京东（纪要）：1H26 通电产品销售会改善

海豚研究03-08

以下为海豚君整理的京东 FY25 的财报电话会纪要，财报解读请移步《京东：老登又“深蹲”？别急，真快 “出坑” 了！》一、财报核心信息回顾1. 股东回报a. 派息：董事会批准 2025 年度现金分红约 14 亿美元（每股 ADS 1 美元）。b. 回购： 2025 年回购了约 6.3% 的流通股，总额 30 亿美元，且回购股份已全部注销。2. 2026 业绩指引a. 增长势头： 2026 年年初...

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JoyAI 大模型： 已应用于 1000 多个场景，2025 年调用量增长近 100 倍。b. AI Agent： 2025 年用户渗透率超 20%，AAC（年活跃用户）超 1.5 亿，目标在 2026 年翻倍。2.2 Q&A 问答Q：2026 年京东零售的增长指引如何？考虑到 2025 年的高基数效应，上半年与下半年的增长节奏有何差异？此外，大商超等百货品类的表现是否能持续？...电话会纪要完整内容，海豚君已发布在了长桥App“动态-深度（投研）”栏目同名文章","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 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/2617662189","isCrawlerRequest":true}