京东Q2财报：净利润暴涨644％，业绩再超预期？

　　8月_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3日，京_blank class=infotextkey>get=_blank class=infotextkey>东（JD.US）于美股盘前_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布了_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>第二季度财报。财报_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年_blank class=infotextkey>第二季度，其_blank class=infotextkey>get=_blank class=infotextkey>实现营_blank class=infotextkey>收为150_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>亿元（约_blank class=infotextkey>get=_blank class=infotextkey>219亿_blank class=infotextkey>get=_blank class=infotextkey>美元），同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.9%，_blank class=infotextkey>get=_blank class=infotextkey>实现净利润为_blank class=infotextkey>35.589_blank class=infotextkey>get=_blank class=infotextkey>亿元（约5.184亿_blank class=infotextkey>get=_blank class=infotextkey>美元），相比于_blank class=infotextkey>get=_blank class=infotextkey>上年同期的4.781_blank class=infotextkey>get=_blank class=infotextkey>亿元_blank class=infotextkey>get=_blank class=infotextkey>增长644%，均_blank class=infotextkey>get=_blank class=infotextkey>超于_blank class=infotextkey>get=_blank class=infotextkey>市场预期。

　　而受业绩_blank class=infotextkey>get=_blank class=infotextkey>超于预期的_blank class=infotextkey>get=_blank class=infotextkey>利好_blank class=infotextkey>get=_blank class=infotextkey>消息_blank class=infotextkey>get=_blank class=infotextkey>刺激，京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>股价盘前一度涨_blank class=infotextkey>get=_blank class=infotextkey>超7%，截止发稿，其盘前_blank class=infotextkey>get=_blank class=infotextkey>股价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上涨6.96%至_blank class=infotextkey>get=_blank class=infotextkey>29.05_blank class=infotextkey>get=_blank class=infotextkey>美元，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>新总市值为_blank class=infotextkey>39_blank class=infotextkey>3.15亿_blank class=infotextkey>get=_blank class=infotextkey>美元。

　　_blank class=infotextkey>get=_blank class=infotextkey>那么，令_blank class=infotextkey>get=_blank class=infotextkey>大众好奇的是，京_blank class=infotextkey>get=_blank class=infotextkey>东这份财报_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体涵盖了_blank class=infotextkey>get=_blank class=infotextkey>哪些亮点呢？

　　其一，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入、利润、_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户数这四_blank class=infotextkey>get=_blank class=infotextkey>大核心_blank class=infotextkey>指标_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>面飘红，并呈现出强劲的_blank class=infotextkey>get=_blank class=infotextkey>增长态势。

　　据财报_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>第二季度，京_blank class=infotextkey>get=_blank class=infotextkey>东净_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入150_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>亿元（约_blank class=infotextkey>get=_blank class=infotextkey>219亿_blank class=infotextkey>get=_blank class=infotextkey>美元），同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.9%。其_blank class=infotextkey>get=_blank class=infotextkey>中净_blank class=infotextkey>get=_blank class=infotextkey>服务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入168_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长4_blank class=infotextkey>get=_blank class=infotextkey>2.0%，净_blank class=infotextkey>get=_blank class=infotextkey>服务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中的物_blank class=infotextkey>get=_blank class=infotextkey>流和_blank class=infotextkey>get=_blank class=infotextkey>其他_blank class=infotextkey>get=_blank class=infotextkey>服务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入达到56.9_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长98%。而_blank class=infotextkey>get=_blank class=infotextkey>值得_blank class=infotextkey>get=_blank class=infotextkey>需要指出的是，根据华尔_blank class=infotextkey>get=_blank class=infotextkey>街_blank class=infotextkey>get=_blank class=infotextkey>21位_blank class=infotextkey>get=_blank class=infotextkey>分析师_blank class=infotextkey>get=_blank class=infotextkey>平均预期的_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>08.9亿_blank class=infotextkey>get=_blank class=infotextkey>美元而言，其_blank class=infotextkey>第二季度的净_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入可谓_blank class=infotextkey>get=_blank class=infotextkey>高于是_blank class=infotextkey>get=_blank class=infotextkey>分析师预期_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>少。

　　而在净利润_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，据财报披露，_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>第二季度京_blank class=infotextkey>get=_blank class=infotextkey>东在_blank class=infotextkey>get=_blank class=infotextkey>美国通用_blank class=infotextkey>get=_blank class=infotextkey>会计准则_blank class=infotextkey>get=_blank class=infotextkey>下（_blank class=infotextkey>gAAP）与非_blank class=infotextkey>get=_blank class=infotextkey>美国通用_blank class=infotextkey>get=_blank class=infotextkey>会计准则_blank class=infotextkey>get=_blank class=infotextkey>下（_blank class=infotextkey>get=_blank class=infotextkey>NOn_blank class=infotextkey>gAAP）归属于普通股股_blank class=infotextkey>get=_blank class=infotextkey>东的净利润均_blank class=infotextkey>get=_blank class=infotextkey>实现盈利，其_blank class=infotextkey>get=_blank class=infotextkey>中非_blank class=infotextkey>get=_blank class=infotextkey>美国通用_blank class=infotextkey>get=_blank class=infotextkey>会计准则_blank class=infotextkey>get=_blank class=infotextkey>下（_blank class=infotextkey>get=_blank class=infotextkey>NOn_blank class=infotextkey>gAAP）归属于普通股股_blank class=infotextkey>get=_blank class=infotextkey>东的净利润为_blank class=infotextkey>36_blank class=infotextkey>get=_blank class=infotextkey>亿元（约5亿_blank class=infotextkey>get=_blank class=infotextkey>美元），同比_blank class=infotextkey>get=_blank class=infotextkey>增长644%，_blank class=infotextkey>get=_blank class=infotextkey>再创_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>高。

　　此外，在_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，截至_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日，京_blank class=infotextkey>get=_blank class=infotextkey>东过去1_blank class=infotextkey>get=_blank class=infotextkey>2个月的_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流为_blank class=infotextkey>318_blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>增长154_blank class=infotextkey>get=_blank class=infotextkey>亿元，其_blank class=infotextkey>get=_blank class=infotextkey>中，自由_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流74_blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>增长16_blank class=infotextkey>get=_blank class=infotextkey>亿元，整_blank class=infotextkey>get=_blank class=infotextkey>体而言_blank class=infotextkey>get=_blank class=infotextkey>保持稳步_blank class=infotextkey>get=_blank class=infotextkey>增长态势。

　　而在_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户数_blank class=infotextkey>get=_blank class=infotextkey>上，其_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>第二季度_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户数为_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3亿，_blank class=infotextkey>get=_blank class=infotextkey>环比季度增加_blank class=infotextkey>get=_blank class=infotextkey>10_blank class=infotextkey>get=_blank class=infotextkey>80_blank class=infotextkey>get=_blank class=infotextkey>万。而_blank class=infotextkey>get=_blank class=infotextkey>需要指出的是，这已经是自_blank class=infotextkey>get=_blank class=infotextkey>去年_blank class=infotextkey>第_blank class=infotextkey>get=_blank class=infotextkey>三季度以来，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>产权_blank class=infotextkey>get=_blank class=infotextkey>房，_blank class=infotextkey>get=_blank class=infotextkey>连续三个季度_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户数的_blank class=infotextkey>get=_blank class=infotextkey>增长，_blank class=infotextkey>get=_blank class=infotextkey>可以看出_blank class=infotextkey>get=_blank class=infotextkey>增速在逐步放_blank class=infotextkey>get=_blank class=infotextkey>大。

　　其二，.fan_blank class=infotextkey>g558.com/bantian/ tar_blank class=infotextkey>get=_blank class=infotextkey>坂田，_blank class=infotextkey>get=_blank class=infotextkey>供应链_blank class=infotextkey>get=_blank class=infotextkey>及其它细分_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>继续发挥_blank class=infotextkey>get=_blank class=infotextkey>优势。

　　据财报_blank class=infotextkey>get=_blank class=infotextkey>显示，在_blank class=infotextkey>get=_blank class=infotextkey>供应链_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>继续扩_blank class=infotextkey>get=_blank class=infotextkey>大在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国电_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>领域的物_blank class=infotextkey>get=_blank class=infotextkey>流_blank class=infotextkey>get=_blank class=infotextkey>网络_blank class=infotextkey>get=_blank class=infotextkey>优势。截至_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日，京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>运营约_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>600个仓_blank class=infotextkey>get=_blank class=infotextkey>库，包括约_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>50_blank class=infotextkey>get=_blank class=infotextkey>万_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>平方米的云仓_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面积在内，仓储总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面积_blank class=infotextkey>get=_blank class=infotextkey>超过1500_blank class=infotextkey>get=_blank class=infotextkey>万_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>平方米。

　　其_blank class=infotextkey>get=_blank class=infotextkey>中，_blank class=infotextkey>get=_blank class=infotextkey>需要指出的是，_blank class=infotextkey>第二季度京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第三方物_blank class=infotextkey>get=_blank class=infotextkey>流订_blank class=infotextkey>单的迅猛_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>带动了履约效率进一步_blank class=infotextkey>get=_blank class=infotextkey>提升，履约_blank class=infotextkey>get=_blank class=infotextkey>费用率_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降至6.1%。在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年的618期间，京_blank class=infotextkey>get=_blank class=infotextkey>东物_blank class=infotextkey>get=_blank class=infotextkey>流_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能仓_blank class=infotextkey>get=_blank class=infotextkey>处理_blank class=infotextkey>单量同比_blank class=infotextkey>get=_blank class=infotextkey>增长达_blank class=infotextkey>get=_blank class=infotextkey>99%，尽管订_blank class=infotextkey>单量_blank class=infotextkey>get=_blank class=infotextkey>暴增，但京_blank class=infotextkey>get=_blank class=infotextkey>东物_blank class=infotextkey>get=_blank class=infotextkey>流仓配一_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>服务订_blank class=infotextkey>单_blank class=infotextkey>get=_blank class=infotextkey>中当日达和_blank class=infotextkey>get=_blank class=infotextkey>次日达的_blank class=infotextkey>get=_blank class=infotextkey>占比仍_blank class=infotextkey>get=_blank class=infotextkey>超过91%。

　　而在_blank class=infotextkey>技术研发_blank class=infotextkey>get=_blank class=infotextkey>投入_blank class=infotextkey>get=_blank class=infotextkey>上，京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>集团_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>保持_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>投入，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年二季度用于_blank class=infotextkey>技术研发的_blank class=infotextkey>get=_blank class=infotextkey>投入达到_blank class=infotextkey>37_blank class=infotextkey>get=_blank class=infotextkey>亿元_blank class=infotextkey>get=_blank class=infotextkey>人民币，同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>34%。

　　此外，_blank class=infotextkey>get=_blank class=infotextkey>还_blank class=infotextkey>get=_blank class=infotextkey>有一点_blank class=infotextkey>get=_blank class=infotextkey>需要指出的是，_blank class=infotextkey>第二季度京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>健康_blank class=infotextkey>get=_blank class=infotextkey>正式_blank class=infotextkey>get=_blank class=infotextkey>成立，而_blank class=infotextkey>get=_blank class=infotextkey>通过借助于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>数据、_blank class=infotextkey>get=_blank class=infotextkey>人工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能、云计算等_blank class=infotextkey>get=_blank class=infotextkey>科技能力，_blank class=infotextkey>get=_blank class=infotextkey>目前京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>健康已经_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>业内_blank class=infotextkey>最完整的_blank class=infotextkey>get=_blank class=infotextkey>互_blank class=infotextkey>get=_blank class=infotextkey>联网+_blank class=infotextkey>get=_blank class=infotextkey>医疗_blank class=infotextkey>get=_blank class=infotextkey>健康_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>布局。而随着京_blank class=infotextkey>get=_blank class=infotextkey>东「_blank class=infotextkey>get=_blank class=infotextkey>一_blank class=infotextkey>get=_blank class=infotextkey>体化的_blank class=infotextkey>get=_blank class=infotextkey>开放」逐步_blank class=infotextkey>get=_blank class=infotextkey>推进，在物_blank class=infotextkey>get=_blank class=infotextkey>流、_blank class=infotextkey>get=_blank class=infotextkey>数字_blank class=infotextkey>get=_blank class=infotextkey>科技等_blank class=infotextkey>get=_blank class=infotextkey>零售_blank class=infotextkey>get=_blank class=infotextkey>基础设施_blank class=infotextkey>get=_blank class=infotextkey>上与_blank class=infotextkey>get=_blank class=infotextkey>传统_blank class=infotextkey>get=_blank class=infotextkey>行业的融_blank class=infotextkey>合越来越_blank class=infotextkey>get=_blank class=infotextkey>深入。

　　对于此，_blank class=infotextkey>get=_blank class=infotextkey>刘强_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>也在京_blank class=infotextkey>get=_blank class=infotextkey>东二季度业绩电话_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>会议_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>表示，_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>我们_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>继续加_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>技术_blank class=infotextkey>get=_blank class=infotextkey>投资，比如_blank class=infotextkey>get=_blank class=infotextkey>会对_blank class=infotextkey>get=_blank class=infotextkey>人工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>数据、云计算_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>持续性_blank class=infotextkey>get=_blank class=infotextkey>投资。_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时还_blank class=infotextkey>get=_blank class=infotextkey>会对_blank class=infotextkey>get=_blank class=infotextkey>新的品类_blank class=infotextkey>get=_blank class=infotextkey>扩张，比如生鲜和_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>超。_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>随后，_blank class=infotextkey>get=_blank class=infotextkey>刘强_blank class=infotextkey>get=_blank class=infotextkey>东还_blank class=infotextkey>get=_blank class=infotextkey>表示，

　　而_blank class=infotextkey>get=_blank class=infotextkey>值得一提的是，此前京_blank class=infotextkey>get=_blank class=infotextkey>东的_blank class=infotextkey>get=_blank class=infotextkey>一季度业绩_blank class=infotextkey>get=_blank class=infotextkey>也可谓是_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>超预期。

　　据财报_blank class=infotextkey>get=_blank class=infotextkey>显示，京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>一季度营_blank class=infotextkey>收1_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>11亿（略_blank class=infotextkey>get=_blank class=infotextkey>超预期），同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>20.9%，但_blank class=infotextkey>get=_blank class=infotextkey>增速进一步放缓。分_blank class=infotextkey>get=_blank class=infotextkey>业务看，自营电_blank class=infotextkey>get=_blank class=infotextkey>商同比增18.7%至_blank class=infotextkey>get=_blank class=infotextkey>1087亿，_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>首次跌落_blank class=infotextkey>get=_blank class=infotextkey>20%；_blank class=infotextkey>不过_blank class=infotextkey>get=_blank class=infotextkey>服务_blank class=infotextkey>get=_blank class=infotextkey>及其他_blank class=infotextkey>get=_blank class=infotextkey>业务仍表现_blank class=infotextkey>get=_blank class=infotextkey>较好，尤其是物_blank class=infotextkey>get=_blank class=infotextkey>流_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>保持同比_blank class=infotextkey>get=_blank class=infotextkey>增长90%的速度。

　　虽然营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>再次放缓，但毛利_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改善叠加_blank class=infotextkey>get=_blank class=infotextkey>良好_blank class=infotextkey>get=_blank class=infotextkey>费用_blank class=infotextkey>get=_blank class=infotextkey>控制_blank class=infotextkey>get=_blank class=infotextkey>带动_blank class=infotextkey>get=_blank class=infotextkey>NOn_blank class=infotextkey>gAAP净利润达到_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.9亿，创了_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>高，同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>214.5%，_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>市场预期。而_blank class=infotextkey>gAAP净利润7_blank class=infotextkey>3.19亿，也远_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>2018Q1的15._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>亿元。

　　由此根据以_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>数据，_blank class=infotextkey>get=_blank class=infotextkey>可以看出，在取得亮眼_blank class=infotextkey>get=_blank class=infotextkey>2019年Q1业绩后，京_blank class=infotextkey>get=_blank class=infotextkey>东的Q_blank class=infotextkey>get=_blank class=infotextkey>2业绩_blank class=infotextkey>get=_blank class=infotextkey>又_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>再次_blank class=infotextkey>get=_blank class=infotextkey>超了_blank class=infotextkey>get=_blank class=infotextkey>市场预期。

　　_blank class=infotextkey>不过，即便当前京_blank class=infotextkey>get=_blank class=infotextkey>东业绩连连_blank class=infotextkey>get=_blank class=infotextkey>超于_blank class=infotextkey>get=_blank class=infotextkey>市场预期，但_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不得_blank class=infotextkey>不说，其_blank class=infotextkey>get=_blank class=infotextkey>目前仍_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面临着_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>少_blank class=infotextkey>get=_blank class=infotextkey>问题。

　　一_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，京_blank class=infotextkey>get=_blank class=infotextkey>东营_blank class=infotextkey>收和_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户数都在逐年_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降。

　　京_blank class=infotextkey>get=_blank class=infotextkey>东自_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>4年_blank class=infotextkey>get=_blank class=infotextkey>成功_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市后，年营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>增长从_blank class=infotextkey>get=_blank class=infotextkey>2014_blank class=infotextkey>年的_blank class=infotextkey>11_blank class=infotextkey>get=_blank class=infotextkey>50亿元_blank class=infotextkey>get=_blank class=infotextkey>增长至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年的46_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>亿元，营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>规模扩_blank class=infotextkey>get=_blank class=infotextkey>大，但是营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>增速确是逐年_blank class=infotextkey>get=_blank class=infotextkey>降低，从_blank class=infotextkey>get=_blank class=infotextkey>2014_blank class=infotextkey>年的66%_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降到_blank class=infotextkey>get=_blank class=infotextkey>27.5%。

　　（_blank class=infotextkey>get=_blank class=infotextkey>资料来源：wind）

　　而与此_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时，京_blank class=infotextkey>get=_blank class=infotextkey>东的_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户数_blank class=infotextkey>get=_blank class=infotextkey>增速也是_blank class=infotextkey>get=_blank class=infotextkey>“惨_blank class=infotextkey>不忍睹_blank class=infotextkey>get=_blank class=infotextkey>”。_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>用户的_blank class=infotextkey>get=_blank class=infotextkey>增长速度从_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年_blank class=infotextkey>get=_blank class=infotextkey>一季度的40%急剧_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>四季度的4.4%。_blank class=infotextkey>get=_blank class=infotextkey>流量_blank class=infotextkey>get=_blank class=infotextkey>红利殆尽之际，_blank class=infotextkey>get=_blank class=infotextkey>如何_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>获取_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>用户是京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面临的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>大的_blank class=infotextkey>get=_blank class=infotextkey>问题。

　　另一_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，在_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>竞争_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，京_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>如_blank class=infotextkey>get=_blank class=infotextkey>今的状况_blank class=infotextkey>get=_blank class=infotextkey>也可谓是_blank class=infotextkey>get=_blank class=infotextkey>“前_blank class=infotextkey>get=_blank class=infotextkey>有饿狼，后_blank class=infotextkey>get=_blank class=infotextkey>又猛_blank class=infotextkey>get=_blank class=infotextkey>虎_blank class=infotextkey>get=_blank class=infotextkey>”。

　　比如，拼_blank class=infotextkey>get=_blank class=infotextkey>多_blank class=infotextkey>get=_blank class=infotextkey>多_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>近在_blank class=infotextkey>get=_blank class=infotextkey>活跃_blank class=infotextkey>get=_blank class=infotextkey>买家总数_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面_blank class=infotextkey>get=_blank class=infotextkey>超过了京_blank class=infotextkey>get=_blank class=infotextkey>东，虽然当前京_blank class=infotextkey>get=_blank class=infotextkey>东仍然创造了更_blank class=infotextkey>get=_blank class=infotextkey>多的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入，但_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不得_blank class=infotextkey>不说，四五线_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>乡镇_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>上的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>布局仍是它薄弱的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地方，而拼_blank class=infotextkey>get=_blank class=infotextkey>多_blank class=infotextkey>get=_blank class=infotextkey>多的_blank class=infotextkey>get=_blank class=infotextkey>大幅_blank class=infotextkey>get=_blank class=infotextkey>增长也进一步表明，在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国拥挤的电_blank class=infotextkey>get=_blank class=infotextkey>子_blank class=infotextkey>get=_blank class=infotextkey>商务_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>上，_blank class=infotextkey>get=_blank class=infotextkey>新来者_blank class=infotextkey>get=_blank class=infotextkey>还_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>颠覆的能力。

　　_blank class=infotextkey>get=_blank class=infotextkey>再或者说，京_blank class=infotextkey>get=_blank class=infotextkey>东另_blank class=infotextkey>get=_blank class=infotextkey>一个_blank class=infotextkey>get=_blank class=infotextkey>大的_blank class=infotextkey>竞争对手阿里巴巴，该_blank class=infotextkey>get=_blank class=infotextkey>集团_blank class=infotextkey>get=_blank class=infotextkey>目前仍然主导着电_blank class=infotextkey>get=_blank class=infotextkey>子_blank class=infotextkey>get=_blank class=infotextkey>商务_blank class=infotextkey>get=_blank class=infotextkey>领域的四_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>市场：其B_blank class=infotextkey>get=_blank class=infotextkey>2C_blank class=infotextkey>get=_blank class=infotextkey>平台_blank class=infotextkey>get=_blank class=infotextkey>天猫、C_blank class=infotextkey>get=_blank class=infotextkey>2C_blank class=infotextkey>get=_blank class=infotextkey>平台淘宝、B_blank class=infotextkey>get=_blank class=infotextkey>2B_blank class=infotextkey>get=_blank class=infotextkey>平台阿里巴巴_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>海外_blank class=infotextkey>get=_blank class=infotextkey>市场速卖通。而据eMarketer的_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>显示，阿里巴巴_blank class=infotextkey>get=_blank class=infotextkey>目前_blank class=infotextkey>get=_blank class=infotextkey>控制着_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国电_blank class=infotextkey>get=_blank class=infotextkey>子_blank class=infotextkey>get=_blank class=infotextkey>商务_blank class=infotextkey>get=_blank class=infotextkey>市场55.9%的份额，远远_blank class=infotextkey>get=_blank class=infotextkey>超过京_blank class=infotextkey>get=_blank class=infotextkey>东16.7%的份额。

　　由此可知，即便京_blank class=infotextkey>get=_blank class=infotextkey>东当前取得了净利润_blank class=infotextkey>get=_blank class=infotextkey>暴涨644%的_blank class=infotextkey>get=_blank class=infotextkey>成绩，但其仍_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不能在前进的路_blank class=infotextkey>get=_blank class=infotextkey>上掉以轻心。