京东集团SEC副主席、京东集团CEO许冉在主题演讲中表示：经过这2年在人工智能上的实践和探索， 京东对人工智能的理解做了升级，认为人工智能的价值=模型×体验×产业厚度的平方。京东不片面追求 运动式的AI，更愿意拥抱长期可持续的、真正为产业创造价值的AI。 9月25日JDD大会工业分论坛上，京东工业联合国研大数据研究院率先在行业内发布工业供应链万亿降 本模型，经测算，供应链数智化会为行业带来6.77万亿元降本空间。基于长期在工业供应链领域的深耕 以及对标行业领先实践，京东工业提出，将通过工业大模型×效率×太璞的平方实现工业供应链万亿元 降本，表达了不断通过技术创新助力各行业降本增效的决心。 系列政策聚焦"人工智能+"和供应链数智化 8月26日，国家印发的《关于深入实施"人工智能+"行动的意见》提出，推动工业全要素智能联动，加快 人工智能在设计、中试、生产、服务、运营全环节落地应用；着力提升全员人工智能素养与技能，推动 各行业形成更多可复用的专家知识；推进工业供应链智能协同，加强自适应供需匹配。 此前，国家多个部门联合印发《加快数智供应链发展专项行动计划》，明确指出促进制造业供应链智能 发展，实施制造业数字化转型 ...

Investment Rating - The report maintains a "Buy" rating for JD [2][13] Core Views - JD's core retail business is expected to show strong growth, with Q1 2025 revenue forecasted to increase by 11.3% year-on-year to RMB 289.4 billion, and adjusted net profit projected at RMB 9.88 billion, corresponding to a net profit margin of 3.4% [6][7] - The expansion of the trade-in policy is anticipated to drive double-digit growth in electrical appliances, with JD Retail's revenue expected to grow by 11.7% year-on-year to RMB 253.4 billion [8][9] - JD is actively investing in new business areas such as takeout services and apparel, aiming to enhance user engagement and profitability [9][10] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2023: RMB 1,084,662 million - 2024: RMB 1,158,819 million - 2025E: RMB 1,247,536 million - 2026E: RMB 1,310,164 million - 2027E: RMB 1,357,644 million - Non-GAAP net profit forecasts: - 2023: RMB 35,200 million - 2024: RMB 47,827 million - 2025E: RMB 51,603 million - 2026E: RMB 55,274 million - 2027E: RMB 57,970 million - The report anticipates a stable operating margin for JD Retail in Q1 2025, with long-term profitability expected to improve as the supply chain system enhances [5][16][12]