Core Viewpoint - The company is expected to benefit from government subsidy policies, leading to accelerated revenue growth in Q2 2025, despite potential short-term pressure on net profit due to increased employee costs [1][2]. Revenue Growth - Q2 2025 revenue growth is anticipated to accelerate year-on-year, with retail sales of home appliances in April and May showing significant increases of 39% and 53% respectively, compared to a 19% growth in Q1 2025 [1]. - JD Logistics is projected to be a beneficiary of this increased consumer demand, with revenue growth expected to exceed Q1 2025 levels [1]. Profitability and Cost Structure - The expansion of the workforce to support new business initiatives, such as instant retail and food delivery, is likely to increase labor costs and pressure gross margins [2]. - Gross margin for JD Logistics is forecasted to decline from 11.9% in Q2 2024 to 10.9% in Q2 2025, while non-IFRS net profit margin is expected to decrease to 5.0% from 5.6% in Q2 2024 [2]. Minority Interest and Earnings Impact - Following the full acquisition of Kuayue Express in Q2 2025, minority interest is expected to significantly decrease, potentially eliminating it by Q3 2025 [2]. - This elimination of minority interest is projected to contribute approximately a 15% increase to JD Logistics' net profit attributable to shareholders for the full year 2025 [2]. Investment Rating and Valuation - The company maintains a "Buy" rating with a target price of HKD 23.28, supported by the expectation of achieving annual performance targets [2]. - The current trading valuation at 10.6 times the expected P/E for 2025 is considered attractive compared to domestic peers, reinforcing the "Buy" recommendation [2].

人员规模扩大可能导致短期利润率承压。部分由于京东物流计划开展即时零售和外卖餐饮 业务，公司于 1Q25 开始扩充员工规模，我们预计此举将增加人力成本并导致毛利率下 降。我们预测京东物流毛利率将从 2Q24 的 11.9%下滑 1 个百分点至 2Q25 的 10.9%。然 而，营运费用的杠杆效应或将部分抵消毛利率下滑影响。我们预计京东物流 2Q25 non- IFRS 净利润率（含少数股东权益）将降至 5.0%，较 2Q24 的 5.6%有所回落。 3Q25 少数股东权益预计将大幅减少。随着京东物流在 2Q25 完成对跨越速运的全资收 购，我们预计其少数股东权益（占含少数股东权益净利润的 13%）将在 2Q25 显著下降， 并有望在 3Q25 基本消除。消除少数股东权益预计将为京东物流 2025 年全年股东应占净利 润带来约 15%的增幅。 2025 年 7 月 14 日 物流: 超配 授权转发报告/ 业绩预览报告 京东物流 (2618 HK, 买入, 目标价: HK$23.28) 2Q25 业绩预览：继续扩充产能以支持业务扩张 此港股通报告之英文版本于 2025 年 7 月 11 日上午 6 时 50 分由华 ...

Core Insights - The article highlights the importance of logistics fulfillment capabilities as a critical factor for online stores, emphasizing how leveraging strong logistics brands like JD Logistics can enhance store exposure, conversion rates, and customer satisfaction. Group 1: Impact of JD Logistics on Merchants - Merchants are increasingly using JD Logistics' quality services to improve their sales performance and customer trust, leading to a positive cycle of traffic growth and service optimization [1][3][5] - For Wenhua Spicy Chicken, displaying the "JD Express" label on product pages resulted in a 53% increase in conversion rates and a 31% rise in daily shipment volume [1] - Wang Jiafu experienced a 70% reduction in after-sales issues by utilizing JD Logistics' home delivery service, which significantly improved customer loyalty and reduced service costs [3] Group 2: Performance Metrics and Growth - The introduction of the "JD Express" label led to a 26% increase in product exposure for Bai Sui Shan, highlighting the effectiveness of logistics branding in competitive markets [5] - Other merchants like Daxidi and Hairun Valley Foods also reported substantial growth, with Daxidi seeing a 45% increase in daily transaction value and a 75% rise in daily customer numbers after adopting JD Logistics [7] - Hairun Valley Foods achieved a monthly sales volume of 640,000 units, benefiting from reduced damage rates and improved customer satisfaction due to JD Logistics' reliable service [7]

记者从京东方面获悉，京东物流首次发布自研无人轻卡产品——京东物流VAN。据悉，该产品具备最 高400公里满载续航能力及L4级别公开道路自动驾驶跑行能力，可自主规划最优路线、精准识别并灵活 避让障碍物，能够从容应对人车混行的复杂交通环境。(科创板日报) ...

Core Viewpoint - The development of autonomous logistics vehicles in China is expected to experience significant growth, driven by advancements in technology and supportive government policies, with market value projected to reach 594.8 billion yuan by 2030 [1][4][19]. Industry Definition and Classification - Autonomous logistics vehicles are defined as logistics transport tools equipped with self-driving capabilities, utilizing advanced sensor technology, AI, and communication technology for automated driving and delivery [2]. - These vehicles can be categorized based on driving area (closed scene vs. open road), vehicle type (cargo trucks, delivery vehicles, forklifts), and power type (electric, fuel, hybrid) [2]. Current Development Status - The market for autonomous logistics vehicles in China is growing significantly, with an expected industry output increase of 43.9 billion yuan by 2025 and a potential market size of 594.8 billion yuan by 2030 [4][19]. - In 2024, autonomous logistics vehicles are projected to account for approximately 50% of urban logistics delivery, 29% of urban last-mile delivery, 11% in mining transport, and 10% in port transport [6]. Industry Chain - The upstream of the autonomous logistics vehicle industry includes core technologies and components such as LiDAR, cameras, AI chips, and high-precision positioning modules [8]. - The midstream involves the manufacturing and system integration of autonomous logistics vehicles, while the downstream includes applications in traditional express delivery, warehousing, and specific scenarios like ports and airports [8]. Competitive Landscape - The autonomous logistics vehicle market in China is still in a developmental phase, with increasing competition as companies invest in R&D and collaborate with academic institutions [15]. - Key players in the market include New Stone Technology, Hangshen Intelligent, Jiusi Intelligent, JD Logistics, and Yika Intelligent Vehicle [15][17]. Development Environment - Relevant Policies - The Chinese government has introduced various supportive policies to foster the growth of the autonomous logistics vehicle industry, enhancing the environment for its development [12][14]. - Policies have been established to promote the application of autonomous vehicles in logistics, including guidelines for testing and commercial demonstration in specific environments [14]. Development Trends - The Chinese government emphasizes the application of autonomous driving technology in logistics as part of its national strategic planning, indicating a strong future growth trajectory for the industry [19].

Core Viewpoint - JD Logistics (02618.HK) has shown significant technical strength in a volatile Hong Kong stock market, with a recent increase of 7.15%, indicating strong capital inflow and short-term momentum [1]. Technical Analysis - As of today, the stock price is at HKD 12.98, firmly above the 10-day, 30-day, and 60-day moving averages, with the 60-day line being clearly broken for the first time since March, suggesting a shift from consolidation to an upward trend [1]. - The closing price is well above short-term support levels of HKD 12.3 and major support at HKD 12, approaching the first technical resistance at HKD 14.3. If trading volume increases, the stock may attempt to reach the next resistance at HKD 14.4 or higher [1]. Technical Indicators - The overall RSI index for JD Logistics has risen to 59, indicating strengthening momentum without entering extreme territory. The MACD continues to signal a buy, aligning with the price's upward trend, confirming a strong bullish outlook [2]. - The Bollinger Bands indicate a price breakout above the upper band, reflecting ongoing momentum. The Ichimoku Cloud shows the price has successfully exited the cloud, entering a clear bullish territory, which corresponds with the MACD signal [2]. - Although the Williams %R and Stochastic indicators show short-term overbought signals, they do not indicate a reversal yet, warranting attention for potential divergence or early warning signs of volume contraction [2]. Market Sentiment and Trading Strategy - The combination of oscillators and momentum indicators shows that the CCI and rate of change indicators continue to issue buy signals, with psychological lines and bull-bear strength indicators supporting the ongoing bullish trend. The trading volume reached HKD 742 million, marking a new high for the week, confirming increased market participation [4]. - The technical summary indicates a strong buy signal with a total strength score of 16, placing it among the top in technical buy rankings, providing short-term traders with a clear risk-reward opportunity [4]. - From a trading strategy perspective, if the stock price can maintain above HKD 12.80, it can be seen as a consolidation area before an upward breakout. A successful breach of HKD 14.30 would further open up upward potential, with short-term targets set between HKD 14.4 and HKD 15 [4].

Core Viewpoint - Citi's research report indicates that JD Logistics' recruitment of full-time delivery riders may create synergies with its last-mile delivery business due to differing peak hours for both services, potentially driving long-term revenue growth for JD Logistics [1] Group 1: Business Strategy - The recruitment of full-time riders is seen as a strategic move that could enhance operational efficiency by prioritizing traffic allocation to JD Logistics' self-operated platform riders [1] - The initiative is expected to leverage the different peak times of delivery and logistics operations, optimizing resource utilization [1] Group 2: Financial Outlook - Despite the potential for long-term revenue growth, the high cost of riders and limited monetization ability in the food delivery segment may introduce short-term uncertainties regarding net profit [1] - The impact on projected earnings for 2025 is expected to be manageable, with Citi maintaining a buy rating and a target price of HKD 18, which corresponds to a projected price-to-earnings ratio of 12 times for 2025 [1]

6月24日晚间，京东物流在港交所公告称，随着京东外卖业务的迅猛发展，京东物流开始招募全职骑 手，参与京东外卖的配送服务。此安排丰富了京东物流的解决方案及服务范畴，预计能强化京东物流现 有末端履约等运营环节的协同效应及提升运营效率。 点评：此次京东物流新的业务安排，可能与京东外卖业务规模发展迅速有关。京东物流有着丰富的快递 员管理经验，或也将在一定程度上提升京东外卖全职外卖骑手的服务能力。京东物流与京东秒送、京东 外卖的业务协同，一定程度上或将提升京东集团整体的核心竞争力。 每经记者｜王郁彪 每经编辑｜董兴生 ｜ 2025年6月25日 星期三 ｜ NO.1 京东物流参与京东外卖配送服务 6月24日，《2025新财富500创富榜》发布。整体来看，字节跳动创始人张一鸣以4815.7亿元持股估值首 次问鼎，其财富主要来自字节跳动的股权。农夫山泉创始人钟睒睒以3600亿元退居第二名。此次排在第 三、四位的分别是腾讯创始人马化腾及拼多多创始人黄峥。阿里巴巴创始人马云以1999.9亿元位居第7 位；美团创始人王兴以874.7亿元排名第25位；京东创始人刘强东夫妇以502.6亿元排名第64位。 免责声明：本文内容与数据仅供参 ...

据南都记者了解，此前，顺丰曾探索顺丰同城骑手和快递员在业务上协同的做法，并取得成效。据顺丰 同城业绩披露：2024年，顺丰同城来自最后一公里配送服务（注：该服务主要面向快递企业和物流服务 商，通过提供灵活弹性的运力网络，助力传统快递网络提升时效）的收入增长32.5%至66.25亿元，其中 一大原因是与快递场景的生态融合，派件环节提供支持的服务规模及占比提升。2024年全年，顺丰同城 日均揽收环节支持服务订单量突破150万单。 有行业人士分析，不排除京东物流未来会持续寻找全职外卖骑手和快递员协同的机会。在履约方面，外 卖配送和物流原有的最后一公里配送可以在高峰时段互补，比如快递员派件高峰是在11点前，外卖是在 午餐和晚餐，协同协作，进一步应对多样化需求和提升客户体验，提升京东物流行业服务能力。借助京 东物流丰富的一线员工管理经验，有助于全职外卖骑手进一步职业化、提升全职骑手服务水平，帮助提 升京东外卖体验。 （文章来源：南方都市报） 此外，南都记者从有关人员处了解到，在招募全职骑手之外，京东物流还在营业部设立副站长岗位，对 全职骑手进行日常的管理，但全职骑手的订单、派单逻辑等不会发生变化。此举也不意味着京东物流 ...

Group 1 - JD Logistics announced the recruitment of full-time delivery riders to support JD Group's expanding food delivery business [1] - This initiative aims to enrich JD Logistics' solutions and service offerings [1] - The move is expected to enhance the synergy in existing operational processes, particularly in last-mile fulfillment, and improve operational efficiency [1]