电商洗牌前夜:焦灼的新故事、模糊的火线与消失的生意

山农下山
Nov 28, 2025

01惨烈的财报季如果要为2025年的电商行业选定几个关键词,即时零售和AI一定不会缺席——尽管它们还没有展示出自己的赚钱能力。即时零售更是给财报拖后腿的一把好手。今年以来,京东一声“枪响”,阿里猛然加码,美团被迫应战,撒钱热闹,但三家财报都透着相似的苦味,大写的“亏损”,稳稳地从Q2延伸到了Q3。在减少投入的前提下,京东新业务在Q3亏损157亿元,其中外卖业务大概亏损137-142亿元,平均每天...

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