - Service revenue reached 72.967 billion RMB, marking a year-on-year increase of 30.8%, the highest growth rate in nearly two years, and accounting for 24.4% of total revenue, a historical peak [3] Strategic Insights - The company's strong performance is attributed to the effective release of its super supply chain system's capabilities [4] - The annual active user count surpassed 700 million in October, marking a new milestone [4] - The core JD Retail business has established a complementary growth matrix, with confidence in maintaining market leadership and exploring growth potential in daily necessities and advertising services [4]

Core Viewpoint - JD's third-quarter financial report reflects a continuation of high investment and high growth in its takeaway business, with significant revenue growth but a notable decline in net profit due to strategic investments in new business areas [4][5][6]. Financial Performance - JD's total revenue for the third quarter increased by 14.9% year-on-year to 299.1 billion yuan, with product revenue rising by 10.5% and service revenue increasing by 30.8% [4]. - The net profit attributable to ordinary shareholders was 5.3 billion yuan, a decline of 54.7% year-on-year, primarily due to investments in new business initiatives [5]. New Business Developments - Revenue from new businesses, including JD Takeaway, JD Industrial, and overseas operations, surged by 214% year-on-year to 15.59 billion yuan [7]. - JD Takeaway has onboarded over 2 million quality restaurants, and during the Double 11 shopping festival, the average daily order volume for the top 300 restaurant brands increased 13 times compared to the first month of JD Takeaway's launch [7]. Investment and Marketing - Operating losses for JD in the third quarter amounted to 1.1 billion yuan, a significant decrease from an operating profit of 12 billion yuan in the same period last year, attributed to increased strategic investments [7]. - Marketing expenses rose by 110.5% year-on-year to 21.1 billion yuan, with marketing costs as a percentage of revenue increasing from 3.8% to 7.0% [9]. User Growth and Retail Performance - The annual active user count surpassed 700 million in October, with shopping frequency also on the rise [11]. - JD Retail's revenue, which includes JD Health and JD Industrial, reached 250.6 billion yuan, an increase of 11.4% year-on-year, with daily necessities and advertising services showing significant growth [11]. Logistics and Expansion - JD Logistics reported revenue of 55.1 billion yuan, a year-on-year increase of 24.1%, marking the highest growth rate in two years [12]. - JD Logistics is actively expanding internationally, with the opening of a new warehouse in Dubai [12].

Core Insights - JD.com reported a 14.9% year-on-year revenue growth in Q3, reaching 299.1 billion yuan, with product revenue increasing by 10.5% and service revenue by 30.8% [1] - The net profit attributable to ordinary shareholders decreased by 54.7% year-on-year to 5.3 billion yuan, primarily due to investments in new businesses [1] Group 1: New Business Developments - Revenue from new businesses, including JD Delivery, JD Industrial, and overseas operations, grew by 214% year-on-year to 15.59 billion yuan [2] - JD Delivery has over 2 million quality restaurants onboard, with the average daily order volume from the top 300 restaurant brands increasing 13 times compared to the first month of JD Delivery's launch [2] - The operating loss for JD Delivery in Q3 was 1.1 billion yuan, a significant decrease from the 12 billion yuan profit in the same period last year, attributed to increased strategic investments [2] Group 2: Marketing and Operational Efficiency - Marketing expenses rose by 110.5% year-on-year to 21.1 billion yuan, with the marketing expense as a percentage of revenue increasing from 3.8% to 7.0% [4] - JD.com covers all social insurance and housing fund costs for full-time delivery riders, averaging about 2,000 yuan per person per month, totaling approximately 300 million yuan monthly for 150,000 riders [4] - The operating loss rate for new businesses improved to 100.9% in Q3 from 106.7% in Q2, indicating enhanced operational efficiency [4] Group 3: User Growth and Retail Performance - The annual active user count surpassed 700 million in October, with growth in user scale and shopping frequency [6] - JD Retail's revenue in Q3 was 250.6 billion yuan, a year-on-year increase of 11.4%, with daily necessities revenue growing by 18.8% and electronics by 4.9% [6] - The "JD Price Comparison Live Broadcast" event during the Double 11 shopping festival attracted over 100 million consumers, with order volume increasing by over 150% year-on-year [6] Group 4: Logistics and Expansion - JD Logistics reported a revenue of 55.1 billion yuan in Q3, a 24.1% year-on-year increase, marking the highest growth rate in two years [7] - JD Logistics is expanding internationally, with the Dubai warehouse officially opening operations [7] - JD Logistics announced the acquisition of a local instant delivery subsidiary for 270 million USD, with the target business turning profitable in the first half of 2025 [7]