从大摩报告到三季报,简析京东的喜与忧

Ofweek光电信息网
Nov 14, 2025

大摩以《京东,凛冬将至》为题,发了一篇长达35页的看空报告。结合第三季度财报数据以及高管的回答,承压肯定是有的,“处境最差”的地步,应该不至于。先看三季报,营收2991亿元,同比增长14.9%,归母净利润为58亿元,同比减少了56.06%,按标题党一点的说法,大致可归纳为“增长失速、利润腰斩”。不过客观来讲,这份营收业绩,其实高于市场预期的2944.4亿元。利润延续下滑态势,也在市场预料之内。至于...

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