收购佳宝超市后，京东继续在香港扩张。 近两年来，京东加大了在香港的投资，范围包括零售、物流等。 12月9日，丽新国际发布公告称，公司旗下实际控制的主体TIL出售了其100%持股的Surearn Profits Limited的股权，协定物业价值为34.98亿港元。 上述股权对应的底层资产为位于香港中环的中国建设银行大厦部分办公楼层，面积约11202平方米，交易还需获得相关审批。据了解，收购方为京东控股的 投资主体。对于本次收购，京东对第一财经记者表示，京东始终看好在香港的发展，将围绕供应链持续投资推动零售、物流、技术研发等业务融入香港，服 务香港。 近两年来，京东加大了在香港的投资，范围包括零售、物流等。今年8月，京东官宣完成了对香港佳宝食品超级市场的收购。佳宝是香港本地连锁商超， 以"价廉物美"为标签，在香港拥有超过90家门店。京东表示，收购佳宝将促进京东在粤港澳大湾区的生鲜供应链布局，加速拓展香港本地零售市场。 京东第三季度财报显示，包括京东外卖、京东产发、京喜及海外业务在内的新业务收入同比增长214%至155.9亿元。 张毅表示，京东的国际化业务已经由轻资产试水逐步向重资产深耕的本土运营方向发展。受到国 ...

机构：东方证券 135.1 亿元，yoy+188.6%，新业务运营亏损为-168.1 亿元，环比小幅提高。具体拆分看，我们预计Q4 外 卖UE 仍在环比优化趋势中，叠加旺季结束进入Q4 淡季后行业整体单量减少，公司外卖整体亏损继续 收窄。预计Q4 京喜及国际业务投入仍在环比加大，据公司披露双十一京喜自营成交额同比4 倍增长， 订单突破2 亿，看好公司对下沉市场及国际市场的开拓带动GMV 增长的潜力。 我们调整盈利预测，预测公司2025-2027 年收入为13040/13479/14230 亿元（原2025-2027 年预测为 13382/14151/14981 亿元），经调整归母净利润为263/225/442 亿元（原2025-2027 年预测为271/438/525 亿元）。参考可比公司给予2026 年11X PE 估值，加上公司股权投资价值计算得公司目标市值为5023 亿 元，对应每股股价173.32 港元（人民币兑港币汇率1.100），维持"买入"评级。 风险提示：外卖亏损收缩不及预期，以旧换新政策效果不及预期，行业竞争加剧。 研究员：项雯倩/李雨琪/金沐阳 核心观点：10 月家电社零增速转负，随着国补 ...

Core Viewpoint - The fierce competition in the food delivery and instant retail sectors has led to significant financial losses for major players like Alibaba and JD.com, raising questions about the sustainability of their business models and strategies [2][5][6]. Group 1: Financial Performance and Losses - JD.com's new business segment reported a loss of 157 billion yuan in Q3, with daily losses in the food delivery sector reaching approximately 1.5 to 1.6 billion yuan [6][8]. - Alibaba's flash purchase segment is expected to incur losses of 350 to 400 billion yuan in Q3, contributing to an overall loss of around 450 billion yuan for the quarter [8][9]. - Analysts predict that Alibaba's overall EBITA will decline by 80% year-on-year, with significant losses in its instant retail segment [9][10]. Group 2: Market Dynamics and Competition - The competition has intensified, with Alibaba's GMV growth lagging behind that of Pinduoduo and Douyin, indicating a lack of synergy in its e-commerce operations [4][6]. - The market share for JD.com's instant retail has dropped from 11% to 8% within a quarter, highlighting the challenges it faces in maintaining its position [7][8]. - The food delivery market has seen a shift in dynamics, with Alibaba's aggressive subsidy strategy narrowing the market share gap with Meituan, although concerns remain about the sustainability of this approach [11][21]. Group 3: Strategic Implications - Alibaba's long-term goal is to generate an additional 1 trillion yuan in annual transactions through instant retail, but the effectiveness of its subsidy strategy remains uncertain as user engagement metrics show signs of slowing [15][23]. - The competition is expected to continue, with both Alibaba and Meituan focusing on high-value customers as the key battleground for profitability [22][24]. - Analysts suggest that the future of the food delivery war will depend on the ability of these companies to optimize their cost structures and improve operational efficiencies [19][26].

Core Viewpoint - The company is experiencing pressure due to a high base period for national subsidies, but the daily essentials segment is showing strong growth driven by effective synergy with the food delivery service. The company continues to optimize its delivery investments, leading to a trend of reduced losses. Increased investments in Jingxi and international business are expected to open up new market opportunities, indicating a positive outlook for the company's steady growth potential. Revenue forecasts for 2025-2027 have been slightly adjusted upwards, and the target price has been raised to HKD 195.39, maintaining a "Buy" rating [1]. Group 1 - In Q3 2025, the company achieved total merchandise revenue of CNY 226.09 billion, with the electronics segment contributing CNY 128.59 billion, reflecting a year-on-year growth of 4.9%. The high base from national subsidies has led to a noticeable decline in growth rates for the electronics segment, which is expected to continue into Q4 as the base for categories like 3C normalizes. The daily essentials segment generated CNY 97.51 billion, with a year-on-year growth of 18.8%, primarily due to the synergy effects from food delivery services [2]. - The company reported a service revenue growth rate of 30.8% in Q3 2025, which accelerated from the high growth achieved in Q2. This growth validates the effective synergy between the food delivery service and the main platform, as the increase in main platform traffic significantly boosts third-party business [2]. Group 2 - The company has seen a reduction in losses from its food delivery segment, with Q3 2025 new business revenue reaching CNY 15.59 billion, a year-on-year increase of 213.7%. The operating loss for this segment was approximately CNY 15.74 billion, with food delivery losses estimated at around CNY 13.5 billion, showing a slight reduction in losses compared to previous quarters. The company has adjusted its subsidy strategy, increasing the proportion of regular meals and optimizing the user experience structure [3]. - The company has increased investments in Jingxi and international business, with significant progress in the European market and a fourfold increase in self-operated transaction volume during the Double Eleven shopping festival. Despite the increase in losses from new businesses, the expansion into international and lower-tier markets is expected to positively impact the growth of the main platform [3]. - Revenue forecasts for 2025-2027 have been adjusted to CNY 1,338.2 billion, CNY 1,415.1 billion, and CNY 1,498.1 billion, respectively, with adjusted net profit estimates of CNY 27.1 billion, CNY 43.8 billion, and CNY 52.5 billion. The target market value is estimated at CNY 567.6 billion, corresponding to a target share price of HKD 195.39 [3].

Core Viewpoint - JD.com reported a significant decline in profit margins despite a solid revenue growth, indicating pressure from increased operational costs and marketing expenses [3][4][6]. Financial Performance - JD.com achieved a net revenue of 299.06 billion RMB in Q3, a year-on-year increase of 15%, surpassing market expectations of 294.4 billion RMB [3][4]. - Adjusted EBITDA for Q3 was 2.5 billion RMB, down 83% year-on-year, significantly below the market forecast of 3.41 billion RMB [4][6]. - Adjusted operating profit margin fell to 0.1%, down from 5% in the same period last year, reflecting substantial cost pressures during business expansion [4][6]. Cost Structure - Total operating expenses rose to 22 billion RMB, a 35% increase year-on-year, outpacing revenue growth and contributing to the pressure on profit margins [4][7]. - Marketing expenses surged by 110.5% year-on-year, reaching 21.1 billion RMB in Q3, which accounted for 7.0% of total revenue, up from 3.8% in the previous year [8]. New Business Growth - New business revenue reached 15.592 billion RMB in Q3, marking a remarkable year-on-year growth of 213.9%, driven by JD's expansion into food delivery, product development, and overseas markets [10]. - The company expressed confidence in maintaining its leading market position in electronics and home appliances, while also exploring growth potential in daily necessities and advertising services [5][10]. Operational Efficiency - JD's food delivery service showed healthy growth with improved operational efficiency, leading to a reduction in overall investment and a gradual improvement in profit margins per order [11].

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].