资料图。 京东进军外卖，从季赚百亿到亏损8亿 王琳 进军外卖不到半年，京东交出一份喜忧参半的答卷 。 8 月 14 日，京东集团发布2025年第二季度及中期业绩，今年第二季度，京东实现收入3567亿元 （ 人民币，下同 ） ，同比增加22.4%，但净利润却出现明显下滑，同比腰斩。 受外卖业务驱动的新业务板块收入同比飙升198.8%，但该板块的运营亏损也从去年同期的7亿元 急剧扩大至148亿元，运营利润率为负106.7%。受此影响，第二季度京东集团合并经营 亏损8.6 亿元，而去年同期是盈利105亿元，进军外卖，让京东从季赚百亿变成亏损 。 在当日举办的电话会上，管理层并没有回避新业务板块的巨额亏损，坦陈虽然新业务布局可能 在短期内影响集团利润率，但长期来看，这些投入将拓展更大的成长空间，并与核心业务形成 协同效应，释放更大的利润潜力。管理层表示，外卖用户在京东商超等品类上已表现出交叉购 买行为，转化率持续提升。 这主要得益于外卖业务的激增驱动 。" 我们的新业务发展态势良好，尤其是京东外卖。" 京东 管理层在电话会上表示，外卖业务订单量在二季度实现了指数级增长，为京东整体的流量、用 户量以及购物频次带来新的增 ...

政策效果不及预期，新业务亏损不及预期，行业竞争加剧。 外卖亏损扩大化拖累集团利润，我们判断外卖高投入持续性不强。25Q2 公司实现经调整净利润73.9 亿 元，yoy-48.9%（BB 预期-63.0%），主要系外卖亏损加大产生税盾效应，使所得税同比大幅下降20.2 亿 元所致。25Q2 公司新业务亏损147.8亿元（BB 预期106.6 亿元），亏损幅度明显高于预期，对利润产生 较大拖累，我们预期25Q3 公司外卖业务亏损或将超过Q2，但因阿里加入，预计公司Q4 至明年外卖补 贴力度或有一定退坡从而缓解外卖亏损对集团利润的拖累。 外卖协同效应凸显，电商物流业务进一步加速，Q2 外卖亏损高于预期进一步拖累公司整体利润，但外 卖亏损的改善节奏或有一定提前。预测公司2025-2027 年收入为13276/13967/14642 亿元（原2025-2027 年预测为12891/13699/14323 亿元），经调整归母净利润为228/436/520 亿元（原2025-2027 年预测为 233/434/509 亿元）。参考可比公司，给予公司2026 年零售+新业务8X PE 估值，加上公司对外股权投 资价值计算得公 ...

以下文章来源于品牌头版 ，作者林川 表面上这是一份堪称三年来最亮眼的成绩单： 营收 3567 亿元，同比增长 22.4% ，刷新纪录； 核心零售业务收入 3101 亿元，同比增幅高达 20.6% ，经营利润率更是达到 4.5% ，创下公司 历史 上所有大促季度的最高值。 品牌头版 . 200万品牌经理人内参！聚焦头部与标杆品牌。+V：qidu286（备注：专访） 作者：林川 来源：品牌头版 ---------------------------------- 8 月 14 日，京东发布了 2025 年 的 第 二季度财报。 ● 图 源 ：京东 然而，就在这份 " 史上最强季报 " 的另一面， 包含外卖在内的新业务单季亏损高达 147.77 亿 元，直接导致集团整体经营利润从去年同期的 105 亿元转为亏损 9 亿元 ， 同时 净利润几乎腰 斩 至 62 亿元。 京东外卖 ， 这 个原本承载着京东 " 即时零售突破口 " 期望的业务， 在本季度已然 成了吞噬利 润的无底 黑 洞。 01 增长盛宴下的百亿窟窿 翻开 " 高增长 " 与 " 高亏损 " 形成 强烈反差 的 京东二季度财报，几乎所有人都 能 感受到 ...

刘强东2次亮相《新闻联播》 传递了什么商业趋势信号 ar a) 笔记佚 当平台纷纷拼价格 压成本时, 有没有一种商业模式, 既能赚钱, 又能守护消费者的 餐桌安全? ） 中国正在寻找"责任型企业" 的标杆。 在刘强东和京东身上,商业回归了常识 全员签劳动合同 缴五险一金 不做价格内卷 更强调利润共享 构建可持续 共赢型生态 ) 笔坑侠 京东外卖 反内卷品质三拳连击 品质餐厅准入门槛 杜绝"幽灵外卖" 曲等长谢<200 商家能活才能良性竞争 为骑手缴纳五险一金保障 打破灵活用工怪圈 生态意识,不是让一方牺牲自己成全他人, 而是让所有角色都能共赢。 a) 笔记侠 七鲜小厨 供应链创新重塑外卖行业 七鲜小厨"自营样板间"的菜品合伙人模式 菜品合伙人 价格优势 食品可溯源 来自效率 + + 合营厨房 明厨亮 而非压榨 外卖版的"海底捞+华为供应链" 挣钱不靠压榨,而靠价值共创。 自建物流是电商生命线 基础设施欧洲出海 全球复制中国供应链能力 商业的可持续发展是创造增量,而非争夺存量。 a) 笔记侠 三毛五哲学 利润再分配下的良性产业生态 七鲜小厨不是在做餐饮, 而是在用"数智供应链"解决食品安全 与行业的可持续难题。 ...

Core Viewpoint - JD's entry into the food delivery market has resulted in significant financial losses, impacting its overall profitability and stock performance, despite a record revenue growth in Q2 2025 [2][3][9]. Group 1: Financial Performance - In Q2 2025, JD reported a revenue of 356.66 billion yuan, a year-on-year increase of 22.4%, but net profit dropped by 50.8% to 6.2 billion yuan [2][7]. - The operating loss in the new business segment, which includes food delivery, surged from 700 million yuan to 14.8 billion yuan year-on-year, leading to an overall operating loss of 900 million yuan [8][9]. - Marketing expenses skyrocketed from 11.9 billion yuan to 27 billion yuan, a 127.6% increase, significantly outpacing revenue growth [8]. Group 2: Market Dynamics - JD's stock price fell over 33% from a peak of 179 HKD in March to 120.3 HKD by mid-August, reflecting investor concerns about its profitability [4][10]. - The food delivery business, which generated 13.9 billion yuan in revenue, is seen as a major focus for analysts, despite its substantial losses [5][8]. Group 3: Strategic Outlook - JD's CEO emphasized the long-term vision for food delivery and instant retail, aiming for sustainable business models rather than short-term profits [11]. - Despite the challenges, JD's core retail business remains strong, with a 20.6% revenue growth, contributing significantly to overall profits [7][12]. - Analysts express skepticism about JD's ability to maintain user growth and profitability in the food delivery sector, especially given the competitive landscape [11][14].

Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [1][20] Core Views - JD Group's Q2 2025 revenue reached 356.7 billion yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 18%, exceeding Bloomberg consensus expectations [5][10] - The company's adjusted net profit significantly surpassed Bloomberg consensus expectations, primarily due to better-than-expected gross margin and operating profit margin in JD Retail, despite losses from new businesses like food delivery [6][10] - The retail segment showed strong growth, with revenue from the 1P electronics category increasing by 23% year-on-year to 179 billion yuan, and the 1P daily necessities category growing by 16% to 103.4 billion yuan [6][9] Summary by Sections Financial Performance - Q2 2025 revenue was 356.7 billion yuan (YoY +22%, QoQ +18%), with a gross profit of 56.6 billion yuan (YoY +23%, QoQ +18%) [5][10] - Operating profit was -0.9 billion yuan (YoY -108%, QoQ -108%), and net profit was 6.7 billion yuan (YoY -51%, QoQ -41%) [5][10] - Non-GAAP net profit was 7.4 billion yuan (YoY -49%, QoQ -42%) [5][10] Retail Segment - JD Retail revenue grew by 21% year-on-year to 310.1 billion yuan in Q2 2025, with an operating profit margin of 4.5% [6][9] - The growth was driven by a robust recovery in consumer spending and government subsidy policies [6][9] Logistics Segment - JD Logistics revenue reached 51.6 billion yuan (YoY +17%, QoQ +10%), with a slight decrease in operating profit margin to 3.8% [9] - The integrated supply chain customer revenue grew by 19.9% year-on-year, with over 70,000 external customers [9] New Business Initiatives - New business revenue, including food delivery, reached 13.9 billion yuan, with an operating loss of 14.8 billion yuan [9] - The food delivery segment has shown significant user growth, with daily orders reaching 25 million [9] Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been revised upwards to 1,323.58 billion yuan, 1,420.01 billion yuan, and 1,512.77 billion yuan respectively [17][18] - The target market capitalization for JD Group in 2026 is set at 544.5 billion yuan, with a target price of 171 yuan per share [17][18]

Core Insights - JD Group reported its strongest quarterly performance in nearly three years, with total revenue reaching 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate since 2022 [1][3] - The core retail business generated revenue of 310.1 billion yuan, up 20.6% year-on-year, with an operating profit margin of 4.5%, the highest level during major promotional seasons [1][3] - New business revenue surged to 13.85 billion yuan, reflecting a staggering year-on-year growth of 198.8%, making it the fastest-growing segment [1][3] Revenue Breakdown - In Q2 2025, JD's retail revenue was 310.1 billion yuan, logistics revenue was 51.6 billion yuan, and new business revenue was 13.9 billion yuan [3][9] - The product revenue for Q2 2025 was 282.4 billion yuan, accounting for 79.18% of total revenue, with electronic products and home appliances generating 178.98 billion yuan, a 23.4% increase year-on-year [9] User Engagement and Business Efficiency - JD's active user count has seen double-digit growth for seven consecutive quarters, with user purchase frequency increasing by over 40% year-on-year, validating the effectiveness of the "high frequency brings low frequency" strategy [3][11] - The introduction of the food delivery service has significantly boosted user engagement, leading to increased traffic and user growth, particularly among younger demographics [11][15] Profitability and Strategic Investments - The net profit for Q2 2025 was 6.2 billion yuan, down from 12.6 billion yuan in the same period last year, primarily due to investments in new business strategies [12][13] - Despite short-term profit impacts from new business investments, management emphasizes the long-term growth potential and synergy with core operations [13][16] Supply Chain and Competitive Advantage - JD's robust supply chain is identified as a core competitive advantage, ensuring stable product supply and reliable delivery services [10][16] - The company aims to optimize costs and improve efficiency through scale procurement and product design, allowing for competitive pricing without relying on excessive subsidies [10][16] Long-term Vision - Management stresses that the food delivery business is a long-term strategic focus, aiming to build a sustainable business model over five to twenty years [15][16] - Future plans include enhancing cross-selling opportunities between food delivery and core retail, aiming to drive overall user growth and purchasing frequency [15][16]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company reported strong retail growth, with a revenue of 356.7 billion yuan for the quarter, representing a year-over-year increase of 22%. The retail segment alone generated 310.1 billion yuan, up 21% year-over-year, driven by robust performance in self-operated categories and a continuous improvement in operational capabilities [10][11]. - New business revenue reached 13.9 billion yuan, showing a significant year-over-year increase of 199%, although it incurred an operating loss of 14.8 billion yuan primarily due to investments in the food delivery business [2][11]. - The company is focusing on enhancing its system capabilities and deepening e-commerce synergies to drive further growth in gross merchandise volume (GMV) [11]. Revenue Summary - The company achieved total revenue of 356.7 billion yuan, with retail revenue contributing 310.1 billion yuan, and logistics revenue at 51.6 billion yuan, reflecting a year-over-year growth of 17% [10][11]. - The retail business continues to benefit from government subsidies, particularly in the home appliance category, which grew by 23% year-over-year [10][11]. Profitability Summary - The non-GAAP net profit for the company was 7.4 billion yuan, down 49% year-over-year, with a non-GAAP net profit margin of 2.1% [2][11]. - The operating profit margin (OPM) for the retail business was 4.5%, an increase of 0.6 percentage points year-over-year, indicating improvements in procurement costs and supply chain efficiency [11]. Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 1,335.4 billion yuan, 1,420.2 billion yuan, and 1,488.7 billion yuan, respectively, reflecting slight upward adjustments [2][23]. - Due to increased losses in the new business segment, the forecast for annual operating losses has been revised from 16.4 billion yuan to 42.7 billion yuan [2][23].

Core Viewpoint - JD's second-quarter financial report highlights significant revenue growth but substantial losses in its new food delivery business, raising questions about the sustainability of its aggressive market expansion strategy [1][10][19]. Group 1: Financial Performance - JD's total revenue reached 356.7 billion yuan, marking a 22.4% increase, the highest growth rate in nearly three years [1]. - The net profit attributable to shareholders was only 6.2 billion yuan, a staggering 51% year-on-year decline [1]. - The retail business generated 310.1 billion yuan in revenue, a 20.6% increase, contributing nearly 87% of the group's total revenue [1][6]. Group 2: Losses in New Business - The food delivery segment incurred a loss of 14.7 billion yuan, averaging a loss of 5.6 yuan per order delivered [1][14]. - Despite the losses, the new business revenue surged by 199% year-on-year to 13.85 billion yuan, with daily order volume exceeding 25 million [12][14]. - The operational strategy involved high marketing costs, increasing from 4.1% to 7.6% of revenue, while R&D investment saw only a marginal increase [18]. Group 3: Market Strategy and Competition - JD's aggressive entry into the food delivery market included zero commission fees and substantial subsidies, leading to rapid market penetration [11][12]. - The competitive landscape is shifting, with JD's strategy facing scrutiny as it competes against Alibaba and Meituan, both of which are also incurring significant losses [21][27]. - The market is becoming increasingly cautious about the sustainability of "buying growth" through subsidies, as evidenced by a drop in JD's stock price following the earnings report [16][14]. Group 4: Long-term Outlook - JD's cash reserves stood at 223.4 billion yuan, providing a buffer for ongoing investments in new business ventures [7]. - The company is exploring differentiated models to address long-standing issues in the food delivery sector, such as food safety and quality [23]. - The financial report serves as a warning to the industry about the need for genuine value creation rather than merely inflating competition through unsustainable practices [27].

Core Viewpoint - JD.com has successfully navigated the competitive landscape of China's e-commerce industry by adhering to a long-term strategy that emphasizes substantial investments in logistics, employee welfare, and technology integration, leading to significant growth and a strong market position [1][2][12]. Group 1: Financial Performance - In Q2 2025, JD.com reported revenues of 356.7 billion RMB (approximately 49.8 billion USD), marking a year-on-year growth of 22.4%, surpassing market expectations and setting a record for growth in nearly three years [1]. - The majority of JD.com's product categories experienced accelerated growth, with daily necessities revenue increasing by 16.4% year-on-year, and service revenue growing by 29.1% [1][4]. Group 2: Employee Welfare and Compliance - JD.com has been a pioneer in the industry by signing labor contracts with all delivery personnel and providing social insurance, having paid over 100 billion RMB in social insurance over 18 years [2][3]. - The company plans to extend social insurance benefits to full-time delivery riders in the food delivery sector, positioning itself as the only platform in the industry to do so [3]. Group 3: Supply Chain and Technology - JD.com has invested over 150 billion RMB in research and development since its technological transformation began in 2017, focusing on creating a comprehensive supply chain ecosystem that integrates consumption and industrial internet [6]. - The company has built a supply chain infrastructure valued at nearly 170 billion RMB, enhancing its ability to apply advanced technologies like AI to improve operational efficiency [6]. Group 4: New Business Ventures - JD.com has expanded into new business areas such as food delivery and hospitality, aiming to optimize supply chains and reduce costs through centralized procurement and efficient logistics [7][8]. - The launch of the "Seven Fresh Food Mall" and "Seven Fresh Kitchen" represents significant innovations in the food delivery sector, leveraging JD.com's supply chain advantages to enhance operational efficiency for restaurant partners [7][8]. Group 5: Global Expansion - JD.com is actively building a global supply chain network, having established overseas warehouses in 23 countries and regions, including the U.S., U.K., and Saudi Arabia [10][11]. - The company is shifting its focus from short-term gains to long-term value creation in its international operations, adapting to new regulatory environments and local market conditions [11][12].