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京东集团-SW(09618):零售增长稳健,外卖协同显现
GOLDEN SUN SECURITIES· 2025-08-22 13:11
证券研究报告 | 季报点评 gszqdatemark 2025 08 22 年 月 日 京东集团-SW(09618.HK) 零售增长稳健,外卖协同显现 京东发布 2025Q2 财报业绩。京东 2025Q2 录得收入 3567 亿元,同比增 长 22.4%。按集团构成角度,京东零售/京东物流/新业务各录得收入 3101/516/139 亿元,同比增长 20.6%/16.6%/198.8%。按业务类型角度, 商品收入/服务收入各录得 2824/742 亿元,同比增长 20.7%/29.1%。 公司本季录得合并经营损失总额 8.6 亿元,其中京东零售/京东物流/新业 务经营利润率各 4.5%/3.8%/-106.7%。由于新业务投入,本季公司录得 non-GAAP归母净利74亿元,同比下降49%,non-GAAP净利润率约2.1%。 带电与日百品类延续火热增长态势。京东 2025Q2 实现商品收入 2824 亿 元,同比增长 20.7%。在商品收入中,1)带电品类收入达 1790 亿元,同 比增长 23.4%。报告期内,京东发布 3C 数码"先人一步加速换新计划", 为厂商提供销售支持并满足消费者对 3C 数码新品 ...
网络消费潜力释放,权益保障力度不减—— 营造网络消费放心环境
Jing Ji Ri Bao· 2025-06-27 22:02
Core Viewpoint - The Supreme People's Court has released five typical civil cases related to online consumption, emphasizing the importance of integrity in business operations and the legal protection of consumer rights [1][6]. Group 1: Online Consumption Trends - New business models in the online consumption sector are emerging, leading to various new issues and challenges that require ongoing research [8]. - The 2023 "618" shopping festival highlighted significant changes in online consumption trends, with a shift from price wars to a focus on product quality and value for money [2][6]. - High-tech products, energy-efficient green products, and health-related outdoor products have seen sustained popularity among consumers [2]. Group 2: Legal Challenges and Consumer Rights - Online consumption disputes often involve multiple parties, including platform operators, merchants, payment service providers, and logistics companies, complicating legal relationships [3]. - The Supreme People's Court has established that operators must fulfill their commitments made during live marketing, such as compensation promises, to protect consumer rights [4][5]. - The court has also addressed issues of false advertising and excessive collection of consumer information, holding businesses accountable for misleading practices [6]. Group 3: Regulatory Developments - The State Administration for Market Regulation has proposed a draft for the "Live E-commerce Supervision Management Measures," outlining the responsibilities of platform operators in managing compliance and consumer protection [7]. - There is a call for platforms to enhance their role as gatekeepers, ensuring that marketing practices are transparent and do not mislead consumers [7]. Group 4: Future Directions - The Supreme People's Court plans to increase research efforts in the online consumption sector, aiming to unify judicial standards and improve communication with market regulatory bodies to prevent and resolve disputes [8].
“618”大促启幕;京东集团一季度带电品类收入同比增长17%|未来商业早参
Mei Ri Jing Ji Xin Wen· 2025-05-13 23:35
Group 1: Meituan's Investment in Brazil - Meituan plans to invest $1 billion in Brazil over the next five years to support its "Keeta" delivery service [1] - The "Keeta" service will establish a nationwide instant delivery network in Brazil and provide comprehensive services, diverse marketing tools, and digital operation tools for local restaurant partners [1] - Brazil's large population presents significant potential for the delivery market, but the competition is intense [1] Group 2: JD Group's Q1 Financial Performance - JD Group reported a revenue of 301.1 billion RMB in Q1 2025, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years [2] - The revenue from electronic products grew by 17.1%, while daily consumer goods increased by 14.9% [2] - The number of active users has seen double-digit growth for six consecutive quarters, exceeding 20% [2] Group 3: JD Logistics Q1 Performance - JD Logistics reported a revenue of 46.97 billion RMB in Q1, with a year-on-year growth of 11.5% [3] - Non-IFRS profit reached 751.5 million RMB, reflecting a 13.4% increase [3] - The growth in integrated supply chain customer revenue indicates improved service quality and operational efficiency [3] Group 4: "618" Shopping Festival Launch - JD and Taobao launched the "618" shopping festival, with the pre-sale period starting in mid-May for the first time [4] - Both platforms have innovated their subsidy systems while maintaining traditional discount models, creating a "low price + service + entertainment" consumption ecosystem [4] - The early strategy aims to secure consumers and attract new customers while retaining existing ones, amidst increasing competition from platforms like Douyin and Kuaishou [4]