京东2Q25营收同增22.4%至3,567亿元，优于VA一致预期/华泰预测的+15.0/+15.6%，非GAAP归母净利润74亿元，同比-48.9%，优于一致预期/华泰预测的-58.8/-69.9%，主因零售板块经营利润释放好于预期和非经常性损益及所得税情况好于预期。在外卖行业激化的竞争中，我们预计京东的投入或在3Q25起进入效率优化阶段，但整体投入量级受季度总订单量环比增长明显影响或继续维持在较...
Source Link京东2Q25营收同增22.4%至3,567亿元，优于VA一致预期/华泰预测的+15.0/+15.6%，非GAAP归母净利润74亿元，同比-48.9%，优于一致预期/华泰预测的-58.8/-69.9%，主因零售板块经营利润释放好于预期和非经常性损益及所得税情况好于预期。在外卖行业激化的竞争中，我们预计京东的投入或在3Q25起进入效率优化阶段，但整体投入量级受季度总订单量环比增长明显影响或继续维持在较...
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