京东对外卖业务的表述要点（业绩会&callback）

卓哥投研笔记

11/14

我之前一篇文章大摩：京东，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&s=b><strong>卓哥投研笔记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我之前一篇文章大摩：京东，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&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":"LU0588545730.USD","symbol_name":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) 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callback)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09618":1.5,"JD":0.6},"content_text":"我之前一篇文章大摩：京东，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖。2.补贴相对理性，业绩会上管理层表述原文是“尽管面临行业内的激烈竞争，公司在刚刚过去的第三季度仍然保持着相对理性的态度。”这句话三个重点词，“仍然”、“相对”、“理性”。（卓哥呼吁：麻烦袋鼠和蓝猫也保持理性。）3.UE亏损（单均亏损）也在收窄，但GMV实现了双位数增长，说的是环比。卓哥：管理层没有谈市占率，也没有必要谈市占率，咱自己跟自己比每个季度有进步就行。4.外卖和闪购是一盘棋，目前重心在外卖。5.Q4继续追求单量增长（继续？）、UE改善，Q4整体投入预计环比Q3减少，但也要看竞争强弱。卓哥理解：不好战，也不怕战。6.外卖与主站电商的协同效应？上个季度的交叉销售是40%（外卖用户在电商有下过单），这个季度是50%。（卓哥理解：相比之下，蓝猫双十一的1亿单交叉销售就有些平淡了，日均交叉销售也就400多万单，相比日均2-3亿的电商总订单，也就2%的提升。）7.继续追求单量增长，释放外卖业务规模效应，提升UE，最终使外卖成为一个可以独立生存的业务。（卓哥理解：外卖未来要实现盈亏平衡才行）这篇应该不会被删，要删也是蓝猫或者袋鼠要我删。","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"}}}