京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍

华尔街见闻03-05

京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2...

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

不高兴的小欣
03-05
不高兴的小欣
被动调用，屁用没有。

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2617652885?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/028bf7c7eafdcd11c8df76a91d4805e0","is_english":false,"pubTime":"2026-03-05 22:51","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2617652885","market":"hk","top_or_hot":-1,"title":"京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍","media":"华尔街见闻","content":"<div>\n<p>京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3766829\">网页链接</a>\n\n</div>\n","source":"lsy1762389672944","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Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍</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Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-05 22:51 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3766829><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3766829\">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":"LU1044874839.SGD","symbol_name":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","start_time":0,"source_url":"https://wallstreetcn.com/articles/3766829","article_id":"2617652885","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/028bf7c7eafdcd11c8df76a91d4805e0"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2617652885","pubTimestamp":1772722292,"columns":[],"sourceInfo":{"source_id":"lsy1762389672944","name":"华尔街见闻"},"weMediaInfo":null,"summary":"京东集团公布2025年第四季度及全年业绩。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。据此投资，责任自负。","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89618":"京东集团-SWR","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","BK1142":"互联网与直销零售","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","BK1615":"港股-互联网","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","JD":"京东","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","BK1619":"稳定币概念","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","09618":"京东集团-SW","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","BK1249":"综合零售","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK1591":"就地过年概念","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","BK1575":"同股不同权","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","BK1610":"ETF&股票定投概念","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1502":"双十一","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","BK1588":"回港中概股","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD"},"translate_title":"JD.COM Q4 Conference Call: Takeaway Investment will be lower than last year, and the number of calls to Yanxi Large Model has surged by a hundred times","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/e20e7e91385fd6d553435d26a8e9d678","symbols_score_info":{"89618":0.6,"09618":1.97,"JD":1.97},"content_text":"京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。核心零售：盈利能力扩张，主动再投资压缩短期利润率核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。平台与营销收入：广告需求回流，算法升级提升转化效率市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的\"11小时算法\"与智能代理工具的全面升级。许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。外卖业务：亏损持续收窄，用户与商家规模同步扩张即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿在AI技术应用方面，京东自研大语言模型\"言犀\"已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。新业务与国际化：即时零售与下沉市场双线并进在新业务进展方面，即时零售平台\"京东到家\"持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"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":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":539452677383056,"gmtCreate":1772720450712,"gmtModify":1772721728252,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","vip":1,"crmLevel":4,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"htmlText":"被动调用，屁用没有。","listText":"被动调用，屁用没有。","text":"被动调用，屁用没有。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539452677383056","repostId":2617652885,"repostType":2,"repost":{"id":"2617652885","kind":"news","pubTimestamp":1772722292,"share":"https://www.laohu8.com/m/news/2617652885?lang=zh_CN&edition=full","pubTime":"2026-03-05 22:51","market":"hk","language":"zh","title":"京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍","url":"https://stock-news.laohu8.com/highlight/detail?id=2617652885","media":"华尔街见闻","summary":"京东集团公布2025年第四季度及全年业绩。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。据此投资，责任自负。","content":"<html><head></head><body><article><p><a href=\"https://laohu8.com/S/JD\">京东</a>集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。</p><p>财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。</p><p>在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。</p><p>面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。</p><p><strong>核心零售：盈利能力扩张，主动再投资压缩短期利润率</strong></p><p>核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。</p><p>许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。</p><p>在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。</p><p><strong>平台与营销收入：广告需求回流，算法升级提升转化效率</strong></p><p>市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的&#34;11小时算法&#34;与智能代理工具的全面升级。</p><p>许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。</p><p>在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。</p><p><strong>外卖业务：亏损持续收窄，用户与商家规模同步扩张</strong></p><p>即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。</p><p>从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。</p><p>管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。</p><p><strong>人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿</strong></p><p>在AI技术应用方面，京东自研大语言模型&#34;言犀&#34;已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。</p><p>在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。</p><p>在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。</p><p><strong>新业务与国际化：即时零售与下沉市场双线并进</strong></p><p>在新业务进展方面，即时零售平台&#34;京东到家&#34;持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。</p><p>国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。</p></article></body></html>","source":"lsy1762389672944","collect":0,"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Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍</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Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-05 22:51 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3766829><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3766829\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/028bf7c7eafdcd11c8df76a91d4805e0","relate_stocks":{"89618":"京东集团-SWR","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","BK1142":"互联网与直销零售","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","BK1615":"港股-互联网","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","JD":"京东","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","BK1619":"稳定币概念","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","09618":"京东集团-SW","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","BK1249":"综合零售","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK1591":"就地过年概念","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","BK1575":"同股不同权","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","BK1610":"ETF&股票定投概念","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1502":"双十一","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","BK1588":"回港中概股","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD"},"source_url":"https://wallstreetcn.com/articles/3766829","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2617652885","content_text":"京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。核心零售：盈利能力扩张，主动再投资压缩短期利润率核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。平台与营销收入：广告需求回流，算法升级提升转化效率市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的\"11小时算法\"与智能代理工具的全面升级。许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。外卖业务：亏损持续收窄，用户与商家规模同步扩张即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿在AI技术应用方面，京东自研大语言模型\"言犀\"已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。新业务与国际化：即时零售与下沉市场双线并进在新业务进展方面，即时零售平台\"京东到家\"持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","news_type":1,"symbols_score_info":{"89618":0.6,"09618":1.97,"JD":1.97}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":1,"favoriteSize":1,"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/2617652885","isCrawlerRequest":true}