{"slug":"jd-com","name":"징둥닷컴(JD.com)","name_en":"JD.com","ticker":"9618.HK","updated_at":"2026-07-12T04:30:28.774+00:00","canonical":"https://valuechain.wiki/jd-com","citable":"밸류체인 그래프 기준 징둥닷컴(JD.com)의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 0·투자 3)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, JD.com is directly linked to 3 companies (0 supply, 0 revenue, 3 investment relationships) and reaches 6 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"항셍 지수 · 이커머스 · 직매입+자체물류","kicker_en":"Hang Seng · E-commerce · 1P retail + owned logistics","lead":"자체 물류망을 깐 직매입(1P) 구조 덕에 가전·3C에서 정품·빠른배송 신뢰를 독점적 강점으로 굳힌 중국 2위 이커머스다(나스닥 JD·홍콩 9618 이중상장). 이 본체 JD리테일은 FY2025 영업이익 514억위안으로 견조했지만, 2025년 음식배달 시장에 뛰어들어 메이퇀·알리바바와 벌인 보조금 전쟁이 신사업을 영업손실 -466억위안으로 끌어내리며 그룹 귀속순이익을 414억→196억으로 반토막 냈다. 관전 포인트는 이 출혈이 점유율을 사는 일시 비용인지 구조적 마진 훼손인지 — 텐센트(2021)·월마트(2024)가 이미 지분을 턴 가운데, 지배 자회사 JD로지스틱스(84.5%)·JD헬스가 물류·헬스케어로 사업을 잇는 파급 축이다.","lead_en":"China's #2 e-commerce, whose 1P direct-sales model layered on an owned logistics network has locked in 'genuine goods, fast delivery' trust in electronics/appliances as a moat (dual-listed Nasdaq JD / HK 9618). Its core, JD Retail, stayed robust at RMB 51.4bn operating income in FY2025, but a 2025 leap into food delivery — and the subsidy war with Meituan and Alibaba it triggered — dragged New Businesses to a RMB 46.6bn operating loss and halved group net income attributable from 41.4bn to 19.6bn. The question to watch is whether that bleeding is a temporary price for share or structural margin damage — and with Tencent (2021) and Walmart (2024) already exited, controlled subsidiaries JD Logistics (84.5%) and JD Health are the arms extending the model into logistics and healthcare.","segments":{"fy":2025,"parts":[{"desc":"정품·당일배송 신뢰로 가전·3C 점유를 굳힌 본체 — 매출 1조1,264억·영업이익 514억, 이구환신(가전 교체보조) 수요가 성장을 떠받쳤다","name":"JD리테일(직매입·마켓플레이스, JD헬스·JD인더스트리얼 포함)"},{"desc":"자체 물류를 외부 화주에 개방해 고정비를 매출로 전환하는 축 — 매출 2,171억·영업이익 53억으로 흑자 유지, 인프라 레버리지 입증","name":"JD로지스틱스(2618.HK 자회사)"},{"desc":"음식배달 신규 진출이 보조금 전쟁을 촉발 — 매출 493억에도 영업손실 -466억, 2026년 점유율 30% 목표 아래 손실 축소 속도가 관건","name":"신사업(JD음식배달·JD프로퍼티·해외)"}],"total":"1조3,090.9억 위안 (FY2025, +13%)","source":"SEC Form 20-F FY2025","concentration":"본체(JD리테일)의 견조한 이익을 신규 음식배달 출혈이 통째로 삼킨 해 — JD리테일 영업이익 514억을 신사업 -466억이 상쇄하며 귀속순이익이 414억→196억으로 반토막 났다. 시장의 질문은 이 손실이 점유율을 사는 일시 비용인지 구조적 마진 훼손인지이며, 텐센트(2021)·월마트(2024)의 지분 처분이 그 불확실성을 키웠다."},"segments_en":{"fy":2025,"parts":[{"desc":"The core that turned 'genuine goods, same-day delivery' trust into an electronics/3C moat — revenue RMB 1,126.4bn, operating income RMB 51.4bn, with government trade-in subsidies underpinning growth","name":"JD Retail (1P & marketplace, incl. JD Health, JD Industrials)"},{"desc":"Turns owned logistics into revenue by opening fulfillment to external shippers — revenue RMB 217.1bn, operating income RMB 5.3bn, staying profitable and proving infrastructure leverage","name":"JD Logistics (2618.HK subsidiary)"},{"desc":"A fresh food-delivery entry ignited a subsidy war — revenue RMB 49.3bn yet a RMB 46.6bn operating loss; the pace of loss narrowing toward a 2026 30%-share goal is what matters","name":"New Businesses (JD Food Delivery, JD Property, overseas)"}],"total":"RMB 1,309.1bn (FY2025, +13%)","source":"SEC Form 20-F FY2025","concentration":"The year the profitable core was entirely swallowed by fresh food-delivery bleeding — JD Retail's RMB 51.4bn operating income was offset by New Businesses' RMB 46.6bn loss, halving net income attributable from 41.4bn to 19.6bn. The market's question is whether that loss is a temporary price for share or structural margin damage, an uncertainty amplified by Tencent's (2021) and Walmart's (2024) stake exits."},"returns_yearly":{"2021":-19.1,"2022":-16.9,"2023":-62.5,"2024":81.5,"2025":-28.2,"2026":-1.5},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"jd-logistics","name":"징둥물류","name_en":"JD Logistics","tier":1,"returns_yearly":{"2022":-25.3,"2023":-60.7,"2024":95.3,"2025":-15.7,"2026":13.3}},{"slug":"tencent-holdings-limited","name":"텐센트","name_en":"Tencent Holdings Limited","tier":1,"returns_yearly":{"2021":-28.6,"2022":-14.2,"2023":-28.7,"2024":49.8,"2025":52.1,"2026":-23.2}},{"slug":"jd-health","name":"징둥헬스","name_en":"JD Health","tier":1,"returns_yearly":{"2021":-59.1,"2022":3.9,"2023":-60.5,"2024":24.8,"2025":98,"2026":-41}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":2,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"meituan","name":"메이퇀","name_en":"Meituan","tier":2,"returns_yearly":{"2021":-38.1,"2022":-20.7,"2023":-64.2,"2024":137.6,"2025":-34.6,"2026":-19}},{"slug":"beijing-kingsoft-office-software","name":"킹소프트 오피스","name_en":"Beijing Kingsoft Office Software","tier":2,"returns_yearly":{"2021":-41.3,"2022":16,"2023":-23.7,"2024":47.1,"2025":7.6,"2026":-30.2}},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":3,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":3,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":3,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","tier":3,"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":3,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":3,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":3,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":3,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"corning","name":"Corning","name_en":"Corning","tier":3,"returns_yearly":{"2021":5.9,"2022":-11.6,"2023":-1.2,"2024":60.6,"2025":87.8,"2026":118.8}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":3,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":3,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":3,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":3,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"innolight","name":"InnoLight","name_en":"InnoLight","tier":3,"returns_yearly":{"2021":-30.7,"2022":-18.3,"2023":253.7,"2024":12,"2025":468.1,"2026":68.8}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":3,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":3,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":3,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":3,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":3,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":3,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":3,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":3,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"alibaba","name":"알리바바","name_en":"Alibaba Group","tier":3,"returns_yearly":{"2021":-49,"2022":-25.8,"2023":-10.8,"2024":11.8,"2025":75.8,"2026":-22.7}},{"slug":"baidu","name":"바이두","name_en":"Baidu","tier":3,"returns_yearly":{"2022":-8.2,"2023":-23.4,"2024":-13.5,"2025":74.2,"2026":-24.5}},{"slug":"li-auto","name":"리오토(리샹)","name_en":"Li Auto","tier":3,"returns_yearly":{"2022":1.2,"2023":11.6,"2024":-12.7,"2025":-28.7,"2026":-28.1}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"pony-ai","name":"Pony.ai","name_en":"Pony.ai","tier":3,"returns_yearly":{"2025":1,"2026":-54.6}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"징둥닷컴의 논지는 자체 물류망을 깐 직매입(1P) 구조로 가전·3C에서 정품·빠른배송 신뢰를 독점적 강점으로 굳힌 중국 2위 이커머스가, 신규 배달 진출의 출혈을 견디는 국면이다. 본체 JD리테일은 FY2025 영업이익 514억위안(이구환신 수요가 견인)으로 견조했지만, 2025년 음식배달 시장에 뛰어들어 메이퇀·알리바바와 벌인 보조금 전쟁이 신사업을 영업손실 -466억위안으로 끌어내리며 그룹 귀속순이익을 414억→196억으로 반토막 냈다. 시장의 질문은 이 출혈이 점유율을 사는 일시 비용인지 구조적 마진 훼손인지이며, 텐센트(2021)·월마트(2024)의 지분 처분이 그 불확실성을 키웠다. 직매입 특성상 매출원가율이 약 84%로 규모 없이는 이익이 어렵고, 지배 자회사 JD로지스틱스(84.5%, 흑자 유지)·JD헬스가 물류·헬스케어로 사업을 잇는 파급 축이다. 재평가 트리거는 배달 손실 축소 속도(2026 점유율 30% 목표), 본체 리테일 마진, 그리고 물류 인프라 레버리지다.","analysis_en":"JD.com's thesis is China's No.2 e-commerce — a 1P model with owned logistics that hardened authenticity and fast-delivery trust into a dominant edge in appliances and 3C — now enduring the bleed of a new delivery push. Core JD Retail was solid at RMB 51.4bn FY2025 operating profit (driven by trade-in appliance-subsidy demand), but the 2025 entry into food delivery and the subsidy war with Meituan and Alibaba dragged the new-business line to -RMB 46.6bn, halving group attributable net income from RMB 41.4bn to RMB 19.6bn. The market's question is whether the bleed is a temporary cost of buying share or structural margin damage, and the stake exits by Tencent (2021) and Walmart (2024) heightened that uncertainty. With the 1P model's cost of revenue ~84%, profit is hard without scale, and controlled subsidiaries JD Logistics (84.5%, still profitable) and JD Health extend the business into logistics and healthcare. Re-rating triggers are the pace of narrowing delivery losses (2026 target of 30% share), core retail margin, and logistics-infrastructure leverage.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"소비자·입점 셀러 (JD리테일)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":1126399000000,"period":"FY2025 JD리테일","op_income_cny":51402000000,"total_revenue_cny":1309085000000},"note":"직매입(1P)에 자체 물류를 붙여 '정품·당일배송' 신뢰를 가전·3C에서 독점적 강점으로 굳힌 본체 — FY2025 매출 1조1,264억위안에 영업이익 514억으로, 정부 이구환신(가전 교체보조) 수요가 성장을 떠받치며 그룹 적자 속에서도 캐시카우 역할을 지켰다. 상품매출의 40%+가 전자·가전이라 소비 사이클·보조금 정책에 민감하다.","note_en":"The profit engine: pairing 1P direct sales with owned logistics has locked in 'genuine goods, same-day delivery' trust in electronics/appliances as a moat — FY2025 revenue RMB 1,126.4bn and operating income RMB 51.4bn, propped up by government trade-in subsidies, kept it a cash cow even as the group slid into losses. With 40%+ of product sales in electronics, it is geared to the consumption cycle and subsidy policy.","sources":[{"stance":"confirms","publisher":"KrASIA","publisher_en":"KrASIA","kind":"news","lang":"en","published_at":"2026-05-01","url":"https://kr-asia.com/chinese-firms-turn-to-autonomous-delivery-to-counter-rising-costs-of-gig-labor","title":"중국 기업들, 무인 배송으로 노동비 대응 (메이투안·JD)","title_en":"Chinese firms turn to autonomous delivery (Meituan, JD)","excerpt":"JD Logistics has cumulatively deployed thousands of unmanned vehicles nationwide; JDX20 drone testing in Nanjing, Shanghai, Xi'an, Guangzhou.","excerpt_en":"Thousands of unmanned vehicles; JDX20 drone tests."},{"stance":"mentions","publisher":"애널리스트 컨센서스(24개사)","publisher_en":"Analyst consensus (24 firms)","kind":"research","lang":"en","published_at":"2026-05-01","url":"https://uk.marketscreener.com/quote/stock/JD-COM-INC-111325356/consensus/","title":"징둥닷컴(9618) 애널리스트 컨센서스 — Strong Buy, 목표가 HK$154.1","title_en":"JD.com (9618) analyst consensus — Strong Buy, target HK$154.1","excerpt":"애널리스트 컨센서스 Strong Buy, 평균 목표가 HK$154.1(24개사)","excerpt_en":"Analyst consensus Strong Buy, avg target HK$154.1 (24 firms)"},{"stance":"confirms","publisher":"美 SEC 공시(20-F)","publisher_en":"SEC filing (20-F)","kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm","title":"징둥닷컴 2025 연차보고서 (SEC Form 20-F)","title_en":"JD.com — FY2025 Annual Report (SEC Form 20-F)","excerpt":"JD리테일 매출 1조1,264억위안·영업이익 514억; 총매출 1조3,091억(+13%)","excerpt_en":"JD Retail revenue RMB 1,126.4bn, operating income RMB 51.4bn; total revenue RMB 1,309.1bn (+13%)"},{"stance":"confirms","publisher":"JD.com (PR)","publisher_en":"JD.com (PR)","kind":"news","lang":"en","published_at":"2026-03-05","url":"https://finance.yahoo.com/news/jd-com-announces-fourth-quarter-100000600.html","title":"징둥닷컴 2025 4분기·연간 실적 발표","title_en":"JD.com announces Q4 and full-year 2025 results","excerpt":"JD.com FY2025 total revenues RMB 1,309.1bn; food-delivery push pressured profit","excerpt_en":"JD.com FY2025 total revenues RMB 1,309.1bn; food-delivery push pressured profit"},{"stance":"confirms","publisher":"KOTRA 해외시장뉴스","publisher_en":"KOTRA Overseas Market News","kind":"news","lang":"ko","published_at":"2025-03-10","url":"https://dream.kotra.or.kr/kotranews/cms/news/actionKotraBoardDetail.do?SITE_NO=3&MENU_ID=1420&bbsSn=506&pNttSn=226610&CONTENTS_NO=1","title":"징둥닷컴, 직매입·자체물류 기반 중국 2대 이커머스 — 가전·3C 강점","title_en":"JD.com: China's #2 e-commerce on 1P retail & own logistics, strong in electronics/appliances","excerpt":"직매입·자체물류 기반 중국 2대 이커머스, 가전·3C 강점","excerpt_en":"China's #2 e-commerce on 1P retail & own logistics, strong in electronics/appliances"}]},{"direction":"revenue","counterparty":"외부·내부 물류 고객 (JD로지스틱스)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":217146000000,"period":"FY2025 JD로지스틱스","op_income_cny":5269000000},"note":"이커머스 내부 물류를 외부 3자 화주에까지 개방해 자체 창고·라스트마일의 고정비를 매출로 전환하는 축 — FY2025 매출 2,171억위안·영업이익 53억으로 흑자 기조를 지키며 인프라 레버리지를 증명한다. 외부 고객 비중이 커질수록 물류망은 비용센터에서 이익센터로 재평가된다.","note_en":"The segment that turns the fixed cost of owned warehousing and last-mile into revenue by opening internal fulfillment to external shippers — FY2025 revenue RMB 217.1bn and operating income RMB 5.3bn keep it profitable and prove the infrastructure's operating leverage. The larger the external-customer mix, the more the network re-rates from cost center to profit center.","sources":[{"stance":"confirms","publisher":"美 SEC 공시(20-F)","publisher_en":"SEC filing (20-F)","kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm","title":"징둥닷컴 2025 연차보고서 (SEC Form 20-F)","title_en":"JD.com — FY2025 Annual Report (SEC Form 20-F)","excerpt":"JD로지스틱스 세그먼트 매출 2,171억위안·영업이익 53억","excerpt_en":"JD Logistics segment revenue RMB 217.1bn, operating income RMB 5.3bn"}]},{"direction":"investment","counterparty":"JD로지스틱스 (지배 지분)","counterparty_slug":"jd-logistics","confidence":"high","metric":{"type":"share","unit":"%","value":84.5,"period":"2025","qualifier":"controlling_subsidiary"},"note":"홍콩 상장(2618.HK) 물류 자회사 — 징둥닷컴이 약 84.5% 지배. 이커머스 풀필먼트를 담당하며 연결 세그먼트로 편입.","note_en":"HK-listed logistics subsidiary (2618.HK) — JD.com controls ~84.5%. Handles e-commerce fulfillment and is consolidated as a reporting segment.","sources":[{"stance":"confirms","publisher":"美 SEC 공시(20-F)","publisher_en":"SEC filing (20-F)","kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm","title":"징둥닷컴 2025 연차보고서 (SEC Form 20-F)","title_en":"JD.com — FY2025 Annual Report (SEC Form 20-F)","excerpt":"JD로지스틱스 연결 세그먼트로 편입","excerpt_en":"JD Logistics consolidated as a reporting segment"},{"stance":"confirms","publisher":"Simply Wall St","publisher_en":"Simply Wall St","kind":"news","lang":"en","published_at":"2025-12-01","url":"https://simplywall.st/stocks/hk/transportation/hkg-2618/jd-logistics-shares/ownership","title":"징둥물류 지분구조 — 징둥닷컴 약 84.5% 지배","title_en":"JD Logistics ownership — JD.com controls ~84.5%","excerpt":"징둥닷컴, JD로지스틱스 약 84.5% 지배","excerpt_en":"JD.com controls ~84.5% of JD Logistics"}]},{"direction":"cost","counterparty":"브랜드·상품 공급사 (직매입 매입원가)","counterparty_slug":null,"confidence":"high","metric":{"type":"ratio","unit":"pct_of_revenue","value":84,"period":"FY2025 매출원가율","qualifier":"1p_cogs"},"note":"직매입(1P) 모델 특성상 상품 매입원가가 최대 비용 — 매출원가율 약 84%. 전자·가전(3C)·일용소비재를 브랜드·제조사로부터 직접 매입해 재고 보유·판매. 다수 공급 브랜드로 개별 귀속은 익명 보존.","note_en":"As a 1P direct-sales model, merchandise cost of goods is the largest expense — cost of revenue ~84% of sales. JD sources electronics/appliances (3C) and daily consumer goods directly from brands/manufacturers, holding inventory. Kept anonymous given the many supplier brands.","sources":[{"stance":"confirms","publisher":"美 SEC 공시(20-F)","publisher_en":"SEC filing (20-F)","kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm","title":"징둥닷컴 2025 연차보고서 (SEC Form 20-F)","title_en":"JD.com — FY2025 Annual Report (SEC Form 20-F)","excerpt":"매출원가율 약 84%(직매입 1P 매입원가 최대 비용)","excerpt_en":"Cost of revenue ~84% of sales (1P merchandise procurement is the largest cost)"}]},{"direction":"cost","counterparty":"풀필먼트·물류 인력·인프라","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"owned_fulfillment_opex"},"note":"자체 물류망 운영비(창고·배송 인력·라스트마일)가 직매입 다음가는 비용축. 이커머스 물류를 내재화해 서비스 품질을 확보하는 대신 고정비 부담. 무인 배송차·경량 드론으로 장기 인건비 완화 시도.","note_en":"Operating its own logistics network (warehousing, delivery labor, last-mile) is the second cost pillar after merchandise. Insourcing e-commerce fulfillment secures service quality at the cost of fixed overhead; unmanned vehicles and light drones aim to ease long-term labor cost.","sources":[{"stance":"confirms","publisher":"美 SEC 공시(20-F)","publisher_en":"SEC filing (20-F)","kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm","title":"징둥닷컴 2025 연차보고서 (SEC Form 20-F)","title_en":"JD.com — FY2025 Annual Report (SEC Form 20-F)","excerpt":"자체 물류망(창고·라스트마일) 운영비 부담","excerpt_en":"Owned logistics network (warehousing, last-mile) operating cost"}]},{"direction":"investment","counterparty":"JD헬스 (지배 지분)","counterparty_slug":"jd-health","confidence":"mid","metric":{"qualifier":"controlling_subsidiary"},"note":"홍콩 상장(6618.HK) 헬스케어 자회사 — 징둥닷컴이 지배주주(과반)로 JD리테일 부문에 편입. 온라인 의약품·헬스 서비스.","note_en":"HK-listed healthcare subsidiary (6618.HK) — JD.com is the controlling (majority) shareholder; consolidated within the JD Retail segment. Online pharmacy and health services.","sources":[{"stance":"confirms","publisher":"美 SEC 공시(20-F)","publisher_en":"SEC filing (20-F)","kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm","title":"징둥닷컴 2025 연차보고서 (SEC Form 20-F)","title_en":"JD.com — FY2025 Annual Report (SEC Form 20-F)","excerpt":"JD헬스 지배 자회사로 JD리테일 부문 편입","excerpt_en":"JD Health is a controlling subsidiary within the JD Retail segment"}]},{"direction":"investor","counterparty":"텐센트 (지분·WeChat 파트너십)","counterparty_slug":"tencent-holdings-limited","confidence":"low","metric":{"qualifier":"largely_divested_2021","stake_after_pct":2.3},"note":"과거 최대급 전략주주였으나 2021.12 지분(4.57억주·약 $16.4B, JD 발행주식 14.7%)을 특별배당으로 주주에 분배해 17%→2.3%로 축소. 이후에도 WeChat 쇼핑 접점 등 사업 협력 유지. (텐센트 노드에 한정 문구 단 대칭 investment 엣지 존재)","note_en":"Formerly a top strategic shareholder; in Dec 2021 Tencent distributed shares (457M, ~$16.4bn, 14.7% of JD) as a special dividend, cutting its stake from 17% to 2.3%. WeChat shopping-access cooperation persists. (A symmetric, qualified investment edge exists on the Tencent node.)","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2021-12-23","url":"https://www.cnbc.com/2021/12/23/tencent-to-give-16point4-billion-jdcom-stake-to-shareholders-as-dividend.html","title":"텐센트, 164억달러 징둥닷컴 지분 특별배당으로 분배(17%→2.3%)","title_en":"Tencent to give $16.4bn JD.com stake to shareholders as dividend (17%→2.3%)","excerpt":"텐센트, 2021.12 JD 지분 14.7%($16.4B) 특별배당 처분(17%→2.3%)","excerpt_en":"Tencent distributed 14.7% JD stake ($16.4bn) as special dividend in Dec 2021 (17%→2.3%)"}]}]}