25Q3业绩再暴跌！京东，你投外卖/新业务什么时候是个头？

知常容2025-11-13

外卖三傻之一的京东终于在今晚披露了三季报业绩，亮点不多，但让人不太满意的点倒是不能说少。01.小幅超市场预期的25Q3业绩单看25Q3。京东的营收和利润均小幅超市场预期，不过利润却不及我们的预期。25Q3京东的营业收入为2990.59亿元，同比+14.85%（而市场普遍预计同比增13-14%，我们则预计同比+15%）；经调整归母净利润为57.96亿元，同比-56%（而市场普遍预计同比降65-70%...

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JD.com, when will your food delivery/new business end?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"JD":0.6,"09618":1.5},"content_text":"外卖三傻之一的京东终于在今晚披露了三季报业绩，亮点不多，但让人不太满意的点倒是不能说少。01.小幅超市场预期的25Q3业绩单看25Q3。京东的营收和利润均小幅超市场预期，不过利润却不及我们的预期。25Q3京东的营业收入为2990.59亿元，同比+14.85%（而市场普遍预计同比增13-14%，我们则预计同比+15%）；经调整归母净利润为57.96亿元，同比-56%（而市场普遍预计同比降65-70%，而我们则预计同比-35%）。京东集团营收季度拆分来源：公司公告，知常容整理自此，2025年前3季度京东营收为9568.01亿元，同比+17.86%；经调整归母净利润为259.48亿元，同比-28.97%。由于25Q3业绩不及我们的预期，故我们可能下调利润预测（此前预计25全年营收同比+11.98%，经调整归母净利润同比-20%）。业绩为何小幅不及我们的预期？主要就是新业务的投入。02.大家关注的外卖等新业务投放如何？外卖投入环比下降（这个在我们意料之内，但似乎好于市场的预期），然而京喜七鲜等新业务投入增长（增幅其实差于我们的预期）。这样综合下来，使得京东25Q3包括外卖的新业务经营亏损扩大（由25Q2的亏144.48亿元，环比增亏至-157.36亿元）。京东集团经营利润季度拆分来源：公司公告，知常容整理对于外卖的具体情况，京东着墨不多。核心的表述就是“外卖GMV和订单量也取得稳步增长，且整体投入环比收窄”“单均损益水平逐步改善”。但其实这个也在我们意料之内。根据我们的调研，7-8月，京东外卖日单量从1800万单降至1450万单，低的时候约1300万单，然后后续基本稳在约1500万单。不过在京东11·11媒体开放日上，京东表示今年3月正式上线的京东外卖日单量超2500万，入驻商家超200万，全职骑手超15万人。这里的超2500万单不知是不是说的最近的单量，还是说的进军外卖领域以来的最高单量。若是最近的单量，那说明近期京东外卖又有所发力。不过京东在京喜七鲜等新业务领域的投放增幅太快，我们表示不理解，希望公司能在业绩会上有好的解释。03.其他值得斟酌的点国补在给京东带来流量红利的同时，在财务上造成的负面影响仍在，那就是使得京东的应收款项、存货增长较多。25Q3京东应收款项净值为397.35亿元，同比+83.59%；存货净值为1009.99亿元，同比+42.97%。应收款项周转率的同比下降对京东影响可能没那么大，因为周转率本来就高。但是，存货周转率同比下降可能影响就大一点。不过好在京东的经营性现金流本就不错，也无伤大雅。此外，京东今年的回购一直没有进展。不知道在等什么，希望能够加快进度。更多详细的京东情况、外卖情况，欢迎加入知识星球与我们探讨。-End-推荐阅读打响外卖大战第1枪后，京东反而先打退堂鼓了吗？","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","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/2583984295","isCrawlerRequest":true}