京东一季度营收3157亿背后，零售业务创下利润新高，外卖业务亏损收窄

时代财经05-14

5月12日，京东集团（09618.HK；JD.US）交出了一份超出市场预期的一季报。财报显示，报告期内，京东集团收入3157亿元，同比增长4.9%；归属于本公司普通股股东的净利润为51亿元；非美国通用会计准则下归母净利润74亿元。　　此外，京东的用户基本盘仍在持续扩大。截至一季度末，年度活跃用户超7.4亿，实现连续10个季度双位数增长，创下历史新高。　　1998年，京东从中关村的一个柜台起步，凭借...

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narrowed","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09618":1.98,"KJD":0.6,"JD":1.98},"content_text":"5月12日，京东集团（09618.HK；JD.US）交出了一份超出市场预期的一季报。财报显示，报告期内，京东集团收入3157亿元，同比增长4.9%；归属于本公司普通股股东的净利润为51亿元；非美国通用会计准则下归母净利润74亿元。　　此外，京东的用户基本盘仍在持续扩大。截至一季度末，年度活跃用户超7.4亿，实现连续10个季度双位数增长，创下历史新高。　　1998年，京东从中关村的一个柜台起步，凭借正品和物流重塑了中国零售的信任体系。如今，当电商行业步入竞争下半场，京东正努力构建一个更多元立体的生态，为7.4亿用户创造更丰富的服务场景。　　作为京东的核心业务，京东零售（含京东健康、京东工业）一季度收入2685.88亿元，同比增长1.8%，贡献了超85%的营收。更值得关注的是，这一业务板块的经营利润149.60亿元，同比增长17.19%，达到历史最高水平，此外，经营利润率也从去年同期的4.9%提升至5.6%。　　利润增速远超收入增速并非偶然。京东集团首席财务官单苏在一季度业绩电话会中透露，京东零售的净利润取得双位数的增长、利润率的稳健改善，主要得益于毛利率和营销效率良好表现。　　具体来看，在带电品类和日百品类方面，京东通过供应链能力带动行业效率的提升，为品牌带来溢价的同时，也实现了自身盈利能力的改善。另一方面，营销效率也在提升，京东零售的市场费和费率已经连续三个季度同比优化。这意味着京东并不依赖“烧钱”换增长，而是通过精细化、技术化实现更高质量的发展。　　从收入结构看，增长动力正在切换。受去年同期“国补”高基数、存储成本上涨以及电子产品价格上涨的影响，电子产品及家用电器商品收入1321.71亿元，同比下降8.4%；但日用百货扛起了大旗，相关品类实现收入1126.48亿元，同比增加14.9%。“一增一稳”之间，透露出京东零售业务的韧性。　　在前述电话会上，京东集团CEO许冉表示，进入下半年，公司对增速回升更具信心，尤其是家电品类，随着高基数效应逐步消退，叠加全渠道销售网络建设，将进一步释放销售潜力。　　在日用百货接棒带电品类的同时，京东服务收入亦同比增长20.6%，达708.75亿元。其中，平台及广告服务收入266.17亿元，同比增长18.8%；物流及其他服务收入443.58亿元，同比增长21.7%。　　财报中最牵动市场神经的，莫过于包含京东外卖的新业务板块。2025年2月，京东外卖进军外卖赛道。此前披露的数据显示，京东外卖上线一年，用户数超2.4亿、外卖市场份额超过15%。　　2026年一季度，京东外卖所在的新业务板块业绩明显改善：收入62.79亿元，经营亏损103.52亿元，去年四季度亏损为148.01亿元，环比明显收窄。　　京东管理层在业绩说明会上表示，新业务板块总亏损环比收窄超过30%，实现了自成立以来最大幅度的环比减亏，UE模型（平台单位经济模型）明显改善。　　对于京东而言，京东外卖不单是一个新的收入来源，更是一个能有效激活全域用户和整个京东生态的连接器。作为典型的高频业务，外卖能有效提升用户打开京东App的频次，进而带动相对低频但价值更高的商品销售。　　这一逻辑也得到了数据验证。单苏在前述电话会中透露，一季度，外卖业务带动了京东整体购物频次同比增长37%。在品类交叉销售上，外卖用户的跨品类购买行为也在加强，尤其体现在商超等日百品类以及京东秒送业务上。此外，一季度外卖所产生的佣金和广告收入环比增长近两倍。　　外卖业务的商业正循环正在逐渐形成。单苏在业绩会上直言，京东外卖并非一个独立的业务，公司正在持续释放其协同价值，并强调外卖业务最终一定会实现盈利。　　时间回到2025年2月，京东高调杀入外卖赛道。当行业陷入低价比拼时，京东选择了一条投入更重、门槛更高的路：为全职骑手提供五险一金、严格筛选品质商家，推出全新业务形态“七鲜小厨”，试图从根本上解决“幽灵外卖”的行业痼疾。　　截至一季度末，七鲜小厨已覆盖北京、上海、广州、深圳、天津等多个城市，预计2026年底完成国内一线及重点二线城市的全覆盖。　　对于行业的补贴竞争，京东方面也保持着清晰的战略定力。京东管理层在电话会上表示：“我们始终保持理性，根据不同的用户群体、不同地域，不断提升精细化运营和营销效率，并且通过供应链模式创新推进外卖的发展。我们也在全面落实行业的监管要求，始终坚持合规经营。”　　“京东的增长驱动力正变得更加多元化，我们也有信心在波动中实现全面稳健的发展。”许冉的这句话，或许是对京东2026年一季报最好的注脚。以零售为压舱石，以物流为护城河，以外卖为连接器，在财务数据的表层波动之下，市场期待一个更具韧性、更多元立体的京东。（文章来源：时代财经）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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