京东第三季度调整后息税折旧及摊销前利润（EBITDA）为25亿元人民币，远低于市场预估的34.1亿 元。调整后运营利润率仅为0.1%，较上年同期的5%大幅收缩，执行费用同比增长35%，增速明显快于 营收增速，成为利润率承压的主要原因。三季度新业务收入155.92亿人民币，同比增长213.9%。新业 务主要包括京东外卖、京东产发、京喜及海外业务。 京东集团第三季度净营收达2990.6亿元人民币，同比增长15%，超出市场预期的2944亿元。尽管收入 端表现稳健，但公司利润率出现大幅下滑，反映出扩张投入加大对盈利能力的挤压。 京东首席财务官单甦表示， 第三季度总收入同比增长14.9% ，得益于各业务线的健康发展势头。公司 在以旧换新政策的高基数背景下，仍对巩固电子和家电领域的领先市场地位充满信心。 核心财务指标 净营收2990.6亿元人民币，同比+15%，预估2,944亿元人民币； 执行费用220.0亿元人民币，同比+35%，预估196.8亿元人民币； 调整后息税折旧及摊销前利润25亿元人民币，同比-83%，预估34.1亿元人民币； 调整后运营利润率0.1％，上年同期5％，预估0.45％； 经调整EBITDA利润率 ...

Core Insights - JD's Jingxi business has adopted a new self-operated model targeting the source factories and white-label merchants, achieving low prices through direct procurement and cost optimization [1] - Jingxi's mission to capture the "lower-tier market" is confirmed, with a significant user base growth contributing to JD's overall user increase [2][3] - Jingxi aims to balance low prices with quality assurance, addressing challenges such as avoiding internal competition and enhancing user trust in product quality [2][4] User Growth and Market Strategy - Jingxi has achieved a tenfold increase in transaction volume by 2025, with 370 million users contributing 150 million new users to JD [2][3] - The user demographic is primarily from lower-tier markets, with a higher proportion of female users, indicating a strategic focus on cost-sensitive consumers [2][8] - The introduction of "Jingxi Selection" aims to cater to the growing demand for higher-quality products among existing users [2][8] Operational Efficiency and Cost Management - Jingxi's operational model emphasizes cost reduction through direct engagement with factories, optimizing production and logistics to lower costs by at least 10% [4][12] - The platform's marketing strategy is data-driven, allowing for predictive inventory management and efficient production scheduling [9][10] - Jingxi currently operates at a loss due to initial investments in user acquisition and logistics, but profitability is anticipated with improved efficiency and increased average order value [3][12] Competitive Positioning - Jingxi's core competitive advantage lies in its ability to provide superior cost, efficiency, and user experience compared to competitors [13] - The platform's focus on low prices is designed to meet the needs of price-sensitive consumers, even if it results in a perceived quality gap compared to JD's main offerings [5][12] - Jingxi's collaboration with factories is structured to ensure mutual profitability, with positive feedback from partners indicating steady growth in their business [11][12]

Core Insights - The article discusses the performance and strategy of JD's subsidiary, Jingxi, which has reached 370 million users and aims to capture the lower-tier market [6][5]. - Jingxi's new self-operated model has been in place for two years, focusing on direct procurement from factories to achieve lower prices [5][4]. - The company has reported a tenfold increase in transaction volume by 2025, contributing 150 million new users to JD [6][5]. User Growth and Market Strategy - Jingxi's mission is to penetrate the "lower-tier market," which has shown significant user growth, with active users increasing by over 40% year-on-year [6][7]. - The user base is primarily composed of price-sensitive consumers, with a higher proportion of female users [12][10]. - Jingxi's strategy includes a focus on cost optimization throughout the supply chain, aiming to reduce costs by at least 10% for factories [9][19]. Product Quality and Positioning - Jingxi acknowledges that its product quality may not match that of JD's main platform, but it targets a demographic that prioritizes cost-effectiveness over premium quality [10][19]. - The introduction of "Jingxi Selection" aims to offer higher-quality products at competitive prices, responding to the evolving demands of its user base [13][19]. Financial Performance and Future Outlook - Currently, Jingxi is not profitable, primarily due to investments in user acquisition and logistics subsidies [7][19]. - The company expects to achieve profitability through improved efficiency and increased average order value over time [19][20]. - Jingxi's core competitive advantage lies in its ability to provide superior cost, efficiency, and user experience compared to competitors [20].

Core Insights - JD's Q2 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4% [1] - Net profit attributable to ordinary shareholders decreased by 50.8% to 6.2 billion yuan [1] - The company reported an operating loss of 9 billion yuan for Q2 2025, compared to an operating profit of 10.5 billion yuan in Q2 2024 [1] Business Performance - New business revenue, including JD's takeaway service, amounted to 13.85 billion yuan in Q2, showing a significant year-on-year growth of 198.8% [1] - The new business incurred an operating loss of 14.78 billion yuan in Q2, compared to an operating loss of 695 million yuan in the same period last year [1] - The operating costs for new businesses were 14.41 billion yuan, with operating expenses at 14.45 billion yuan in Q2 [1]

Core Insights - JD.com launched its food delivery service in February 2025 and introduced a "100 billion subsidy" in April to boost this new business, resulting in significant revenue changes in Q2 2025 [1][5] - The company's Q2 2025 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, while net profit attributable to ordinary shareholders fell by 50.8% to 6.2 billion yuan [1] Business Performance - The new business segment, including food delivery, generated 13.85 billion yuan in Q2 2025, marking a year-on-year growth of 198.8%, but incurred an operating loss of 14.78 billion yuan due to high operating costs and expenses [5][7] - JD Retail, which encompasses various segments including JD Health and JD Industrial, reported Q2 2025 revenue of 310.1 billion yuan, up 20.6% year-on-year, with electronics and home appliances growing by 23.4% and daily necessities by 16.4% [3] Logistics and Expansion - JD Logistics generated 51.56 billion yuan in revenue in Q2 2025, reflecting a year-on-year increase of 16.6%, and expanded its overseas warehouse presence in multiple countries [4] - As of June 30, 2025, JD Logistics operated over 130 bonded warehouses and direct mail warehouses, covering 23 countries and regions globally [4] Marketing and User Engagement - Marketing expenses surged by 127.6% to 27 billion yuan in Q2 2025, primarily due to increased spending on new business promotions [7] - The food delivery service saw significant user engagement, with daily orders surpassing 25 million during the 618 shopping festival, and over 1.5 million quality merchants joining the platform [7]

Core Viewpoint - The article discusses the strategic initiatives of JD's subsidiary, Jingxi, focusing on its efforts to penetrate the lower-tier market and capitalize on the "200 billion opportunity" through various plans and partnerships aimed at enhancing user experience and expanding its user base [2][5][11]. Group 1: Jingxi's Market Strategy - Jingxi, originally JD's discount shopping platform, aims to cater to price-sensitive consumers in lower-tier markets by providing high-cost performance products [2][3]. - The "200 billion export-to-domestic sales plan" launched by JD in April 2023 has significantly boosted Jingxi's self-operated business, enabling it to collaborate with factories for product selection and rapid sales [5][11]. - Jingxi's "Factory Goods Hundred Supplement" plan will invest 10 billion annually to enhance user experience, logistics services, and factory efficiency, targeting the creation of 1,000 million-unit and 10,000 hundred-thousand-unit popular products [3][16]. Group 2: Competitive Landscape - Since 2018, competition for quality merchants in industrial belts has intensified among major e-commerce platforms, including Alibaba, Pinduoduo, and Douyin, all seeking to tap into these markets [8]. - Jingxi's full-trust model allows small and medium-sized factories to focus on production while Jingxi manages selection, operations, customer service, and logistics, providing a cost advantage [8][16]. - Despite the advantages of Jingxi's model, challenges remain as other platforms also pursue foreign trade businesses transitioning to domestic sales, indicating a competitive environment [17]. Group 3: User Acquisition and Retention - Jingxi's goal is to acquire 150 million new users annually while also focusing on user retention and repeat purchases, reflecting a shift from merely attracting new users to ensuring their ongoing engagement [11][14]. - As of December 2024, JD's monthly active users reached 550 million, with Jingxi's cumulative user count hitting 260 million, indicating significant growth potential in the lower-tier market [11][13]. - Jingxi's self-operated products are positioned to meet the needs of both lower-tier and higher-tier consumers, aiming to balance quality and low prices [13][14]. Group 4: Future Plans and Challenges - Jingxi plans to support 100,000 foreign trade factories in successfully transitioning to domestic sales by 2025, leveraging the current trend of export-to-domestic sales [5][16]. - The "Factory Goods Hundred Supplement" initiative aims to create a cycle of high quality and low prices, but achieving this requires effective supply chain management and product quality control [17]. - The competitive landscape remains challenging, as other platforms are also enhancing their support for foreign trade businesses, indicating that Jingxi must continue to innovate and adapt to maintain its market position [17].