京东最新业绩出炉。 11月13日，京东集团发布2025年三季度业绩。财报显示，三季度，京东集团收入为2991亿元，同比增长14.9%，超出预期。当天美股盘前，京东股价一度 涨近5%，截至发稿，涨幅收窄至约2.5%。 外卖业务：入驻品质餐厅已超过200万家 京东方面介绍，在刚刚结束的2025年京东"11·11"，成交额再创新高，下单用户数增长40%，订单量增长近60%。 三季度，京东的定制重磅新品数量是去年的5倍，家电、美妆、3C等品类定制重磅新品数量大幅增长。京东超市的包销定制产品突破1万种，成交额同比 增长超80%。京东健康全网首发超30款新特药，持续巩固"新特药全网首发第一站"优势。京喜自营正式开启"产业带厂货优选计划"，将推动超10万家工厂 转型升级。京东采销直播订单量同比增长140%，京东店铺直播订单量增长180%。此外，京东汽车联合广汽集团、宁德时代（300750）推出的"国民好 车"埃安UT super，也在京东"11·11"正式开售。 线下业态方面，截至三季度末，京东3C数码门店突破4000家，京东MALL全国已营业门店超过20家，京东电器城市旗舰店超过100家，京东养车门店数量 已近3000家 ...

京东最新业绩出炉。 11月13日，京东集团发布2025年三季度业绩。财报显示，三季度，京东集团收入为2991亿元，同比增长14.9%，超出预期。当天美股盘前，京东股价一度涨近5%， 截至发稿，涨幅收窄至约2.5%。 外卖业务：入驻品质餐厅已超过200万家 京东方面介绍，在刚刚结束的2025年京东"11·11"，成交额再创新高，下单用户数增长40%，订单量增长近60%。 三季度，京东的定制重磅新品数量是去年的5倍，家电、美妆、3C等品类定制重磅新品数量大幅增长。京东超市的包销定制产品突破1万种，成交额同比增长超 80%。京东健康全网首发超30款新特药，持续巩固"新特药全网首发第一站"优势。京喜自营正式开启"产业带厂货优选计划"，将推动超10万家工厂转型升级。京东 采销直播订单量同比增长140%，京东店铺直播订单量增长180%。此外，京东汽车联合广汽集团、宁德时代推出的"国民好车"埃安UT super，也在京东"11·11"正式开 售。 线下业态方面，截至三季度末，京东3C数码门店突破4000家，京东MALL全国已营业门店超过20家，京东电器城市旗舰店超过100家，京东养车门店数量已近3000 家。 不过，在利润 ...

京东持续加大技术投入。截至三季度末，京东体系累计研发投入近1600亿元。供应链基础设施资产规模 达1743亿元，物流网络与智能化设备加速落地。京东物流计划未来5年采购300万台机器人、100万台无 人车和10万架无人机，推动全链路升级。 AI与超级供应链的融合，是AI产业应用的具象化，也是京东的关键战略。京东零售、健康、物流、工 业四大场景的AI应用，正在逐步扩大。京东健康发布行业首款"AI医院1.0"，实现"医检诊药"闭环服 务；京东工业推出工业供应链大模型JoyIndustrial，覆盖汽车制造、能源电池等十大场景，助力产业降 本增效。 京东通过打通"生产-流通-消费"全环节，实现了业务的高效协同与用户规模突破。业内观点认为，随着 技术投入持续转化为产业解决方案，京东有望在零售、健康、物流等多元场景中进一步释放生态潜力。 三季度，京东核心零售业务呈现多引擎驱动。日用百货品类收入同比增长18.8%，增速达行业平均水平 的4倍；商超品类连续7个季度实现双位数增长；服装鞋帽品类增速约为行业的8倍。与此同时，服务收 入同比增长30.8%，创近两年新高，占整体收入比例提升至24.4%。截至三季度末，京东MALL全国 ...

Core Insights - The 11.11 shopping festival has shifted from "discounts + pre-sales" to "direct discounts + immediate sales," reflecting a more straightforward and pragmatic marketing approach in the retail industry [3][5][11] - JD.com reported over 70% year-on-year growth in order volume for 3C products, supported by the new sales model, leading the industry in both sales proportion and growth rate [3][11] - The integration of AI technologies and digital humans in retail operations has significantly enhanced customer service and operational efficiency [7][9][11] Group 1: Sales Model Transformation - The shift to "direct discounts + immediate sales" allows brands with sufficient inventory to capture market share more effectively, while also providing certainty in orders and production cycles for manufacturers [3][5] - This change in sales strategy is a response to previous consumer dissatisfaction with complex marketing tactics, indicating a return to transparency and reliability in retail [5][11] Group 2: Technological Advancements - JD.com has implemented a comprehensive AI ecosystem, JoyAI, which includes over 50 AI tools to empower merchants and enhance consumer services [7][9] - The use of digital humans in customer service and sales has been scaled up, with significant reductions in content production costs and time for brands utilizing these tools [7][11] Group 3: Logistics and Supply Chain Innovations - JD.com has introduced advanced logistics solutions, including the "super brain + wolf pack" intelligent device cluster, which optimizes logistics decision-making and execution [11][12] - The logistics network has been expanded to cover remote areas, significantly improving delivery times, with some regions seeing a 63% reduction in delivery times [11][12] Group 4: New Product Launches and Market Strategy - JD.com is entering the automotive market by collaborating with GAC and CATL to launch a new vehicle, leveraging its strengths in user insights and supply chain management [14][15] - The company has reported a tenfold increase in sales for exclusive custom products during the 11.11 event, highlighting the competitive advantage of supply chain capabilities [15]

Summary of JD.com Conference Call Company Overview - **Company**: JD.com (JD.O) - **Event**: JDDiscovery-2025 Global Technology Explorer Conference - **Date**: September 25, 2025 - **Theme**: "Enjoy AI" Key Industry Insights - **AI Adoption**: China is experiencing an accelerated pace of AI adoption, driven by increased investments from internet and technology platforms [1][2] - **Investment Commitment**: JD.com plans to invest over the next three years to develop a trillion yuan worth of AI ecosystem across various industries [2] - **Value Proposition**: JD's AI solutions are expected to enhance operational efficiency and optimize processes for logistics and e-commerce supply chain partners [1] Core Product Announcements - **JoyAI**: JD introduced its upgraded large model brand, JoyAI, along with three new AI products aimed at individual consumers [3] - **Product Features**: - **Jingxi**: A super-app integrating AI for shopping and local services [5] - **Ta**: A universal digital assistant for answering questions and creating custom AI agents [5] - **JoyInside**: An integrated software-hardware solution for devices to facilitate human-like interactions [6] Industry Applications - **Logistics**: Introduction of the Logistics Super Brain Large Model 2.0 and an intelligent robotic arm to improve logistics efficiency [7] - **Retail**: Launch of the Oxygen e-commerce AI architecture to enhance shopping experiences [8] - **Healthcare**: Release of Jingyi Qianxun 2.0, a medical large model for understanding medical reports [9] - **Industrial**: Introduction of JoyIndustrial, an industrial supply chain large model trained on data from over 57 million products [9] Infrastructure Upgrades - **AI Infrastructure**: JD announced upgrades to three major AI infrastructures, including Digital Human Platform 4.0 and JoyAgent 3.0 [10] Financial Outlook - **Target Price**: US$44, based on a 12x 2026E non-GAAP EPS of US$3.66 [11] - **Market Cap**: US$56,548 million [3] - **Expected Returns**: 25.1% share price return and 3.7% dividend yield [3] Risks and Challenges - **Competition**: Intensifying competition in the e-commerce and food delivery sectors [12] - **Investment Impact**: Heavy investments in logistics and overseas initiatives may affect margins [12] - **Economic Slowdown**: Potential slowdown in China's economy could impact consumer spending [12] Conclusion - JD.com is positioning itself as a leader in AI technology within the e-commerce sector, with significant investments aimed at enhancing operational efficiencies and expanding its AI ecosystem across various industries. The company faces challenges from competition and economic conditions but maintains a positive outlook with a target price reflecting substantial growth potential.

Core Viewpoint - JD Industrial, a B2B procurement platform under JD.com, is set to go public, potentially becoming the sixth listed company under Liu Qiangdong's leadership, with plans to issue up to 253 million shares on the Hong Kong Stock Exchange [2][5][19] Company Overview - JD Industrial has been on its IPO journey for over two years, facing multiple delays and challenges, including a failed initial application and a recent successful registration for overseas issuance [5][6] - The company was established as an independent business unit in 2017 and has evolved significantly since its inception in 2013 [6][8] Financial Performance - Revenue is projected to grow from 14.135 billion RMB in 2022 to 20.398 billion RMB in 2024, with a notable recovery from a net loss of 1.3 billion RMB in 2022 to a profit of 48 million RMB in 2023 [8][10] - The majority of revenue (over 90%) comes from product sales, which have a low gross margin of 10-11%, contrasting sharply with the high margins from service revenue [8][11] Market Position - JD Industrial holds a leading position in the Chinese MRO procurement service market, with a transaction volume approximately three times that of its nearest competitor [11][13] - The company serves around 10,600 key enterprise clients and has a product catalog of approximately 57.1 million SKUs [13] Competitive Landscape - The industrial procurement market is highly competitive, with numerous players and low profit margins, leading JD Industrial to potentially adopt a low-price strategy to gain market share [15][17] - The market is fragmented, with the top ten companies holding less than 1.5% of the total market share, indicating significant competition and opportunities for growth [17] Future Prospects - The IPO proceeds are intended to enhance supply chain capabilities, expand regional operations, and explore potential acquisitions [17] - JD Industrial is also venturing into AI, launching an industrial supply chain model aimed at addressing cost and efficiency issues in the sector [17][18] Investment Interest - JD Industrial has attracted significant investment, raising over $600 million from notable investors, indicating strong market confidence despite its low profit margins [18] - JD Group maintains a controlling stake in JD Industrial, holding approximately 77.32% of the shares [18]

Core Insights - JD.com aims to significantly enhance its technological investments to create a trillion-yuan artificial intelligence ecosystem across various industries [1][3] - The company has developed a comprehensive capability system in AI, including intelligent computing infrastructure, model construction, platform support, application scenarios, and product implementation [1][4] Investment and Financials - In Q2 of this year, JD.com's R&D expenditure reached 5.3 billion yuan, a year-on-year increase of 25.7%, with total R&D investments exceeding 150 billion yuan since 2017 [2] - As of Q2, JD.com's supply chain infrastructure asset scale is nearly 170 billion yuan, providing ample scenarios for technology application [2] AI Product Launches - JD.com introduced several AI products at the conference, including the shopping assistant "Jingxi," the universal digital assistant app "Tata," and the embodied intelligent application "JoyInside" [3] - A notable demonstration involved the "Tata" assistant successfully placing an order for 100 cups of coffee through voice commands, showcasing practical value in real-world scenarios [3] Supply Chain Transformation - JD.com is focused on reshaping supply chains through AI, with successful applications in retail, logistics, healthcare, and industrial sectors [4][5] - The company unveiled the e-commerce innovation AI architecture system "Oxygen," which leverages the JoyAI model to enhance e-commerce shopping and supply chain management [4] - In logistics, the upgraded Super Brain Model 2.0 has improved operational efficiency by enabling autonomous decision-making and multi-device collaboration [4] Healthcare and Industrial Applications - JD Health's "Jingyi Qianxun 2.0" is the first medical model to achieve credible reasoning and multimodal capabilities, while the AI hospital 1.0 offers comprehensive services [5] - The "JoyIndustrial" model, trained on 57.1 million industrial SKU data, serves over 10,000 industrial enterprises, helping reduce supply chain costs and improve operational efficiency [5] Strategic Vision - JD.com plans to continue investing in AI over the next three years to foster a trillion-yuan AI ecosystem and open its supply chain data for training and application testing [3][5] - The company emphasizes a long-term, sustainable approach to AI that creates real value for industries rather than pursuing short-term gains [2]

Core Insights - JD.com has launched three major AI products and upgraded deep application platforms at the JDD conference, committing to invest in AI development over the next three years to foster a trillion-scale AI ecosystem [1][12][17] - The company's "scene-driven" strategy has proven effective, validating AI applications within its supply chain before systematically outputting these capabilities [3][7][17] AI Development and Applications - JD.com has successfully integrated self-developed AI capabilities into its core business scenarios, particularly in logistics, where the upgraded logistics brain 2.0 has transformed operations from manual processes to data-driven dynamic decision-making [4][5][7] - The logistics brain 2.0 has improved operational standardization by 15%, increased frontline efficiency by nearly 20%, and enhanced human-machine collaboration efficiency by over 20% [4][5] Industrial and Healthcare Applications - In the industrial sector, JD's JoyIndustrial model has embedded AI throughout the supply chain, covering over 57.1 million industrial product SKUs and generating more than 40 intelligent applications [4][5] - The healthcare model, 京医千询2.0, emphasizes trust and clinical credibility, integrating evidence-based medicine into its diagnostic processes [5][6] Retail Innovations - JD.com has applied AI in retail to enhance consumer decision-making through personalized recommendations and reliable purchasing experiences, reducing return rates and losses for merchants [6][12] - The company has developed AI applications like AI shopping and AI fitting to streamline the shopping experience for consumers [6][12] Product and Platform Launches - The launch of three AI products and three deep application platforms signifies JD's transition from internal use to external empowerment, targeting various business sectors [8][12] - JoyAI's capabilities have led to the development of consumer-facing applications that integrate online and offline services, enhancing user interaction [8][9] Open Source and Industry Impact - JD.com has introduced JoyAgent 3.0, a fully open-source enterprise-level intelligent agent, and JoyCode 2.0, an automated programming platform, to lower the barriers for AI application across industries [9][11] - The company's open-source strategy aims to share its AI capabilities and experiences with various industries, promoting widespread adoption of AI technologies [12][14] Strategic Direction - JD's AI strategy emphasizes the importance of embedding AI in real-world scenarios, focusing on practical applications rather than just technical specifications [13][14][17] - The company aims to lead the industry by refining its AI capabilities through self-use and then enabling external partners to leverage these advancements [17]

"2023年的JDD大会上，我们提出了一个公式：大模型的价值=算法×算力×数据×产业厚度的平方；经过这两年在人工智能上的实践和探索，我们也更新了对 人工智能价值的理解，我们认为人工智能的价值=模型×体验×产业厚度的平方。" 京东集团SEC副主席、京东集团CEO许冉在主题演讲中表示，京东不片面 追求运动式的AI，追求的是可持续发展、真正为产业创造价值的AI。 当前，AI正在重构各个产业的供应链。基于供应链及各个产业场景的创新，京东在智算基础设施、模型、平台、场景和产品领域不断地积累能力。此次大 会上，京东围绕全新升级的大模型品牌JoyAI发布了三大AI产品，四大场景深度AI应用以及多个技术平台。 齐鲁晚报·齐鲁壹点记者 蔡宇丹 8月，国务院发布了《关于深入实施"人工智能+"行动的意见》。这份顶层设计明确指出，到2027年，新一代智能终端、智能体的应用普及率超70%。 这样智能体到底长什么样？能耐有多大？9月25日，在2025京东全球科技探索者大会上，京东系统展示了其AI整体战略布局。在这场大会上，一系列服务于 电商、医疗、工业采购、本地生活的智能体亮相。京东方面表示，未来三年将持续投入，带动各个产业形成万亿规模 ...