外卖大战无赢家，京东新业务亏掉466亿_老虎社区_美港股上老虎

外卖大战无赢家，京东新业务亏掉466亿

金通社03-06

3月5日晚间，京东集团披露了2025年全年财报，全年营收同比增长13%至13091亿元，展现出强劲的增长韧性；但净利润却同比暴跌52.7%，仅为196亿元。这份“冰火两重天”的业绩背后，藏着一场代价高昂的赛道厮杀。财报明确显示，净利润的大幅缩水，核心症结在于新业务的巨额亏损——以外卖为核心的新业务，全年经营利润亏损高达466.4亿元，成为拖累集团盈利的“重负”。而这场由京东高调入局引发的外卖大战，...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306090023954337e3&s=b><strong>金通社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>3月5日晚间，京东集团披露了2025年全年财报，全年营收同比增长13%至13091亿元，展现出强劲的增长韧性；但净利润却同比暴跌52.7%，仅为196亿元。这份“冰火两重天”的业绩背后，藏着一场代价高昂的赛道厮杀。财报明确显示，净利润的大幅缩水，核心症结在于新业务的巨额亏损——以外卖为核心的新业务，全年经营利润亏损高达466.4亿元，成为拖累集团盈利的“重负”。而这场由京东高调入局引发的外卖大战，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306090023954337e3&s=b\">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":"LU0469268626.HKD","symbol_name":"AB FCP I-ASIA EX JAPAN EQUITY 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billion","themeId":"56a152b176867755c1034ae767c3e498","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09988":0.9,"09618":1.95,"03690":0.9,"JD":1.95},"content_text":"3月5日晚间，京东集团披露了2025年全年财报，全年营收同比增长13%至13091亿元，展现出强劲的增长韧性；但净利润却同比暴跌52.7%，仅为196亿元。这份“冰火两重天”的业绩背后，藏着一场代价高昂的赛道厮杀。财报明确显示，净利润的大幅缩水，核心症结在于新业务的巨额亏损——以外卖为核心的新业务，全年经营利润亏损高达466.4亿元，成为拖累集团盈利的“重负”。而这场由京东高调入局引发的外卖大战，早已没有赢家：此前美团披露的业绩预告显示，受外卖业务拖累，其2025年净利润预计亏损233亿至243亿元；阿里虽未披露全年完整数据，但从前三季度数据推断，受外卖业务拖累已成定局。京东在外卖上即便付出如此惨重的亏损代价，刘强东似乎并未打算鸣金收兵。财报及京东外卖一周年数据显示，2025年京东外卖已拿下15%的市场份额，累计吸引超2.4亿用户下单，而其2026年的目标的是将这一份额提升至30%。这意味着，这场烧钱大战的硝烟虽因监管干预有所消散，但2026年的外卖江湖，仍将是三巨头暗战的战场。京东新业务拖垮利润若单看核心业务，京东2025年的表现足以称得上稳健。目前，京东集团的业务架构清晰分为三大板块：京东零售、京东物流和新业务（主要包含外卖、京喜及国际业务），其中前两大核心业务成为集团盈利的“压舱石”。财报数据显示，2025年京东零售实现经营利润514亿元，京东物流实现经营利润52.7亿元，两大业务均保持稳定盈利，且核心零售业务的收入与经营利润均实现两位数增长，展现出极强的业务韧性。用京东集团首席执行官许冉的话来说，“尽管行业竞争激烈，但我们的核心零售业务展现出韧性，为集团发展提供了坚实支撑。”但这份韧性，终究难抵新业务的巨额亏损。2025年，京东新业务经营利润亏损达466.4亿元，成为集团唯一的亏损项目，且亏损规模直接吞噬了集团近七成的利润空间。从数据来看，这场以外卖为核心的新业务扩张，无疑是一场“烧钱换规模”的豪赌。豪赌的代价，直接体现在各项成本的飙升上。2025年，京东各项开支均出现不同幅度的增长，其中营销开支的增幅最为惊人——从2024年的480亿元，飙升75.1%至840亿元，京东在财报中明确表示，这笔巨额增量开支主要用于新业务的推广活动，其中绝大部分流向了外卖业务的补贴、商户拓展和用户拉新。除了营销开支，其他各项成本也同步上涨：营业成本同比提升12.7%至10991亿元，履约开支同比提升25.2%至882亿元，研发开支和行政开支则分别同比增长30.5%和34.8%，分别达222亿元和120亿元。多重成本压力叠加，再加上新业务的持续失血，最终导致京东净利润的大幅滑坡。尽管业绩承压，但京东管理层对全年表现仍持积极态度。京东集团首席财务官单苏表示：“我们的收入结构变得更加多元化。随着各品类盈利能力提升，以及广告等高利润业务占比扩大，我们也有信心看到更多元化的利润来源。”而许冉也强调，新业务正按照战略规划推进，京东外卖规模稳步扩大的同时，亏损已实现逐季收窄，京喜及国际业务则为长期增长开拓了新机遇。外卖三国杀，没有赢家京东外卖的入局，彻底打破了外卖行业美团与阿里双雄对峙的格局，催生了一场横跨2025年的“三国杀”大战。2025年2月，京东高调宣布进军外卖业务，以“0佣金”“全职骑手五险一金”等差异化策略快速破局，随后美团、阿里（饿了么升级为淘宝闪购）迅速跟进，三方随即陷入激烈的补贴大战，最终在监管干预下才逐渐熄火。这场大战的核心，是“烧钱换份额”的零和博弈，而最终的结果，是三方均付出了惨重的财务代价。据统计，2025年全年，美团、阿里、京东三大平台在外卖及即时零售赛道的营销开支增量合计超1000亿元，日均烧钱近7亿元，成为拖累三方盈利的核心因素。从市场格局来看，经过一年的厮杀，“美团领先、阿里紧追、京东突围”的三足鼎立格局已正式定型。美团作为行业龙头，凭借先发优势和完善的履约体系，依旧占据主导地位：2025年其即时零售交易总额达11970亿元，其中餐饮外卖8840亿元、闪购3130亿元，对应营收911亿元，日均订单约5300万单，市场份额接近50%，稳居行业首位。尽管受补贴大战拖累，美团2025年预计净亏损233亿至243亿元，但其核心用户留存率仍保持高位，实付30元以上的高客单价订单占比超70%，行业壁垒依旧坚固。阿里则通过业务整合实现突围，将饿了么升级为淘宝闪购，完成了从“餐饮外卖平台”到“全品类即时零售平台”的转型，借助淘宝10亿年活跃买家的流量优势，实现即时零售收入同比增长60%。尽管阿里尚未披露2025年全年完整财报，但根据美团和京东的数据推算，其即时零售市场份额约为35%，订单规模与经济效益同步改善，只是巨额的投入仍让其核心电商业务利润同比暴跌85%。作为后来者的京东，无疑是这场大战中最激进的玩家，也付出了最沉重的亏损代价，但也实现了快速突围。截至2025年底，京东即时零售全年GMV达2536亿元，营收202亿元，日均订单约1500万单，增速领跑行业；京东外卖上线一年累计用户超2.4亿，市场份额突破15%，成功挤入外卖赛道的核心圈层。为了实现2026年市场份额突破30%的目标，京东已明确了加码方向——加速拓展七鲜小厨这一核心项目。据京东披露，每家七鲜小厨开业三个月后日均单量均超过500单，同时能有效带动周边餐饮的流量和增速，其核心优势在于依托京东供应链实现食材成本降低30%，并通过后厨直播、资质审核等方式强化品质标签。京东计划2026年底将七鲜小厨覆盖全国所有一、二线城市，同时拓展到店自提、团购等业务，进一步完善餐饮全场景生态。值得注意的是，2026年外卖行业的竞争逻辑，已从“规模扩张”转向“品质合规与效率提升”。2026年2月，市场监督管理总局发布网络餐饮新规，明确6月1日起全面执行，要求清退违规商家、无堂食外卖明确标注，这将推动行业从“野蛮生长”走向“合规提质”。对于京东而言，这或许是实现弯道超车的机遇——其一直坚守的品质定位，与新规导向高度契合，而七鲜小厨的标准化模式，也有望在合规时代凸显优势。但机遇背后，仍是巨大的挑战。外卖行业本身就是一门“苦生意”，平均利润率仅3%-4%，需要依靠极致的规模效应和运营效率才能实现盈利。目前京东外卖的亏损虽逐季收窄，但要实现盈利仍需漫长的周期，而2026年若要冲击30%的市场份额，势必需要持续加大投入，这无疑将继续拖累集团的盈利表现。","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":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}