事项： 京东集团即将发布 2025 年三季度财报。 国信互联网观点：1）三季度收入表现亮眼，料收入同比+13%，Non-GAAP 净利率同比-4pct：收入端，我 们预计 Q3 京东集团实现营收 2939 亿元，同比+13%，主要由于国补带动京东零售收入增速较快（24Q3/25Q2 收入 yoy+5%/22%）。预计京东零售收入增速+11%，其中带电类目增速高个位数增长，日百类目两位数增长， 增速环比小幅下降，主要由于 Q3 带电类目有高基数效应（24 年 8 月底开始国补以旧换新）；外卖业务单 量环比 Q2 有所增长，主要受季节带动，预计京东零售/京东物流/新业务 Q3 收入增速分别为 +11%/+20%/+230%。运营情况看，我们预计京东 Q3 GMV 增速 15%左右（7-8 月网上零售大盘 yoy+12.9%）， 份额持续回升，主要受带电类目以旧换新带动；用户侧看，电商季度活跃购买用户、用户购频均保持强劲 增长，主要受益于国补以及外卖新业务带动，今年 3-4 月获取的首批外卖全新用户中，截至 7 月已有 40% 转化为主站用户。利润端，料公司 2025Q3 Non-GAAP 净利率 1.4%，同比下 ...

Group 1: NetEase (NTES US) - The gaming improvement trend for the second half of the year is clear, with new games expected in 2026, leading to a target price increase from $143 to $155, reflecting a potential upside of 19.5% [3] - Q2 2025 results were in line with expectations, with gaming revenue slightly below market expectations but gross margin improvement exceeding expectations [3] - Strong performance of flagship games in July and August indicates a robust recovery in mobile gaming, with a strong year-on-year growth expected in the second half of the year [3] Group 2: NetEase Cloud Music (9899 HK) - The company reported better-than-expected profits for the first half of 2025, leading to a target price increase from HKD 240 to HKD 339, indicating a potential upside of 25.5% [4] - Revenue for the first half of 2025 was HKD 3.83 billion, a year-on-year decline of 6%, primarily due to a decrease in social entertainment revenue, while subscription revenue grew by 15% [4] - Adjusted net profit for the first half was HKD 1.1 billion, exceeding market expectations [4] Group 3: JD Logistics (2618 HK) - The company is experiencing accelerated growth in external integration revenue due to prior investments, with a target price of HKD 18.50, indicating a potential upside of 32.5% [6] - Q2 2025 results met expectations, with revenue driven by the group's food delivery service and profits aligning with forecasts [6] - The company expects continued growth trends in the second half of the year [8] Group 4: JD (JD US) - The company faced higher-than-expected losses in new businesses, but retail revenue and profits are expected to grow by approximately 10% year-on-year in Q3 2025 [9] - The target price remains at $40, reflecting a potential upside of 26.7%, with a focus on improving cross-selling efficiency between food delivery and retail [9] - The company anticipates a narrowing of losses in new businesses by Q4 2025 [9] Group 5: Youdao (DAO US) - The company turned profitable in Q2 2025, focusing on AI and high school education, with a target price of $12, indicating a potential upside of 23% [10] - Revenue growth is supported by strong demand in AI-enhanced high school products and advertising business [10] - The company expects a decline in learning services and hardware revenue but a significant increase in advertising revenue [10] Group 6: Geely Automobile (175 HK) - The company reported a 27% year-on-year revenue increase to RMB 150.3 billion in the first half of 2025, with a net profit growth of 102% to RMB 6.66 billion, exceeding market expectations [11] - The target price is raised to HKD 24.21, indicating a potential upside of 27.8%, driven by improved brand integration and sales growth [11] - The company is expected to benefit from industry trends that reduce price competition, focusing more on configuration and driving experience [11] Group 7: Hesai Group (HSAI US) - The company continues to see high growth in shipments, with a target price of $27.52, indicating a potential upside of 18% [12] - Q2 2025 revenue reached RMB 706 million, with a gross margin of 42.5% [13] - The company expects to achieve a total shipment of 1.4 million units in 2025, with significant growth in ADAS and robotics products [12][13] Group 8: QFIN Technology (QFIN US) - The company achieved a net profit of RMB 1.73 billion in Q2 2025, a year-on-year increase of 25.7%, with a target price of $58, indicating a potential upside of 74.2% [14] - The company is focusing on improving asset quality and enhancing risk control measures [15] - Despite short-term uncertainties from new regulations, the company maintains a strong competitive advantage and attractive valuation [15] Group 9: SF REIT (2191 HK) - The company reported a 1.2% year-on-year revenue increase to HKD 225 million in the first half of 2025, with a target price of HKD 3.84, indicating a potential upside of 25.5% [16] - The overall occupancy rate was 97.5% as of June 2025, with expectations for moderate revenue growth in 2025 [17] - The company anticipates potential rental pressure in 2026 following lease renewals with SF Holdings [17] Group 10: Pharmaceutical Industry - The pharmaceutical sector is expected to see steady growth driven by multiple favorable factors in the second half of 2025, with a focus on high-growth opportunities in biotechnology and prescription drugs [18] Group 11: Internet Industry - E-commerce revenue growth in July 2025 exceeded expectations, with a year-on-year increase of 8.3%, driven by strong performance in communication equipment and home appliances [19] - The industry is benefiting from regulatory measures that promote healthy development and reduce aggressive subsidy strategies [19] - Investment insights suggest that Alibaba's revenue adjustments may offset the impact of flash sales subsidies, while JD's new business investments are expected to stabilize overall profit margins [19]

Revenue Performance - The company achieved operating revenue of 356.7 billion yuan in the quarter, representing a year-over-year increase of 22% [1] - JD Retail revenue was 310.1 billion yuan, up 21% year-over-year, with self-operated categories benefiting from national subsidies, increasing by 23% [1] - JD Logistics revenue reached 51.6 billion yuan, a year-over-year increase of 17%, significantly accelerated compared to Q1, driven by strong retail growth [1] New Business Development - New business revenue was 13.9 billion yuan, showing a year-over-year increase of 199%, but incurred an operating loss of 14.8 billion yuan primarily due to the impact of the takeaway business [2] - The peak daily order volume exceeded 25 million, leading to a notable increase in user traffic, with QAC and purchase frequency both up 40% year-over-year [2] - The company is enhancing system capabilities and deepening e-commerce synergies to drive more GMV conversion [2] Profitability Analysis - The company's non-GAAP net profit was 7.4 billion yuan, down 49% year-over-year, with a non-GAAP net profit margin of 2.1% [2] - Retail business operating profit margin (OPM) was 4.5%, up 0.6 percentage points year-over-year, driven by scale effects and improved supply chain efficiency [2] - New business OPM was -107%, reflecting increased investment in the takeaway segment, with expectations of further losses during the peak season [2] Future Outlook - The company slightly raised revenue forecasts for 2025-2027 to 1,335.4 billion, 1,420.2 billion, and 1,488.7 billion yuan, with adjustments of 2%, 1%, and 0% respectively [3] - Due to higher-than-expected losses in the new business segment, the forecast for annual operating losses was adjusted from 16.4 billion to 42.7 billion yuan [3] - Adjusted net profit forecasts for 2025-2027 were lowered to 29.2 billion, 40.2 billion, and 56 billion yuan, with adjustments of -35%, -23%, and -2% respectively [3]

Group 1 - Ying Shi Innovation officially listed on the Sci-Tech Innovation Board on June 11, with a first-day surge of 271.48%, reaching a market capitalization of over 70 billion yuan and raising 1.938 billion yuan, the highest fundraising scale since 2025 on the Sci-Tech Innovation Board [3] - Founder Yu Donglai of Pang Donglai announced an estimated net profit of 1.5 billion yuan for 2025, with over 8,000 employees expected to receive an average after-tax monthly income of 9,000 yuan [3] - Huawei launched the Pura 80 series, with prices ranging from 6,499 yuan to 10,999 yuan, and disclosed that its R&D expenses over the past decade totaled 124.9 billion yuan [5] Group 2 - ByteDance shared six core talent concepts, emphasizing that excellent talent is key to the company's success [7] - Employees of Nezha Auto surrounded CEO Fang Yunzhu's office demanding unpaid wages, highlighting internal unrest within the company [8] - Xiaopeng Motors' CEO He Xiaopeng announced that the Xiaopeng G7 will be the first AI car with L3-level computing power, equipped with three Turing AI chips [10] Group 3 - Alibaba's chairman, Cai Chongxin, stated that engineers worked through the Spring Festival to catch up with the AI wave after the launch of the DeepSeek model [13] - Ximalaya's founder expressed strong emotions during an internal meeting, reaffirming the company's commitment to maintaining its brand and operational independence amid a merger with Tencent Music [15] - Pop Mart expanded production capacity earlier this year to meet surging demand, indicating challenges in supply chain responsiveness [15] Group 4 - JD Logistics has begun operations in Saudi Arabia, establishing a team of over a thousand people to replicate its logistics model in the region [20] - Tesla plans to launch its first fully autonomous driving taxi for public trials in Austin, Texas, with a tentative date of June 22 [21] - NVIDIA's CEO announced plans to build the world's first industrial AI cloud in Europe, equipped with approximately 500,000 GPUs [23] Group 5 - Nintendo reported that the Switch 2 sold over 3.5 million units globally within four days of its release, marking the fastest sales rate for any Nintendo console [24] - Google offered voluntary severance packages to employees across multiple departments, including its core engineering team, as part of its workforce reduction strategy [26] - Alibaba's cross-border e-commerce platform AliExpress has launched a car sales business, focusing on Chinese electric vehicles in the Middle East [27]

Core Viewpoint - The "618" shopping festival has gained new significance this year due to several internet companies increasing their investment in the food delivery market, particularly highlighted by JD's strong quarterly earnings report [2][4]. Financial Performance - JD's Q1 revenue reached 301.1 billion yuan, a year-on-year increase of 15.8%, marking the highest growth rate in three years. Net profit attributable to ordinary shareholders was 10.9 billion yuan, up 52.7% year-on-year [2]. - New business operating expenses, including food delivery, rose from 1.51 billion yuan in the same period last year to 2.49 billion yuan, a 65.3% increase, leading to a loss of 1.327 billion yuan for new businesses with an operating profit margin of -23.1% [2][3]. Business Growth - Other business segments, such as daily necessities and 3P business, saw revenue growth of 14.9% and 15.71% respectively, while new businesses, including Dada and overseas operations, grew by 18.1% year-on-year [2]. - JD's user growth exceeded 20% in Q1, achieving double-digit growth for six consecutive quarters [3]. Strategic Initiatives - JD's CEO highlighted the positive impact of the food delivery business on overall platform traffic and user acquisition [3]. - JD's food delivery service achieved a daily order volume of over 20 million, doubling from 10 million in just over 20 days [3]. - The launch of the "Seven Fresh Food MALL" in Harbin, featuring live-streamed kitchens and a mix of local and trendy food brands, is set for June 18 [3]. Upcoming Events - The JD 618 shopping festival will officially start at the end of May, offering significant consumer benefits, including daily subsidies exceeding 1,000 yuan per person [4]. - JD's logistics will enhance its services with a new "618 Running Plan," introducing three tiers of delivery services to improve efficiency and reduce costs for merchants [4][5]. Logistics and Infrastructure - JD's logistics network includes over 3,600 warehouses and 32 million square meters of storage, with a 60% increase in cities covered by 211 delivery services and a 35% increase in next-day delivery coverage [5]. - The upgraded logistics network aims to further enhance supply chain capabilities and support merchants in cost reduction and efficiency improvement [5].

Group 1 - JD.com is launching a major promotional event called "618 Surprise Open Day," integrating national subsidies for trade-in programs and a 10 billion yuan subsidy for JD delivery services [1] - On May 14, JD's delivery orders exceeded 20 million, and during the 618 promotion, additional subsidies will be provided, including a discount of 61.8 yuan on orders and upgraded promotional activities [1] - JD's "200 billion export-to-domestic sales support plan" will feature more foreign trade products during the 618 event, while JD's self-operated platform will initiate a "Factory Goods Hundred Subsidy Festival" to boost sales of private label products from over 1 million merchants [1] Group 2 - JD's physical retail strategy is expanding, with thousands of self-operated or managed stores and millions of offline partner stores participating in the promotion [2] - The JD Mall in Beijing South Third Ring has nearly 80,000 square meters of space, offering a variety of product categories for customers to experience [2] - JD is set to launch its first dining infrastructure, "Seven Fresh Food Mall," on June 18 in Harbin, combining local cuisine and quality dining services [2] Group 3 - JD Cloud is providing free AI products to merchants, covering the entire process of operations, marketing, and services to help reduce costs and improve efficiency [4]

且通电自营的流量也带来了自营一般商品（超市品类为主）的增速回升，一季度同比达到了15%，也是一个不错的成绩单。 3. 在通电产品的流通带动下，轻资产性收入——广告（含自营商品的广告、3P商品广告与佣金）同比同样加速增长到了16%。 北京时间5月13日晚美股盘前，京东（JD.US）公布了2025年一季度财报。乍一看，还挺不错，但实际真有那么惊艳？先看快速过一下数 ： 1、 16%的总收入增长、31%的调整后经营利润增长——在乱战的电商平台中，算得上是非常漂亮的深蹲起跳了。 2. 分类来看，驱动收入增长的关键是自营通电产品——收入占比接近50%的自营通电产品 增速飙到了17% ，而且由于通电销售带来利润，这么高的通电增长，利 润自然"加量"释放。 4. 包括京东物流、达达快送的 物流板块本季收入增速同比13%，环比增加3pct， 有加速增长，但效果明显没有商城业务好。 5. 总体经营利润一季度更是达到了105亿元，经营利润率同比提高到了3.5%， 同比增长接近40%！肉眼可见的漂亮。 从各项支出来看，利润表现不错，除了最关键的收入增长不错，主要是在整体激烈的市场竞争中，最大的支出项——营销费用整体可控，没有像以往 ...

Financial Data and Key Metrics Changes - Total revenues increased by 16% year on year, with non-GAAP net profit rising by 43% to RMB 12.8 billion, and net margin expanding by 82 basis points to 4.2% [5][21][22] - Gross margin improved by 60 basis points year on year to 15.9%, marking twelve consecutive quarters of year-on-year improvement [22][30] Business Line Data and Key Metrics Changes - Electronics and home appliances revenue grew by 17% year on year, while general merchandise revenue increased by 15% [23][24] - Supermarket category revenue growth reached double digits for the fifth consecutive quarter, with strong performance during the Chinese Lunar New Year [8][24] - Fashion category also saw accelerated revenue growth, driven by enhanced brand assortment and user recognition [10][49] Market Data and Key Metrics Changes - JD.com outpaced total retail sales and online retail sales of physical goods in the same quarter, indicating strong market leadership [5] - Growth in lower-tier markets continued to outpace that of higher-tier markets, reflecting a shift in consumer behavior [13][14] Company Strategy and Development Direction - The company is focused on enhancing supply chain capabilities and user experience, with a strategic emphasis on on-demand retail and food delivery as key growth areas [15][19] - JD.com launched a RMB 200 billion export to domestic sales program to expand domestic market presence and enrich product offerings [17] - The company aims to leverage AI and automation technologies to improve operational efficiency and user experience across its ecosystem [19][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by government consumption stimulus policies and technological innovations [7][20] - The company is optimistic about sustaining healthy growth in user engagement and transaction frequency, particularly in the core retail and new business segments [11][49] Other Important Information - JD.com completed annual cash dividend payouts of USD 1.44 billion or USD 1 per ADS, and repurchased 80.7 million Class A ordinary shares, representing 2.8% of shares outstanding [22][78] - The company is committed to long-term shareholder returns while focusing on sustainable growth [78][79] Q&A Session Summary Question: What are the medium-term expectations for the food delivery initiative and the industry landscape? - Management highlighted that food delivery is a natural extension of JD's core retail business, with significant demand and potential for growth in the market [40][41] Question: How is JD Retail sustaining momentum in apparel and general merchandise? - Management noted that operational enhancements and user experience improvements have driven double-digit growth in general merchandise, with plans to expand brand selection and merchant base [46][49]

在推出外卖业务之前，新业务（主要包括达达、京东产发、京喜及海外业务）收入连续多个季度同比出现下滑。 外卖业务为京东带来的变化在最新一季财报中有所体现。5月13日，京东（9618.HK）发布了2025年一季度业绩。 第一季度京东收入为3011亿元，同比增长15.8%，增速创近三年来最高。归属于普通股股东的净利润为109亿元，同比增长52.7%。 具体到细分业务，京东零售一季度收入为2638.5亿元，同比增长16.3%。其中电子产品及家用电器品类收入同比增长17.1%，日百品类收入同比增长14.9%。 京东表示，一季度活跃用户数实现了连续6个季度同比双位数增长，增速超过20%。第三方商家成交用户数和订单量保持同比双位数增长。 此外，京东在4月宣布推出2000亿出口转内销扶持计划，未来一年内，将大规模采购不低于2000亿元出口转内销商品。截至4月底，已有上万家企业与京东采 销进入到实质性采购洽谈阶段。 外卖业务所属的新业务一季度收入为57.5亿元，同比增长18.1%，去年一季度新业务收入同比下滑19.2%。在推出外卖业务之前，新业务（主要包括达达、京 东产发、京喜及海外业务）收入连续多个季度同比出现下滑。外卖业务属 ...

Group 1 - The central economic meeting has a "preview" effect on the main sectors for the upcoming year, with most sectors showing excess performance within 20 trading days after the meeting [2][36] - The main sectors for the year need to meet both the "pre-selection" effect of the meeting and industrial logic, with communication, electronics, home appliances, and automobiles showing significant gains [2][36] - The report suggests that the AI sector and new consumption will be the main themes for the upcoming year, with a potential early performance in Q1 due to the DeepSeek catalyst [2][36] Group 2 - The report indicates that when the economic cycle is in the Plinger phase 2-4, stocks generally perform well, with a focus on the sustainability of M1 recovery as a key indicator [3][41] - The social financing pulse has shown a rebound, with new government bonds increasing year-on-year, while new RMB loans have turned negative [3][41] - The report emphasizes the importance of monitoring external shocks, such as the US economic recession risk, as the AH market may continue to be revalued globally [3][41] Group 3 - The report highlights the performance of the AI sector, particularly with the upcoming GTC conference and the expected launch of the GB300 series, which may significantly enhance computing performance [12] - The global data center investment is projected to reach $57 billion in 2024, driven by AI demand, with a notable increase in the share of intelligent computing centers [12] - The report suggests that the demand for computing power remains strong, with a significant reduction in vacancy rates in data centers [12] Group 4 - The report discusses the strong performance of the rare earth sector, with prices steadily rising and expectations for policy support to boost confidence [21] - The report identifies strategic opportunities in the rare earth sector, particularly for companies like China Rare Earth, Guangsheng Nonferrous, and leading companies in the magnetic materials field [21] - The report notes that the prices of light rare earth oxides and heavy rare earth oxides have increased, indicating a tightening supply situation [21] Group 5 - The report outlines the high demand for photovoltaic materials, with a focus on the carbon fiber sector, which is expected to see continued growth due to the expansion of the renewable energy sector [22] - The report highlights the importance of electronic materials, particularly in the context of domestic substitution trends in upstream raw materials [22] - The report suggests that the wind power sector is experiencing significant growth, with a focus on the concentrated market for wind turbine blades [22]