京东大转型：用最重的资产，打一场最艰难的未来之战

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文丨吕行编辑丨杜海来源丨新商悟（本文约为900字）一边是全年利润可被一笔新业务吞噬的残酷现实，一边是为工业链条“降本万亿”的宏大许诺，京东的“重”资产正走在一条全新的价值变现之路上。2025年的京东，一方面，是被视为扛鼎之作的京东外卖导致新业务板块录得157亿元的巨额亏损，几乎吞噬了核心零售业务的全部利润。另一方面，旗下专注于工业品的京东工业却正联合百家核心品牌，发起“百舸千帆”计划，宣称要...

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“重”与“轻”的拉扯。京东的“重”，是二十年来投入超千亿构建的实体供应链帝国：数千个仓库、超3200万平米管理面积、数十万员工。这份沉重的资产，曾是京东最宽的护城河。但在当前强调极致低价和流量爆发的消费周期里，这却成了最沉重的包袱。高昂的固定成本限制了它在价格战中的灵活性，自营零售的经营利润率长期徘徊在3%-4%，显著低于轻资产运营的同行。为寻求增长，京东不断尝试“轻”赛道。最具代表性的就是高调杀入外卖与本地生活服务，试图以高频消费撬动流量。然而，京东基因里的“重”逻辑再次显现。不同于竞争对手依赖社会化弹性运力，京东外卖选择为骑手缴纳全额五险一金，构建起刚性的重人力成本结构。更有甚者，其自营外卖品牌“七鲜小厨”采用自营模式，计划三年内在全国建设1万家门店，试图复刻其向供应链要利润的传统打法。结果便是，京东同时承受了“轻”模式的补贴战和“重”模式的刚性成本战双重压力。随着监管叫停无序补贴，营销费用可迅速收缩，但重资产投入带来的成本结构却难以调整。一边是用重资产模式搏杀消费互联网的红海，陷入增收不增利的泥潭；另一边是尝试用同一种资产逻辑，去开拓产业互联网的蓝海，许诺一个降本万亿的未来。正经社分析师认为，这是京东必须面对的拉扯。它的“重”，既是历史赋予的负担，也可能是在新时代定义自身价值的最大本钱。最终的答案，或许不在于彻底变“轻”或一味固守于“重”，而在于能否用新的智慧，让那些庞大的仓库、复杂的系统和深厚的产业知识，流淌出超越零售边界的新价值。【《新商悟》出品】CEO·首席研究员|曹甲清·责编|唐卫平·编辑|杜海·百进·编务|安安·校对|然然声明：文中观点仅供参考，勿作投资建议。投资有风险，入市需谨慎喜欢文章的朋友请关注新商悟，我们将对企业家言行、商业动向和产品能力进行持续关注转载新商悟任一原创文章，均须获得授权并完整保留文首和文尾的版权信息，否则视为侵权","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":"","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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