出品丨大V商业 王振辉重回京东物流担任CEO。 文丨周铭 正如当年王振辉在京东物流上市前夕辞任带给行业的震惊，如今重回京东物流担任CEO再次给业界带来了疑惑。 2025年11月13日，京东物流发布了一则震动业界的人事公告：胡伟已辞任执行董事、首席执行官，自当日起生效，并将于京东集团担任其他职务。 这两个人的"换防"在当时的京东有着关键的象征意义。 接替他的，是王振辉。 这位在上市前夕关键时刻离开了自己一手带大的京东物流前CEO，如今在京东多方出击、多个业务面临"危"和"难"的关键时刻，再次回归对京东物流来说 意味着什么？ 我们认为，出海欧洲成为京东的重要战略后，海外物流的建设会成为主攻方向，这也是京东在欧洲市场和已经建立起规模的速卖通AliExpress以及 TEMU、Shein差异化竞争的优势。 一个关键的信息是，京东物流在2025H1报告中首次提到了在中东推出了快递品牌JoyExpress，这也是京东物流在海外开始从仓到配的转变。 那么谁来打这场仗，王振辉可能是不二人选。 作为京东物流的原CEO，也是刘强东复出后启用的老将之一，有意思的是，原先的京东3C负责人闫小兵也在23年回归，这让刘强东的这次用人调任 ...

Core Insights - JD.com reported total revenues of RMB299.1 billion in 3Q25, a 14.9% year-over-year increase, exceeding market expectations by 1.6% [1] - Non-GAAP net profit reached RMB5.8 billion, which is 39.5% above the consensus estimate of RMB4.15 billion [1] - JD Retail achieved a record gross profit margin of 5.9% in 3Q25, driven by stronger 3P commission and advertising revenue [2] Financial Performance - GAAP gross profit grew 12.1% year-over-year to RMB50.5 billion, with a gross margin of 16.9% [1] - Non-GAAP operating profit was RMB211 million, reflecting a 0.1% margin, supported by higher revenue and improved gross profit [1] - JD Retail revenue rose 11% year-over-year, with significant growth in general merchandise, particularly in supermarkets and apparel [2] Business Segments - The New Businesses segment reported an operating loss of RMB15.7 billion in 3Q25, with a focus on balancing long-term expansion and profit discipline [3] - JD Food Delivery is optimizing operational efficiency and is expected to narrow quarterly losses in the future [3] - Joybuy is expanding in Europe, currently testing operations in the UK, France, Germany, and the Netherlands [3] Technological Advancements - JD has launched new AI products and upgraded its retail technology infrastructure, enhancing operational efficiency [4] - The AI customer service system handled 4.2 billion inquiries during the Singles' Day festival, showcasing significant operational capabilities [4] - JD Logistics expanded the deployment of automation robots and robovans across over 20 provinces [4] Valuation and Market Position - JD's core business remains stable, but profit growth is expected to moderate to around 10% as trade-in benefits taper [5] - JD trades at US$30.71 per ADS, with an enterprise value of US$32.55 billion, representing a discount to peers valued at 16x and 21x EV/EBITDA for CY2025 and CY2026, respectively [5] - Consensus forecasts CY2025 EBITDA at US$2.92 billion and CY2026 EBITDA at US$5.57 billion [5]

Core Insights - JD.com reported Q3 2025 net revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, with net profit attributable to ordinary shareholders at 5.3 billion yuan, down from 11.7 billion yuan in the same period last year [1] - The company emphasized the impact of the "National Subsidy" policy on consumer demand, particularly in the home appliance and computer categories, which has led to a high base effect for growth [2][3] - JD.com is focusing on product innovation, competitive pricing, and enhanced service experiences to strengthen its market position and user engagement [2][3] Financial Performance - The adjusted net profit for Q3 2025 was 5.8 billion yuan, compared to 13.2 billion yuan in Q3 2024 [1] - The company aims to maintain a healthy profit margin through supply chain efficiency and collaboration with brands [3][16] - JD's retail gross margin has shown a steady increase over 14 consecutive quarters, indicating a positive trend in profitability [16] Market Strategy - JD.com is actively expanding its international presence, particularly in Europe, through its Joybuy platform, which has begun operations in several countries [4][5] - The company plans to leverage its supply chain advantages to support Chinese brands entering international markets [4] - JD's strategy includes enhancing user experience and operational efficiency in its international business while maintaining a controlled investment approach [6] E-commerce and User Engagement - The company reported a significant increase in active users, surpassing 700 million, with a strong growth rate in daily active users [11] - The collaboration between JD's food delivery service and its core retail business is expected to enhance user engagement and cross-category shopping behavior [10][12] - The introduction of the "Seven Fresh Kitchen" model aims to address food safety concerns and improve user experience in the food delivery segment [7][8] Product Categories and Growth - JD's daily necessities category has achieved double-digit growth for four consecutive quarters, indicating strong demand and market potential [9] - The company is focusing on enhancing its supermarket and fashion categories through targeted marketing and improved supply chain capabilities [9][15] - JD's platform ecosystem is expanding, with a notable increase in the number of active third-party merchants, contributing to revenue growth from commissions and advertising [14][15]

Core Insights - JD's cross-border e-commerce platform Ochama has officially ceased operations in Europe as of August 23, 2025, with user data migration starting from August 15, 2025 [1] - The closure is part of a brand upgrade strategy, integrating Ochama into another cross-border brand, Joybuy, which will now focus on six core European countries [1][2] - Joybuy's strategy reflects JD's approach to consolidate resources and reduce operational costs while aiming for efficiency in cross-border business [2][3] Business Strategy - Joybuy is accelerating its return to mainstream European markets, having recently launched in France and planning to enter Germany soon [2] - The integration of Ochama into Joybuy allows JD to lower fixed costs and focus on its core strengths in supply chain selection, online operations, and cross-border logistics [3] - The move to consolidate brands is seen as a way for JD to clarify its overseas business direction and enhance its chances of survival in the competitive European market [3] Historical Context - Joybuy has undergone multiple strategic iterations since its launch in 2015, transitioning from a pure online platform to a B2B cross-border model and back to a self-operated model [4] - Previous attempts to establish a foothold in Europe faced challenges due to high operational costs and cultural differences, leading to the closure of Joybuy in 2021 and 2022 [4] Market Positioning - JD's investment in CECONOMY indicates a strategic shift towards leveraging existing local resources and customer bases rather than competing directly with major players like Amazon [5] - The strategy of "one advance, one retreat" involves consolidating operations in core markets while reducing exposure in less favorable areas [6] - By integrating Ochama into Joybuy, JD aims to build a localized e-commerce ecosystem in Europe, enhancing delivery capabilities and service efficiency [6] Competitive Landscape - Joybuy's success in Europe will depend on its ability to differentiate itself from competitors like Amazon, Temu, and local giants such as Otto and Cdiscount [7] - The European e-commerce market is diverse, with varying consumer habits across countries, necessitating a tailored approach for Joybuy to capture market share [7]

Core Insights - JD.com is actively pursuing expansion in Europe, engaging in negotiations to acquire Argos Retail Group from Sainsbury's, but discussions were terminated due to modified terms not aligning with stakeholder interests [1][2] - The company has also signed an investment agreement with Ceconomy, aiming for a significant acquisition that could reshape its European presence [2][3] Group 1: Acquisition Efforts - Sainsbury's confirmed negotiations with JD.com regarding the potential sale of Argos, emphasizing the expected benefits of JD's retail and logistics expertise [1] - Following a revised proposal from JD.com, Sainsbury's decided to end negotiations, citing misalignment with stakeholder interests [1] - JD.com has previously attempted to acquire Ceconomy, and a formal investment agreement was signed, with a cash offer of €4.60 per share, valuing Ceconomy at €2.2 billion [2][3] Group 2: Market Strategy - JD.com is focusing on localizing its operations in Europe, having established a cross-border platform, Joybuy, which aims to enhance customer experience through rapid delivery services [3][4] - The company plans to consolidate its European operations by integrating its logistics and data from the Ochama platform into Joybuy, while narrowing its focus to six key markets [3][5] - JD.com’s international strategy has shifted from cross-border export to local operations, leveraging acquisitions to build a localized supply chain [6][7] Group 3: Challenges and Future Outlook - The competitive landscape in Europe is intense, with established players like Amazon and local e-commerce firms posing significant challenges [6][7] - The termination of negotiations with Argos adds uncertainty to JD.com's acquisition strategy in Europe, raising questions about its ability to effectively integrate and optimize resources post-acquisition [7]

Group 1 - The U.S. has suspended tax exemptions on imported packages valued under $800, causing significant cost pressures in the cross-border e-commerce sector [1] - Many e-commerce companies are leveraging artificial intelligence (AI) technology to mitigate these cost challenges [1][2] - There is a growing interest from foreign clients in sourcing products from China, with Alibaba's 1688 platform facilitating direct connections between foreign buyers and Chinese manufacturers [1] Group 2 - The cancellation of the tax exemption has led to a shift in order sizes, with foreign clients opting for smaller, more frequent orders to reduce risk [2] - AI applications introduced by Alibaba are streamlining the process for merchants, allowing them to handle increased order volumes with reduced workload [2] - The cross-border e-commerce sector is experiencing rapid growth, with over 7 million cross-border users and a transaction scale exceeding 300 billion yuan [2] Group 3 - JD.com is also showcasing its cross-border e-commerce platforms at the trade fair, highlighting its AI technology and international retail operations [3] - The removal of the tax exemption is expected to reshape the business model of cross-border e-commerce, prompting a focus on refined management and technology-driven growth [3]

Core Insights - JD.com has made a formal acquisition offer to European company CECONOMY, valuing the deal at approximately €4.6 per share, totaling around €2.2 billion (184 billion RMB) [1][3] - The acquisition price represents a 42.6% premium over the three-month volume-weighted average price (VWAP) as of July 23, 2025, indicating a strategic move despite JD's significant losses in its new business segments [3][10] - JD's internationalization efforts have faced challenges, with frequent management changes and a lack of consistent strategy, highlighting the difficulties of expanding overseas [4][5][10] Company Strategy - JD's international strategy has shifted focus from Russia and Southeast Asia to Europe, aiming to leverage existing brand resources and sales networks through acquisitions [10][11] - The company plans to build a supply chain fulfillment system and overseas warehousing network, emphasizing logistics as a key component of its global strategy [10][11] - JD's approach to internationalization will follow a "self-built + acquisition" model, focusing on local e-commerce rather than cross-border e-commerce, which may limit differentiation in foreign markets [15][16] Market Context - The competitive landscape in the domestic e-commerce sector is more intense than in foreign markets, where established players like Amazon still hold significant market share [11][12] - JD's reliance on domestic business models may not translate effectively to international markets, as evidenced by past failures of similar strategies by other Chinese companies [12][13] - Successful international players like Shein and Temu have established differentiated strategies rather than merely replicating domestic models, suggesting that JD must adapt to local market conditions to succeed [20][22][23]

Group 1 - JD Group announced a voluntary public takeover offer for CECONOMY's shares at a price of €4.60 per share, valuing the transaction at €2.2 billion, which exceeds 18 billion RMB [1][4] - The acquisition aims to enhance CECONOMY's digital transformation, leveraging JD's expertise in digital technology, omnichannel retail experience, and logistics [4] - CECONOMY operates over 1,000 physical stores across 11 European countries and has struggled with sales growth, with a compound annual growth rate of only 0.8% from 2022 to 2024 [4] Group 2 - JD's internationalization efforts have intensified, with the launch of the Ochama omnichannel retail brand in Europe and the reintroduction of the Joybuy online retail brand [5] - The company has initiated a "100 billion, 1,000 products new growth plan" to introduce 1,000 overseas brands over the next three years, aiming for a cumulative sales growth of 10 billion RMB [5] - JD completed the acquisition of Hong Kong-based supermarket chain Jia Bao Foods, establishing a new business unit focused on innovative retail [5]

Group 1 - Didi's Q2 orders increased by 15.2% year-on-year, with international business daily orders reaching 11.96 million [4][6] - JD's cross-border e-commerce brand Joybuy launched in France and plans to enter Germany next [4][6] - Temu topped Brazil's e-commerce traffic with 410 million visits, a 70% increase month-on-month [4][6] Group 2 - TikTok Shop upgraded logistics in Southeast Asia to offer next-day delivery services [7] - Leapmotor's European manufacturing base will be established in Zaragoza, Spain, with production expected to start in Q3 2024 [7] - BYD announced plans to build an assembly plant in Malaysia, expected to start production in 2026 [7] Group 3 - Feishu upgraded its overseas solutions and signed contracts with eight companies in South China [8] - Junsheng Electronics partnered with Alibaba Cloud for AI collaboration to develop intelligent robots [8] - DramaWave's annual revenue surpassed $240 million, positioning it as a leader in the overseas short drama market [8] Group 4 - Haicheng Energy's cumulative shipment exceeded 100 GWh, with a global service network covering over 20 countries [9] - Meikaman completed nearly 500 million yuan in financing, with overseas revenue accounting for 50% [10] - AI toy company Haivivi completed 200 million yuan in Series A financing, becoming the world's largest AI toy supplier [10] Group 5 - Hefei Tianyao completed several million yuan in A-round financing to expand overseas markets [10] - Tianxing Exploration completed angel round financing to develop satellite internet services [11] - Weijian Intelligent raised over 100 million yuan in B-round financing, with over 20% of orders coming from exports [11] Group 6 - Amazon's Prime Day will take place globally on October 7-8, covering 16 countries [12] - The Ministry of Commerce announced measures to optimize service export tax declaration processes [13] - New US tariff regulations have led 25 countries to suspend parcel shipments to the US [13]

Company Dynamics - Didi's Q2 orders increased by 15.2% year-on-year, with a total transaction value (GTV) of 109.6 billion yuan, reflecting a 15.9% growth at fixed exchange rates [2] - JD's cross-border e-commerce brand Joybuy officially launched in France, with plans to enter the German market soon [2] - Temu topped Brazil's e-commerce traffic with 410 million visits in July, a 70% increase month-on-month, surpassing competitors like Mercado Livre and Shopee [2] - TikTok Shop upgraded its logistics in Southeast Asia, implementing next-day delivery services across six countries, with over 170,000 merchants participating [3] - Leapmotor's European manufacturing base will be established in Zaragoza, Spain, with production expected to start in Q3 2026 [3] - BYD announced plans to build an assembly plant in Malaysia, expected to commence production in 2026 [3] Investment and Financing - Mech-Mind Robotics completed a nearly 500 million yuan financing round, with overseas business revenue accounting for 50% [6] - AI toy company Haivivi raised 200 million yuan in Series A financing, becoming the global leader in AI toy shipments [6] - Hefei Tianyao, a semiconductor materials developer, completed a multi-million yuan Series A financing to expand overseas markets [6] - Tianxing Exploration, focused on satellite internet, secured angel round financing for core technology development [6] - Weijian Intelligent, a chip packaging equipment developer, raised over 100 million yuan in Series B financing, with over 20% of orders coming from exports [6] Policy & Market - Amazon's Prime Day will globally launch on October 7-8, covering 16 countries, providing cross-border sellers with significant traffic opportunities [8] - The Ministry of Commerce announced measures to optimize the service export zero tax rate declaration process, enhancing export tax refund efficiency [8] - New US tariff regulations create uncertainty, with 25 countries suspending parcel shipments to the US due to changes in tax exemptions [8]