Core Viewpoint - JD Group's third-quarter net profit halved due to increased marketing expenses, with hopes for the food delivery business to eventually become self-sustaining [2][4] Financial Performance - In Q3 2025, JD Group reported revenue of 299.1 billion RMB, a year-on-year increase of 14.9%. Net profit attributable to ordinary shareholders was 5.3 billion RMB, down from 11.7 billion RMB in the same period last year [2][3] - The adjusted net profit under non-GAAP was 5.8 billion RMB, compared to 13.2 billion RMB in the previous year [2] Business Segments - JD Retail revenue for Q3 2025 was 250.6 billion RMB, accounting for 83.78% of total revenue, with a year-on-year growth of 11.37% [7] - New business revenue, including food delivery, reached 15.6 billion RMB, a year-on-year increase of 213.7%, but incurred a loss of 15.7 billion RMB [4][7] Marketing and Investment - Marketing expenses surged by 110.5% year-on-year to 21.1 billion RMB in Q3 2025, representing 7% of total revenue, up from 3.8% in the previous year [4] - The company aims to optimize internal operational efficiency and improve the unit economic model (UE) while maintaining rationality in a competitive environment [5][6] Future Strategy - JD's CEO expressed a long-term vision for the food delivery business, aiming for it to become an independent and sustainable operation within JD's ecosystem [5][6] - The company is also focusing on building a comprehensive AI capability system, with plans to invest in creating a trillion-scale AI ecosystem over the next three years [8]

"外卖大战"对京东业绩影响有多大？ 11月13日，京东集团发布2025年三季度业绩。财报显示，2025年第三季度，京东集团收入为2991亿元，同比增长14.9%。净利润方面，今年第三 季度归属于普通股股东的净利润为53亿元，去年同期为117亿元；今年三季度非美国通用会计准则下，归属于普通股股东的净利润为58亿元，去年 同期为132亿元。 | | | 截至以下日期止三個月 | | | 截至以下日期止九個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | | | 人民幣 | 人民幣 | 美元 | 人民幣 | 人民幣 | 美元 | | | | | (以百萬計,百分比數據除外) | | | | | 收入： | | | | | | | | 京東零售 | 224.986 | 250.577 | 35.198 | 708.893 | 824.497 | 115.816 | ...