京东集团-SW2025Q4业绩前瞻：零售承压见底，新业务亏损收窄

东吴证券02-04

投资要点营收预计微增，短期利润由于外卖大幅投入承压：我们预计公司2025Q4实现营收3508亿元，同比增长1%；Non-GAAP净利润达4.0亿元，主要受零售业务利润下行及新业务投入拖累。零售主业基本盘稳健，收入增速回落：2025Q4京东零售业务收入我们预计达2981.26亿元，同比下滑2.91%。分品类看，1)带电品类：受去年同期高基数及多地国补额度消耗殆尽影响，收入预计同比双位数下滑，其中家电...

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