电商“三巨头”Q3成绩单：阿里增收不增利京东利薄销多拼多多经营利润微增

新华财经2025-12-02

新华财经北京12月2日电（康耕甫）近日，国内电商“三巨头”相继公布了2025年三季报。财报显示，2025年第三季度京东实现营收2990.59亿元，连续四个季度保持两位数增长；净利润方面，阿里与京东分别同比下降52.27%和55.03%；拼多多相对更稳定，营收和净利润均保持了正增长。京东领跑营收阿里增收乏力具体来看，2025年第三季度（2026财年第二财季）阿里巴巴实现营业收入2477.95亿元...

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阿里增收乏力具体来看，2025年第三季度（2026财年第二财季）阿里巴巴实现营业收入2477.95亿元，同比增长4.77%，剔除已出售业务影响，收入同比增长15%。其中，对AI+云、消费两大战略领域的投入持续收获成效，核心业务强劲增长：阿里云季度收入同比加速增长34%，再创新高；大消费平台协同效应显著，即时零售带动淘宝App月活跃消费者快速增长。京东实现营收2990.59亿元，同比增长14.9%，连续四个季度保持两位数增长。京东零售作为核心业务，本季度收入2506亿元，占总营收的83.78%。服务收入成为亮点，同比增长30.8%，占比提升至24.4%的历史新高。物流业务收入551亿元，同比增长24.1%，经调整净利润20.2亿元。新业务（含外卖、京喜等）收入156亿元，同比大增213.7%，但经营亏损扩大至157亿元，主要源于市场推广投入增加。拼多多同期实现营收1082.77亿元，同比增长8.98%，增速相比上一季度略有回升但整体保持平稳。具体来看，本季度拼多多来自在线营销服务及其他业务的收入为533.5亿元，同比增长8%。交易服务收入为549.3亿元，同比增长10%。对比上季度，拼多多来自在线营销服务及其他业务的收入增速下滑，由13%下降至8%，但交易服务收入增速大幅回升，上季度，拼多多交易服务收入同比增长0.7%。阿里京东净利大降 拼多多双增净利润方面，由于对即时零售、用户体验以及科技的投入，阿里巴巴2025年第三季度实现经营利润53.6亿元，同比下降85%，实现归母净利润210.2亿元，同比下降52%。经营活动产生的现金流量净额100.99亿元，同比下降68%。不过，阿里三季度电商客户管理收入（CMR）同比增长10%，即时零售业务收入同比增长60%，单位经济效益（UE）自9月以来显著改善，用户留存率提升，平均订单价格提高，业务规模持续增长，并带动淘宝App的月活跃消费者快速增长。此外，阿里生态多个业务加速接入即时零售，截至10月31日，约3500个天猫品牌将其线下门店接入即时零售。在协同效应下，天猫双11期间，淘宝App实现消费者同比双位数增长，近600个品牌成交破亿，天猫品牌即时零售日均订单环比9月增长198%。同样受外卖等新业务投入扩大影响，京东2025年第三季度实现归母净利润52.76亿元，同比下降55.03%。非美国通用会计准则下净利润为58亿元，同样低于去年同期的132亿元。截至今年10月，京东年度活跃用户数突破7亿大关，季度活跃用户数同比增长超40%，用户购物频次同步提升40%以上。为支持用户拓展与新业务发展，京东三季度履约开支同比增长35.2%至220亿元，营销开支同比增长110.5%至210.5亿元。尽管新业务亏损有所扩大，但外卖业务投入已实现环比收窄，单位经济模型持续改善，GMV保持双位数增长。京东CEO许冉表示，外卖业务仍处于战略投入期，但已深度融入京东生态体系，早期外卖用户向其他业务的转化率接近50%。拼多多则保持了净利润的同比增长。财报显示，2025年第三季度拼多多实现归母净利润293.3亿元，同比增长17.4%。按非美国通用会计准则，归母净利润为313.8亿元，同比增长14%。值得注意的是，拼多多今年第三季度经营利润同比微增3%至250.3亿元，非GAAP准则下增速仅为1%，研发费用同比增长41.42%至43.32亿元，主要用于提升技术设施能力。经营利润增长低于净利润增长主要是受连续两个季度的“千亿扶持”计划投入影响，拼多多通过减免费用、流量倾斜等方式反哺商家。拼多多管理层在财报会上强调了长期主义，公司董事长陈磊称将承担更大社会责任，联席CEO赵佳臻承诺“百亿减免”“千亿扶持”等惠商举措长期持续，财务副总裁刘俊也表示，随着生态投入加大，未来业绩波动可能持续。网经社电子商务研究中心特约研究员郭涛认为，阿里净利润下滑的核心原因是对即时零售业务的激进投入，相关补贴与布局大幅增加了成本支出，叠加云业务与科技研发的持续大额投入，进一步拉低了整体盈利水平。京东净利润下滑主要源于新业务的战略加码，下沉市场拓展、海外业务扩张等新业务的投入持续增加，虽核心零售业务盈利能力有所提升，但仍难以覆盖新业务的高额成本。拼多多净利润逆势增长，得益于高效的成本控制与优化的业务结构，其核心模式有效降低了供应链损耗，研发投入聚焦效率提升而非盲目补贴，再加上高毛利业务的稳步增长，最终实现了增长。“当前电商行业竞争已从流量争夺迈入硬核能力比拼阶段，技术研发、供应链掌控力、生态协同效应成为决定格局的核心变量。短期利润波动并非绝对负面信号，但企业需向市场证明，前期投入能转化为可持续的竞争壁垒。未来1-2个季度，新业务UE模型改善情况、AI商业化落地进展、核心用户留存数据等，将成为判断三家企业战略有效性的关键观察指标。”业内专家表示。编辑：吴郑思","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":"dataReport","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 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电商“三巨头”Q3成绩单：阿里增收不增利 京东利薄销多 拼多多经营利润微增

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电商“三巨头”Q3成绩单：阿里增收不增利京东利薄销多拼多多经营利润微增