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 | | ...

Core Insights - JD Logistics will maintain uninterrupted service during the overseas Spring Festival, with over 130 overseas warehouses, bonded warehouses, and direct mail warehouses operational [1] - JD's European online retail business, Joybuy, can deliver products to European consumers on the same day [1] - JD's overseas warehouses have expanded their coverage to 23 countries and regions globally [1]

Core Viewpoint - As the Spring Festival approaches, JD Logistics is committed to providing uninterrupted logistics services, ensuring a smooth and efficient shopping experience for consumers and supporting merchants during the holiday season [1][2]. Domestic Logistics Services - JD Logistics will focus on high-frequency consumer needs during the Spring Festival, offering a one-stop logistics solution that includes express delivery, appliance installation, and instant delivery services [2]. - All "Asia No. 1" smart industrial parks will operate around the clock, supported by hundreds of regional smart warehouses to ensure stable fulfillment networks, promising services like "same-day delivery" and "next-day delivery" [2]. - The company has established front warehouses in key cities to enhance its instant delivery capabilities, allowing for rapid order processing and delivery [2][3]. International Logistics Services - JD Logistics operates over 130 overseas warehouses to ensure continuous service during the Spring Festival, covering 23 countries and regions [4]. - In Europe, popular products like frozen dumplings and hot pot ingredients are being stored in JD's overseas warehouses for quick dispatch, while in the U.S., a high-efficiency service guarantees delivery within 2-3 days [4]. - The company is expanding its logistics services in Southeast Asia and the Middle East, providing integrated delivery services for large items [4]. Cross-Border Logistics - There has been a significant increase in the volume of Chinese New Year-themed products being shipped globally, with cross-border small package shipments between China and the U.S. increasing by over 100% since mid-2025 [5]. - JD Logistics has developed a comprehensive cross-border logistics network that can deliver goods to most countries within four days [5]. Technological Innovations - JD Logistics has launched the industry's first "AI New Year Goods Map," which uses AI to predict demand and optimize inventory distribution, enhancing logistics efficiency [6][8]. - The implementation of smart management has improved delivery times and reduced cross-regional distribution, significantly benefiting merchants [8]. - The company is also deploying advanced technologies like the "Super Brain" model and "Wolf Pack" robots to enhance logistics operations across multiple regions [8]. Employee Support Initiatives - JD Logistics plans to include full-time delivery riders in its Spring Festival support team, providing them with festive meals to foster a sense of community and warmth during the holiday [8].

Core Viewpoint - As the Spring Festival approaches, logistics demand is expected to surge, and JD Logistics is committed to providing uninterrupted services during the holiday period, ensuring a smooth shopping experience for consumers and operational stability for merchants [1][3]. Domestic Logistics Services - JD Logistics will focus on high-frequency consumer needs during the Spring Festival, offering a one-stop logistics solution that includes express delivery, appliance installation, and instant delivery services [3]. - All "Asia No. 1" smart industrial parks will operate around the clock during the festival, supported by hundreds of regional smart warehouses to ensure stable fulfillment networks [3]. - The company has established front warehouses in key cities to enable rapid order processing and delivery, with promises of same-day and next-day delivery services [3]. - Instant delivery services will be enhanced for popular products such as gift boxes, digital products, and fresh food, with some items available for delivery in as little as 9 minutes [3][5]. International Logistics Services - JD Logistics will maintain operations in over 130 overseas warehouses across 23 countries and regions, ensuring timely delivery of goods during the Spring Festival [6]. - In Europe, popular frozen products are being stored in JD's overseas warehouses for quick dispatch, while in the U.S., a high-efficiency service covers most regions with a delivery time of 2-3 days [8]. - The company has seen a significant increase in cross-border logistics volume, with a 100% growth in cross-border small package shipments between China and the U.S. since December 2025 [9]. Technological Innovations - JD Logistics has launched the industry's first "AI New Year Goods Map," which uses AI to predict demand and optimize inventory distribution, allowing for proactive stock management [9][11]. - The implementation of smart management has improved delivery efficiency, with next-day delivery times increasing by 14% and cross-region delivery ratios decreasing from 27% to 6% [11]. - The company is also deploying advanced technologies such as the "Super Brain" model and "Wolf Pack" robots across multiple provinces and countries to enhance logistics efficiency [11]. Employee Support Initiatives - JD Logistics plans to include full-time delivery riders in the Spring Festival support team, providing them with festive meals to foster a sense of community and warmth during the holiday [11].

Group 1 - Major investment banks like Goldman Sachs, Morgan Stanley, and UBS are optimistic about the global stock market outlook for 2026, expecting double-digit gains in both developed and emerging markets due to strong earnings growth, declining interest rates, and reduced policy headwinds [1] - The United States is projected to maintain its position as the global growth engine, driven by a resilient economy and an AI-driven supercycle that is leading to record capital expenditures and rapid earnings expansion [1] - The momentum of the AI industry is spreading globally across various sectors including technology, utilities, banking, healthcare, and logistics, creating both winners and losers amid an already imbalanced K-shaped economy [1] Group 2 - Goldman Sachs has released a list of recommended stocks for investment based on the Earnings Revision Leading Indicator (ERLI), which includes companies such as AIA Group (01299.HK), Xiaomi Group-W (01810.HK), Lenovo Group (00992.HK), and Hong Kong Exchanges and Clearing (00388.HK) [1] - Other notable stocks on the list include China Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), and China Pacific Insurance (02601.HK) [1] - Additional companies mentioned are ZTO Express-W (02057.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), and China Aluminum (02600.HK) [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 京东物流（02618）发布公告，于2026年1月1日，公司根据首次公开发售后股份奖励计划向承授人授出 了涉及148.82万股新股份的148.82万股奖励股份，约占于授出日期已发行股份总数的0.02%。 责任编辑：卢昱君 京东物流（02618）发布公告，于2026年1月1日，公司根据首次公开发售后股份奖励计划向承授人授出 了涉及148.82万股新股份的148.82万股奖励股份，约占于授出日期已发行股份总数的0.02%。 责任编辑：卢昱君 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

智通财经APP讯，京东物流(02618)发布公告，于2026年1月1日，公司根据首次公开发售后股份奖励计划 向承授人授出了涉及148.82万股新股份的148.82万股奖励股份，约占于授出日期已发行股份总数的 0.02%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司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，概不對因本公告全部或任何部分內容而產生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） 授出股份獎勵 及 先前股份獎勵授出的最新進展 授出股份獎勵 董事會宣佈，於2026年1月1日，本公司根據首次公開發售後股份獎勵計劃向承授人授 出了涉及1,488,183股新股份的1,488,183股獎勵股份，約佔於授出日期已發行股份總數的 0.02%。 新授出的詳情如下： 1 2 (iv) 59,031股獎勵股份將於授出日期起0.25至2.25年內歸屬； (v) 234,412股獎勵股份將於授出日期起0.5至3.5年內歸屬； 及 (vi) 1,105,854股獎勵股份將於授出日期起1至4年內歸屬。 授出日期： 2026年1月1日 承授人： 本集團僱員（不包括本集團董事及高級管理人員） 新授出的對價： 零 授出獎勵股份的數目： 1,488,183股 授出日期股份的市價： 每股11.420港 ...