绩后股价大涨，京东收入、活跃用户实现双位数增长该咋看？_老虎社区_美港股上老虎

绩后股价大涨，京东收入、活跃用户实现双位数增长该咋看？

新浪财经03-06

北京时间3月5日，京东集团发布了2025年四季度及全年业绩。全年收入与活跃用户数均实现双位数增长，核心业务优势依旧巩固，收入结构更加多元，外卖等新业务规模稳步扩大，京东的AI技术不仅更广泛地应用于千行百业，也伴随智能化产品热销走进了千家万户。受业绩向好影响，3月6日，港股强劲反弹，市场最大的亮点是京东系迎来大爆发。盘中，京东集团涨近10%，刚上市的京东工业涨6%，京东健康小涨2%，最猛的是...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2617639371?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-06 22:47","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2617639371","market":"hk","top_or_hot":-1,"title":"绩后股价大涨，京东收入、活跃用户实现双位数增长该咋看？","media":"新浪财经","content":"<div>\n<p>北京时间3月5日，京东集团发布了2025年四季度及全年业绩。全年收入与活跃用户数均实现双位数增长，核心业务优势依旧巩固，收入结构更加多元，外卖等新业务规模稳步扩大，京东的AI技术不仅更广泛地应用于千行百业，也伴随智能化产品热销走进了千家万户。受业绩向好影响，3月6日，港股强劲反弹，市场最大的亮点是京东系迎来大爆发。盘中，京东集团涨近10%，刚上市的 京东工业 涨6%， 京东健康 小涨2%，最猛的是...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306230050a4546b35&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>绩后股价大涨，京东收入、活跃用户实现双位数增长该咋看？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n绩后股价大涨，京东收入、活跃用户实现双位数增长该咋看？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-06 22:47 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306230050a4546b35&s=b><strong>新浪财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>北京时间3月5日，京东集团发布了2025年四季度及全年业绩。全年收入与活跃用户数均实现双位数增长，核心业务优势依旧巩固，收入结构更加多元，外卖等新业务规模稳步扩大，京东的AI技术不仅更广泛地应用于千行百业，也伴随智能化产品热销走进了千家万户。受业绩向好影响，3月6日，港股强劲反弹，市场最大的亮点是京东系迎来大爆发。盘中，京东集团涨近10%，刚上市的 京东工业 涨6%， 京东健康 小涨2%，最猛的是...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306230050a4546b35&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":"LU0871576103.HKD","symbol_name":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306230050a4546b35&s=b","article_id":"2617639371","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260306230050a4546b35&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2617639371","pubTimestamp":1772808420,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"北京时间3月5日，京东集团发布了2025年四季度及全年业绩。全年收入与活跃用户数均实现双位数增长，核心业务优势依旧巩固，收入结构更加多元，外卖等新业务规模稳步扩大，京东的AI技术不仅更广泛地应用于千行百业，也伴随智能化产品热销走进了千家万户。首先，京东2025年财报中收入与活跃用户的双位数增长，标志着其已突破传统电商的流量瓶颈，进入了“供应链效能释放”的新 周期 。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"86618":"京东健康-R","89618":"京东集团-SWR","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","BK1619":"稳定币概念","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","BK1249":"综合零售","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","BK1591":"就地过年概念","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","BK1610":"ETF&股票定投概念","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1575":"同股不同权","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","JD":"京东","02618":"京东物流","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","06618":"京东健康","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","BK1502":"双十一","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","BK1142":"互联网与直销零售","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0594300419.USD":"富达中国消费基金A","BK1588":"回港中概股","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","09618":"京东集团-SW","BK1615":"港股-互联网","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD"},"translate_title":"After the results, the stock price soared, and JD.COM's revenue and active users achieved double-digit growth. What should we think?","themeId":"127ae5433e6c2882721df498095f6f0a","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"86618":0.9,"89618":0.6,"JD":1.96,"09618":1.96,"06618":0.9,"02618":0.9},"content_text":"北京时间3月5日，京东集团发布了2025年四季度及全年业绩。全年收入与活跃用户数均实现双位数增长，核心业务优势依旧巩固，收入结构更加多元，外卖等新业务规模稳步扩大，京东的AI技术不仅更广泛地应用于千行百业，也伴随智能化产品热销走进了千家万户。受业绩向好影响，3月6日，港股强劲反弹，市场最大的亮点是京东系迎来大爆发。盘中，京东集团涨近10%，刚上市的 京东工业 涨6%， 京东健康 小涨2%，最猛的是 京东物流 ，涨幅超过22%。首先，京东2025年财报中收入与活跃用户的双位数增长，标志着其已突破传统电商的流量瓶颈，进入了“供应链效能释放”的新 周期 。全年1.3万亿的收入体量下，日百品类连续五个季度双位数增长且占比超四成，说明京东成功利用其在带电品类的规模经济，通过“百亿 超市 ”等策略将边际成本递减效应复制到高频率 消费 的日用 百货 领域。这种品类结构的优化，不仅降低了单一品类波动的风险，更通过高频带低频的逻辑，显著提升了用户粘性与购物频次，构建了坚实的内生增长护城河。其次，服务收入占比创历史新高至21.8%，折射出京东正从“商品零售商”向“供应链服务商”进行深刻的产业结构升级。在产业价值链中，单纯的商品销售往往面临激烈的价格竞争，利润空间有限；而物流、技术、 租赁 等服务环节则具有更高的附加值。京东物流海外仓的全球化布局、3C数码租赁服务的上线以及AI技术在千行百业的落地，表明其正在将内部沉淀的超级供应链能力外部化，转化为行业公共基础设施。这种由“卖货”向“卖服务、卖能力”的转型，极大地拓宽了企业的盈利边界，提升了整体产业链的运作效率。第三，技术创新已成为驱动京东全要素生产率提升的核心引擎。财报显示研发投入同比增长66%，JoyAI大模型在内部运营及外部硬件中的深度应用，实质上是利用数字技术对传统零售流程进行了重构。从JoyCode提升研发效率到智能履约降低物流成本，再到AI购重塑消费体验，技术不再仅仅是成本中心，而是成为了新的生产力要素。这种“技术+产业”的深度融合，使得京东能够在保持“又好又便宜”的用户体验同时，依然实现经营利润的双位数增长，验证了技术进步对抵消人力成本上升、提升边际产出的关键作用。第四，京东“投资于人”的战略构建了可持续的产业生态壁垒。作为拥有90万员工的超级企业，京东大幅增加人力资源支出并推进“小哥之家”建设，这是通过提高劳动力素质与稳定性来降低交易成本和管理摩擦。稳定的骑手与客服团队直接转化为更优质的末端交付体验，进而增强品牌溢价。这种将员工视为资本而非单纯成本的长期主义视角，不仅响应了共同富裕的宏观导向，更在微观层面形成了“人才驱动创新、创新反哺效益”的正向循环。长期来看，京东的整体表现是可圈可点，发展日益全面的京东正在给市场带来更多的想象空间。","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,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}