把国内跑通的模式搬到欧洲。 作者丨冯汝梅 编辑丨关雎 2026 年 3 月 16 日，京东集团宣布，在欧洲正式推出线上零售品牌 Joybuy ，目前已覆盖英国、德 国、法国、荷兰、比利时、卢森堡六国。 京东的意图很明确：把国内跑通的那套模式搬到欧洲——自营采购、自建仓库、自营配送，用"上午 下单，下午收货"的" 211 "限时达服务，在时效和服务确定性上拉开差距。 这是一条更难、也更"京东"的路：以重资产自营模式，进入一个由亚马逊主导、各国本土平台割据的 成熟市场。 这不是京东第一次尝试 进入欧洲市场 。 早在 2015 年，京东就曾以 Joybuy 品牌试水欧洲跨境电商 市场 ； 2022 年， 又 以全新品牌 o chama 再度入局欧洲， 但都效果不佳 。 历经多轮探索，京东逐步明确了欧洲市场的布局节奏。 上线后不久， Joybuy 在英国、德国、法国等六国登顶 iOS 购物应用下载榜，在消费者评价网站 Trustpilot 上的评分也超过 4.5 分（满分 5 分）。 Joybuy "重资产"归来 很多人对 Joybuy 的认知，还停留在早年京东跨境业务的旧品牌。 2015 年上线时， Joybuy ...

Core Viewpoint - JD's overseas e-commerce platform Joybuy has successfully attracted its first batch of loyal users in Europe by leveraging its "next-day delivery" service, despite facing challenges related to profitability and logistics network utilization [3][5][11]. Group 1: Logistics and User Experience - Joybuy's competitive edge lies in its superior delivery speed, lower free shipping thresholds, and enhanced service experience compared to European competitors [5][6]. - The platform has established over 60 logistics warehouses and delivery stations in Europe, implementing a heavy asset model similar to its domestic operations [6][12]. - Joybuy's logistics service, JoyExpress, has received positive feedback for its customer service, including real-time tracking and efficient delivery practices [7][12]. Group 2: Market Position and Competition - Joybuy's entry into the European market is driven by the region's stable e-commerce growth and JD's ability to replicate its successful domestic model [7][10]. - The platform faces significant competition from established players like Amazon and local retailers, which have built strong customer bases over the years [13]. - Amazon has invested over €225 billion in the EU and is actively enhancing its logistics capabilities, posing a challenge for Joybuy to differentiate itself [13]. Group 3: Challenges and Investment - Joybuy encounters challenges such as stock shortages, inconsistent SKU availability across countries, and excessive packaging issues [9][12]. - The heavy asset model requires substantial ongoing investment, with potential for prolonged losses due to high operational costs and lower market density in Europe [12]. - JD's strategy includes acquiring local brands, such as the €2.2 billion purchase of CECONOMY, to strengthen its market presence [10].

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - The government work report emphasizes the development of new productive forces tailored to local conditions, highlighting investment opportunities in low-altitude economy and Robotaxi themes [2][15] - Xunqi Technology's V1000 hybrid eVTOL has been unveiled, with a range of over 1,000 kilometers, opening up intercity low-altitude application space [2][16] - JD Logistics is projected to achieve revenues exceeding 217.1 billion yuan in 2025, with its JoyExpress brand expanding into key markets in Europe and the Middle East [2][17] - The recovery of flights between China and the Middle East shows significant disparities, with supply of international routes in the region under short-term pressure [2][19] - The shipping industry is experiencing disruptions due to the paralysis of the Strait of Hormuz, leading to active demand shifts to the Atlantic routes [2][25] Summary by Sections Recent Industry Hotspots - The government work report during the Two Sessions focuses on developing new productive forces, with low-altitude economy and Robotaxi as key investment themes [13] - The V1000 hybrid eVTOL from Xunqi Technology is the first large hybrid eVTOL to receive acceptance from the Civil Aviation Administration of China, advancing towards commercial applications [15][16] - JD Logistics reported a revenue of 217.1 billion yuan for 2025, marking an 18.8% year-on-year growth, with significant international expansion [17][18] - The recovery of flights to the Middle East is uneven, with a drastic reduction in flight numbers and capacity concentrated among a few airlines [19] - The shipping market is facing disruptions due to geopolitical tensions, with significant increases in shipping rates as demand shifts to alternative routes [25][27] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has shown a month-on-month decline, while the Shanghai outbound air freight price index has increased year-on-year [29] - Domestic cargo flight operations have increased year-on-year, with a notable rise in international cargo flights as well [31] - The shipping market is seeing a rise in container shipping rates, while dry bulk rates have decreased, and oil shipping rates have increased [36][42] - The express delivery sector has seen a slight increase in business volume and revenue, with a year-on-year growth of 2.3% in December 2025 [51] - The average daily international flights have shown a year-on-year increase, despite a month-on-month decline [82] Investment Recommendations - The report suggests focusing on investment opportunities in low-altitude economy and autonomous driving sectors, recommending companies like Zhongxin Haizhi and Shunfeng Holdings [4] - It highlights opportunities in the shipping sector due to the evolving situation in the Middle East, recommending companies such as China Merchants Energy and COSCO Shipping Energy [4] - The report also recommends exploring international market expansion in express logistics, with a focus on companies like Shunfeng Holdings and Jitu Express [4] - Investment opportunities in high-speed rail and highway sectors are also suggested, with recommendations for companies like Beijing-Shanghai High-Speed Railway [4]

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - The government work report emphasizes the development of new productive forces tailored to local conditions, highlighting investment opportunities in low-altitude economy and Robotaxi themes [2][15] - Xunqi Technology's V1000 hybrid eVTOL has been unveiled, with a range of over 1,000 kilometers, opening up intercity low-altitude application space [2][16] - JD Logistics is projected to surpass 217.1 billion yuan in revenue by 2025, with its JoyExpress brand entering key markets in Europe and the Middle East [2][17] - The recovery of flights between China and the Middle East shows significant disparities, with supply of international routes under pressure in the short term [2][19] - The shipping industry is experiencing disruptions due to the paralysis of the Strait of Hormuz, leading to active demand shifts to the Atlantic routes [2][25] Summary by Sections Recent Industry Hotspots - The government report during the Two Sessions focuses on developing new productive forces, with low-altitude economy and Robotaxi as key investment themes [13] - The V1000 hybrid eVTOL from Xunqi Technology is the first large hybrid eVTOL to receive acceptance from the Civil Aviation Administration of China, advancing towards commercial applications [15][16] - JD Logistics reported a revenue of 217.1 billion yuan for 2025, with significant growth in its overseas warehouse network [17][18] - The flight recovery between China and the Middle East is uneven, with a notable reduction in flight frequencies [19] - Shipping activities in the Strait of Hormuz are severely impacted, causing a shift in demand to the Atlantic routes [25][26] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has shown a month-on-month decline, while the Shanghai outbound air freight price index has increased slightly [29] - Domestic cargo flight operations have increased year-on-year, with international flights also showing growth [31] - The shipping market is seeing a rise in container shipping rates, while dry bulk rates have decreased [36] - The average daily flight operations for international flights have shown a year-on-year increase, despite a month-on-month decline [82] Investment Recommendations - The report suggests focusing on investment opportunities in low-altitude economy and autonomous driving sectors, recommending companies like Zhongxin Haizhi and Shunfeng Holdings [4] - It highlights potential in the shipping sector due to evolving Middle Eastern geopolitical situations, recommending companies such as China Merchants Energy and COSCO Shipping Energy [4][27] - The report also points to opportunities in international express logistics, recommending Shunfeng Holdings and Jitu Express [4] - Investment opportunities in high-speed rail and highways are also noted, with recommendations for companies like Beijing-Shanghai High-Speed Railway [4]

Summary of JD.com Conference Call Company Overview - **Company**: JD.com - **Date**: March 5, 2026 Key Points Industry and Business Strategy - JD.com positions its food delivery and instant retail as a long-term strategic focus, with expected investment in 2026 to decrease compared to 2025, while loss rates continue to narrow, with Q4 showing a nearly 20% sequential reduction in losses [2][7] - The company aims for a high single-digit profit margin in the long term, driven by improvements in supply chain gross margins, growth in high-margin advertising business, and cost reductions through AI [2][7] - JD's international business, Joybuy, is set to launch in March as a comprehensive platform in Europe, offering same-day/next-day delivery through JoyExpress in Germany, France, and the Netherlands, enhancing overseas retail logistics collaboration [2][8] Financial Performance and Projections - JD.com anticipates a total shareholder return of $4.4 billion in 2025, including $1.4 billion in cash dividends and $3 billion in share buybacks, representing a 6.3% cancellation ratio [2][11] - The company expects double-digit growth in its daily necessities category for five consecutive quarters, with optimistic projections for 2026, supported by its 1P model's pricing power, quality control, and high-quality fulfillment experience [2][8] Unit Economic Efficiency (UE) Improvement - The path to improving unit economic efficiency is clear, focusing on diversifying revenue sources, optimizing subsidy efficiency, and enhancing delivery efficiency [4][5] - JD.com emphasizes a "high-quality all-category delivery" business model, leveraging a full-time rider system to ensure service quality and integrating urban ecosystems to maximize supply chain advantages [5] AI and Technology Integration - AI applications are reshaping competitive advantages, with search volume for JoyInside during the Double Eleven shopping festival increasing 24 times compared to the 618 event, indicating significant improvements in operational efficiency [2][10] - The company is committed to leveraging AI for automating procurement, pricing, inventory management, and enhancing search recommendations, thereby driving new consumption potential [10] Regulatory Environment - JD.com welcomes regulatory measures aimed at maintaining a fair competitive market, viewing them as beneficial for the industry's healthy development [5][12] - The company believes that a normalized regulatory environment will prevent bad practices and create growth opportunities, emphasizing the importance of sustainable business models [12] Future Outlook - JD.com maintains confidence in the long-term prospects of its new businesses, including food delivery and international operations, while balancing investment and profitability [6][7] - The company plans to continue investing in its core retail business while optimizing investments in new ventures, with expectations of improved unit economics in 2026 [6][7] Shareholder Returns - JD.com is committed to returning value to shareholders through stable dividends and share buybacks, while also focusing on healthy business growth and long-term strategic investments [11] Conclusion - JD.com is strategically positioned to leverage its supply chain capabilities, AI technology, and regulatory compliance to enhance its competitive edge and drive sustainable growth in the evolving e-commerce landscape [2][10][12]

Core Insights - JD Logistics achieved a total revenue of 217.1 billion yuan in 2025, marking an 18.8% year-on-year growth and a net profit of 7.71 billion yuan [1] Group 1: Integrated Supply Chain Business - The integrated supply chain business generated 116.2 billion yuan in revenue, a 33.0% increase year-on-year, and accounted for 53.5% of total revenue, up from 47.8% the previous year [2] - Revenue from external integrated supply chain clients reached 35.9 billion yuan, growing by 11.2%, with the number of clients exceeding 91,000, a 13.0% increase [2] - The average revenue per client was 394,000 yuan, and the fourth quarter saw a remarkable 44.5% year-on-year growth in client revenue, indicating accelerated business growth [3] Group 2: Global Expansion and Operational Efficiency - JD Logistics successfully doubled its self-operated overseas warehouse area, with nearly 200 warehouses globally, covering 25 countries and regions [4] - The company launched its self-operated express brand "JoyExpress" in key European and Middle Eastern markets, achieving full coverage of "211 time-limited delivery" services [4] - The first overseas "Smart Wolf Warehouse" in the UK has been put into operation, demonstrating the global replicability of its automated solutions [4] Group 3: Cost Management and Future Investments - The gross profit margin for JD Logistics decreased to 9.1% from 10.2% the previous year, with operating costs rising by 20.3% to 197.4 billion yuan, outpacing revenue growth [4] - Employee compensation and benefits reached 79.9 billion yuan, a 29.8% increase, reflecting the growth in the number of full-time delivery personnel [4] - The company plans to invest 22 billion yuan over the next five years to provide 150,000 "Little Brother Homes" to improve living conditions for delivery personnel [4][5] - JD Logistics aims to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [5]

Core Viewpoint - JD Logistics reported strong annual performance with total revenue reaching 217.1 billion yuan, a year-on-year increase of 18.8%, and adjusted net profit of 7.71 billion yuan, indicating robust growth in the logistics sector [1] Financial Performance - Total revenue for the year was 217.1 billion yuan, reflecting an 18.8% year-on-year growth [1] - Adjusted net profit reached 7.71 billion yuan, showcasing significant profitability [1] - In the fourth quarter, integrated supply chain revenue grew by 44.5% year-on-year, leading the industry [1] Strategic Developments - By December 31, 2025, JD Logistics plans to operate over 1,600 warehouses with a total managed storage area exceeding 34 million square meters [1] - The company successfully achieved its strategic goal of doubling self-operated overseas warehouse area, with new warehouses opened in multiple countries including the USA, UK, France, Poland, South Korea, Vietnam, and Saudi Arabia [1] - As of the end of 2025, JD Logistics aims to cover 25 countries and regions globally [1] - The company launched its self-operated express brand "JoyExpress" in key countries such as Saudi Arabia, the UK, France, Germany, and the Netherlands [1]

Core Insights - JD Logistics reported a total revenue of 217.1 billion yuan for 2025, marking an 18.8% year-on-year growth, with an adjusted net profit of 7.71 billion yuan, showcasing strong performance [1] - The company continues to lead the industry in integrated supply chain services, with a 44.5% year-on-year growth in integrated supply chain revenue in Q4 2025 [1][2] Revenue Growth - Integrated supply chain logistics service revenue reached 116.2 billion yuan in 2025, reflecting a 33% increase [2] - The number of external integrated supply chain customers exceeded 90,000, growing by 13% [2] - Revenue from other customers, including express and freight services, amounted to 100.9 billion yuan, demonstrating steady growth [2] Service Capability Enhancement - JD Logistics upgraded its supply chain warehousing and distribution services in May 2025, introducing three new products: 211 warehousing, express warehousing, and preferential warehousing, improving service efficiency [2] - The company successfully expanded its service capabilities in the luxury goods sector, achieving a 20% reduction in logistics costs for a global luxury brand through integrated warehousing and distribution services [4] - In the home appliance sector, revenue from a leading brand grew over 300% due to enhanced service offerings [4] Infrastructure and Technology - By the end of 2025, JD Logistics operated over 3,600 logistics warehouses with a total management area exceeding 34 million square meters [4] - The company has implemented advanced technologies such as intelligent sorting and autonomous delivery vehicles, showcasing its logistics technology strength [4][10] - JD Logistics plans to procure 3 million robots, 1 million autonomous vehicles, and 100,000 drones over the next five years to enhance its logistics capabilities [12] International Expansion - JD Logistics is actively expanding its overseas integrated supply chain, establishing new self-operated warehouses in countries like the USA, UK, France, and Saudi Arabia [6] - The company launched its self-operated express brand "JoyExpress" in several European and Middle Eastern countries, achieving "211 limited-time delivery" [6][8] - New international freight routes have been opened, enhancing cross-border transportation capabilities [8] Automation and Innovation - The company has successfully implemented its "Smart Wolf" solution in over 20 cities, significantly improving storage density and operational efficiency [10] - JD Logistics has normalized the use of autonomous delivery technology, with thousands of autonomous vehicles operating across more than 20 provinces [12] - The company emphasizes continuous investment in R&D, with a dedicated team focused on technological innovation to drive long-term efficiency and profit improvement [12]

Industry Overview - The global humanoid robot market is expected to see a shipment of approximately 17,800 units by 2025, representing a year-on-year growth of 508%, with a market sales value of around $440 million [1] - Chinese manufacturers dominate the market, with Zhiyuan Robotics and Yushu Technology shipping about 5,000 units combined, leading the industry [1] - The commercial application of humanoid robots is primarily focused on entertainment, education, and data collection [1] Digital Trade - China's digital service trade surplus is projected to double by 2025, reaching approximately $33 billion, driven by the expansion of cloud computing and AI sectors [2] - The surplus in telecommunications, computer, and information services is expected to be around $31.8 billion, with a year-on-year increase of nearly 30% [2] - Major Chinese tech companies like Alibaba and ByteDance are establishing robust overseas business systems in e-commerce, gaming, and social networking [2] E-commerce and Logistics - Taobao's overseas sales during the New Year festival increased by over 40% compared to the previous year, with significant growth in pet and automotive accessories [3] - JD.com has launched its self-built logistics network, JoyExpress, in Europe, covering major cities and offering same-day and next-day delivery services [7] - Cainiao has initiated Spring Festival logistics guarantees, providing rapid delivery services across over 200 cities in China [8] Automotive Industry - BYD has officially entered the Egyptian market, aiming for overseas sales of 1.3 million units by 2026, a nearly 25% increase from the previous target [6] - AITO Wenjie has partnered with Abu Dhabi Motors to enter the UAE market, marking a significant step in its global strategy [9] - The collaboration between Tencent and Uber expands Tencent's ride-hailing service to over 20 countries, enhancing user accessibility [10] Strategic Partnerships - Midea Group has signed a strategic agreement with CMA CGM to enhance cross-border logistics and technology innovation between China and the U.S. [13] - Temu has partnered with DEKRA to improve compliance and safety standards for electronic products on its platform [11][12] - Miaokelando has collaborated with SADAFCO to explore the children's cheese snack market in Saudi Arabia, leveraging local distribution channels [14]

Group 1 - The core viewpoint of the news highlights recent regulatory dynamics and strategic initiatives by JD.com, including a significant investment in employee benefits and logistics infrastructure [1] - On February 13, the State Administration for Market Regulation held discussions with JD.com and other major platforms to enforce compliance with promotional practices and curb "involution" competition [1] - JD.com announced a plan to invest over 22 billion yuan in building 150,000 "Xiao Ge Homes" over the next five years and emphasized ongoing investments in AI and logistics, including the procurement of 3 million robots [1] Group 2 - JD.com's stock price has shown a downward trend, closing at 106.40 HKD on February 13, down 1.85%, and further declining to 105.90 HKD by February 16, with a total drop of 1.85% over five days [2] - The stock's decline is attributed to a weak overall market, with the Hang Seng Index dropping 1.72% during the same period, alongside concerns regarding short-term performance and new business investments [2] - JD.com's valuation remains low, with a TTM price-to-earnings ratio of 8.52, despite positive initiatives such as the employee welfare plan [2]