\u4e2d\u570b\u96fb\u5b50\u5546\u52d9\u5728\u904e\u53bb\u516b\u5c0f\u6642\u88ab\u559a\u9192\uff0c\u56e0\u70ba JD.com \u516c\u5e03\u8ca1\u5831\u4e26\u5ba3\u5e03\u4e00\u9805\u8db3\u4ee5\u8b93\u50f9\u503c\u578b\u6295\u8cc7\u4eba\u5f9e\u8a66\u7b97\u8868\u62ac\u982d\u770b\u7684\u5e74\u5ea6\u80a1\u606f\u3002\u76e4\u9762\u96a8\u4e4b\u9023\u52d5\u4e2d\u570b\u4e92\u806f\u7db2\u677f\u584a\uff0c\u4ea4\u6613\u8005\u91cd\u65b0\u5b9a\u50f9\u5229\u6f64\u7387\u3001\u5ee3\u544a\u8b8a\u73fe\uff0c\u4ee5\u53ca\u5728\u914d\u9001\u8207\u6298\u6263\u9818\u57df\u7684\u65b0\u8ecd\u5099\u7af6\u8cfd\u3002\u76f4\u767d\u9ede\u8aaa\uff1a\u9019\u662f\u7531\u4e00\u5bb6\u91cd\u91cf\u7d1a\u516c\u53f8\u540c\u6642\u5c55\u793a\u73fe\u91d1\u5be6\u529b\u8207\u8b39\u614e\u59ff\u614b\u6240\u5f15\u767c\u7684\u677f\u584a\u91cd\u7f6e\u3002<\/p>\n
\u4eca\u65e5\u7126\u9ede\uff1aJD \u516c\u5e03 2025 \u5e74\u7b2c\u56db\u5b63\u8207\u5168\u5e74\u696d\u7e3e\uff0c\u4e26\u5ba3\u4f48\u6bcf ADS \u73fe\u91d1\u80a1\u606f 1.00 \u7f8e\u5143\uff0c\u5408\u8a08\u7d04 14 \u5104\u7f8e\u5143\u3002\u5168\u5e74\u71df\u6536\u5e74\u589e 13%\uff0c\u4f46\u7b2c\u56db\u5b63\u50c5\u5fae\u5e45\u6210\u9577 1.5%\uff0c\u666e\u901a\u80a1\u80a1\u6771\u51fa\u73fe\u6de8\u8667\u640d\uff0c\u975e GAAP \u6307\u6a19\u986f\u793a\u7372\u5229\u3002\u7ba1\u7406\u5c64\u504f\u91cd\u5ee3\u544a\u8207\u5e02\u5834\u5316\u7684\u71df\u6536\u7d44\u5408\uff0c\u5f37\u8abf\u7528\u6236\u7a69\u5b9a\u6210\u9577\uff0c\u4e26\u63d0\u9192\u5e02\u5834 2025 \u5e74\u56de\u8cfc\u7d04 6.3% \u80a1\u672c\u3001\u7d04 30 \u5104\u7f8e\u5143\u3002\u5feb\u901f\u4ea4\u6613\u7279\u5fb5\uff1a\u96d9\u91cd\u4e0a\u5e02\u3001ADR \u8207\u9999\u6e2f\u6d41\u52d5\u6027\u5145\u6c9b\uff0c\u8ca1\u5831\u671f\u9593\u9078\u64c7\u6b0a\u6d3b\u8e8d\uff0c\u5c0d\u4e2d\u570b\u6d88\u8cbb\u6578\u64da\u8207\u653f\u7b56\u98a8\u96aa\u654f\u611f\u3002\u80a1\u50f9\u53d7\u5229\u6f64\u7387\u3001\u62bd\u6210\u7387\u8ac7\u8ad6\u8207\u4efb\u4f55\u914d\u9001\u7af6\u722d\u652f\u51fa\u7684\u6697\u793a\u9a45\u52d5\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u80a1\u606f\u8207\u56de\u8cfc\u59ff\u614b\u70ba\u5e02\u5834\u60c5\u7dd2\u63d0\u4f9b\u5e95\u7dda\uff0c\u4f46\u7b2c\u56db\u5b63\u7684\u75b2\u5f31\u610f\u5473\u8457\u83ef\u723e\u8857\u6703\u8981\u6c42\u66f4\u6709\u529b\u7684\u8b49\u660e\u2014\u2014\u4f86\u81ea\u9ad8\u5229\u6f64\u7387\u5ee3\u544a\u8207\u670d\u52d9\u7684\u6301\u4e45\u7372\u5229\uff0c\u800c\u4e0d\u50c5\u50c5\u662f\u6558\u4e8b\u3002\u95dc\u6ce8 JD Retail \u71df\u904b\u5229\u6f64\u7387\u8207\u5916\u8ce3\u8667\u640d\u6536\u6582\u7684\u901f\u5ea6\uff1b\u5169\u8005\u6c7a\u5b9a\u4f30\u503c\u500d\u6578\u3002<\/p>\n
\u4eca\u65e5\u7126\u9ede\uff1a\u5982\u679c JD \u80fd\u91cb\u653e\u73fe\u91d1\u4e26\u628a\u5229\u6f64\u7d44\u5408\u5f80\u5ee3\u544a\u50be\u659c\uff0c\u6295\u8cc7\u4eba\u6703\u554f\u70ba\u4f55 Taobao\/Tmall \u4e0d\u80fd\u7528\u76f8\u540c\u69d3\u687f\u6062\u5fa9\u5b9a\u50f9\u6b0a\u3002JD \u5c0d\u4e00\u822c\u5546\u54c1\u8207\u5e02\u5834\u7aef\u97cc\u6027\u7684\u8b80\u53d6\uff0c\u5c07\u7126\u9ede\u653e\u5728 Alibaba \u6838\u5fc3\u5546\u52d9\u52d5\u80fd\u3001Cloud \u7684\u8b8a\u73fe\u8def\u5f91\uff0c\u4ee5\u53ca\u56de\u8cfc\u662f\u5426\u6301\u7e8c\u6d88\u6e1b\u6d41\u901a\u80a1\u6578\u3002\u9084\u6709\u8b70\u7a0b\u9805\u76ee\uff1a\u5c0d\u6297 PDD \u8207 Temu \u7684\u6298\u6263\u6230\u8207\u5167\u90e8\u91cd\u7d44\u9032\u5c55\u3002\u5feb\u901f\u4ea4\u6613\u7279\u5fb5\uff1a\u5927\u578b\u5e02\u503c\u3001ADR \u8207\u9999\u6e2f\u6d41\u52d5\u6027\u539a\u5be6\uff0c\u4e8b\u4ef6\u4ea4\u6613\u8005\u5e38\u4f7f\u7528\u9078\u64c7\u6b0a\uff0c\u8207\u4e2d\u570b\u5b8f\u89c0\u6578\u64da\u548c\u56de\u8cfc\u65b0\u805e\u9ad8\u5ea6\u76f8\u95dc\u3002\u80a1\u50f9\u5e38\u56e0\u6307\u5f15\u4fee\u6b63\u8207\u6210\u672c\u7d00\u5f8b\u8a0a\u865f\u8df3\u7a7a\u3002\u95dc\u9375\u7d50\u8ad6\uff1aBABA \u4e4b\u6240\u4ee5\u5728\u7d71\u8a08\u4e0a\u986f\u5f97\u4fbf\u5b9c\u662f\u6709\u539f\u56e0\u7684\u2014\u2014\u6838\u5fc3\u5546\u52d9\u57f7\u884c\u98a8\u96aa\uff1b\u800c\u4eca\u65e5 JD \u7684\u6578\u64da\u9ede\u63d0\u9ad8\u4e86\u71df\u904b\u6574\u6f54\u5ea6\u7684\u9580\u6abb\u3002\u4e0a\u884c\u6848\u4f8b\u53d6\u6c7a\u65bc\u6301\u7e8c\u7684\u7528\u6236\u53c3\u8207\u6062\u5fa9\u3001\u53ef\u898b\u7684\u5ee3\u544a\u5b9a\u50f9\u6b0a\uff0c\u4ee5\u53ca\u7d00\u5f8b\u6027\u7684\u8cc7\u672c\u56de\u5831\u7bc0\u594f\u3002\u82e5\u7121\u6b64\uff0c\u4f30\u503c\u5c07\u505c\u7559\u5728\u50f9\u503c\u80a1\u5340\u57df\u3002<\/p>\n
\u4eca\u65e5\u7126\u9ede\uff1aJD \u95dc\u65bc\u6536\u5165\u591a\u5143\u5316\u8207\u5ee3\u544a\u8ca2\u737b\u589e\u52a0\u7684\u8a55\u8ad6\uff0c\u76f4\u63a5\u95dc\u806f\u5230 PDD \u7684\u5f37\u9805\uff1a\u5546\u5bb6\u9700\u6c42\u7684\u5ee3\u544a\u62bd\u6210\u7387\u8207\u7528\u6236\u5c0b\u627e\u4fbf\u5b9c\u5546\u54c1\u7684\u505c\u7559\u6642\u9593\u3002\u82e5\u4e2d\u570b\u6d88\u8cbb\u8005\u958b\u59cb\u64f4\u5f35\u9322\u5305\uff0cPinduoduo \u8207 Temu \u5c07\u6301\u7e8c\u5438\u8d70\u5e02\u5360\uff0c\u4f46\u5e02\u5834\u6b63\u7dca\u76ef\u9019\u9700\u8981\u591a\u5c11\u4fc3\u92b7\u71c3\u6599\uff0c\u4ee5\u53ca\u76e3\u7ba1\u662f\u5426\u6703\u6536\u7dca\u8de8\u5883\u7269\u6d41\u3002\u5feb\u901f\u4ea4\u6613\u7279\u5fb5\uff1a\u7f8e\u570b\u639b\u724c\u3001\u9ad8\u6ce2\u52d5\u6027\uff0c\u6a5f\u69cb\u5927\u6236\u8207\u6563\u6236\u722d\u6230\uff0c\u9078\u64c7\u6b0a\u4ea4\u6613\u983b\u7e41\u3002\u80a1\u50f9\u96a8\u4fc3\u92b7\u5f37\u5ea6\u3001\u62bd\u6210\u7387\u8b8a\u52d5\u8207\u6d77\u5916\u904b\u8f38\u76e3\u7ba1\u566a\u97f3\u8d77\u4f0f\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u9019\u500b\u6a21\u5f0f\u5728\u6295\u8cc7\u4eba\u8010\u5fc3\u8017\u76e1\u524d\u884c\u5f97\u901a\uff0c\u5426\u5247\u5c31\u56e0\u884c\u92b7\u71d2\u9322\u6216\u653f\u7b56\u98a8\u96aa\u88ab\u61f2\u7f70\u3002JD \u5728\u670d\u52d9\u8207\u5ee3\u544a\u65b9\u9762\u986f\u793a\u51fa\u6210\u6548\uff0c\u63d0\u9192\u5e02\u5834\u6240\u6709\u5e73\u53f0\u90fd\u5728\u8ffd\u9010\u540c\u4e00\u584a\u9ad8\u5229\u6f64\u6d3e\u3002\u5c0d PDD \u800c\u8a00\uff0c\u5e73\u8861\u5f88\u7c21\u55ae\uff1a\u5728\u8b49\u660e\u5ee3\u544a\u8b8a\u73fe\u66f2\u7dda\u80fd\u627f\u64d4\u66f4\u591a\u62c9\u52d5\u529b\u7684\u540c\u6642\u4fdd\u8b77\u6210\u9577\u3002<\/p>\n
\u4eca\u65e5\u7126\u9ede\uff1aJD \u8868\u793a\u5176\u65b0\u8208\u7684\u5916\u8ce3\u696d\u52d9\u6b63\u5728\u64f4\u5927\u898f\u6a21\uff0c\u4e26\u5728\u6bcf\u5b63\u9010\u6b65\u7e2e\u5c0f\u8667\u640d\u3002\u9019\u53e5\u8a71\u4e0d\u662f\u7f8e\u5718\u6703\u559c\u6b61\u807d\u5230\u7684\u3002\u77ed\u671f\u8b80\u53d6\u662f\u53ef\u63a7\u7684\u2014\u2014\u7f8e\u5718\u7684\u914d\u9001\u7db2\u7d61\u8207\u5546\u5bb6\u5bc6\u5ea6\u4ecd\u5177\u8b77\u57ce\u6cb3\u2014\u2014\u4f46\u6295\u8cc7\u8005\u6b63\u5728\u7d66\u7279\u5b9a\u57ce\u5e02\u7684\u7af6\u722d\u98a8\u96aa\u8207 2026 \u5e74\u7684\u88dc\u8cbc\u5f37\u5ea6\u66f4\u9ad8\u4f30\u503c\u3002\u5feb\u901f\u4ea4\u6613\u7279\u5fb5\uff1a\u4ee5\u9999\u6e2f\u70ba\u4e3b\u4e0a\u5e02\u9ede\u4e26\u6709\u5f37\u5927\u6a5f\u69cb\u8cc7\u91d1\u6d41\uff1b\u7f8e\u570b ADR \u4ee3\u8868\u80a1\u7684\u9694\u591c\u60c5\u7dd2\u5e38\u5f15\u767c\u958b\u76e4\u8df3\u7a7a\u3002\u80a1\u50f9\u5c0d\u9a0e\u624b\u6210\u672c\u3001\u512a\u60e0\u5238\u9810\u7b97\u8207\u62bd\u6210\u7a69\u5b9a\u6027\u7684\u8a55\u8ad6\u9ad8\u5ea6\u654f\u611f\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u65e2\u6709\u512a\u52e2\u4ecd\u7136\u52dd\u51fa\uff0c\u4f46 JD \u7684\u9032\u5165\u53ef\u80fd\u5728\u908a\u969b\u58d3\u7e2e\u5229\u6f64\u3002\u5982\u679c\u6d88\u8cbb\u7a69\u5b9a\uff0c\u7f8e\u5718\u5177\u5099\u7d93\u71df\u69d3\u687f\uff1b\u82e5\u88dc\u8cbc\u5728\u5168\u884c\u696d\u91cd\u65b0\u52a0\u901f\uff0c\u5e02\u5834\u5c07\u61f2\u7f70\u4efb\u4f55\u55ae\u4f4d\u7d93\u6fdf\u60e1\u5316\u3002\u4e0b\u4e00\u6b21\u8ca1\u5831\u9700\u7d66\u51fa\u7d00\u5f8b\u6027\u7684\u88dc\u8cbc\u8a0a\u865f\u8207\u7dda\u4e0b\u670d\u52d9\u64f4\u5f35\u53ef\u62b5\u92b7\u58d3\u529b\u7684\u8b49\u64da\u3002<\/p>\n
\u4eca\u65e5\u7126\u9ede\uff1aJD \u7684\u8ca1\u52d9\u9577\u5f37\u8abf\u5ee3\u544a\u70ba\u4e00\u500b\u6210\u9577\u4e2d\u7684\u5229\u6f64\u9a45\u52d5\u56e0\u7d20\uff0c\u9019\u5c0d\u65bc\u9a30\u8a0a\u81ea\u8eab\u7684\u5ee3\u544a\u5fa9\u7526\u8207\u5c0f\u7a0b\u5e8f\u5546\u52d9\u57fa\u790e\u662f\u4e00\u500b\u6a02\u89c0\u56de\u8072\u3002\u4ee5 WeChat \u652f\u6490\u4e2d\u570b\u5927\u91cf\u7684\u6578\u4f4d\u4f7f\u7528\u6642\u9593\uff0c\u96f6\u552e\u884c\u92b7\u9810\u7b97\u8207\u4ea4\u6613\u6d41\u91cf\u7684\u4efb\u4f55\u4e0a\u5347\u90fd\u662f\u9806\u98a8\u3002\u518d\u52a0\u4e0a\u904a\u6232\u5be9\u6279\u7bc0\u594f\u66f4\u7a69\u8207\u91d1\u878d\u79d1\u6280\u4ea4\u6613\u91cf\uff0c\u7576\u524d\u4f48\u5c40\u91cd\u9ede\u662f\u73fe\u91d1\u5f15\u64ce\u7684\u5ee3\u5ea6\uff0c\u800c\u4e0d\u50c5\u662f\u904a\u6232\u3002\u5feb\u901f\u4ea4\u6613\u7279\u5fb5\uff1a\u9999\u6e2f\u85cd\u7c4c\u3001\u6a5f\u69cb\u6838\u5fc3\u6301\u80a1\uff0c\u5c0d\u6bd4\u4e2d\u570b\u4e92\u806f\u7db2\u7c43\u5b50\u7684\u4e2d\u7b49 Beta\u3002\u53d7\u5ee3\u544a\u652f\u51fa\u6578\u64da\u3001\u904a\u6232\u7ba1\u7dda\u8207\u76e3\u7ba1\u8a9e\u6c23\u5f71\u97ff\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u9a30\u8a0a\u662f\u53c3\u8207\u96f6\u552e\u8207\u5ee3\u544a\u91cd\u5efa\u7684\u96b1\u6027\u65b9\u5f0f\uff0c\u800c\u4e0d\u627f\u64d4\u7d14\u7cb9\u5e02\u5834\u5e73\u53f0\u7684\u98a8\u96aa\u3002\u5982\u679c\u5e73\u53f0\u5ee3\u544a\u6295\u8cc7\u5831\u916c\u7387\u6301\u7e8c\u6539\u5584\uff0c\u5b83\u80fd\u6355\u6349\u5230\u9810\u7b97\u56de\u5347\u7684\u5229\u6f64\uff0c\u540c\u6642\u4f9d\u8cf4\u591a\u5143\u5316\u73fe\u91d1\u6d41\u3002\u98a8\u96aa\u4ecd\u5728\u65bc\u653f\u7b56\u4e0d\u78ba\u5b9a\u6027\uff0c\u4f46\u5728\u4e2d\u570b\u4e92\u806f\u7db2\u516c\u53f8\u4e2d\uff0c\u5176\u6536\u76ca\u7d44\u5408\u6700\u4e0d\u55ae\u4e00\u3002<\/p>\n
\u4eca\u65e5\u7684\u677f\u584a\u52d5\u4f5c\u4e0d\u662f\u67d0\u5bb6\u516c\u53f8\u300c\u5927\u52dd\u300d\u90a3\u9ebc\u7c21\u55ae\uff0c\u800c\u662f\u4e00\u5bb6\u516c\u53f8\u5f37\u8feb\u5e02\u5834\u91cd\u65b0\u8a55\u50f9\u3002JD \u7684\u80a1\u606f\u8207\u8cc7\u672c\u56de\u5831\u614b\u5ea6\u6311\u6230\u540c\u884c\uff0c\u8981\u6c42\u4ed6\u5011\u8b49\u660e\u5728\u722d\u596a\u7528\u6236\u8207\u983b\u6b21\u6642\u9084\u80fd\u7522\u751f\u73fe\u91d1\u3002\u5e02\u5834\u6b63\u5728\u91cd\u65b0\u5b9a\u50f9\u54ea\u4e9b\u5e73\u53f0\u80fd\u5728\u4e0d\u71c3\u71d2\u80a1\u6771\u8cc7\u91d1\u7684\u60c5\u6cc1\u4e0b\uff0c\u771f\u6b63\u6295\u5165\u66f4\u9ad8\u5229\u6f64\u7684\u5ee3\u544a\u8207\u670d\u52d9\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u4eac\u6771\u7684\u76c8\u5229\u8207\u80a1\u606f\u516c\u544a\u5f15\u767c\u4e2d\u570b\u96fb\u5546\u677f\u584a\u91cd\u6574\uff0c\u4fc3\u4f7f\u6295\u8cc7\u4eba\u91cd\u65b0\u8a55\u4f30\u5229\u6f64\u7387\u3001\u5ee3\u544a\u8b8a\u73fe\u8207\u914d\u9001\u7af6\u722d\uff0c\u9032\u800c\u5f71\u97ff Alibaba\u3001Pinduoduo\u3001Meituan \u548c Tencent \u7b49\u516c\u53f8\u3002<\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[1122,784],"class_list":["post-623932","post","type-post","status-publish","format-standard","hentry","category-market-news-zh-hant","tag-1122","tag-784"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/623932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=623932"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/623932\/revisions"}],"predecessor-version":[{"id":623949,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/623932\/revisions\/623949"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=623932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=623932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=623932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}