京东二季报：一次不张扬但足够彻底的战略换挡

红星资本局08-14 16:17

京东(09618.HK)最新发布的二季报，像是一道故意出的反直觉题。　　收入在往下走，利润却在往上蹿。如果只看收入这一栏，很多人会觉得京东在退潮；可如果翻到利润表，又会发现这家公司其实是在憋一口很大的气。　　这两种截然相反的信号同时出现在一份财报里，恰恰说明了一件事：京东正在经历一次不那么张扬，但足够彻底的战略换挡。　　在财报发布后的业绩电话会上，京东集团CEO许冉表示，第二季度，集团的净利润进入...

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Markets Opportunities A (acc) SGD-H","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD"},"translate_title":"Jingdong Second Quarterly Report: An Unflamboyant But Thorough Enough Strategic Shift","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"JD":1.98,"09618":1.98},"content_text":"京东(09618.HK)最新发布的二季报，像是一道故意出的反直觉题。　　收入在往下走，利润却在往上蹿。如果只看收入这一栏，很多人会觉得京东在退潮；可如果翻到利润表，又会发现这家公司其实是在憋一口很大的气。　　这两种截然相反的信号同时出现在一份财报里，恰恰说明了一件事：京东正在经历一次不那么张扬，但足够彻底的战略换挡。　　在财报发布后的业绩电话会上，京东集团CEO许冉表示，第二季度，集团的净利润进入确定性的利润增长拐点，开始恢复同比健康增长。　　“展望下半年，伴随着核心业务的健康发展和有纪律性的投入，我们有信心推动集团利润的加速增长。未来，我们预计随着核心零售长期的盈利能力提升，以及考虑到业务的改善空间，新业务也将继续优化投入产出效率并释放协同价值，逐步成为集团新的增长引擎，共同推动集团盈利的长期、稳步向上。” 一份“减速但增效”的成绩单　　2026年第二季度，京东实现收入3464亿元，同比下降2.9%。这是京东近几个季度里少见的收入负增长，原因主要是去年同期国家补贴政策带来的高基数。 　　▲据企业财报　　2025年二季度电子产品及家电类目销售基数偏高，今年在没有同等强度补贴刺激的情况下，商品收入同比下降5.4%。与之对比的是，服务收入同比增长6.8%，达到793亿元，在总收入中的占比进一步提升至22.9%。　　这组一降一升的数字，是理解京东这份财报的第一层线索：收入结构正在从商品交易主导，向服务和平台收入主导迁移。　　真正值得注意的变化发生在利润端。　　二季度京东经营利润为45亿元，而去年同期是9亿元的经营亏损，这是一次实质性的转正。非美国通用会计准则下的净利润为89亿元，同比增长约20%；归属于普通股股东的净利润为71亿元，同比增长约15%。经营利润率从去年同期的-0.2%回升至1.3%，非美国通用会计准则下的经营利润率也从0.3%提升至1.6%。　　这种利润改善不是靠收入放量摊薄成本实现的，而是靠成本结构的主动调整。营销开支同比下降24.8%，降至203亿元，占收入比例从7.6%降至5.9%；与此同时，研发开支同比增长37.7%，达到73亿元，占收入比例从1.5%提升至2.1%。　　一边大幅压缩营销投放，一边加大技术研发，这种反向操作说明京东正在有意识地把资源从短期的用户争夺，转向长期的技术能力建设。　　现金流方面，二季度经营活动产生的现金流量净额为377亿元，自由现金流为318亿元，同比大幅增长。　　截至6月末，公司现金及现金等价物、受限制现金和短期投资合计2351亿元，较去年末的2254亿元继续增厚。　　基于这样的现金状况，京东在上半年通过其2024年启动的最高50亿美元回购计划，回购了约6990万股A类普通股，总额10亿美元，相当于去年末流通股本的2.5%。 零售筑底，供应链护城河如何　　京东零售依然是集团的利润基本盘。　　二季度京东零售经营利润135亿元，经营利润率4.6%，创下大促季历史新高。这个数字的含金量在于时点。　　二季度包含618大促，是全年竞争最激烈、补贴力度最大的窗口期之一，能在这个时间点做出利润率新高，说明京东零售的盈利能力不是靠收缩投入换来的，而是有结构性支撑。这个支撑主要来自两方面：一是平台及广告服务收入的持续跑赢大盘，该类收入毛利率显著高于自营商品销售；二是日百品类的稳健增长部分对冲了电子产品品类的基数压力。　　京东零售近期的几个动作，也显示出它在往更高毛利、更强壁垒的方向延伸。5月，京东与香奈儿达成战略合作，后者官方旗舰店正式开业；7月，京东成为开市客在中国的唯一官方电商合作伙伴。　　这两笔合作背后的逻辑是一致的：国际高端品牌对电商渠道的核心诉求是正品保障、物流时效和服务确定性，这恰好是京东自建仓配体系多年积累下来的能力，而不是简单的流量或价格优势能够替代的。这也是京东区别于其他电商平台的核心竞争力所在。它卖的不只是商品和流量，更是一整套确定性的供应链服务。　　这种供应链能力在物流板块的数据上也有体现。京东物流二季度收入641亿元，同比增长24.3%，是三大分部里增速最快的；经营利润22.6亿元，同比增长约15.6%。物流分部收入增速跑赢零售和集团整体，说明这套基础设施本身正在具备独立创造价值的能力，而不只是零售业务的成本中心。　　技术层面，京东物流在深圳首次开通无人车夜间配送线路，车辆可实现24小时不间断运营；截至二季度末，上千台无人车已在全国20余个省份常态化运营。这类投入短期内难以直接体现在利润表上，但指向的是末端配送成本曲线的长期下移。　　与零售和物流的相对稳健相比，新业务板块仍是京东当下最大的不确定性来源。　　二季度新业务收入72.6亿元，同比大幅下降47.6%，经营亏损98.5亿元，虽然较去年同期147.8亿元的亏损有明显收窄，但仍是拖累集团整体利润率的主要因素，新业务经营利润率为负135.7%。 　　▲据企业财报　　财报中将这一收窄归因于京东外卖投入规模的收窄，以及运营效率的提升和收入的多元化。换句话说，外卖业务的打法正从早期的规模优先，转向控制烧钱节奏、寻找效率平衡点。 从规模扩张到结构性盈利的转型在路上　　从这份二季报可以观察到京东正在经历的一次战略切换。过去几年，京东的核心叙事是通过补贴和投入换取用户规模和市场份额；而现阶段，管理层更强调经营纪律和利润质量。首席执行官在业绩公告中明确提到，二季度收入增长面临阶段性扰动，但利润改善标志着公司盈利轨迹迎来“明确拐点”，利润改善主要来自零售业务的稳健表现和外卖业务的持续减亏。这种表述本身，反映出公司对下半年的关注重心已经从“增长速度”转向“增长质量”。　　短期来看，新业务尤其是外卖仍将是影响整体盈利水平的最大变量。　　这项业务处于一个多方参与、竞争尚未收敛的市场环境中，亏损收窄的趋势能否延续，很大程度上取决于行业整体竞争节奏是否放缓，而这不完全由京东单方面决定。京东选择的路径是控制投入节奏而非退出竞争，这意味着接下来几个季度，新业务大概率会继续处于“收窄但仍亏损”的中间状态，而不会迅速转正。　　中期来看，零售业务向高毛利结构迁移的趋势会持续。平台及广告收入占比的提升、与国际品牌和精品商超的深化合作、京东MALL门店网络的扩张，这些都是同一条主线上的延伸动作，指向的是在成熟电商大盘增速放缓的背景下，通过品类结构升级和服务附加值提升来维持利润率。　　研发投入的大幅增长，尤其是在JoyAI大模型、JoyInside智能交互、JoyIndustrial工业大模型等方向上的持续投入，也显示出京东试图把技术能力转化为面向品牌方、供应链伙伴和消费者的新增长点，而不只是停留在传统的零售运营效率提升上。　　长期来看，京东真正的竞争壁垒仍然是供应链基础设施本身。这套体系建设周期长、资本投入大，但一旦成型，能够同时支撑零售、物流、健康、工业等多个业务分部的协同，并且难以被短期资本投入所复制。　　当前充裕的现金储备和持续的自由现金流，给了京东在新业务竞争中保持定力的空间，也支撑了其通过回购向市场传递信心的能力。这种资产负债表的厚度，是京东在这一轮行业调整周期中相对于部分对手的重要差异。　　【结语】　　这份二季报呈现的京东，是一家正在主动放慢收入增速、换取利润质量的公司。零售业务用结构升级证明了自己仍有提升空间，物流业务用独立增长证明了基础设施的价值，新业务则用收窄的亏损证明投入节奏正在被重新校准。　　收入端的短期承压和利润端的实质改善同时存在，恰恰说明这不是一次被动的周期波动，而是一次主动的战略调整。这场调整能否在未来几个季度里进一步兑现为可持续的盈利能力，将是观察京东下一阶段发展的关键。　　红星资本局智慧财报工作室刘谧周怡（文章来源：红星资本局）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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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