本文来自微信公众号：太阳照常升起，作者：慕峰，题图来自：AI生成 抖音等平台上的AI短视频越来越多，画质在很短时间内已经有大幅提升。在修仙、科幻、历史三大领 域，AI短视频制作者的创意得到极大发挥。只要有好的创意，现在一个独立制作者堪比曾经一个高画 质影视制作团队。在抖音搜"AI"就可以找到很多这样的个人视频号。 成本很低，几分钟的高质量短视频，目前AI算力成本也就几百元人民币，但从画质看，放在十几年 前， 似乎至少是百万元以上的制作。 尽管现实与研究均显示，AI在很多行业不利于"新人"反而有利于老登。但在AI视频领域，小登们的空间 几乎大到无限。 日本在老龄化的"失去三十年"或称"被追赶期"爆发了二次元大潮。中国大陆的国漫大潮也已开启好几 年，但比起未来的AI视频大潮，很可能现在只是一个开始。 就像在其他很多领域，AI制作正在取代传统人工。个体创作者只要有足够创意，就可以"大片"不断。相 比早期AI制作的幼稚，现在新的作品正在碾压传统视频。 老登们的世界正在加速坍塌。 虽然仍然受限于当前AI视频输出的时间限制，创作者找到了自己的办法，逐渐实现了创作的"连续性"。 这个"赛道"还有无限想象空间。例如，一直流行 ...

Core Viewpoint - JD.com is currently competing in three key areas: AI transformation, entering new market segments, and finding growth within its existing business. The underlying principle of these competitions is speed and efficiency [1]. Financial Performance - JD.com reported a revenue increase of 13.4% year-on-year to 347 billion yuan in Q4 2024. Operating profit under non-GAAP increased by 34.6% to 10.5 billion yuan, with an operating profit margin rising from 2.5% to 3% compared to the same period last year [1]. - The positive financial results were well-received in the capital markets, with JD.com's stock price rising over 6% in pre-market trading following the earnings announcement [1]. Market Expansion - JD.com officially entered the food delivery market shortly before the earnings report and plans to expand into local life group buying, travel, and moving services by early 2025. This move is seen as a direct competition with Meituan and Douyin in the local lifestyle market [1]. - The core e-commerce business, particularly in the 3C (computer, communication, consumer electronics) and daily necessities sectors, showed strong growth, with revenue growth in these categories reaching double digits year-on-year [4]. Marketing and User Growth - Marketing expenditures increased by 28.4% year-on-year to 13.1 billion yuan in Q4 2024, marking the fastest growth in marketing spending since the pandemic began. This contrasts with a 10.3% decline in Q4 2022 and a 9.4% increase in Q4 2023 [4]. - The increase in marketing investment and favorable government policies, such as the trade-in program for digital products, significantly boosted user growth, with active user numbers and shopping frequency both achieving double-digit growth year-on-year [4]. Cost Control and Efficiency - JD.com managed to keep its general and administrative expenses and operating costs below the revenue growth rate, with increases of 3.2% and 11.9%, respectively. This led to a notable improvement in profit margins [5]. - The retail segment's operating profit grew by 44.6% year-on-year to 10.036 billion yuan, marking the fastest growth in operating profit for JD Retail in Q4 since the pandemic [5]. AI Transformation - JD.com is actively pushing for AI integration across its business, with over 800,000 merchants currently using AI tools such as digital humans and AI short videos [2]. - The company has implemented AI in over 100 scenarios internally, with more than 600,000 employees utilizing AI tools based on JD's language model [7]. - The launch of the upgraded digital human technology and various AI applications in e-commerce has significantly improved conversion rates, with some applications exceeding a 300% increase compared to market averages [8]. Competitive Landscape - JD.com is now in direct competition with Meituan and Douyin in the local lifestyle sector, with both companies expanding their service offerings. However, JD.com is still in the early stages of its food delivery and travel services [11]. - The company faces challenges in balancing its resources between its core e-commerce business and new ventures, especially as competitors like Pinduoduo and Alibaba intensify their efforts in the same markets [12][13].