京东Q3盈利承压的背后：外卖太烧钱、核心电子家电业务放缓，AI驱动广告成增长亮点_老虎社区_美港股上老虎

京东Q3盈利承压的背后：外卖太烧钱、核心电子家电业务放缓，AI驱动广告成增长亮点

华尔街见闻11-14

京东集团在第三季度交出了一份喜忧参半的业绩报告。尽管收入与调整后净利润双双超出市场预期，但其核心盈利能力正面临显著压力，主要原因在于对外卖等新业务的巨额投入侵蚀了运营利润，同时其传统的电子与家电业务增长也出现放缓。据追风交易台消息，京东第三季度实现收入2990亿元人民币，同比增长15%，高于市场预期。调整后净利润为58亿元人民币，同比下滑56%，但仍显著超出分析师预测。然而，摩根大通分析认为，...

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href=https://wallstreetcn.com/articles/3759393><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>京东集团在第三季度交出了一份喜忧参半的业绩报告。尽管收入与调整后净利润双双超出市场预期，但其核心盈利能力正面临显著压力，主要原因在于对外卖等新业务的巨额投入侵蚀了运营利润，同时其传统的电子与家电业务增长也出现放缓。\n据追风交易台消息，京东第三季度实现收入2990亿元人民币，同比增长15%，高于市场预期。调整后净利润为58亿元人民币，同比下滑56%，但仍显著超出分析师预测。然而，摩根大通分析认为，...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3759393\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0052750758.USD","symbol_name":"富兰克林中国基金A 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spot","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/c29a4e274e7cdb3e96328c196fea8be7","symbols_score_info":{"JD":1.5,"09618":1.5},"content_text":"京东集团在第三季度交出了一份喜忧参半的业绩报告。尽管收入与调整后净利润双双超出市场预期，但其核心盈利能力正面临显著压力，主要原因在于对外卖等新业务的巨额投入侵蚀了运营利润，同时其传统的电子与家电业务增长也出现放缓。\n据追风交易台消息，京东第三季度实现收入2990亿元人民币，同比增长15%，高于市场预期。调整后净利润为58亿元人民币，同比下滑56%，但仍显著超出分析师预测。然而，摩根大通分析认为，这一盈利“惊喜”主要得益于股权投资收益和其他收入等“非主营业务项目”。\n与此形成鲜明对比的是，反映核心业务健康状况的调整后运营利润骤降至2.11亿元人民币，远低于摩根大通此前17亿元的预估。该行将此归咎于外卖与即时零售业务带来的、超出预期的履约开支。\n瑞银同日发布的报告亦表达了相似观点，认为尽管核心零售业务表现稳健，但被新业务的亏损所拖累。分析师指出，市场短期内将聚焦京东管理层对外卖业务投入的表态，这被视为影响公司未来盈利能力的关键变量。\n新业务“烧钱”不止，外卖投入拖累运营利润\n根据摩根大通的分析，京东新业务的亏损是导致其三季度运营利润承压的最主要因素。报告数据显示，包括外卖在内的新业务板块，其运营亏损在第三季度环比扩大约10亿元，达到154亿元人民币，比该行预期高出超过20亿元。\n巨额投入的背后是京东对新增长曲线的渴求。瑞银研报指出，京东管理层仍“高度致力于”外卖业务，并将其视为一项长期战略举措，旨在利用京东在供应链方面的核心能力。\n尽管投入巨大，但分析师也看到了改善的迹象。瑞银预计，得益于外卖业务单位经济模型（UE）的改善和稳定的订单量，第四季度新业务的亏损规模有望环比收窄。然而，报告同时警告，公司在京喜和国际业务上持续加码的投资可能会部分抵消这一改善。\n核心零售引擎减速，电子家电业务增长放缓\n京东赖以起家的核心业务——电子产品及家用电器，在第三季度显现出增长疲态。摩根大通和瑞银的报告均重点指出了这一风险。\n数据显示，该品类的销售收入同比增速从第二季度的23%大幅放缓至第三季度的5%。瑞银在其报告中称，尽管iPhone等手机产品的销售依旧强劲，但家用电器业务在第四季度将面临更严峻的增长基数挑战。\n不过，日用百货品类的强劲增长为京东零售业务提供了一定的缓冲。摩根大通的报告显示，日用百货销售额同比增长19%，增速较第二季度的16%有所提升。瑞银也指出，超市、时尚和健康等品类均实现了两位数增长，管理层对第四季度维持这一势头保持乐观。\n增长亮点：AI驱动广告与市场平台收入提速\n在核心业务面临挑战的背景下，京东的平台及广告业务成为财报中的一抹亮色。京东的市场平台与广告收入在第三季度同比增长24%，增速较第二季度的22%进一步加快。\n瑞银分析师认为，这一强劲增长主要由两大因素驱动。一方面，平台流量持续改善，用户活跃度与购物频率同比提升超过40%；另一方面，京东不断优化的“AI驱动的广告工具”及流量分配效率，成为了可持续的增长动力。\n摩根大通表示，尽管财报数据可能对股价有温和的正面作用，但市场焦点将落在管理层对新业务投资的论述上。\n瑞银则认为即时零售领域的激烈竞争、外卖业务亏损收窄速度的不确定性，以及今年第四季度到明年上半年面临的高基数，都可能限制股价的短期上行空间。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"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":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}