--- title: "JD's food delivery service slams on the brakes: 50 billion bought more than just a stop-loss" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40722143.md" description: "By Liu Shaode In May 2026, early summer in Beijing, JD.com released a financial report that let the capital market "breathe a sigh of relief." The data seemed encouraging: new business revenue was cut in half quarter-over-quarter, marketing expenses plummeted from a peak of 27 billion in a single quarter to 15.4 billion, and the group's operating profit finally turned positive. Looking at the stock price soaring on the K-line chart, the market's assessment was simple and direct: JD.com finally figured it out. Cutting off that bottomless money-burning pit and returning to its core retail business is the right path. But behind this seemingly perfect "stop-loss" lies the most embarrassing reality JD.com is unwilling to face..." datetime: "2026-05-13T11:53:44.000Z" locales: - [en](https://longbridge.com/en/topics/40722143.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40722143.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40722143.md) author: "[Shaode.Liu](https://longbridge.com/en/profiles/16272410.md)" --- # JD's food delivery service slams on the brakes: 50 billion bought more than just a stop-loss **By: Liu Shaode** In May 2026, early summer in Beijing, JD.com delivered a financial report that let the capital market "take a breather." The data seemed encouraging: new business revenue halved quarter-over-quarter, marketing expenses plummeted from a high of 27 billion in a single quarter to 15.4 billion, and the group's operating profit finally turned positive. Watching the stock price surge in response on the K-line chart, the market's assessment was simple and direct: JD.com finally figured it out. Cutting off that bottomless money-burning pit and returning to its core retail business is the right path. But behind this seemingly perfect "stop-loss" lies the awkwardness JD.com least wants to face, and the end of an era for China's internet industry. # I. The Naked Swimmer After the Subsidy Tide Recedes The most direct lesson from this over 50-billion-yuan tuition fee is puncturing the internet industry's illusion that "brute force creates miracles." Looking back at this battle, JD.com's approach was simple and crude: billions in subsidies, zero commissions, and paying social insurance for delivery riders. This combination indeed made a splash in the short term, with daily order volume once approaching 30% of Meituan's. However, when the subsidy tap was tightened, users who gathered for the benefits receded like the tide. The result was immediate—JD.com achieved its first operating profit in the past four quarters, with 3.8 billion in profit shining on the books. But is this really a victory? JD.com tried to forcibly pry open Meituan's food delivery moat, built over many years, with subsidies. It discovered that money can buy users' clicks for a moment, but not true loyalty. The core needs of food delivery users are "convenience and cheapness," not "quality." When subsidies stopped and the tide receded, all that remained were educated users and competitors' more solid barriers. This 50 billion bought inflated GMV (Gross Merchandise Volume) and a brief spike in DAU (Daily Active Users), but it couldn't buy the allegiance of hearts. This is a classic "traffic mindset" illusion. We're used to using money to pile up growth, but forget that in this era, users' minds are no longer simply about "choosing whoever is cheaper." # II. Strategic "Misalignment": Fighting a Local Services Battle with E-commerce Thinking More painful than losing money is the loss of opportunity cost. On the most crucial "last mile" of instant retail, JD.com chose the most cumbersome and costly path. JD.com wanted to differentiate with its "authentic product genes," but the essence of the food delivery industry is a "traffic game" that requires "rapid expansion and market capture," not "slow and meticulous work." This 50 billion could have been invested in same-city retail infrastructure, in the vast ocean of overseas expansion, or in computing power infrastructure for the AI era. Each of these directions is far wiser than fighting an unwinnable "food delivery war of attrition" on Meituan's home turf. The misallocation of capital makes this 50 billion feel particularly heavy. JD.com's supply chain advantage became a "false proposition" in the food delivery field—JD Logistics can deliver a refrigerator the next day, but food delivery is a game of delivering a bowl of spicy hot pot in 30 minutes. The former is planned logistics; the latter is chaos monkey mode. JD.com wanted to "empower the ecosystem" but overlooked the "balance of interests among ecosystem participants"—riders need to earn money, merchants need traffic, consumers need value for money. Without meeting these needs, even the grandest strategy cannot be implemented. # III. Business Must Ultimately Respect Its Essence Now, JD.com's food delivery emergency brake marks the complete end of the era where internet giants "burn money for scale." It used 50 billion to tell the industry: in today's stock game, subsidies without a moat are just suicide. Business must ultimately return to common sense and respect for long-term value. This 50 billion bought back not only a healthy financial statement but also a profound return to the essence of business. It made us see clearly that in this cold business world, only sincerity and barriers are the sole armor against the winter. The story of JD.com's food delivery taught all companies a lesson: strategy is not about "slogans" but "solving problems"; differentiation is not about "being unconventional" but "meeting users' real needs"; an ecosystem is not about "plundering" but "win-win." When subsidies recede, everyone finds that user loyalty bought with money is extremely fragile. And after the 狂欢 of "high orders but low profits," merchants also began to vote with their feet. The logic of this "war" will completely change, with the only way forward shifting from "burning money for scale" to "burning efficiency for barriers." After all, the market won't pay for "sentiment," only for "value." $JD.com(JD.US) $JD-SW(09618.HK) ### Related Stocks - [09618.HK](https://longbridge.com/en/quote/09618.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [02618.HK](https://longbridge.com/en/quote/02618.HK.md) - [89618.HK](https://longbridge.com/en/quote/89618.HK.md) - [JD.US](https://longbridge.com/en/quote/JD.US.md) - [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md) - [83690.HK](https://longbridge.com/en/quote/83690.HK.md) - [HJDD.SG](https://longbridge.com/en/quote/HJDD.SG.md) - [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md)