京东 “零佣金” 搅动酒旅江湖：供应链革新能否改写行业规则？

远见资本局2025-07-07

出品｜远见资本局作者｜远见君如果要用一个词形容2025年上半年的京东，“搅局者”无疑再恰当不过。京东不仅在外卖市场撕开了一个“口子”，并占据一席之地，如今又马不停蹄地进军酒旅市场。面对这样一个搅局者，资本市场将做何反应？01高佣金困局下，京东携零佣金与供应链方案入局有业内人士表示，携程、美团等平台对单体酒店的佣金率普遍在12%～30%，叠加“调价助手”等算法工具擅自改价，导致入驻商家利润被持续挤压...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2549305175?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-07 09:33","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2549305175","market":"us","top_or_hot":-1,"title":"京东 “零佣金” 搅动酒旅江湖：供应链革新能否改写行业规则？","media":"远见资本局","content":"<div>\n<p>出品｜远见资本局作者｜远见君如果要用一个词形容2025年上半年的京东，“搅局者”无疑再恰当不过。京东不仅在外卖市场撕开了一个“口子”，并占据一席之地，如今又马不停蹄地进军酒旅市场。面对这样一个搅局者，资本市场将做何反应？01高佣金困局下，京东携零佣金与供应链方案入局有业内人士表示，携程、美团等平台对单体酒店的佣金率普遍在12%～30%，叠加“调价助手”等算法工具擅自改价，导致入驻商家利润被持续挤压...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250707104432a699fdbb&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>京东 “零佣金” 搅动酒旅江湖：供应链革新能否改写行业规则？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n京东 “零佣金” 搅动酒旅江湖：供应链革新能否改写行业规则？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-07 09:33 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250707104432a699fdbb&s=b><strong>远见资本局</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>出品｜远见资本局作者｜远见君如果要用一个词形容2025年上半年的京东，“搅局者”无疑再恰当不过。京东不仅在外卖市场撕开了一个“口子”，并占据一席之地，如今又马不停蹄地进军酒旅市场。面对这样一个搅局者，资本市场将做何反应？01高佣金困局下，京东携零佣金与供应链方案入局有业内人士表示，携程、美团等平台对单体酒店的佣金率普遍在12%～30%，叠加“调价助手”等算法工具擅自改价，导致入驻商家利润被持续挤压...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250707104432a699fdbb&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HK0000306701.USD","symbol_name":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250707104432a699fdbb&s=b","article_id":"2549305175","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250707104432a699fdbb&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2549305175","pubTimestamp":1751852012,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"京东不仅在外卖市场撕开了一个“口子”，并占据一席之地，如今又马不停蹄地进军酒旅市场。2025年6月，京东发布“酒店PLUS会员计划”，推出“最高三年0佣金”政策，两天内吸引5万家酒店商家入驻。京东酒旅的突围之路面临三重挑战。当京东这条“鲶鱼”闯入酒旅江湖，其意义或许不仅在于市场份额的再分配。无论最终能否撼动携程们的壁垒，酒旅行业的深层变革或许正在酝酿。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89618":"京东集团-SWR","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","09618":"京东集团-SW","BK4614":"Manus概念股","BK4551":"寇图资本持仓","BK4509":"腾讯概念","BK4524":"宅经济概念","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK4220":"综合零售","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","TRPCF":"Trip.com Group Limited","TCOM":"携程网","BK4531":"中概回港概念","JD":"京东","BK4526":"热门中概股","BK4588":"碎股","BK4585":"ETF&股票定投概念","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","BK4558":"双十一","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK4505":"高瓴资本持仓","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4504":"桥水持仓","BK4579":"人工智能","IE0008368742.USD":"首域中国增长基金I Acc","LU1688375341.USD":"贝莱德中国灵活股票基金","SG9999002463.SGD":"LionGlobal China Growth SGD","09961":"携程集团—S","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H"},"translate_title":"JD.com's \"zero commission\" stirs up the wine travel rivers and lakes: Can supply chain innovation rewrite industry rules?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.9,"TCOM":0.9,"09618":0.6,"TRPCF":0.9,"JD":1,"09961":0.9},"content_text":"出品｜远见资本局作者｜远见君如果要用一个词形容2025年上半年的京东，“搅局者”无疑再恰当不过。京东不仅在外卖市场撕开了一个“口子”，并占据一席之地，如今又马不停蹄地进军酒旅市场。面对这样一个搅局者，资本市场将做何反应？01高佣金困局下，京东携零佣金与供应链方案入局有业内人士表示，携程、美团等平台对单体酒店的佣金率普遍在12%～30%，叠加“调价助手”等算法工具擅自改价，导致入驻商家利润被持续挤压，特别是单体民宿商家由于体量小、议价能力弱，遭遇的平台压力更大。数据显示，2024年携程全年净利润同比增长72%至172亿元，而锦江、首旅、华住集团等酒店集团同期则出现了不同程度的净利润下滑，这一反差表明行业价值分配已经失衡。京东的入局或许会带来变化。2025年6月，京东发布“酒店PLUS会员计划”，推出“最高三年0佣金”政策，两天内吸引5万家酒店商家入驻。这一策略直指OTA流量垄断——商家在京东平台完成订单后，佣金先收后返，条件仅为“全网最低价”。更具颠覆性的是，京东计划将工业品供应链经验复制至酒旅领域，通过智能调度系统优化布草周转、冷链物流保障食材，目标将酒店运营成本压缩至原有水平的1/3。刘强东此前在内部会议中强调：“我们不是单纯做OTA，而是用供应链重构行业成本结构。”刘强东表示，目前便利店、餐饮供应链积累的经验显示，京东工业品类运营毛利率仅需20%，可以代替酒旅行业60%的毛利率。这种“前端零佣金获客、后端供应链盈利”的模式，恰似当年外卖市场的“价格战+供应链”打法重演。02携程全球化、美团下沉，遭殃的是飞猪？有业内人士表示，京东的切入赛道对携程、美团影响有限，飞猪反而会直面京东的冲击。携程的重心在全球化。数据显示，2024年国内在线酒店预订市场中，携程系占据超六成分额。2025年一季度，携程国际平台Trip.com预订量同比增超60%，并在泰国、马来西亚等地与酒店集团达成战略合作。美团则依托“本地生活+酒旅”闭环巩固下沉市场，2024年非一线城市用户占比超87%，年付费用户达2.3亿。业内分析指出，京东“零佣金”更可能虹吸飞猪的中小商家资源——飞猪此前以2%～8%的低佣金率吸引价格敏感型商家，而京东的“0佣金”直接击穿了这一防线。不过，京东的短板也显而易见。其酒店资源中第三方代理占比高，直签酒店数量与携程百万级规模差距悬殊。网经社分析师陈礼腾指出：“酒旅核心竞争力在于地面团队和直签资源，京东地推团队尚未成型，短期内难破资源壁垒。”03从用户心智到供应链战争，京东能走多远？京东酒旅的突围之路面临三重挑战。其一是用户心智迁移：超8亿京东用户中，将其视为“酒旅预订首选”的比例极低，培养消费习惯需长期品牌教育。其二是系统能力建设：携程拥有2万名客服的履约保障体系，而京东在订单处理、投诉响应等环节仍处于起步阶段。网络社交平台上，已有消费者吐槽“下单后无法入住”“无会员权益”等问题。最关键的博弈在于供应链。京东瞄准酒店长尾供应链中的非生产性物料，如布草清洗、办公耗材等，其计划通过智能采购提升库存周转率。但这一领域已被华住“易购”、锦江“优采空间”等先行者占据，京东需在非生产性物料中找到差异化切口。酒店高参创始人罗家福指出：“京东的优势在长尾供应链，而非酒店集团的主力供应链，这需要时间验证。”然而，京东的潜在优势不容忽视：PLUS会员中72%的高净值男性用户，恰是四星以上酒店的主力客群；与3万家大企业及800万中小企业的合作，为其打开B端商旅市场；供应链金融产品“京益融”则可缓解中小商家账期压力。这种“会员生态+企业客户+供应链金融”的组合拳，或许能复制美团“高频打低频”的成功路径。当京东这条“鲶鱼”闯入酒旅江湖，其意义或许不仅在于市场份额的再分配。正如刘强东所言：“我们希望通过供应链能力，为行业创造新价值。”无论最终能否撼动携程们的壁垒，酒旅行业的深层变革或许正在酝酿。上文房地产漫漫冬日：头部企业失速，房价持续下探","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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":"4.42.0","shortVersion":"4.42.0","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/2549305175","isCrawlerRequest":true}