在外賣大戰告一段落之後，京東成為率先公布成績單的巨頭。8月15日，京東集團正式發布2025年第二季度財報，數據一出，立即引發市場關注。整體而言，這份財報帶有鮮明的「割裂感」：一方面，京東在營收上交出耀眼的表現；另一方面，盈利卻大幅下滑，甚至陷入單季虧損。

從數據來看，京東二季度的總營收達到3567億元人民幣，同比增長22.4%，不僅刷新近三年以來的最高同比增速，也創下京東歷史上所有大促季度的最高紀錄。如此亮眼的營收成績，顯示出京東在零售與物流兩大核心板塊的實力與韌性。然而，與之形成鮮明對比的，是淨利潤的下滑。歸屬於普通股股東的淨利潤僅為62億元，同比大降51%，幾乎腰斬；而集團整體的經營利潤甚至出現近9億元的虧損，而去年同期則是105億元的盈利，等於百億級別的單季獲利被徹底抵消。

財報顯示，京東的業務結構分為三大板塊：京東零售、京東物流與新業務。當季，零售與物流依然保持穩健增長，成為營收的支柱。但最受矚目的，無疑是新業務的爆炸式增長。這一板塊的營收從去年同期約46億元，暴漲至將近139億元，幾乎翻三倍。然而，營收的迅速膨脹伴隨而來的是更為驚人的成本與費用。新業務的經營虧損從去年同期的7億元，飆升至148億元，成為拖累整體業績的主要黑洞。

仔細分析費用結構，更能看出京東當下的戰略布局。二季度，京東在履約、行銷、研發與行政管理等方面的支出均明顯增加，其中尤以行銷開支最為突出。這部分費用達到270億元，相比去年同期的119億元大幅增長127.6%，行銷費用率也從4.1%升至7.6%。財報指出，這些激增的行銷支出主要用於新業務的推廣與補貼，特別是外賣服務。換言之，京東為搶奪市場份額，選擇以高額補貼的方式強行打開局面。

然而，這種「燒錢換市場」的策略，對京東的財務健康造成直接衝擊。二季度，京東的自由現金流僅為220億元，較去年同期的496億元大幅下滑55%。這意味著，京東零售與物流所貢獻的大量利潤，幾乎全被投入到外賣與其他新業務之中。這種決心與魄力，展現京東不惜以短期虧損換取長遠增長的雄心。值得注意的是，市場對京東的這一財報表現並非毫無心理準備。回顧此前白熱化的外賣大戰，各大平台爭相以巨額補貼吸引用戶，京東的巨大投入與隨之而來的虧損，早已在預期之內。因此，即便盈利數據不盡人意，但市場更傾向於將其視為戰略性投資的必然代價。

總的來說，京東二季度的財報，既是高增長與高虧損的矛盾體，也是其戰略轉型的真實寫照。外賣業務的投入，使京東短期內承受沉重壓力，但若能成功撐過初期的資金消耗期，未來或許能在更廣闊的市場中收穫回報。這場豪賭的結局，將決定京東能否在零售、物流之外，開拓出第三條足以撐起集團長期成長的新賽道。

After the food delivery war came to an end, JD.com was the first giant to release its results. On August 15, JD Group officially announced its financial report for the second quarter of 2025, and the data immediately drew market attention. Overall, the report carried a striking sense of “contradiction”: on one hand, JD delivered dazzling revenue growth; on the other, its profits plummeted sharply, even slipping into a quarterly loss.

According to the data, JD’s total revenue in the second quarter reached RMB 356.7 billion, a year-on-year increase of 22.4%. This not only marked the highest year-on-year growth rate in nearly three years but also set a new record for the highest revenue during any promotional quarter in JD’s history. Such strong revenue performance underscored the resilience and strength of JD’s core retail and logistics segments. However, in sharp contrast, net profit suffered a steep decline. Net profit attributable to ordinary shareholders was only RMB 6.2 billion, down 51% year-on-year—almost cut in half. Meanwhile, the group’s overall operating profit turned into a loss of nearly RMB 900 million, compared to a profit of RMB 10.5 billion in the same period last year, effectively wiping out what had been a 10-billion-level quarterly gain.

The report showed that JD’s business structure is divided into three major segments: JD Retail, JD Logistics, and New Businesses. During the quarter, retail and logistics continued to deliver stable growth, remaining the backbone of revenue. But the most eye-catching was undoubtedly the explosive growth of new businesses. Revenue from this segment surged from about RMB 4.6 billion in the same period last year to nearly RMB 13.9 billion—almost tripling. Yet this rapid revenue expansion came with even more staggering costs and expenses. Operating losses for new businesses skyrocketed from RMB 700 million last year to RMB 14.8 billion, becoming the major drag on overall performance.

A closer look at expense structures reveals JD’s current strategic focus. In Q2, spending on fulfillment, marketing, R&D, and administrative management all increased significantly, with marketing costs standing out the most. Marketing expenses reached RMB 27 billion, up 127.6% from RMB 11.9 billion a year earlier, with the marketing expense ratio rising from 4.1% to 7.6%. The report noted that this surge was largely due to promotional subsidies for new businesses, particularly food delivery. In other words, JD chose to seize market share by forcefully opening up through massive subsidies.

However, this “burning cash for market share” strategy directly impacted JD’s financial health. In Q2, JD’s free cash flow fell sharply to RMB 22 billion, a 55% drop from RMB 49.6 billion in the same period last year. This shows that the substantial profits generated by JD Retail and Logistics were almost entirely funneled into food delivery and other new businesses. Such determination reflects JD’s bold ambition to trade short-term losses for long-term growth.

It is worth noting that the market was not entirely unprepared for JD’s performance. Given the intensity of the recent food delivery battle, where platforms poured huge subsidies to attract users, JD’s heavy spending and the resulting losses were largely expected. Thus, even though profitability figures disappointed, investors tended to view it more as an inevitable cost of strategic investment.

In summary, JD’s Q2 financial report reflects both the paradox of high growth and heavy losses, as well as a genuine snapshot of its strategic transformation. While the food delivery push has placed enormous short-term pressure on the company, if JD can weather the early phase of cash burn, it may secure rewards in a much larger market down the line. The outcome of this high-stakes gamble will determine whether JD can build a third growth pillar beyond retail and logistics to support the group’s long-term trajectory.