京喜自营的新模式已经跑了两年。 京东的京喜业务几经沉浮，2024年7月，36氪曾独家报道它的最新模式——"京喜自营"。即采用自营电 商的方式，瞄准产业带的源头工厂和白牌商家，京喜直接采购商品，凭借源头直采、与工厂共同梳理成 本降低路径等，实现"低价"。 对京喜而言，拿下"下沉市场"的使命确定无疑。 "从用户结构看，确实是下沉市场占比更高。"京喜事业部负责人祁婷说。而这部分用户，也是京东创造 新增量的希望所在。今年二季报的电话会上，京东管理层谈到，"用户增长和用户参与度是Q2的一项关 键成就，季度活跃用户同比增长超40%，既得益于自有用户群的增长，也得益于京东外卖和京喜业务的 增量贡献。" 两年过去，京喜的成绩如何？在两周年媒体沟通会上，祁婷披露，京喜在2025年实现交易额10倍增长。 目前，京喜的用户数量为3.7亿，为京东带来1.5亿新用户，链接全国260个产业带。 但发展过程中还有诸多问题需要厘清。譬如，怎样避免陷入恶性内卷、京喜的"低价心智"与京东的"品 质心智"如何并存、初具规模后要如何在低价以外满足更多元的增量需求、对于业务盈亏节点的思考， 等等。 以下是京东集团副总裁、京喜事业部负责人祁婷与36氪等 ...

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].