机构：中信建投证券 研究员：韩军/梁骁 核心观点 京东物流第二季度京东物流总收入515.6 亿/+16.6%，相比上季度进一步加速，多场景助力内外单收入二 季度增速显著提升；京东物流开始招募和管理全职骑手，参与京东集团外卖业务的配送服务，6 月在沙 特阿拉伯推出自营快递品牌「JoyExpress」；毛利润为54.8 亿元/+4.3%；归属母公司盈利21.3 亿 元/+5.1%；经调整后净利润25.9亿元，同比增长5.4%，净利率达到5.0%，经调EBITDA为57.2 亿/+1.5%。H1 资本支出23.9 亿元，同比增长0.8%，占营收比例为2.5%，同比下降0.2pct。 动态 财务动态 2025 第二季度京东物流总收入515.6 亿/+16.6%，相比上季度进一步加速，经调净利润为25.9 亿 元/+5.4%，经调净利润率5.0%。 经调EBITDA 为57.2 亿/+1.5%。 业务动态 2025 年第二季度，京东物流开始招募和管理全职骑手，参与京东集团外卖业务的配送服务。上半年， 海外仓实现进一步扩张，在美国、英国、法国、波兰、韩国、越南、沙特等国家新开多个海外仓，目前 已覆盖全球23 个国家和地区 ...

Core Insights - JD Logistics has officially launched its 2025 seafood assurance plan, focusing on rapid delivery and enhanced cold chain logistics services [2] Group 1: Delivery and Logistics Strategy - JD Logistics will deploy delivery personnel in major production areas to facilitate nearby collection and increase air transport capacity, enabling seafood to reach core city tables within 24 hours [2] - The company operates approximately 100 temperature-controlled cold chain warehouses dedicated to fresh, frozen, and refrigerated foods, covering over 300 cities nationwide [2] Group 2: Cold Chain Services - JD Logistics offers end-to-end, omnichannel, and all-scenario cold chain logistics services to seafood merchants, helping them reduce costs and improve efficiency [2] - The logistics network allows seafood merchants to meet diverse delivery needs, including multi-frequency and small-batch deliveries from factories to supermarkets, convenience stores, and restaurants [2]

瑞银发布研报称，京东物流(02618)次季业绩大致符合预期。收入增长令市场惊喜，同比升幅为17%;盈 利则符合预期，惟非国际财务报告准则净利润率5%，则略逊于预期。该行表示，由于该公司的乐观情 绪，上调财务预测，预计公司今年的收入增长16%，而非国际财务报告准则净利润则升6.5%。另外，该 行将公司目标价由17.4港元调升至18港元，维持"买入"评级。 该行指出，京东物流管理层对达成全年增长目标有更大信心，即目标总收入及非国际财务报告准则净利 润分别达到双位数和中个位数增长。管理层又考虑到其新开设的食品配送服务的潜在贡献，料其全年收 入增长或超越市场预期。 ...

该行指出，京东物流管理层对达成全年增长目标有更大信心，即目标总收入及非国际财务报告准则净利 润分别达到双位数和中个位数增长。管理层又考虑到其新开设的食品配送服务的潜在贡献，料其全年收 入增长或超越市场预期。 智通财经APP获悉，瑞银发布研报称，京东物流(02618) 次季业绩大致符合预期。收入增长令市场惊 喜，同比升幅为17%;盈利则符合预期，惟非国际财务报告准则净利润率5%，则略逊于预期。该行表 示，由于该公司的乐观情绪，上调财务预测，预计公司今年的收入增长16%，而非国际财务报告准则净 利润则升6.5%。另外，该行将公司目标价由17.4港元调升至18港元，维持"买入"评级。 ...

Core Insights - JD Logistics reported strong Q2 2025 performance with revenue reaching RMB 51.56 billion, a 17% year-on-year increase, exceeding market expectations [3] - The company's first-party (1P) and third-party (3P) integrated supply chain businesses grew by 31% and 18% respectively, driven by robust performance on the JD platform and support from trade renewal policies [3] - Gross margin improved to 10.6%, significantly up from 7.2% in Q1, although it slightly declined compared to the same period last year [3] Financial Performance - Adjusted net profit was approximately RMB 2.6 billion, aligning with market consensus [3] - The company anticipates continued revenue acceleration in the second half of the year, particularly with the new food delivery business contributing to revenue starting in Q3 [3] - Despite a projected 23% year-on-year decline in net profit for Q3 due to high base effects and increased logistics resource investments, a strong rebound in profitability is expected in Q4 with a projected 35% year-on-year growth [3] Strategic Initiatives - JD Logistics is actively expanding its overseas market presence, having established a self-operated express network, JoyExpress, in Saudi Arabia as of June 2025, with plans to expand into Europe within the year [3] - The company aims to strengthen its core supply chain competitiveness by increasing investments in warehousing and last-mile delivery [3] - Despite facing short-term profit fluctuations, JD Logistics maintains a long-term competitive advantage through its extensive warehousing network and technological capabilities [3]

瑞银发表研报指，京东物流次季收入按年升幅为17%令市场惊喜，盈利符合预期。管理层对达成全年增 长目标有更大信心，即目标总收入及非国际财务报告准则净利润分别达到双位数和中个位数增长。管理 层又考虑到其新开设的食品配送服务的潜在贡献，料其全年收入增长或超越市场预期。该行表示，由于 该公司的乐观情绪，上调财务预测，预计公司今年的收入增长16%，而非国际财务报告准则净利润则升 6.5%。该行将公司目标价由17.4港元上调至18港元，维持"买入"评级。 ...

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Core Viewpoint - JD Logistics achieved revenue of 98.532 billion yuan in H1 2025, a year-on-year increase of 14.1%, with a net profit of 2.959 billion yuan, up 15.27% [1] Group 1: Financial Performance - In H1 2025, JD Logistics reported a net profit of 2.959 billion yuan, a year-on-year increase of 15.27%, and a net profit attributable to shareholders of 2.580 billion yuan, up 13.96% [1] - Adjusted net profit for H1 2025 was 3.339 billion yuan, reflecting a year-on-year growth of 7.1% [1] - Revenue growth accelerated, with H1 2025 revenue growth of 14.1%, surpassing the 11.0% growth in H1 2024 and the 9.7% growth for the entire year of 2024 [1] Group 2: Revenue Sources - Revenue from JD Group reached 32.46 billion yuan, a year-on-year increase of 22.9%, while revenue from external customers was 66.07 billion yuan, up 10.2% [1] - The proportion of revenue from external customers decreased slightly to 67.1% from 69.4% in the same period last year [1] Group 3: Customer Growth and Cost Structure - The number of external integrated supply chain customers increased by 14.5% to 73,700, an improvement from the 5.9% growth in the same period last year [2] - Average revenue per customer remained stable at 239,000 yuan [2] - Operating costs rose to 77.9 billion yuan, a year-on-year increase of 15.2%, slightly outpacing revenue growth [2] Group 4: Profitability and Cost Management - Gross margin slightly declined from 9.8% to 9.0% due to higher employee compensation and outsourcing costs, which grew by 17.1% and 19.2% respectively [2] - The company anticipates that profit margins will improve as scale effects materialize [2] Group 5: Technological Innovation and International Expansion - JD Logistics' self-developed "Smart Wolf" solution has entered a new phase of nationwide replication, enhancing order processing efficiency [2] - The company has expanded its overseas warehouse coverage to 23 countries and regions, launching the self-operated express brand "JoyExpress" in Saudi Arabia [3] - The overseas business is expected to continue growing as the company leverages its logistics network and integrated supply chain capabilities [3] Group 6: Profit Forecast - The company forecasts net profit attributable to shareholders for 2025-2027 to be 6.85 billion, 7.91 billion, and 8.95 billion yuan respectively, maintaining a "recommended" rating [3]

Core Viewpoint - JD Logistics reported a revenue increase of 14.1% year-on-year to 98.53 billion yuan in 1H25, with net profit rising by 13.9% to 2.58 billion yuan, slightly exceeding expectations [1] Revenue Performance - Revenue from JD Group and external customers grew by 22.9% and 10.2% respectively in 1H25, with JD Group revenue at 32.46 billion yuan, accounting for 32.9% of total revenue, an increase of 2.4 percentage points [1][2] - External customer revenue reached 66.07 billion yuan, representing 67.1% of total revenue, with integrated supply chain business revenue at 50.11 billion yuan, up 19.9% year-on-year [2] Profitability Analysis - The company's gross margin and Non-IFRS profit margin for 1H25 were 9.0% and 3.4%, down 0.8 and 0.2 percentage points year-on-year, primarily due to increased resource investment for business expansion [2][3] - In 2Q25, gross margin and Non-IFRS profit margin were 10.6% and 5.0%, reflecting a decline of 1.3 and 0.5 percentage points year-on-year [2] Business Expansion - The company is increasing logistics infrastructure and personnel, with over 1,600 warehouses and more than 19,000 delivery stations as of June 30, employing over 660,000 operational staff [3] - JD Logistics launched its self-operated express delivery brand JoyExpress in Saudi Arabia, establishing a logistics network covering warehousing, sorting, and last-mile delivery [3] Future Outlook - The company has slightly raised revenue forecasts for 2025-2027 by 2.6% to 210.41 billion, 231.95 billion, and 254.25 billion yuan respectively, while maintaining net profit forecasts at 6.9 billion, 8.1 billion, and 9.38 billion yuan [4] - The target price remains at 16.7 HKD with a "Buy" rating, based on a PE ratio of 14.8x for 2025E [4]

Core Insights - JD Logistics reported a revenue of 98.5 billion yuan for the first half of 2025, representing a year-on-year growth of 14.1% [1] - External customer revenue reached 66.1 billion yuan, with a year-on-year increase of 10.2% [1] - Adjusted net profit for the first half of the year was 3.3 billion yuan, up 7.1% year-on-year, indicating steady growth in performance [1] Revenue Growth Drivers - The integrated supply chain business significantly contributed to revenue growth, with income from other customers, including express delivery, amounting to 48.4 billion yuan, a year-on-year increase of 8.7% [1] - Revenue from the integrated supply chain business was 50.1 billion yuan, reflecting a robust year-on-year growth of 19.9% [1] - Key growth drivers include government subsidies promoting consumption in relevant categories, continuous improvement in warehousing and distribution capabilities, and contributions from new industries and customers, with average revenue per external integrated supply chain customer reaching 239,000 yuan [1] Cost and Employee Insights - Employee costs rose to 35 billion yuan in the first half of 2025, up 17.1% from 29.9 billion yuan in the first half of 2024, driven by business expansion [1] - The company expanded its food delivery business, leading to increased logistics costs, and is currently focusing on the integration of various business lines, including express delivery and brands like Kuaixue and Debang [1] Profit Forecast and Rating Adjustment - The profit forecast remains unchanged, with adjusted net profit expected to be 8.307 billion yuan, 9.166 billion yuan, and 10.513 billion yuan for 2025-2027, reflecting year-on-year growth rates of 4.93%, 10.34%, and 14.70% respectively [1] - The company’s price-to-earnings ratio is projected at 10x, 9x, and 8x for the respective years [1] - Due to uncertainties arising from the integration of multiple business lines, the rating has been adjusted to "Accumulate" [1]