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京东2025财报：一场“战略性失血”换来的资本狂欢？_蜘蛛资讯网

夜市小吃到底干不干净

37亿元。　　除了外卖，多线新业务同步推进与AI技术的战略研发，进一步分流了资源、加剧了短期亏损。瞄准下沉市场的京喜业务还在市场培育期，欧洲电商Joybuy刚在英国、德国等地启动试运营，这两块业务都需要持续的资金投入做市场推广和供应链搭建；与此同时，管理层对AI技术的战略布局，也让研发开支水涨船高。2025年第四季度，京东研发开支67亿元，同比增长52.0%，占收入比重从1.3%提升至1.9%，全

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