京东2025年报解读：第一大品牌电商平台的“稳”与“进”

锌财经03-07

作者｜川川编辑｜大风北京时间3月5日，京东集团发布2025年四季度及全年业绩。从财报来看，京东2025年全年收入突破1.3万亿元，达13,091亿元，同比增长实现双位数；年度活跃用户数首次突破7亿，季度活跃用户和购物频次同比增长超30%。在外部环境复杂多变、行业竞争持续的背景下，京东交出了一份“稳中有进”的成绩单。这份财报不仅展现了京东在核心零售业务上的深厚护城河，也清晰勾勒出其在AI、...

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风北京时间3月5日，京东集团发布2025年四季度及全年业绩。从财报来看，京东2025年全年收入突破1.3万亿元，达13,091亿元，同比增长实现双位数；年度活跃用户数首次突破7亿，季度活跃用户和购物频次同比增长超30%。在外部环境复杂多变、行业竞争持续的背景下，京东交出了一份“稳中有进”的成绩单。这份财报不仅展现了京东在核心零售业务上的深厚护城河，也清晰勾勒出其在AI、外卖、出海等新业务上，如何打破内卷，与品牌一起出新品、开新局，站稳第一大品牌电商平台的地位。本文将从“基本盘、增长点、长期主义”三个维度，深度解读京东与品牌在2025年的协同共创与未来走向。核心零售韧性凸显，用户体验驱动增长京东的基本盘，依然是其依靠供应链能力和用户体验支撑的品牌建设平台。2025年，京东零售业务在激烈的市场竞争中展现出极强的韧性：全年经营利润实现双位数增长，经营利润率达4.6%，在规模扩大的同时保持了健康的盈利水平。从收入结构来看，京东的“带电品类”依旧稳固，全年收入同比增长7.1%，在基数较高的背景下仍保持正增长，体现了其在3C数码领域的绝对优势。而日百品类的表现则更为亮眼，连续5个季度实现双位数增长，全年收入同比增长15.3%，占商品收入比例超四成，创下年度新高。尤其是商超品类，已连续8个季度实现双位数增长，说明京东在日用快消品领域的渗透率正在持续提升。更值得关注的是，服务收入全年同比增长23.6%，占总收入比例达21.8%，同样创下新高。这一数据的背后，是京东从“卖货”向“卖服务”转型的成果体现。无论是3C数码租赁、AI购物助手，还是京东健康的在线问诊、京东工业的智能供应链服务，都在不断拓宽京东的收入边界。用户端的表现同样强劲。年度活跃用户数突破7亿，季度活跃用户和购物频次同比增长超30%，说明京东“又好又便宜”的用户体验正在转化为更强的用户粘性。尤其是“百亿超市”频道的上线、京东外卖的快速扩张、七鲜小厨的加速布局，都在不断丰富用户的消费场景，提升复购率。可以说，京东的基本盘不仅仅是“卖东西”，而是围绕用户需求构建起的全场景、全品类的服务体系。这种以用户为中心的供给能力，正是京东能够穿越周期的根本所在。AI赋能、外卖崛起、出海提速，三大新引擎全面发力如果说基本盘决定了京东的“稳”，那么增长点则决定了京东的“进”。2025年，京东在外卖、AI、国际化等三大方向上的布局已初见成效，正在成为推动未来增长的新引擎。外卖业务实现从零到一，快速起量。京东外卖上线一年来，累计下单用户超2.4亿，市场份额已超过15%。更值得关注的是，外卖业务的亏损逐季收窄，说明其商业模式正在走向成熟。与此同时，七鲜小厨在北京五环内基本覆盖，上海、深圳、广州等一二线城市新店集中亮相，预计2026年底覆盖全国所有一二线城市。京东方面明确表示，希望2026年外卖市场份额达到30%。这不仅是规模的扩张，更是本地生活服务能力的全面升级。AI技术实现从工具到生态，赋能内外。2025年四季度，京东研发投入同比增长66%，自2017年转型技术以来，累计研发投入近1,700亿元。JoyAI大模型已落地2,000多个业务场景，AI生成代码占比达40%，数字人平台服务超5万商家。更重要的是，AI正从后台走向前台，走进千家万户。搭载JoyInside的AI玩具、机器人、家电家居产品在年货节期间销量翻倍，京东京造AI毛绒玩具实现全球首个全年龄段用户需求覆盖。AI不仅是降本增效的工具，更是京东与用户建立情感连接的新方式。从点到面，构建国际化全球供应链网络。2025年，京东欧洲线上零售平台Joybuy在英国、德国、荷兰等六国启动试运营，预计2026年3月正式上线。截至年底，京东物流海外仓、保税仓、直邮仓近200个，覆盖全球25个国家。京东快递JoyExpress在欧洲多国实现当日达、次日达，并推出大件送装一体服务。京东产发也在英国、沙特、新加坡等地完成多个物流基础设施布局。国际化不再是“试水”，而是京东供应链能力的全球化输出。这三大增长点，既有短期的规模扩张，也有中长期的战略卡位，构成了京东未来三年到五年最具想象力的增长曲线。技术投入、员工关怀、社会责任，构建可持续商业生态在京东的财报中，有一组数据值得反复品味：2025年，京东体系人力资源总支出达1,572亿元，较2024年增加337亿元；员工总数超90万人，是国内人数最多的民营企业之一。这不是简单的“花钱”，而是京东长期主义的真实写照。“投资于人”不是口号，而是制度。 京东为一线员工提供了2.8万套住房，未来5年还将投入220亿元，提供15万套“小哥之家”。春节期间，京东9天投入超13亿元为一线员工提供福利补贴。广东省与京东共同成立的“现代骑手学院”，更是为外卖骑手、快递小哥提供了职业提升的新路径。在京东，员工不仅“老有所养、病有所医、伤有所赔、住有所居”，更能在企业中实现个人价值的持续成长。技术投入不设上限，AI不是噱头是底座。 京东对技术的投入不是一时的风口追逐，而是长期的战略坚守。从JoyAI大模型到JoyAgent智能体平台，从AI医生“大为”到京东卓医，技术正在渗透京东的每一个业务单元，也在重构京东与用户、与商家、与社会的连接方式。社会责任不是点缀，是底色。2025年香港大埔火灾，京东佳宝超市连夜送去救援物资，京东物流从香港及广东调运物资支援，随后追加超3,000万元物资用于灾后重建。这不是一次性的善举，而是京东“温暖传递者”角色的体现。连续9年登上福布斯全球最佳雇主榜，获评“全国就业与社会保障先进民营企业”，这些荣誉的背后，是京东在社会责任上的持续投入与真实行动。长期主义，不是一句口号，而是京东在每一次决策、每一次投入、每一次选择中体现出的价值观。它让京东在经济周期波动中保持定力，在行业竞争中保持底线，在技术变革中保持方向。现在的京东，既有基本盘的稳固，也有增长点的突破，更有长期主义的坚持。在“又好又便宜”的用户体验背后，是超级供应链的持续进化；在外卖、AI、出海三大增长点的背后，是技术能力与组织效率的双重驱动；在千亿研发、百亿福利、万家门店的背后，是京东对未来最坚定的投资。正如京东集团首席执行官许冉所言：“凭借我们强大的运营能力及不断进步的AI技术，我们以更稳健的步伐迈入2026年。”作为第一大品牌电商平台，京东和中国庞大的品牌军团正以更清晰的方向、更扎实的步伐，驶向更加辽阔的未来。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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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