Core Viewpoint - Debon Holdings has suspended trading due to significant matters being planned by its indirect controlling shareholder, JD Zhaofeng, following a recent increase in shareholding, raising control to 79.59% [1][2]. Group 1: Shareholding and Trading Suspension - JD Zhaofeng completed an increase of 2.95% in Debon Holdings' shares, investing approximately 418 million yuan [2]. - The trading suspension was initiated on January 9, with an initial expectation to resume on January 12, but was later extended due to ongoing planning [1][2]. Group 2: Share Buyback Program - Debon Holdings initiated a share buyback plan with a budget of 75 million to 150 million yuan, aiming to reduce registered capital [2]. - By the end of December 2025, the company had repurchased shares worth approximately 75.09 million yuan, reaching the lower limit of its buyback plan [2]. Group 3: Stock Performance and Financial Pressure - Debon Holdings' stock price rose significantly in Q2 2025, reaching a peak of 22.96 yuan, but later fell to 13.53 yuan by December 31, 2025 [3]. - The company reported a revenue of 30.27 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.97%, but recorded a net loss of 277 million yuan, marking its first loss in a quarterly report since going public [3]. Group 4: Management Changes and Competition Issues - Significant management changes occurred at Debon Holdings, including the resignation of Chairman Hu Wei and the nomination of JD executive Wang Zhenhui as a non-independent director [3]. - Investors have raised concerns about competition with JD Logistics, which holds a 66.5% stake in Debon Holdings, and the company has committed to addressing these competition issues over the next five years [4].

哈喽，大家好，今天小睿就带大家拆解中国现代物流的"双雄争霸"：跨越速运靠航空时效筑壁垒，京东 物流凭仓配一体化拓版图，两种路径如何契合国家战略，共同改写行业格局？ 国务院《"十四五"现代物流发展规划》明确提出，到2025年要基本建成供需适配、安全高效的现代物流 体系，而社会物流总费用与国内生产总值的比率需较2020年下降2个百分点左右。 在这一政策指引下，中国物流行业正从规模竞争转向质量竞争，跨越速运与京东物流作为行业头部企 业，分别以航空时效和仓配一体化为核心，走出了两条特色发展路径。 差异化路径选择，构建核心竞争壁垒 物流行业的核心竞争力始终围绕"时效"与"覆盖"两大关键词，跨越速运与京东物流的路径选择精准契合 了不同市场需求。 自2007年成立以来，跨越速运便锚定高端航空时效物流赛道，深耕B2B企业级服务，构建起"全货机+散 航+无人机"的立体空运网络。 目前拥有21架全货机，并依托全国四大航空枢纽空侧，紧密连接京津冀、长三角、珠三角和成渝双城经 济圈，实现跨省"最快8小时门到门送达"的行业标杆时效。 两者不仅在市场中形成优势互补的竞争格局，更以各自的实践推动着供应链体系的现代化进程，成为国 家现代物流 ...

机构：中金公司 合并达达即时配送带动公司收入继续稳健增长；但京东零售部分品类销售承压或影响4Q相关内单收 入。公司外卖全职骑手业务有序发展、收购达达本地即时配送业务，均带动4Q收入继续稳健增长。我 们预计4Q25 公司营收同比增长20%至625 亿元，增速较3Q25（同比增24%）略有放缓，主要考虑内单 收入或受京东零售部分品类销售承压影响：由于社零数据及线上电商大盘表现较弱，叠加国补退坡影 响，中金互联网组预计4Q25 京东零售收入同比下滑3%至2979 亿元；我们预计4Q剔除外卖配送后的内 单业务收入增长或亦有承压。 海外仓一次性货损计提、子集团战略调整，或致公司4Q盈利短期承压，但我们仍看好公司中长期增 长。我们预计4Q25 公司或产生一次性货损计提，主要与部分海外仓相关，例如，12 月23日京东物流位 于巴黎的一处仓库遭盗窃（新华社）。结合公司子集团2H25 正进行业务战略调整，我们预计4Q25 盈利 或短期承压，下调4Q25 non-IFRS净利润24%至22.3 亿元、较4Q24 同比持平。但中长期看，我们持续看 好公司一体化供应链业务能力领先、海外业务快速增长、外卖配送及子集团业务与公司内生业务 ...

Group 1 - The core viewpoint of the article indicates that the company is expected to maintain a high revenue growth rate in Q4 2025, with projected revenue of 62.5 billion yuan and adjusted net profit of 2.26 billion yuan [1] - The company has adjusted its profit forecast for 2025-2027, now expecting adjusted net profits of 7.623 billion, 8.776 billion, and 9.945 billion yuan respectively, down from previous estimates [2] - The company is focusing on integrated supply chain business and expanding its instant delivery, express, and overseas supply chain services, which is anticipated to drive revenue growth in Q4 2025 [1] Group 2 - The management transformation within the company is fully implemented, with increased investment in high-end e-commerce and high-value business scenarios, which is expected to improve profits in 2026 [1] - The company is increasing resource allocation towards high-demand services such as urgent business deliveries and cold chain logistics, which is expected to enhance revenue growth [1] - The company maintains a "buy" rating despite lowering profit forecasts, as it believes there is still room for market value growth compared to competitors [2]

Core Viewpoint - The company's fundamental logic remains unchanged, with capability building driving growth in new business scenarios. The rapid growth of the express delivery business is expected to exceed revenue forecasts, but short-term pressures from labor costs, administrative expenses, and resource investments are constraining profit release. In the long term, integrating rider management under JD Logistics to handle "express + instant delivery" can maximize labor efficiency. The future operational capacity will leverage a pool of approximately 450,000 couriers and over 150,000 riders to enhance JD Logistics' urban delivery capabilities [1] Event Highlights - On December 26, JD Logistics successfully completed its first overseas drone test flight, marking the company's first use of drones for cargo transport abroad, which is a significant step in "express delivery going global" - On the same day, the company's first overseas intelligent warehouse officially commenced operations in the UK - Starting January 1, 2026, the consumer goods recycling subsidy officially launched, with JD Logistics completing the first order fulfillment of the 2026 "National Subsidy" on the same day. On January 5, the first order involving robot-assisted delivery was completed [1] Business Performance - Currently, international business accounts for less than 5% of the company's revenue, with expectations for international revenue to continue a high growth trend of 25% in 2026. The company is steadily advancing the deployment of automation equipment (such as unmanned vehicles and drones) and various robots, with capital expenditure expected to gradually increase year by year. However, the company will manage the balance between automation investment and the benefits of technological efficiency to drive long-term profit improvement [1] Risk Analysis - The expansion of integrated supply chain business may slow down, as the company's strategic focus is on integrated supply chain services. The recovery of the macro economy and market demand in China in 2025 will be crucial for the growth of this business segment, particularly for small and medium-sized clients [2] - Internal network integration for cost reduction and efficiency improvement may not meet expectations, as the merger with Debon Logistics in 2022 aimed to reduce capital expenditure and ongoing losses in express and large parcel delivery, but the integration process faces uncertainties due to the complexity of the national network [2] - Rising labor costs and supply-demand imbalances pose challenges, as the logistics industry is labor-intensive and faces recruitment pressures due to an aging population and competition from flexible employment sectors [3] - The pace of industrial upgrading and commercialization of technology may not meet expectations, as the national strategy during the 14th Five-Year Plan encourages high-end industrial development, which presents opportunities for JD Logistics but also involves risks during the transformation process [3]

Investment Rating - The report maintains an "Outperform" rating for the company [2][5]. Core Insights - The company is expected to see significant revenue growth in Q4 2025, with projected revenue of 625 billion RMB and adjusted net profit of 22.6 billion RMB. The focus for 2025 will be on revenue growth and investment, particularly in integrated supply chain and instant delivery services [5]. - The management has undergone changes aimed at enhancing high-value business segments, which is expected to drive steady revenue growth and improve profits in 2026 [5]. - The adjusted net profit forecasts for 2025-2027 have been revised downwards to 76.23 billion, 87.76 billion, and 99.45 billion RMB respectively, reflecting a short-term cost increase due to investments in resources [5]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 166.625 billion RMB - 2024: 182.838 billion RMB - 2025E: 216.118 billion RMB - 2026E: 243.312 billion RMB - 2027E: 267.780 billion RMB - Year-on-year growth rates for revenue are projected at: - 2023: 21.27% - 2024: 9.73% - 2025E: 18.20% - 2026E: 12.58% - 2027E: 10.06% [4][6]. - Adjusted net profit forecasts are as follows: - 2023: 2.761 billion RMB - 2024: 7.917 billion RMB - 2025E: 7.623 billion RMB - 2026E: 8.776 billion RMB - 2027E: 9.945 billion RMB - Year-on-year growth rates for adjusted net profit are projected at: - 2023: 218.79% - 2024: 186.75% - 2025E: -3.71% - 2026E: 15.13% - 2027E: 13.31% [4][6].

Investment Rating - The investment rating for JD Logistics is maintained at "Outperform" [2] Core Insights - The report anticipates a significant revenue increase in Q4 2025, projecting revenue of 62.5 billion RMB and an adjusted net profit of 2.26 billion RMB. The company is focusing on revenue growth and investment, particularly in integrated supply chain and instant delivery services, which are expected to drive high revenue growth in Q4 2025 [9] - The management restructuring and increased investment in high-end e-commerce and valuable business scenarios are expected to improve profits in 2026. The company is enhancing its service capabilities and optimizing its business structure, which is expected to strengthen its competitive advantage [9] - The profit forecast has been adjusted downward, with expected adjusted net profits for 2025-2027 revised to 76.23 billion, 87.76 billion, and 99.45 billion RMB respectively, reflecting a year-on-year growth of -3.71%, +15.13%, and +13.31% [9] Financial Data and Profit Forecast - Revenue projections for JD Logistics are as follows: - 2023: 166.625 billion RMB - 2024: 182.838 billion RMB - 2025E: 216.118 billion RMB - 2026E: 243.312 billion RMB - 2027E: 267.780 billion RMB - Adjusted net profit forecasts are: - 2023: 2.761 billion RMB - 2024: 7.917 billion RMB - 2025E: 7.623 billion RMB - 2026E: 8.776 billion RMB - 2027E: 9.945 billion RMB - The report indicates a significant increase in adjusted net profit for 2023 compared to 2022, with a growth rate of 218.79% [8][10]

Core Insights - The pharmaceutical logistics industry is experiencing robust growth driven by national policy support, an aging population, increased health awareness, and advancements in medical technology. The "Healthy China" strategy is further enhancing the industry's development space [1][7][9]. Industry Overview - Pharmaceutical logistics is a crucial component of modern logistics, responsible for the circulation and turnover of pharmaceuticals. It encompasses seven main functions: transportation and distribution, warehousing management, packaging, circulation processing, loading and unloading, network design, and information processing [2][5][7]. Market Growth - The total value of pharmaceutical logistics in China has shown steady growth, increasing from 241.86 billion yuan in 2019 to an expected 336.66 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.84%. Projections indicate that this total will reach 357.2 billion yuan by 2025 [1][4][9]. Sales Growth of Pharmaceutical Products - The total sales of seven major categories of pharmaceutical products in China rose from 1,661.3 billion yuan in 2015 to an estimated 2,947.0 billion yuan in 2024, reflecting a CAGR of 6.58%. This expanding market size supports the demand for pharmaceutical logistics [4][9]. Industry Structure - The pharmaceutical logistics industry consists of three main segments: upstream (pharmaceutical manufacturers and equipment suppliers), midstream (logistics companies), and downstream (medical institutions, pharmacies, and patients) [5][6]. Logistics Centers and Warehousing - The number of logistics centers in the pharmaceutical logistics industry increased from 1,115 in 2017 to 1,370 in 2024, with a CAGR of 2.99%. Warehouse area expanded from 10.65 million square meters to 15.42 million square meters during the same period, with a CAGR of 5.43% [10][11]. Transportation Vehicles - The total number of specialized transportation vehicles in the pharmaceutical logistics sector is projected to reach 17,617 by 2024, with refrigerated vehicles accounting for 19.9% of the total, indicating a growing demand for cold chain logistics [12][13]. Delivery Methods and Technology - In 2024, 62.5% of deliveries in the pharmaceutical logistics industry were self-delivered, while 37.5% were outsourced. The adoption of automation and information technology is increasing, with 89.0% of companies having warehouse management systems and 83.1% using electronic tagging systems [13][14]. Key Players - Major companies in the pharmaceutical logistics sector include JD Logistics, China National Pharmaceutical Group, and various specialized logistics firms. JD Logistics reported a revenue of 153.616 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 17.5% [14][16]. Industry Challenges - Despite the growth, the pharmaceutical logistics industry faces challenges such as high overall costs, uneven regional development, and a lack of relevant standards [17]. Future Trends - The industry is expected to evolve towards greater automation and intelligence, with AI systems optimizing logistics operations. Additionally, a shift towards full traceability and data integration is anticipated, enhancing the efficiency and responsiveness of the logistics network [18][19].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京东物流股份有限公司 呈交日期: 2026年1月7日 本月底法定/註冊股本總額： USD 1,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02618 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,656,781,772 | | 0 | | 6,656,781,772 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 6,656,781,772 | | 0 | | ...

北京商报讯（记者 何倩）1月4日，北京商报记者从京东获悉，今年海外春节期间，京东物流服务不间 断，超130个海外仓、保税仓、直邮仓将持续运营。京东欧洲线上零售业务Joybuy最快当天即可送达欧 洲消费者手中。目前，京东物流海外仓已经覆盖全球23个国家和地区。 ...