新业务一年烧掉零售九成利润，京东图什么？

产经风云03-10 08:08

外卖业务的2.4亿用户、15%的市场份额，以及40%的交叉购买率，都是通向未来的船票的组成部分。出品/产经风云“经营亏损466.41亿”，2025年，京东新业务板块交出的成绩单着实太扎眼。这个数字意味着什么？对比一下更直观：京东零售全年经营利润514亿元，新业务一年亏掉了核心主业九成的利润。最终，京东2025年归母净利润从414亿下滑至196亿，同比腰斩。外卖当然是主角。上线一年烧出2.4亿用户、...

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What is JD.COM?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09618":1.97,"JD":1.97},"content_text":"外卖业务的2.4亿用户、15%的市场份额，以及40%的交叉购买率，都是通向未来的船票的组成部分。出品/产经风云“经营亏损466.41亿”，2025年，京东新业务板块交出的成绩单着实太扎眼。这个数字意味着什么？对比一下更直观：京东零售全年经营利润514亿元，新业务一年亏掉了核心主业九成的利润。最终，京东2025年归母净利润从414亿下滑至196亿，同比腰斩。外卖当然是主角。上线一年烧出2.4亿用户、15%市场份额。但把466亿亏损全算在外卖头上，多少有点冤枉。京东的新业务盘子里，还装着京东产发、京喜、海外业务等多个棋子。京喜自营2025年交易额增长10倍，为京东拉来1.5亿新用户；海外业务重启欧洲市场，收购德国零售巨头CECONOMY，3月即将上线JOYBUY；京东产发手握超1200亿资产，正在冲刺港股IPO。每个棋子都在抢地盘。但也很明显，每个地盘都得烧钱。如此大手笔投入，京东，确实在下一一盘大棋。01营销费用暴增背后：新业务一年烧掉466亿“840亿营销开支”。相比2024年的480亿元，一年净增360亿元，增幅高达75%。京东在财报中解释得很直白：主要是用于新业务的推广活动。如上所述，这个“新业务”，指的是京东产发、京喜、海外业务，以及2025年3月高调上线的京东外卖。财报显示，2025年新业务收入492亿元，同比增长157%；与此同时，全年经营亏损466亿元。作为对比，2024年这个板块的亏损只有28.65亿元。从数据来看，京东产发2025年前三季度净亏损从13.7亿元降到1.59亿元，已明显收窄；和拼多多竞争的京喜，目前没有披露具体数据，但从现实情况来看，其当前或许仍处在持续投入阶段，且规模远低于拼多多。更值得关注的是外卖业务。深陷“外卖平台战火”，京东外卖2025年应该没少烧钱。钱烧出了什么效果？数据上看，效果确实明显：上线一年获得超过2.4亿用户下单，外卖市场份额超过15%。按照京东的规划，2026年这个数字要冲到30%。但代价也摆在账面上。2025年第四季度，京东新业务经营亏损由上年同期的8.85亿元骤增至148.01亿元。也就是说，仅一个季度就亏掉了相当于2024年全年新业务亏损5倍的金额。不过，庆幸的是，其亏损似乎正逐季收窄。京东CEO许冉在业绩会上透露，2025年第四季度外卖总投入规模已环比收窄，预计2026年外卖的投入较2025年将有所降低。这意味着烧钱最猛的阶段可能已经过去。只是，为什么一定要烧钱做外卖？或许，外卖对京东的意义，不仅仅是新增一个业务板块。刘强东曾在内部分享会上算过一笔账：在京东买餐饮外卖的消费者中，有40%的人会交叉去买京东的电商产品，“我们做外卖亏的钱，比去抖音、腾讯买流量要划算”。按照这个逻辑，840亿营销费用里相当一部分是在”买流量”？02零售赚的钱，不够新业务烧？当然，更值得关注的是，把京东2025年的利润表拆开看，情况其实也很清晰，即：虽然新业务在烧钱，但零售板块在赚钱，两者相抵后剩下196亿。京东零售2025年全年收入11263.99亿元，同比增长10.87%；经营利润514亿元，同比增长25.1%，经营利润率从2024年的4.0%提升至4.6%。这是京东的基本盘，也是集团能够承受新业务巨额亏损的底气。京东物流同样贡献了正向利润。2025年京东物流收入2171.46亿元，同比增长18.76%；经营利润52.69亿元。但新业务板块一出手，直接把这两块利润吞噬大半：466.41亿元的经营亏损，相当于京东零售全年利润的90%以上。不过，从收入结构看，京东正在变得更“多元”而非更“赚钱”：服务收入全年同比增长23.6%，占总收入比例达到21.8%，创下年度新高；日用百货品类收入连续5个季度实现双位数增长，全年同比增长15.3%，占商品收入比例超过四成。这些数据说明京东的品类结构在优化，对3C家电的依赖在降低。但问题在于，多元化是有成本的：日百品类的毛利率通常低于带电品类，即时零售的履约成本又高于传统电商。当这些结构性变化遇上营销费用暴增，利润端的压力自然就显现了。03零售基本盘也承压还有一个挑战，零售主业在赚钱，但也出现了阶段性的波动。数据显示，2025年第四季度，京东零售收入3019.02亿元，同比下降1.68%。这是京东零售近年来罕见的单季收入下滑。直接原因是带电品类“熄火”了。2024年第四季度，受国家“以旧换新”补贴政策的强力刺激，家电和3C产品消费需求被前置和放大，为京东创造了极高的营收基数。到了2025年第四季度，随着补贴政策退坡，电子产品及家用电器商品收入同比骤降12%。好在日用百货品类顶了上来。数据显示，2025年第四季度日百收入同比增长12.1%，已连续5个季度保持双位数增长；商超品类更是连续8个季度双位数增长，成为零售增长的稳定器。许冉在业绩会上坦言，2026年上半年带电品类依然会受到高基数影响，阶段性承压，但下半年增速预计会好于上半年。同时她也提到，存储芯片成本持续上涨对手机数码等产品价格产生影响，在一定程度上抑制了销量。从用户相关数据来看，可以说是京东2025年财报里为数不多的亮点。2025年，京东年度活跃用户数增至超7亿，季度活跃用户数和用户购物频次均同比增长超30%。用户规模和活跃度的增长，说明京东在用户体验上的投入正在产生回报。所以，剖开数据背后，从更长的周期来看，京东其实也正在经历一场转型：从依赖带电品类“雨季降水”的商业模式，转向通过外卖、即时零售等高频业务引入“日常活水”。从战略层面看，京东的选择也很清晰：用当下的利润，换取一张未来的船票。外卖业务的2.4亿用户、15%的市场份额，以及40%的交叉购买率，都是这张船票的组成部分。这个过程必然伴随利润波动。但问题在于，市场愿意给多少耐心？","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":"","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 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":"4.36.2","shortVersion":"4.36.2","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/2618360514","isCrawlerRequest":true}