京东（纪要）：外卖 UE 尚难评估，回购均价 $37

海豚投研2025-05-14

以下为京东25 年一季度的财报电话会纪要，财报解读请移步《“国补” 撑门面，京东又能扬眉吐气了？》一、财报核心信息回顾1. $京东-SW.HK 股东回报：今年截止财报发布日回购 8070 万份 A 类普通股，占比 2.8%，回购金额接近 15 亿美金。2. 新业务：京东外卖属新业务板块，Q1末起规模化，当季财务影响小。业务凭借差异化模式获多方认可，用户获取 ROI 良好。截至 Q2 初，在用户流量...

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Q1 低价策略成效显著，NPS（净推荐值）、价格竞争力同比、环比提升，低线市场订单与用户增长优于高线市场。b. 3P 生态持续扩张，商家与商品种类增加，带动第三方订单量、买家数同比强劲增长，推动平台业务和营销收入同比增长 16% 。5. 新业务拓展：a. 外卖作为重点，从核心零售延伸至即时零售，市场潜力大。京东凭系统、履约等优势将其融入生态，现日订单量近 2000 万单。未来即时零售与多业务协同，驱动京东生态增长提效。b. 4 月推出 2000 亿元 “出口转内销” 计划，携手出口制造商拓展国内市场，丰富平台质优价廉产品供应 。c. 在生态系统需求、供应、履约环节推进 AI 与自动化技术应用，优化用户需求匹配、提升仓储履约效率，为第三方商家提供降本方案。2.2 Q&A 问答Q：京东外卖业务 3-6 个月及中期成果如何？中期行业格局怎样？...完整的纪要内容，请前往长桥App，进入“动态-投研”栏目，即可免费查看。#京东#京东一季度财报#中概#京东美团大战","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"buyback","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2535923002","isCrawlerRequest":true}