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京东物流:港股公司点评:Q2净利润创新高,利润率大幅改善
国金证券· 2024-08-16 08:03
业绩简评 2024 年 8 月 15 日,京东物流发布 2024 年半年度财务信息。2024H1 公司实现营收 863 亿元,同比增长 11%;归母净利润为 22.6 亿元, 同比扭亏为盈。其中 2024Q2 公司实现营收 442 亿元,同比增长 7.7%;归母净利润为 20.3 亿元,同比增长 476%。 经营分析 其他客户收入增速较快,快递快运服务业务量增长为主因。2024 Q2 公司收入达 442 亿元,同比增长 7.7%,分客户看:(1)一体化 供应链客户收入为 213 亿元,同比增长 4.4%,其中来自京东集团 的内部一体化供应链收入为 135 亿元,同比增长 7%;外部一体化 供应链客户收入为 77.7 亿元,同比增长 0.2%,其中外部一体化客 户 ARPC 同比增长下降 9.9%至 13.4 万元,外部一体化供应链客户 数量同比增长 11.2%至 57889 名;(2)其他客户收入为 229 亿元, 同比增长 11%,主要系快递快运服务的业务量增加。 成本管控效果显现,利润率同比改善。2024Q2 公司营业成本为 390 亿元,同比仅增长 3.5%,主要是由于:(1)产品及网络结构的优 化;( ...
京东物流:Q2净利润创新高,利润率大幅改善
国金证券· 2024-08-16 07:37
业绩简评 2024 年 8 月 15 日,京东物流发布 2024 年半年度财务信息。2024H1 公司实现营收 863 亿元,同比增长 11%;归母净利润为 22.6 亿元, 同比扭亏为盈。其中 2024Q2 公司实现营收 442 亿元,同比增长 7.7%;归母净利润为 20.3 亿元,同比增长 476%。 经营分析 其他客户收入增速较快,快递快运服务业务量增长为主因。2024 Q2 公司收入达 442 亿元,同比增长 7.7%,分客户看:(1)一体化 供应链客户收入为 213 亿元,同比增长 4.4%,其中来自京东集团 的内部一体化供应链收入为 135 亿元,同比增长 7%;外部一体化 供应链客户收入为 77.7 亿元,同比增长 0.2%,其中外部一体化客 户 ARPC 同比增长下降 9.9%至 13.4 万元,外部一体化供应链客户 数量同比增长 11.2%至 57889 名;(2)其他客户收入为 229 亿元, 同比增长 11%,主要系快递快运服务的业务量增加。 成本管控效果显现,利润率同比改善。2024Q2 公司营业成本为 390 亿元,同比仅增长 3.5%,主要是由于:(1)产品及网络结构的优 化;( ...
京东物流:高质量利润改善好于预期,上调评级至买入
交银国际· 2024-08-16 05:23
交银国际研究 财务模型更新 互联网 2024 年 8 月 16 日 收盘价 目标价 潜在涨幅 港元 7.78 港元 11.30↑ +45.2% 京东物流 (2618 HK) 高质量利润改善好于预期,上调评级至买入 京东物流 (2618 HK)2 季度利润大幅好于预期,毛利率改善显著推动利润率 实现季度历史新高,反映公司精细化运营能力提升,我们认为消费结构变化 对收入端的影响已经反映在当前预期内,公司目前估值水平低于行业平均, 基于行业平均 13 倍 2024 年市盈率,我们上调公司目标价至 11.3 港元,评级 上调至买入。 2024 年 2 季度收入符合预期,利润大幅好于预期。收入同比增 8%至 442 亿元(人民币,下同),其中内部收入/外部一体化/外部其他收入同比增 7%/0%/11%。调整后净利润 24.6 亿元,同比近 2 倍增长,对应净利润率 5.6%,为上市以来季度最高水平,对比我们预期的净利润/净利润率 12 亿 元/2.7%。毛利润率同比提升 3.6 个百分点,主要来自外包成本占收比的下 降。公司通过精细化管理、优化运输环节车辆算法调度能力(如减少中转 次数)、自动化设备投入及产品结构调整实 ...
京东物流(02618) - 2024 - 中期业绩
2024-08-15 09:48
香港交易及結算所有限公司及香港聯合交易所有限公司(「香港聯交所」)對本公告的內容概不負責,對其準確性或 完整性亦不發表任何聲明,並表明概不就本公告全部或任何部分內容所導致或因倚賴該等內容而引致的任何損失 承擔任何責任。 JD Logistics, Inc. 京東物流股份有限公司 (於開曼群島註冊成立的有限公司) (股份代號:2618) 截 至 2024 年 6 月 3 0 日止三個月及六個月 業績公告 京東物流股份有限公司(「本公司」或「京東物流」)董事(「董事」)會(「董事會」)欣然宣佈 本公司、其子公司與關聯併表實體(統稱「本集團」)截至2024年6月30日止三個月及六個 月的未經審計合併業績。該等中期業績已經本公司審計委員會(「審計委員會」)審閱。 於 本 公 告 中,「我 們」指 本 公 司,倘 文 義 另 有 所 指,指 本 集 團。此 外,「京東集團」指 JD.com, Inc.(納斯達克代碼:JD;香港聯交所代號:9618(港幣櫃台)及89618(人民幣櫃 台))及其子公司,包括京東健康股份有限公司(香港聯交所代號:6618(港幣櫃台)及86618 (人民幣櫃台))與關聯併表實體,不包括本集團。 ...
京东物流:2季度预览:受行业需求影响下调收入增速;降本增效见效,上调利润预期
交银国际证券· 2024-07-14 05:01
交银国际研究 公司更新 互联网 2024 年 7 月 13 日 收盘价 目标价 潜在涨幅 港元 8.48 港元 9.80↓ +15.6% 京东物流 (2618 HK) 2 季度预览:受行业需求影响下调收入增速;降本增效见效,上调利润预期 2季度业绩预览:我们预计2024年2季度公司总收入438.7亿元(人民币, 下同),同比增 7%,较此前预期下调约 3%,主要反映大件行业景气度疲 弱、公司加强标准件价格管理收缩低健康度业务。预计调整后净利润达到 12 亿元,同比增 45%,对应利润率 2.7%,好于我们此前预期的 2.3%,主 要因公司降本增效成果好于预期,网络结构优化、运力资源管理以及平台 调度能力提升,对效率的提升持续优化。 分业务看:预计内单受到降低免邮门槛利好带动收入持续增长,外部一体 化业务客户恢复正增长,但收入增速受客户需求影响,暂未看到大幅反弹 的趋势,快递业务公司聚焦时效件,着重发展抖快平台逆向物流件,放弃 部分折扣业务,保持业务良性健康增长。 2 季度业务更新:公司于重点产业带提升仓储服务能力,升级服饰行业专 仓、美妆行业仓、酒水产地仓、休食仓。深化与小米、澳柯玛、猫人、报 喜鸟、南街村等 ...
京东物流:利润率改善,上调2024-26年每股收益预测
华兴证券· 2024-06-04 09:01
2024 年5 月28 日 物流: 超配 授权转发报告/ 公司更新报告 京东物流 (2618 HK, 买入, 目标价: HK$14.23) 利润率改善,上调 2024-26 年每股收益预测 目标价: HK$14.23 当前股价: HK$9.06 • 京东物流1Q24 利润率显著提升,由此我们上调对其2024-26 年每股收益预测4.7%- 股价上行/下行空间 +57% 18.4%。 52周最高/最低价 (HK$) 13.68/6.61 市值 (US$mn) 5,755 • 母公司战略或对京东物流财务表现产生影响。 当前发行数量(百万股) 4,963 • 重申“买入”评级;上调DCF 目标价至14.23 港元(WACC:11.7%;永续增长率: 三个月平均日交易額 10 (US$mn) 2%)。 流通盘占比 (%) 26 主要股东 (%) 此港股通报告之英文版本于2024 年5 月28 日上午6 时由华兴证券(香港)发布。中文 京东科技集团 64 版由华兴证券的姜雪烽(证券分析师登记编号: S1680519070001)审核。如果您想进一 天作之合有限公司 5 步讨论本报告所述观点,请与您在华兴证券的销售代表联 ...
京东物流:1Q24业绩表现强势:收入、净利润均超预期
华兴证券· 2024-05-24 06:32
2024 年5 月20 日 物流: 超配 授权转发报告/ 公司更新报告 京东物流 (2618 HK, 买入, 目标价: HK$13.20) 1Q24 业绩表现强势:收入、净利润均超预期 目标价: HK$13.20 当前股价: HK$9.80 • 京东物流公告1Q24 业绩,收入、净利润均超预期。 股价上行/下行空间 +35% • 一体化供应链客户数量恢复同比正增长,有望推动收入加速增长。 52周最高/最低价 (HK$) 13.68/6.61 市值 (US$mn) 6,235 • 重申“买入”评级及DCF 目标价13.20 港元。 当前发行数量(百万股) 4,963 三个月平均日交易額 9 此港股通报告之英文版本于2024 年5 月17 日中午12 时25 分由华兴证券(香港)发 (US$mn) 流通盘占比 (%) 26 布。中文版由华兴证券的姜雪烽(证券分析师登记编号:S1680519070001)审核。如 主要股东 (%) 果您想进一步讨论本报告所述观点,请与您在华兴证券的销售代表联系。 京东科技集团 64 1Q24 强势表现为实现全年指引奠定坚实基础:京东物流公告1Q24 业绩,收入同比增长 天作之合有限 ...
京东物流:1季度业绩好于预期,外部一体化增速恢复仍在爬坡阶段
交银国际证券· 2024-05-17 12:02
交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年5月17日 港元9.80 港元10.10↑ +3.1% 京东物流 (2618 HK) 1 季度业绩好于预期,外部一体化增速恢复仍在爬坡阶段  2024年1季度业绩:收入421亿元(人民币,下同),同比增15%,高于 个股评级 我们/彭博市场预期4%。外部收入占收比69%,同环比基本持平,内单增 中性↓ 速15%,高于我们此前预期的8%。客户结构调整和规模效应推动毛利率 同比提升3个百分点至7.7%。调整后净利润/利润率6.6亿元/1.6%,上市 1年股价表现 以来首次在1季度实现盈利,得益于业务结构持续优化及运营效率提升, 2618 HK 利润大幅超出我们预期的6900万元。 10% MSCI中国指数 0%  业绩要点:1)内单加速增长,同比增15%,对比去年4季度11%的增速进 -10% 一步提升,得益于京东零售业务增长及下调包邮门槛拉动业务量。2)外 -20% 部一体化收入增5%,客户数5.6万名,同比恢复正增长至2%,单客户平 -30% 均收入增3%(去年4季度+15%),增速有所放缓,主要因新增大客户初 -40% -50% 期合作 ...
京东物流(02618) - 2024 Q1 - 季度业绩
2024-05-16 09:43
香港交易及結算所有限公司及香港聯合交易所有限公司(「香港聯交所」)對本公告的內容概不負責,對其準確性或 完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 JD Logistics, Inc. 京東物流股份有限公司 (於開曼群島註冊成立的有限公司) (股份代號:2618) 截 至 2024 年 3 月 31 日 止 三 個 月 財 務 信 息 及 業 務 亮 點 京东物流股份有限公司(「本公司」或「京東物流」)董事(「董事」)會(「董事會」)欣然宣佈 本公司、其子公司與關聯併表實體(統稱「本集團」)截至2024年3月31日止三個月的未經 審計財務信息及業務亮點。以下財務信息已經本公司審計委員會審閱。 於本公告中,「我們」指本公司,倘文義另有所指,指本集團。此外,「京東集團」指 JD.com, Inc(. 納斯達克代碼:JD;香港聯交所代號:9618(港幣櫃台)及89618(人民幣櫃 台))及其子公司,包括京東健康股份有限公司(香港聯交所代號:6618(港幣櫃台)及86618 (人民幣櫃台))與其關聯併表實體,不包括本集團。百分比的任何差異均 ...
京东物流(02618) - 2023 - 年度财报
2024-04-26 08:34
Financial Performance - Revenue for 2023 reached RMB 166,624.71 million, a 21.3% increase from RMB 137,402.01 million in 2022[5] - Gross profit for 2023 was RMB 12,683.16 million, up 25.6% from RMB 10,099.64 million in 2022[5] - Net profit for 2023 was RMB 1,167.20 million, compared to a net loss of RMB 1,090.29 million in 2022[5] - Non-IFRS profit for 2023 was RMB 2,760.84 million, a significant increase from RMB 866.03 million in 2022[5] - Revenue increased by 21.3% from RMB 137.4 billion in 2022 to RMB 166.6 billion in 2023[37] - Revenue from integrated supply chain customers grew by 5.2% from RMB 77.4 billion in 2022 to RMB 81.5 billion in 2023[37] - Revenue from other customers surged by 42.0% from RMB 60.0 billion in 2022 to RMB 85.2 billion in 2023[38] - The average revenue per integrated supply chain customer increased by 15.2% from RMB 365,015 in 2022 to RMB 420,363 in 2023[37] - The company's non-IFRS EBITDA increased from RMB 10.99 billion in 2022 to RMB 14.61 billion in 2023[35] - The company's non-IFRS profit rose from RMB 866 million in 2022 to RMB 2.76 billion in 2023[35] - Gross profit and gross margin improved to RMB 12.7 billion and 7.6% in 2023, up from RMB 10.1 billion and 7.4% in 2022, due to optimized business and customer structure and economies of scale[41] - Net profit for 2023 was RMB 1.2 billion, a significant turnaround from a net loss of RMB 1.1 billion in 2022[46] - Non-IFRS profit for 2023 was RMB 2.76 billion, with a non-IFRS profit margin of 1.7%, compared to RMB 866 million and 0.6% in 2022[48] - Other net income for 2023 was RMB 858.7 million, a reversal from a loss of RMB 571.7 million in 2022, driven by increased government subsidies and financial income[45] - The company's non-IFRS EBITDA for 2023 was RMB 14,605,753 thousand, with a profit margin of 8.8%[50] Assets and Liabilities - Total assets for 2023 increased to RMB 112,901.72 million from RMB 106,697.27 million in 2022[6] - Non-current assets for 2023 grew to RMB 56,243.30 million, up from RMB 49,093.11 million in 2022[6] - Current liabilities for 2023 rose to RMB 39,331.40 million from RMB 34,246.23 million in 2022[6] - Equity attributable to owners of the company for 2023 was RMB 48,157.92 million, up from RMB 46,580.70 million in 2022[6] - Total cash resources as of December 31, 2023, amounted to RMB 42.2 billion[51] - Net cash generated from operating activities in 2023 was RMB 16,352,016 thousand[52] - Free cash inflow for 2023 was RMB 2.8 billion, compared to RMB 1.3 billion in 2022[53] - Net cash used in investing activities in 2023 was RMB 15,099,215 thousand[55] - Net cash used in financing activities in 2023 was RMB 5,546,825 thousand[56] - The capital-to-debt ratio as of December 31, 2023, was approximately 20.7%[57] - The company's outstanding borrowings as of December 31, 2023, amounted to RMB 10 billion[90] - Restricted cash pledged as collateral amounted to RMB 194.0 million as of December 31, 2023[62] Logistics and Operations - JD Logistics' total revenue in 2023 reached RMB 166.6 billion, a year-on-year increase of 21.3%[7][10] - Revenue from external customers in 2023 was RMB 116.6 billion, accounting for 70.0% of total revenue, with a year-on-year growth of 30.8%[7][10] - External integrated supply chain customer revenue in 2023 was RMB 31.4 billion, a year-on-year increase of 7.7%[10] - The number of external integrated supply chain customers with annual revenue contribution of at least RMB 10 million reached 384, a year-on-year increase of 6.1%[10] - The average revenue per external integrated supply chain customer was RMB 45.9 million, a year-on-year increase of 8.8%[10] - JD Logistics operates over 1,600 warehouses and more than 19,000 delivery stations as of December 31, 2023[11] - The company employs nearly 350,000 self-operated delivery and operational personnel as of December 31, 2023[11] - JD Logistics has nearly 4,600 professional R&D personnel as of December 31, 2023[11] - The company continues to integrate its network with Deppon Logistics to enhance its comprehensive logistics network[11] - JD Logistics' warehouse automation solutions have been adopted by external clients in industries such as automotive parts, apparel, and pharmaceuticals[7] - Revenue from integrated supply chain customers reached RMB 81.5 billion in 2023, with external integrated supply chain customer revenue at RMB 31.4 billion, a year-on-year increase of 7.7%[12] - The number of external integrated supply chain customers served reached 74,714, with average revenue per customer increasing by 15.2% to RMB 420,000[12] - Revenue from external integrated supply chain customers contributing at least RMB 10 million annually increased to RMB 17.624 billion, accounting for 56.1% of total external integrated supply chain customer revenue[14] - Revenue from external integrated supply chain customers contributing less than RMB 10 million annually was RMB 13.783 billion, accounting for 43.9% of total external integrated supply chain customer revenue[15] - Revenue from other customers grew by 42.0% year-on-year to RMB 85.2 billion in 2023[18] - The company completed the transfer of assets from 83 JD Logistics freight forwarding centers to Deppon Logistics by the end of December 2023[19] - JD Logistics launched a "next morning delivery" service in December 2023, covering 9 cities including Beijing and Shanghai[19] - The company deepened its cooperation with a Chinese tech company in Europe, optimizing inventory allocation for faster delivery in core European countries and regions[17] - JD Logistics expanded its cooperation with Douyin and Kuaishou, providing high-quality logistics services during Kuaishou's Double 11 shopping festival[19] - The company provided exclusive nationwide home charging pile supply chain services for a renowned international new energy vehicle brand in the second half of 2023[16] - The company's warehousing network covers nearly all counties in China, with over 1,600 self-operated warehouses and 2,000 cloud warehouses, totaling over 32 million square meters[23] - The company operates 41 Asia No. 1 smart industrial parks in 30 cities, with the Kunshan Asia No. 1 facility handling over 4.5 million packages daily during the 618 promotion[23] - The company's self-owned transportation fleet exceeds 40,000 vehicles, with over 600 railway routes and more than 1,000 air cargo routes covered through partnerships[25] - The company operates 6 self-owned cargo aircraft, covering domestic and international routes, including 4 international cargo routes opened in 2023[25] - The company has nearly 350,000 self-owned delivery personnel and operates over 19,000 delivery stations and outlets, covering 300+ cities across 33 provinces[26] - The company manages over 200 large-item warehouses and sorting centers, with a total area exceeding 4 million square meters[27] - The company operates approximately 100 cold chain warehouses for fresh and frozen food, covering 500,000 square meters, and over 30 specialized warehouses for pharmaceuticals and medical devices, covering 300,000 square meters[29] - The company has deployed over 1,800 large-item delivery and installation stations under the "Jingdong Bang" brand to expand coverage in lower-tier cities[28] - The company's logistics technology includes high-density storage systems, automated guided vehicles, and intelligent delivery vehicles, enhancing automation across the supply chain[20] - The company operates nearly 90 bonded warehouses, direct mail warehouses, and overseas warehouses, with a total managed area of nearly 900,000 square meters[30] - The company deployed dozens of hydrogen-powered heavy-duty logistics trucks in 2023, becoming the first logistics enterprise to scale the use of hydrogen-powered trucks[32] Costs and Expenses - Operating costs increased by 20.9% from RMB 127.3 billion in 2022 to RMB 153.9 billion in 2023, driven by business growth and the full-year consolidation of Deppon Logistics[40] - Employee compensation and benefits for operational staff rose by 23.9% from RMB 44.6 billion in 2022 to RMB 55.3 billion in 2023, partly due to increased headcount and the full-year consolidation of Deppon Logistics[40] - Outsourcing costs increased by 16.9% from RMB 51.6 billion in 2022 to RMB 60.3 billion in 2023, driven by higher demand for outsourcing services and the full-year consolidation of Deppon Logistics[40] - R&D expenses grew by 14.4% from RMB 3.1 billion in 2022 to RMB 3.6 billion in 2023, reflecting continued investment in technology and innovation[43] - The company's total human resources expenditure (including own employees and external personnel) reached RMB 22.8 billion for the three months ended December 31, 2023, and RMB 82.1 billion for the full year[32] - Employee compensation and benefits expenses, including share-based payments, reached RMB 62.2 billion in 2023, a 22.3% increase from RMB 50.8 billion in 2022[60] Technology and Innovation - The company has obtained over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[21] - The company's logistics technology includes high-density storage systems, automated guided vehicles, and intelligent delivery vehicles, enhancing automation across the supply chain[20] - The company deployed dozens of hydrogen-powered heavy-duty logistics trucks in 2023, becoming the first logistics enterprise to scale the use of hydrogen-powered trucks[32] - R&D expenses grew by 14.4% from RMB 3.1 billion in 2022 to RMB 3.6 billion in 2023, reflecting continued investment in technology and innovation[43] Human Resources - The company employs nearly 350,000 self-operated delivery and operational personnel as of December 31, 2023[11] - JD Logistics has nearly 4,600 professional R&D personnel as of December 31, 2023[11] - Total number of employees as of December 31, 2023, is 457,015, with operations staff accounting for 95.4% (436,208 employees)[60] - Employee distribution by function: Sales and Marketing (10,011 employees, 2.2%), R&D (4,553 employees, 1.0%), General and Administrative (6,243 employees, 1.4%)[60] - The company implements pre-IPO and post-IPO employee equity incentive plans, share option plans, and share award plans[60] - Employee compensation and benefits expenses, including share-based payments, reached RMB 62.2 billion in 2023, a 22.3% increase from RMB 50.8 billion in 2022[60] - The company participates in mandatory social security programs in China, including pension, medical, unemployment, maternity, work injury insurance, and housing provident fund[60] Corporate Governance and Leadership - Hu Wei, aged 41, was appointed as Executive Director and CEO on June 26, 2023[63] - Liu Qiangdong, aged 51, serves as Chairman and Non-Executive Director, having been re-appointed on October 15, 2020[63] - Wu Hao, aged 37, was appointed as the Chief Financial Officer on May 11, 2023, overseeing the company's finance and investments[70] - Wu Hao joined JD Group in May 2014, holding positions such as Group Internal Control Director, Risk Control Director, and Head of the Audit Department[70] - Wu Hao holds a Bachelor's degree in Management from China University of Geosciences and an MBA from Peking University's Guanghua School of Management[70] - Zhao Mingjing serves as the Company Secretary and has over 10 years of experience in the company secretarial industry[71] - Zhao Mingjing holds a Bachelor of Arts degree from the University of Toronto and a Master of Arts in Professional Accounting and Information Systems from City University of Hong Kong[71] - Zhao Mingjing is a Fellow and Senior Member of the Chartered Governance Institute and the Hong Kong Chartered Governance Institute[71] - The Board consists of executive directors, non-executive directors, and independent non-executive directors, with Liu Qiangdong serving as Chairman[196] - Hu Wei was appointed as an executive director effective June 26, 2023, while Yu Rui resigned as an executive director on the same date[197] - The Chairman, Liu Qiangdong, is responsible for the effective operation and leadership of the Board, while the CEO oversees business development and daily operations[198] - The Board has complied with the Listing Rules by appointing at least three independent non-executive directors, constituting one-third of the Board[199] - Non-executive directors and independent non-executive directors have initial terms of three years, subject to retirement and re-election[200] - All directors confirmed strict compliance with the insider trading policy during the reporting period[195] - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[194] Shareholding and Equity - Liu Qiangdong holds approximately 64.94% of the company's shares through beneficial ownership and controlled entities[101] - Liu Qiangdong holds 340,405,330 shares of JD.com, representing 10.8% beneficial ownership and 69.9% of total voting rights[105] - Liu Qiangdong has a 68.51% beneficial ownership in JD Health through controlled entities, holding 2,184,655,829 shares[108] - Liu Qiangdong fully controls China Logistics Assets with 3,474,283,058 shares, representing 100% ownership[108] - JD.com has issued a total of 3,144,236,167 shares of common stock as of December 31, 2023[104] - Fortune Rising Holdings Limited holds 17,581,344 B-class shares of JD.com, managed under the company's equity incentive plan[106] - Hu Wei holds 48,360 shares of JD.com, representing 0.00% beneficial ownership[108] - Zhao Xiande holds 661 shares of JD.com, representing 0.00% beneficial ownership[108] - JD Jiankang Limited, a wholly-owned subsidiary of JD.com, holds 2,149,253,732 shares of JD Health[109] - JD Property Development holds 74.96% of China Logistics Assets as of December 31, 2023[109] - Jingdong Technology Group Corporation holds 4,192,271,100 shares, representing 63.44% of the total issued shares[111] - TCT (BVI) Limited and 匯聚信託有限公司 each hold 508,143,522 shares, representing 7.69% of the total issued shares[111] - 50,870,208 new shares were issued or may be issued under the post-IPO share option plan and post-IPO share award plan, representing approximately 0.77% of the weighted average number of issued shares[114] - The maximum number of new shares that may be issued under the pre-IPO employee equity incentive plan is 598,847,916 shares[117] - As of the reporting date, 127,111,887 unexercised share options were granted under the pre-IPO employee equity incentive plan, representing approximately 1.92% of the issued share capital[117] - Total equity incentives granted to directors and other grantees amounted to 161,490,066 shares[122] - The maximum number of shares available for issuance under the post-IPO share option plan is 609,160,767, representing 9.20% of the issued share capital[126] - The post-IPO share option plan has a remaining term of over 7 years, effective until May 28, 2031[128] - The exercise price for the post-IPO share option plan cannot be lower than the higher of the closing price on the grant date or the average closing price of the five trading days preceding the grant date[130] - The total equity incentives granted to the five highest-paid individuals during the reporting period amounted to 6,828,667 shares[122] - The maximum number of reward shares that can be granted under the post-IPO share reward plan is 609,160,767 shares, limited to 3% of the total issued shares during the relevant period[136] - As of December 31, 2023, 519,696,156 reward shares are available for grant under the post-IPO share reward plan[137] - The total number of new shares that can be issued under the post-IPO share reward plan is capped at 609,160,767 shares, representing 10% of the post-listing issued share capital[138] - As of December 31, 2023, 280,860,767 new shares are available for issuance under the post-IPO share reward plan, representing approximately 4.24% of the issued share capital[138] - During the reporting period, 55,937,435 reward shares were granted to eligible participants under the post-IPO share reward plan[137] - The post-IPO share reward plan will remain effective for a 10-year period from the listing date until May 28, 2031, with approximately 7 years remaining[141] - The fair value of the reward shares granted during the reporting period was determined based on the market value of the shares on