Financial Data and Key Metrics Changes - In Q3 2025, JD Logistics achieved total revenue of RMB 55.1 billion, representing a year-over-year increase of 24.1% [4][22] - Non-GAAP net profit was RMB 2.02 billion, with a profit margin of 3.3% [4][31] - Average profit was RMB 1.96 billion, with a non-GAAP profit margin of 3.7% [22][31] - Gross profit margin was 9.1% [25] - Employee benefit expenses increased by 49.8% year-over-year to RMB 21.82 billion, accounting for 39.6% of total revenue [25][26] Business Line Data and Key Metrics Changes - Revenue from direct-to-supply chain ISC customers reached RMB 13.1 billion, up 45.8% year-over-year [4][23] - ISC revenue from JD Group amounted to RMB 21.20 billion, up 165.8% year-over-year [23] - Revenue from external ISC customers was RMB 8.93 billion, up 13.5% year-over-year [23] - Revenue from other customers, including express and freight delivery services, was RMB 24.95 billion, up 5.1% year-over-year [12][24] Market Data and Key Metrics Changes - The number of external ISC customers reached approximately 67,000, up 12.7% year-over-year [23] - Average revenue per customer for external ISC was RMB 134,000, up 0.7% year-over-year [24] Company Strategy and Development Direction - The company is focused on enhancing service experience and delivery capabilities, with targeted investments in international business expansion and capacity improvement [4][22] - JD Logistics aims to deepen its presence in the ISV space, leveraging digital technology and operational management [8][10] - The company plans to double the gross floor area of its overseas warehouse by the end of 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management noted that China's economy maintained a steady trend, supporting JD Logistics' growth [3][22] - The company expects economies of scale and improved resource utilization to support profitability improvement as business volume increases [22] - Management emphasized the importance of automation and technology investments for long-term growth and efficiency [35][39] Other Important Information - JD Logistics was rated as the strongest logistics brand in 2025 by Brand Finance [16] - The company has established multiple overseas warehouses in the Middle East, enhancing its international logistics capabilities [11][12] Q&A Session Summary Question: Comments on automation and capital investment - Management highlighted the extensive use of automation technologies and the balance between investment and return [34][35] Question: Orders accepted per day and network utilization - Management discussed the integration of full-time riders and the positive impact on delivery capacities and user experience [36][37] Question: Plans for the overseas market - Management outlined goals for building a global network and improving terminal-to-terminal capacities by the end of 2025 [39] Question: ISC customers and RPARC - Management acknowledged the need for improvement in ISC customer numbers and RPARC, focusing on enhancing product offerings [41][42]

2024年，王振辉回到京东集团负责创新业务的发展，直到此次再度担任京东物流CEO职务。 王振辉于1998年获得北京科技大学工程学学士学位，并于2016年获得中欧国际工商学院EMBA学位。 京东物流今日宣布，董事会宣布胡伟已辞任执行董事、首席执行官职务，自2025年11月13日起生效，原因为彼将于京东集团有其他任职。胡伟已确认，彼与 董事会并无意见分歧。 京东物流宣布，王振辉已获委任为公司执行董事、首席执行官及授权代表，自2025年11月13日起生效。 王振辉现年50岁，在京东集团多年，担任多个重要职务，最知名的履历就是曾担任京东物流CEO。 资料显示，王振辉，于2010年4月加入京东集团，并在京东集团及京东物流集团担任多个重要职位。2010年4月至2016年5月，彼曾于京东集团分别担任华北 区域分公司总经理、京东集团仓储部副总裁及京东智能硬件总裁；2016年5月至2017年4月，担任京东集团运营体系负责人。彼亦于2017年4月至2020年12月 担任京东物流首席执行官。 此后，王振辉一度离开京东物流，于2022年7月至2023年7月，王振辉担任协鑫能源科技股份有限公司（深圳证券交易所股票代码：002015）的 ...

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1%, with adjusted net profit reaching 2.02 billion yuan, exceeding market expectations [1][1][1] Revenue Breakdown - Integrated supply chain revenue for Q3 reached 30.1 billion yuan, showing a year-on-year increase of 45.8%, continuing to lead the industry in growth rate [1][1][1] - The number of external integrated supply chain customers and average revenue per customer both demonstrated steady growth [1][1][1]

与此同时，王振辉被委任为公司执行董事、首席执行官及授权代表，自2025年11月13日起生效。 资料显示，王振辉于2010年4月加入京东集团，曾担任多个重要职务。2017年4月至2020年12月，王振辉 担任京东物流首席执行官。2024年，王振辉回到京东集团负责创新业务的发展。 北京商报讯（记者 何倩）11月13日，京东物流发布公告，董事会宣布胡伟已辞任执行董事、首席执行 官及授权代表，自2025年11月13日起生效，原因是他将在京东集团担任其他职务。 ...

Core Viewpoint - JD Logistics reported strong Q3 2025 results, exceeding market expectations in revenue and growth metrics [1] Financial Performance - Total revenue for Q3 reached 55.1 billion yuan, representing a year-on-year growth of 24.1% [1] - Adjusted net profit for the quarter was 2.02 billion yuan [1] - Integrated supply chain revenue grew by 45.8% [1]

Core Insights - JD Logistics reported a revenue of RMB 55.084 billion for Q3 2025, representing a year-on-year increase of 24.1% [1] - The company's pre-tax profit decreased by 20.4% to RMB 2.09 billion, while the profit attributable to shareholders fell by 7.92% to RMB 2.03 billion [1] Revenue Growth - Integrated supply chain customer revenue reached RMB 30.1 billion, up 45.8% year-on-year, with external integrated supply chain customer revenue at RMB 8.9 billion, a 13.5% increase [2] - The company achieved steady growth across multiple industries, particularly in the home appliance sector, by enhancing end-to-end coverage and leveraging digital capabilities [2] International Expansion - JD Logistics is expanding its overseas operations by replicating its warehousing and integrated supply chain capabilities in international markets [3] - A partnership with a well-known electric vehicle brand has extended operations to the Middle East, providing comprehensive logistics services in Dubai [3] - The company has opened a new air cargo route from Shenzhen to Singapore, enhancing its logistics network in the Asia-Pacific region [3] Warehousing and Infrastructure - As of September 30, 2025, JD Logistics' warehousing network covers nearly all counties in China, with over 1,600 warehouses and more than 2,000 cloud warehouses [4] - The total managed warehouse area exceeds 34 million square meters, including cloud warehouses [4] Strategic Acquisitions - JD Logistics acquired 100% of a subsidiary engaged in local instant delivery services for approximately USD 270 million, aimed at enhancing service offerings and operational efficiency [4] - This acquisition is expected to strengthen the company's last-mile delivery capabilities and improve user experience [4] Employment and Social Contribution - The total human resources expenditure for the company reached RMB 103.9 billion over the past twelve months, reflecting its commitment to job creation and social contribution [4]

Core Viewpoint - JD Logistics reported a revenue of RMB 55.084 billion for the third quarter ending September 30, 2025, representing a year-on-year increase of 24.1%, while the pre-tax profit decreased by 20.4% to RMB 2.09 billion, and the profit attributable to shareholders fell by 7.92% to RMB 2.03 billion [1] Group 1: Integrated Supply Chain Solutions - The revenue from integrated supply chain customers reached RMB 30.1 billion, a year-on-year increase of 45.8%, with external integrated supply chain customer revenue at RMB 8.9 billion, up 13.5% [1] - The company is enhancing its end-to-end coverage in the home appliance sector, leveraging digital capabilities to streamline operations and reduce costs for brand clients [1] - The "consolidated distribution" model has effectively reduced the number of transfers in delivery, helping clients lower costs and improve warehouse entry efficiency [1] Group 2: Overseas Business Expansion - The company is actively expanding its overseas business by replicating its warehousing and integrated supply chain capabilities in international markets [2] - A partnership with a well-known electric vehicle brand has extended operations to the Middle East, providing comprehensive logistics services in Dubai [2] - The successful launch of a dedicated air cargo route from Shenzhen to Singapore enhances the logistics network in the Asia-Pacific region, offering efficient solutions for high-end electronic products and cross-border e-commerce packages [2] Group 3: Warehousing Network and Acquisitions - As of September 30, 2025, the company's warehousing network covers nearly all counties in China, with over 1,600 warehouses operated by the company and more than 2,000 cloud warehouses managed by third-party owners [3] - The acquisition of a wholly-owned subsidiary engaged in local instant delivery services for approximately USD 270 million is expected to enhance the company's service offerings and improve last-mile delivery capabilities [3] - Total human resources expenditure reached RMB 103.9 billion over the past twelve months, reflecting the company's commitment to job creation and social contribution [3]

京东物流(02618)发布公告，胡伟先生已辞任执行董事、首席执行官及香港联合交易所有限公司证券上 市规则第3.05条项下的授权代表，自2025年11月13日起生效，原因为彼将于京东集团有其他任职。董事 会欣然宣布，王振辉先生已获委任为公司执行董事、首席执行官及授权代表，自2025年11月13日起生 效。 ...

格隆汇11月13日丨京东物流(02618.HK)发布公告，胡伟已辞任执行董事、首席执行官及授权代表，自 2025年11月13日起生效，原因为彼将于京东集团有其他任职。此外，王振辉已获委任为公司执行董事、 首席执行官及授权代表，自2025年11月13日起生效。 ...

Revenue and Profitability - Revenue for the three months ended September 30, 2025, was RMB 55,084,441 thousand, representing a 24.1% increase from RMB 44,395,616 thousand in the same period of 2024[4] - The company reported a pre-tax profit of RMB 2,090,331 thousand, down 20.4% from RMB 2,625,435 thousand year-over-year[4] - Non-IFRS profit for the period was RMB 2,019,705 thousand, a decrease of 21.5% from RMB 2,572,583 thousand in the previous year[4] - Net profit for Q3 2025 was RMB 2.0 billion, down from RMB 2.4 billion in Q3 2024[20] - Non-IFRS profit decreased to RMB 2.0 billion in Q3 2025 from RMB 2.6 billion in Q3 2024, with a non-IFRS profit margin of 3.7%[23][24] Gross Profit and Operating Costs - Gross profit for the same period was RMB 5,007,346 thousand, a decrease of 3.7% compared to RMB 5,197,449 thousand in the previous year[4] - Operating costs increased by 27.8% from RMB 39.2 billion in Q3 2024 to RMB 50.1 billion in Q3 2025, consistent with revenue growth trends[14] - Gross profit decreased to RMB 5.0 billion with a gross margin of 9.1% in Q3 2025, down from RMB 5.2 billion and 11.7% in Q3 2024[16] - Other operating costs rose by 26.8% from RMB 5.4 billion in Q3 2024 to RMB 6.9 billion in Q3 2025, primarily due to increases in fuel, tolls, and maintenance costs[15] Integrated Supply Chain Performance - Integrated supply chain customer revenue reached RMB 30.1 billion, a year-over-year increase of 45.8%, with external integrated supply chain customer revenue at RMB 8.9 billion, up 13.5%[6] - Revenue from integrated supply chain customers rose by 45.8% from RMB 20.7 billion in Q3 2024 to RMB 30.1 billion in Q3 2025, driven by increased demand from JD Group and external customers[11] - The number of external integrated supply chain customers grew from 59,286 to 66,809, reflecting a rise in service demand and improved service capabilities[11] Research and Development - Research and development expenses for the three months were RMB 1,057,892 thousand, compared to RMB 912,703 thousand in the same period last year, reflecting a focus on innovation[8] - R&D expenses rose by 15.9% from RMB 0.9 billion in Q3 2024 to RMB 1.1 billion in Q3 2025, reflecting ongoing investment in technology and innovation[18] Cash Flow and Financial Position - As of September 30, 2025, the total cash resources of the group amounted to RMB 44.4 billion[27] - The free cash flow for the three months ended September 30, 2025, was RMB 600 million, significantly lower than RMB 2.7 billion in the same period of 2024[27] - The net cash generated from operating activities was RMB 4.7 billion, after deducting capital expenditures of RMB 1.9 billion and lease-related payments of RMB 2.2 billion[27] Expansion and Logistics - The company expanded its warehousing network to over 3.4 million square meters, including more than 1,600 self-operated warehouses and over 2,000 third-party operated cloud warehouses[7] - The company successfully launched a dedicated air cargo route from Shenzhen to Singapore, enhancing its logistics network in the Asia-Pacific region[6] - A total consideration of approximately USD 270 million was paid for the acquisition of a wholly-owned subsidiary engaged in local instant delivery services, expected to enhance last-mile delivery capabilities[7] Human Resources - Total human resources expenditure reached RMB 103.9 billion over the twelve months ending September 30, 2025, demonstrating a commitment to job creation[7] Marketing and Sales Expenses - Sales and marketing expenses increased by 13.5% from RMB 1.4 billion in Q3 2024 to RMB 1.6 billion in Q3 2025, driven by the expansion of sales and marketing teams[17]