文 | 窄播，作者 | 庞梦圆 这是《窄播Weekly》的第72期，本期我们关注：京东Q3财报及财报体现的其业务逻辑变化。 整体上，Q3财报及电话会呈现出：京东找增长的路径又在发生变化。 具体来讲，集团总营收增速，核心零售业务的收入增速、经营利润率同比都在提升：2025年Q3京东总 营收2991亿元，同比增长14.9%（去年Q3的同比增速为5.1%）。京东零售营收为2505.77亿元，同比增 长11.4%（去年Q3的同比增速为6.1%）；经营利润率5.9%，去年同期为5.2%。 但与此同时，新业务（主要指外卖、京喜自营、海外业务）的收入和支出都在急剧加大：2025年Q3， 京东新业务营收155.92亿元，同比增长213.7%。新业务运营亏损为157.36亿元，去年同期为6.15亿元。 且由于「对新业务的战略投入增加」，集团整体在2025年Q3经营利润为负11 亿元，去年同期为120 亿 元；本季度经营利润率为负 0.4%，去年同期为 4.6%。（后续高管发言则进一步指出：新业务投入中， 即时零售投入在Q3有所收缩，京喜和国际业务的投入在加大。） 综合电话会释放出的信息可以看出，京东的存量零售业务，除了致力于营 ...

Core Insights - JD.com has surpassed 700 million annual active users, showcasing its resilience and adaptability in the retail sector [1][4][21] - The company is not just an e-commerce platform but a value-driven enterprise that balances supply chain technology and service [3][12][20] - JD.com's supply chain efficiency is a key driver of its growth, enabling it to offer competitive pricing and quality products [4][12][26] User Growth and Engagement - JD.com achieved a 19.1% growth rate in unique user acquisition, making it the fastest-growing company in China's internet sector as of August [4][21] - The active user count has increased by 40% year-on-year, indicating strong market engagement [21][26] - The "Jingxi Self-operated" platform has contributed significantly to user growth, adding 15 million new users in one year [6][11] Supply Chain Strategy - JD.com has developed a "super supply chain" that enhances operational efficiency and reduces costs, which is crucial for maintaining competitive pricing [12][20][26] - The company operates over 1,600 logistics centers in mainland China, with a self-operated product count reaching millions [12][26] - Supply chain efficiency improvements translate to increased profits, with every 1% efficiency gain potentially leading to multiple points of profit at the consumer level [12] Business Model and Ecosystem - JD.com emphasizes a win-win distribution mechanism, focusing on creating a sustainable ecosystem that benefits consumers and manufacturers alike [11][20][26] - The company has successfully integrated its supply chain capabilities into various sectors, including food delivery and local services, enhancing overall user experience [16][23] - JD.com's approach to low pricing is rooted in supply chain efficiency rather than compromising on quality, ensuring a sustainable business model [24][26] Market Position and Future Outlook - JD.com is positioned as a benchmark for supply chain technology and a model for creating value in the retail industry [3][12][27] - The company's commitment to understanding consumer trends and needs has allowed it to adapt and thrive in a competitive landscape [9][20] - JD.com's ongoing focus on supply chain innovation and user experience is expected to drive future growth and maintain its competitive edge [26][27]

京东正在开创一个新的业务模式。不同于业内同行单一地聚拢低价商品，京喜自营的模式进行了从源头到用户系统的全面改造：把低价嵌入供给侧，通过 用户侧将价格优势实现规模化的转变。这个"甩手掌柜"模式正在成为京东稳定增长的全新引擎，这就是"京东京喜自营"。 这在消费端体感最直观：身边越来越多人在京东旗下特价购物品牌"京喜自营"下单，家里的长辈也开始在京喜下单，"宠物垃圾袋4.9元可以包邮100只， 拿到手的质量还非常好。"诸如此类的购买体验也不断在向外反馈。 一袭干练短发的京东集团副总裁、京东零售京喜事业部总裁祁婷，在京东"京喜自营"的两周年媒体活动上公布了几组关键数字： 两年间，累计有3.7亿用户购买了京喜自营的商品； 2025年，"京喜业务"累计将为京东新增1.5亿新用户； 今年成交额较去年10倍增长。 在"低价"成为全网共同语言的今天，真正的竞争已不是谁更便宜，而是谁能在"低价"背后稳定地交付品质与服务。下沉市场尤为如此：县镇用户愿意为实 在划算买单，但对"真假低价"的敏感度更高。 京东在这个背景选择亲自下场做"自营直连"，显示出其不一样的战略决心。 京东集团副总裁、京东零售京喜事业部总裁祁婷在发布会上表示："用 ...

Core Insights - JD's discount shopping brand "Jingxi Self-operated" reported a tenfold increase in transaction volume by 2025, attracting 150 million new users to JD [1] - The brand aims to create a healthy business ecosystem by connecting factories directly with consumers, eliminating unnecessary intermediaries [1][2] - Jingxi Self-operated currently serves 370 million users and links to 260 industrial belts, with plans to stabilize sales for 500,000 factories and create 5 million jobs in the next three years [1][3] Business Strategy - Jingxi Self-operated focuses on reducing costs by eliminating middlemen, allowing high-quality products to reach consumers directly [2][3] - The brand provides support in marketing, operations, logistics, and customer service, enabling factories to concentrate on production [2][6] - The "Strict Selection" mechanism ensures product quality while leveraging JD's logistics for efficient delivery [3][4] Market Positioning - Jingxi Self-operated addresses the issue of excessive low-price competition that compromises product quality [2][3] - The brand has introduced six business initiatives to combat price wars and support factories, including export-to-domestic sales and premium product selections [3][5] - The brand's strategy includes expanding product categories to include food, fresh produce, and clothing, aiming for explosive growth in all categories [3][6] Future Goals - Jingxi Self-operated plans to attract 150 million new users and increase the number of industrial belt products to 3 million over the next three years [7] - The brand aims to enhance user retention and increase average order value by improving marketing, logistics, and service [7] - The long-term vision includes fostering high-quality development in over 260 industrial belts and creating "invisible champion" clusters in the industry [7]

Group 1 - The chairman of Guangxi Meishanyuan Group, Huang Hai, anticipates a 10% to 20% growth in overall sales during this year's Double 11 shopping festival, particularly for their main product, Luosifen (snail rice noodle), which sees peak sales in the autumn and winter seasons [2] - The competition in the Luosifen industry is intense, with many businesses heavily investing in sales, while Meishanyuan focuses on optimizing its supply chain and reducing production costs [2] - Meishanyuan has adopted strategies such as live streaming and advertising on platforms like Douyin and Kuaishou for the Double 11 event, but has faced a 50% increase in advertising costs compared to two years ago [2] Group 2 - JD Group's Vice President, Qi Ting, reported that 370 million users have purchased products from JD's self-operated platform, Jingxi, over the past two years, with a goal of achieving a tenfold increase in transaction volume by 2025 [3] - Jingxi aims to attract 150 million new users and has expanded its product categories to include food, fresh produce, and clothing, hoping to see significant sales during the Double 11 event [3][4] - The strategy for Double 11 includes focusing on "key product pallets" based on accumulated data, ensuring sufficient stock of popular items, and targeting high repurchase rates for these products [4]

Core Insights - 京喜自营 is projected to achieve a tenfold increase in transaction volume by 2025, attracting 150 million new users for JD.com [3] - The competitive landscape for the螺蛳粉 industry is intense, with companies like 美申园 focusing on supply chain optimization to reduce production costs amidst rising marketing expenses [1][3] Group 1: 京喜自营 Performance - 京喜自营 has connected with 3.7 billion users over the past two years, linking 260 industrial belts across the country, with nearly 100 factories achieving annual sales exceeding one million orders [3] - 京喜自营 aims to leverage low-priced products to drive sales of mid-to-high-priced items during the upcoming Double 11 shopping festival [3] - The strategy for Double 11 includes focusing on "key product assortments" based on accumulated data to prepare inventory with partners [3] Group 2: Industry Trends and Challenges - 美申园 anticipates a 10% to 20% growth in sales during Double 11, capitalizing on the seasonal demand for螺蛳粉 [1] - The cost of advertising on content e-commerce platforms has increased by 50% compared to two years ago, presenting challenges for brands [1] - 京喜自营 has facilitated nearly 2,000 foreign trade enterprises in selling 150 million orders since April, marking a 12-fold year-on-year growth in the "export to domestic sales" initiative [4]

Core Insights - 京喜自营 aims to achieve a tenfold increase in transaction volume by 2025, contributing to 150 million new users for 京东 [1][2] - The initiative focuses on high-quality development of over 260 Chinese industrial belts, creating "invisible champion" clusters [1][2] - 京喜自营 addresses consumer pain points related to low-priced goods, emphasizing that low price is not the only demand; quality assurance is also crucial [2][4] User Growth and Sales Performance - 京喜自营 has accumulated 370 million users purchasing its products, with a projected addition of 150 million new users by 2025 [2][3] - Sales for this year have increased tenfold compared to last year, with significant contributions from various industrial belts, including 250 million units sold from the Zhejiang industrial belt, a threefold increase from the previous year [2][3] Strategic Projects and Future Plans - 京喜自营 has launched six upgrade projects, including "export to domestic sales," "big brand same factory," and "京喜甄选," among others, to enhance its offerings [3] - The company aims to increase its product offerings from approximately 600,000 to over 3 million by 2026 and to stabilize sales for 500,000 factories, creating over 5 million jobs in the next three years [3] Quality Assurance and Competitive Strategy - 京喜自营 emphasizes that low prices should not compromise quality, ensuring that products meet quality standards and are not subpar [4][5] - The company focuses on supply chain upgrades to achieve cost reductions while maintaining product quality, which is essential for sustainable competition [4] Response to Market Dynamics - 京喜自营 aligns with the policy direction of leading new supply through new demand, advocating for innovation in products and services rather than relying solely on price competition [5] - The distinction between 京喜自营 and 京造 is clarified, with 京喜自营 serving a broader market and product range, thus avoiding redundancy [6]

Core Insights - JD's discount shopping brand "Jingxi Self-operated" has achieved a tenfold increase in transaction volume by 2025, attracting 150 million new users and facilitating 150 million orders for nearly 2,000 foreign trade enterprises [2][3] Group 1: Performance Metrics - As of now, "Jingxi Self-operated" has served 370 million users and connected deeply with 260 industrial belts across the country, with nearly 100 factories in these belts achieving annual sales of over 1 million orders, creating jobs for nearly 300,000 people [2] - The brand has implemented six new business models to combat price competition, including export-to-domestic sales and "Jingxi Farm," which has helped over 3,200 agricultural enterprises sell 160 million orders [3] Group 2: Future Goals - "Jingxi Self-operated" aims to support 500,000 industrial factories to achieve stable sales and create 5 million jobs over the next three years, while promoting the concept of "factory direct delivery means lower prices" and establishing a new consumption ecosystem with high quality and price ratio [3]

Core Insights - JD's discount shopping brand Jingxi has achieved significant growth in its two years of operation, aiming for a tenfold increase in transaction volume by 2025 and acquiring 150 million new users, currently serving 370 million users [1][4] - Jingxi's strategy focuses on a differentiated approach to low pricing, emphasizing quality and service alongside affordability, which is termed as "low price with a bottom line" [1][2] - The brand targets lower-tier markets and employs a dynamic exposure strategy based on user behavior, reflecting its unique positioning within JD's ecosystem [1][2] Business Model - The core role of industrial factories in Jingxi's business model is highlighted, aiming to break the cycle of low profitability by allowing factories to focus on manufacturing while Jingxi manages operations, logistics, and after-sales [2][3] - Jingxi has launched six major business initiatives this year, including "export to domestic sales," which has helped nearly 2,000 foreign trade enterprises sell 150 million orders, marking a 12-fold year-on-year increase [2][3] User Engagement and Growth - Jingxi has played a crucial role in user acquisition, particularly among users from lower-tier markets, with a higher proportion of female users [3][4] - User retention and repurchase rates have shown a consistent upward trend since the brand's inception, with an increasing number of users making subsequent purchases from other JD segments [3][4] Future Goals - Looking ahead, Jingxi aims to attract an additional 150 million new users for industrial factories, increase the number of industrial products to 3 million, and support 500,000 factories in achieving stable sales over the next three years [4] - The brand seeks to balance low pricing, quality, and sustainability in its long-term strategy [4]

Core Insights - JD's discount shopping brand "Jingxi Self-operated" reported a tenfold growth in transaction volume by 2025, attracting 150 million new users [1] - The platform emphasizes the need to avoid vicious price competition in the low-price e-commerce sector to protect the livelihoods of factory workers [1] Group 1: Business Performance - Jingxi Self-operated achieved a transaction volume growth of 10 times over two years [1] - The platform has facilitated nearly 2,000 foreign trade enterprises to sell 150 million orders, marking a 12-fold year-on-year increase [2] - The platform aims to add 150 million new users for industrial factories next year and increase the number of industrial products to 3 million [2] Group 2: Industry Challenges - The low-price e-commerce sector is facing issues with quality, as many platforms prioritize price over product quality, leading to consumer distrust [1] - Many quality industrial factories struggle with high costs and low sales due to multiple intermediaries reducing profit margins [1] Group 3: Strategic Initiatives - Jingxi Self-operated is implementing strategies such as export-to-domestic sales and collaboration with well-known brands to support high-quality development of industrial factories [2] - The platform provides comprehensive support to factories, including product selection, operations, advertising, logistics, and after-sales services [1][2] - The initiative aims to create a healthy business ecosystem by connecting factories directly with consumers, eliminating unnecessary intermediaries [2]