3月5日，京东集团交出了2025年的成绩单，数据一出炉就引发市场讨论。一边是全年收入首次突破1.3万亿元，同比增长13%，核心零售业务经营利润率达4.6%，比上年提升0.6个百分点；另一边是全年净利润196亿元，同比腰斩，第四季度甚至录得27亿元的净亏损。两组反差明显的数据，把京东推到了舆论中心。按常理，这种“增收不增利”甚至“增收反亏”的财报，往往会让市场看空。然而，细看财报，给投资者的感觉是“...
Source Link3月5日，京东集团交出了2025年的成绩单，数据一出炉就引发市场讨论。一边是全年收入首次突破1.3万亿元，同比增长13%，核心零售业务经营利润率达4.6%，比上年提升0.6个百分点；另一边是全年净利润196亿元，同比腰斩，第四季度甚至录得27亿元的净亏损。两组反差明显的数据，把京东推到了舆论中心。按常理，这种“增收不增利”甚至“增收反亏”的财报，往往会让市场看空。然而，细看财报，给投资者的感觉是“...
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