亏掉466亿，再砸200亿，刘强东有了“烧钱”新方向

蓝鲸财经03-11

作者：无冕财经海棠叶“预计2026年外卖业务总投入将比2025年有所降低。”3月5日，京东集团公布2025年财报后的电话会上，CEO许冉这句话，引发外界无数猜测。466亿——这是包含外卖在内的新业务交出的亏损成绩单，几乎吞噬了京东零售全年的经营利润，也让集团净利润同比腰斩至196亿元。烧了466亿，换来15%的外卖市场份额。然后呢？许冉的表态似乎在说：外卖这场仗，打不动了。如果你这么想，可能低估...

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海棠叶“预计2026年外卖业务总投入将比2025年有所降低。”3月5日，京东集团公布2025年财报后的电话会上，CEO许冉这句话，引发外界无数猜测。466亿——这是包含外卖在内的新业务交出的亏损成绩单，几乎吞噬了京东零售全年的经营利润，也让集团净利润同比腰斩至196亿元。烧了466亿，换来15%的外卖市场份额。然后呢？许冉的表态似乎在说：外卖这场仗，打不动了。如果你这么想，可能低估...</p>\n\n<a 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海棠叶“预计2026年外卖业务总投入将比2025年有所降低。”3月5日，京东集团公布2025年财报后的电话会上，CEO许冉这句话，引发外界无数猜测。466亿——这是包含外卖在内的新业务交出的亏损成绩单，几乎吞噬了京东零售全年的经营利润，也让集团净利润同比腰斩至196亿元。烧了466亿，换来15%的外卖市场份额。然后呢？许冉的表态似乎在说：外卖这场仗，打不动了。如果你这么想，可能低估了刘强东。466亿亏损没有让他停下“烧钱”的脚步，他只是转了个方向。2月26日，就在财报发布前一周，京东悄然上线“百亿超市”频道，宣布未来3年投入超200亿元补贴，依然剑指即时零售话语权。外卖亏掉466亿，刘强东转头再砸200亿。一亏一砸之间，刘强东把话说得明白：京东可以不在外卖里死磕，但绝不会在即时零售上认输。市场似乎听懂了。财报发布次日，京东股价大涨近10%。新业务一年亏掉466亿外卖业务，成了京东最“烧钱”的战场。根据许冉的说法，2025年，因为京东外卖刚刚起步，京东在运营、研发等方面都做了大量投入。因此，2025年，京东营销费用直接从2024年的480亿元飙升至840亿元，同比增长75.1%，占收入比从4.1%升至6.4%。京东坦言，主要是用于新业务的推广活动。此外，京东2025年的研发费用也同比增长30.5%至222亿元，占收入比从1.5%升至1.7%；履约费用则同比增长25.2%至882亿元，占收入比从6.1%升至6.7%。研发、营销及履约三费齐涨，全年投入近1944亿元，回报却令人咋舌：财报显示，包含外卖在内的新业务全年营收为493亿元，与此同时，经营亏损扩大至466亿元。这一亏损额较2024年扩大了超15倍，几乎相当于“吃掉”了京东最核心的盈利来源——零售板块全年的514亿元经营利润。高达94.6%的经营亏损率更为直观。简单说，京东每收入100块钱，就要亏掉94块6。其中，仅是第四季度一个季度就亏了148亿元，而2024年同期只亏了9个亿。事实上，从2025年第二季度开始，新业务便已显露出“烧钱”态势，单季亏损达147.8亿元，对比之下，2024年同期新业务的经营损失还仅为6.95亿元。疯狂的投入也大幅侵蚀了集团的现金流。京东全年自由现金流从2024年的437亿元骤降至65亿元，降幅超过85%。牺牲短期利润，换来了什么？用京东的话说，是用户规模与市场份额的增长：2.4亿下单用户，以及15%的外卖市场份额。照其规划，2026年这一数字要提升至30%。不过，京东的口径与第三方机构的统计存在差异。据“晚点Late Post”2月报道，目前在餐饮外卖市场格局趋于稳定，美团与淘宝闪购的份额分别超过50%和40%，京东不足5%。据香港经济日报报道，在摩根大通最新的报告中，按订单量统计，美团日单7100万，占市场份额的50%，阿里巴巴次之，份额为42%，京东占8%。数据口径的差异，折射出市场对外卖战局的不同观察视角。高盛则预判，外卖和即时电商业务市场份额将在美团、阿里巴巴、京东之间形成5:4:1的格局。对于刚刚起步的京东外卖而言，这组数字既是一种存在感的确认，更是一道残酷的数学题：想要从那个“1”爬到更高的位置，它必须付出比今天466亿亏损更大的代价。这场烧钱大战，才刚刚开始。“百亿超市”3年投入200亿466亿的亏损，没有让刘强东停下“烧钱”的脚步。只不过，这一次，钱烧向了另一个方向。刘强东或许意识到：要在即时零售这场战役中取胜，不能只在对手的主场硬拼，更要懂得回到自己的主场发力。2月26日，京东APP悄然上线了一个新频道“百亿超市”。与以往低调上线的业务不同，京东此次高调宣布，未来3年将投入超200亿元商品补贴，目标直指2000亿元的额外销售增量。这是近两年来，京东首次向超市百货品类释放巨额补贴。更值得注意的是，京东明确表示，此次商超品类的补贴力度将超越其传统优势的带电品类，成为集团百亿补贴体系中投入规模最大的板块。这种调整既是防守，也是进攻，目的只有一个——争夺即时零售话语权。就在一个月前，美团刚花7.17亿美元（约49亿人民币），全资收购了叮咚买菜的中国业务。这笔交易背后，有一段让京东尴尬的插曲。据接近京东的多方人士透露，早在2026年1月上旬，京东已与叮咚买菜达成并购初步意向，价格在50-60亿元区间，只差临门一脚。但最终，美团以更高报价“截胡”成功。有市场人士对《商业观察家》评论称：“京东出价低，决策也慢。”叮咚买菜的失手，对京东而言代价沉重。叮咚拥有超1000个前置仓、700万月活用户，在长三角地区具有统治力。而美团自家的小象超市，2024年GMV已近300亿元，近1000个前置仓，50%的单量集中在北京和深圳。拿下叮咚后，美团一举补齐长三角短板，自此北上深三大核心城市尽入囊中。“美团用49亿买下一份防守险，把京东踹出了牌桌。”市场不乏这样的评论。而京东的反应，来得也很快——一个月后，“百亿超市”上线。更何况，觊觎超市赛道的远不止美团。今年1月，拼多多已低调内测其“百亿超市”频道，从内测用户晒出的页面来看，覆盖水果蔬菜、家居日化等高频刚需品类。作为“百亿补贴”玩法的开创者，拼多多曾借此成功切入线上3C数码市场，从京东、天猫手中抢下过市场份额。互联网巨头们不约而同地将战火烧向了超市赛道。电商分析师李成东的观察，点明了京东此番调整的深层逻辑。在他看来，去年爆发的外卖大战虽深刻影响了即时零售格局，但从战略效率出发，“与其在外卖赛道上烧钱，不如将资源更直接地补贴到即时零售主业中”。从百亿烧向外卖，到200亿砸向超市，京东的路径在变，但终点未变——在万物到家的时代，拿下即时零售的话语权。即时零售这一仗，两边都难打但是这一仗真的很难。外卖战场很难打。据“晚点Late Post”报道，阿里核心管理层在2026年初的内部会议上明确表态，将继续加大对淘宝闪购的战略投入，鼓励团队大胆推进，“三年内不要有亏损的负担”。阿里创始人马云更是在内部将淘宝闪购定义为“集团里程碑意义的战役”。这意味着什么？意味着在外卖战场上，京东面对的不是一个会因为亏损而退缩的对手。淘宝闪购2026年的投入力度将全面超越上一年，其目标是清晰的：餐饮外卖业务要做30元以上的高客单价订单，即时零售要一个一个细分品类重点突破。而美团，刚刚用49亿买下叮咚，补齐了长三角的版图。京东用466亿换来的15%外卖份额，要在美团（超50%）和阿里（超40%）的夹缝中继续生长。这个战场，没有撤退可言。超市战场，同样不轻松。盒马旗下折扣业态“超盒算NB”正在疯狂跑马圈地，短短两个月，新开门店已达7家；美团旗下的社区硬折扣品牌“快乐猴超市”，今年初首次杀入华南市场，而后在北京相继落子昌平、房山、密云，宁波也计划连开3家。值得注意的是，双方已经短兵相接。在北京门头沟，美团快乐猴超市与京东折扣超市，相距仅五分钟车程。同一个社区，同一批价格敏感的客群，两家门店正面硬刚。传统玩家也在反击。永辉超市正在进行一场堪称“自我革命”的转型，关停了近400家门店，同时对超过300家存量门店进行“胖东来式”调改；物美的胖东来调改门店已达43家。比对手更可怕的，是超市这门生意本身。消费者既要性价比，又要品质，还要新鲜感——用业内人士的话说，要在非标、低毛利、高损耗的超市品类上实现“多快好省”，无异于一个“不可能的四角”。200亿补贴只是一个开始。在即时零售这条赛道上，没有人能轻松通关。对于刚刚起跑的京东而言，这场硬仗，才刚刚打完上半场。","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,"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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亏掉466亿，再砸200亿， 刘强东有了“烧钱”新方向

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亏掉466亿，再砸200亿，刘强东有了“烧钱”新方向