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） 2025 年 1 1 月 2 1 日舉行的 股 東特別大會投票結果 茲提述京东物流股份有限公司（「本公司」）日期為2025年11月4日的股東特別大會（「股東 特別大會」）通函（「通函」）及通告（「股東特別大會通告」）。除非另有定義外，本公告所用 詞彙與通函所界定者具有相同含義。 股東特別大會投票表決結果 董事會欣然宣佈，於2025年11月21日舉行的股東特別大會上，股東特別大會通告所載提 呈的決議案（「決議案」）已由股東以投票表決方式獲正式通過。 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。 決議案投票表決結果如下： | | 普通決議案 | 投票數目（概約%） | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1 | 批准、追認及確認本公司與JD.com訂立的日期為 | 746,771, ...

出品丨大V商业 王振辉重回京东物流担任CEO。 文丨周铭 正如当年王振辉在京东物流上市前夕辞任带给行业的震惊，如今重回京东物流担任CEO再次给业界带来了疑惑。 2025年11月13日，京东物流发布了一则震动业界的人事公告：胡伟已辞任执行董事、首席执行官，自当日起生效，并将于京东集团担任其他职务。 这两个人的"换防"在当时的京东有着关键的象征意义。 接替他的，是王振辉。 这位在上市前夕关键时刻离开了自己一手带大的京东物流前CEO，如今在京东多方出击、多个业务面临"危"和"难"的关键时刻，再次回归对京东物流来说 意味着什么？ 我们认为，出海欧洲成为京东的重要战略后，海外物流的建设会成为主攻方向，这也是京东在欧洲市场和已经建立起规模的速卖通AliExpress以及 TEMU、Shein差异化竞争的优势。 一个关键的信息是，京东物流在2025H1报告中首次提到了在中东推出了快递品牌JoyExpress，这也是京东物流在海外开始从仓到配的转变。 那么谁来打这场仗，王振辉可能是不二人选。 作为京东物流的原CEO，也是刘强东复出后启用的老将之一，有意思的是，原先的京东3C负责人闫小兵也在23年回归，这让刘强东的这次用人调任 ...

京东物流第三季度总收入同比增24%，较该行预期高3%。调整后净利润20亿元(人民币，下同)，基本符 合该行的预期。其中，内部收入同比增66%，剔除承接京东全职骑手外卖业务之外的影响后，内单收入 增长延续上半年稳健增长的趋势。外部一体化收入同比增13%，客户数及单客收入平稳提升。其他外部 收入同比增5%，毛利润率9.1%。 交银国际发布研报称，预计京东物流(02618)2025全年收入保持快速增长，调整后净利润维持中个位数 增长预期。预计2026年在外卖、达达并表加持下，收入维持快速增长态势，利润率有望通过规模提升及 协同效应的加大呈现提升趋势，并稳步推进海外布局，提升长期竞争力。该行微调收入及利润预测，维 持目标价18.50港元及买入评级。同时，该行预计2026年内外单延续稳健增长态势，海外布局稳步推 进，利润有望实现稳定增长。 ...

京东物流第三季度总收入同比增24%，较该行预期高3%。调整后净利润20亿元(人民币，下同)，基本符 合该行的预期。其中，内部收入同比增66%，剔除承接京东全职骑手外卖业务之外的影响后，内单收入 增长延续上半年稳健增长的趋势。外部一体化收入同比增13%，客户数及单客收入平稳提升。其他外部 收入同比增5%，毛利润率9.1%。 智通财经APP获悉，交银国际发布研报称，预计京东物流(02618)2025全年收入保持快速增长，调整后净 利润维持中个位数增长预期。预计2026年在外卖、达达并表加持下，收入维持快速增长态势，利润率有 望通过规模提升及协同效应的加大呈现提升趋势，并稳步推进海外布局，提升长期竞争力。该行微调收 入及利润预测，维持目标价18.50港元及买入评级。同时，该行预计2026年内外单延续稳健增长态势， 海外布局稳步推进，利润有望实现稳定增长。 ...

Core Insights - JD Logistics reported better-than-expected operating performance for Q3 2025, with revenue reaching approximately 55.1 billion yuan, a year-on-year increase of over 24% [1][2] - The integrated supply chain remains a key advantage for JD Logistics, with revenue from this segment reaching 30.1 billion yuan, a year-on-year growth of 45.08% [1][2] - The overseas business has become a new growth engine, with continued high-speed growth and strategic partnerships, including with a well-known electric vehicle brand [1][5] Revenue Performance - In Q3 2025, JD Logistics achieved operating revenue of 55.1 billion yuan, up from 44.4 billion yuan in the same period last year, marking a growth of 24.10% [2] - Adjusted net profit for the quarter was 2.02 billion yuan, showing a slight decline compared to the previous year [2] - For the first three quarters of 2025, total revenue was approximately 153.6 billion yuan, a year-on-year increase of 17.50%, with net profit at 4.61 billion yuan, up 3.15% [1] Integrated Supply Chain - Revenue from the integrated supply chain segment reached 30.1 billion yuan, accounting for 54.70% of total revenue, with a year-on-year growth of 45.8% [2] - External integrated supply chain customer revenue was 8.9 billion yuan, reflecting a year-on-year increase of 13.5% [2] - The number of external integrated supply chain customers grew to 66,800, with an average revenue per customer of 133,700 yuan [2] Overseas Expansion - JD Logistics' overseas business continues to grow rapidly, with the opening of the Dubai Warehouse No. 5 in August 2025, enhancing its global supply chain network [5] - The company has over 130 overseas warehouses globally, ranking among the top in the industry, covering more than 20 countries and regions [5] - New international air routes have been established, including a direct flight from Shenzhen to Singapore, strengthening logistics capabilities in the Asia-Pacific region [5] Technological Empowerment - The company is focusing on long-term strategies, leveraging technology to enhance its services, with R&D investment reaching 2.956 billion yuan in the first three quarters of 2025, an increase of approximately 300 million yuan year-on-year [1][6] - JD Logistics has upgraded its logistics technology platform "Super Brain" to version 2.0 and launched the self-developed "Wolf Pack" robotics series, deployed in over 20 provinces in China and more than 10 countries globally [6]

Core Viewpoint - JD Logistics reported strong revenue growth in Q3 2025, driven by increased retail income, new food delivery services, and expansion in overseas markets, although profitability declined due to higher resource investments in new businesses and rising short-term costs [1][2]. Revenue Performance - Total revenue for Q3 2025 reached 55.08 billion yuan, a year-on-year increase of 24.1% [1] - Revenue from JD Group increased by 65.8% year-on-year to 21.2 billion yuan, accounting for 38.5% of total revenue [1] - External customer revenue was 33.88 billion yuan, up 7.2% year-on-year, representing 61.5% of total revenue [1] Business Segmentation - Integrated supply chain business revenue was 30.14 billion yuan, a year-on-year increase of 45.8%, making up 54.7% of total revenue [1] - External integrated supply chain customer revenue was 8.93 billion yuan, up 13.5% year-on-year, with the number of external customers increasing by 12.7% to 67,000 [1] Profitability Analysis - Gross margin and Non-IFRS profit margin for Q3 2025 were 9.1% and 3.7%, respectively, down 2.6 percentage points and 2.1 percentage points year-on-year [2] - Employee compensation and benefits increased by 49.8% year-on-year to 21.8 billion yuan due to the addition of full-time delivery personnel [2] Strategic Initiatives - The company is accelerating its global strategy, focusing on the Middle East and Asia-Pacific markets [2] - JD Logistics has expanded its cooperation with a well-known electric vehicle brand to provide comprehensive logistics services in the Middle East [2] - A new air freight route from Shenzhen to Singapore was launched to enhance the logistics network in the Asia-Pacific region [2] Financial Forecast - The company maintains its net profit forecast for 2025 at 6.9 billion yuan and Non-IFRS profit at 8.34 billion yuan [3] - Slight downward adjustments were made for 2026 and 2027 net profit estimates due to anticipated cost increases [3] - The target price is maintained at 16.7 HKD, based on a PE ratio of 14.8x for 2025E, which is below the average of comparable companies [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Insights - The company reported a 46% year-on-year increase in integrated supply chain revenue for Q3 2025, indicating a strong expansion into high-value markets [2] - Total revenue for Q3 2025 reached 55.08 billion yuan, a 24.1% increase year-on-year, while adjusted net profit was 2.02 billion yuan, down 21.5% year-on-year [9] - The company is actively expanding its overseas business and enhancing instant retail capabilities, including a partnership with a well-known electric vehicle brand in the Middle East [5] Revenue Breakdown - Revenue from other clients amounted to 24.9 billion yuan, a 5.1% increase year-on-year, accounting for 45.3% of total revenue [3] - Revenue from JD Group reached 21.2 billion yuan, a 65.8% increase year-on-year, representing 38.5% of total revenue [3] - External customer revenue was 33.88 billion yuan, a 7.2% increase year-on-year, making up 61.5% of total revenue [3] Operational Highlights - As of September 30, 2025, the company operated over 1,600 warehouses and more than 2,000 cloud warehouses, with a total management area exceeding 34 million square meters [4] - The company successfully launched a dedicated air cargo route from Shenzhen to Singapore, enhancing its logistics network in the Asia-Pacific region [4] Profit Forecast - The company is expected to see continued revenue growth, with projected adjusted net profits of 8.43 billion yuan, 9.11 billion yuan, and 10 billion yuan for 2025, 2026, and 2027 respectively [10]

Core Insights - JD Logistics achieved record-breaking performance during the recent Double 11 shopping festival, with a third-quarter revenue growth of 24% to 55.1 billion yuan and an adjusted net profit of 2.02 billion yuan, exceeding market expectations [1][4][6] Financial Performance - In Q3, JD Logistics reported total revenue of 55.1 billion yuan, a year-on-year increase of 24.1%, and an adjusted net profit of 2.02 billion yuan, surpassing market forecasts [4][6] - The integrated supply chain revenue reached 30.1 billion yuan, growing by 45.8%, while express and freight revenue was 24.9 billion yuan, showing steady growth [7] Technological Advancements - JD Logistics defined the Double 11 logistics challenge as the "most technological," utilizing the Super Brain model 2.0 with 1.9 billion calls and achieving over 95% automation coverage across the logistics chain [2][4] - The deployment of 24 smart wolf warehouses set records for the number and scale of smart logistics robots, with significant increases in operational efficiency [4][6] Operational Efficiency - The logistics process saw a 32-fold increase in green orders, with nearly 100 cities benefiting from "minute-level" delivery, and 95% of self-operated orders fulfilled within 24 hours [2][4] - The implementation of AI technologies and smart assistants for delivery personnel improved route planning and reduced communication costs, enhancing delivery volume and income [4][9] Strategic Developments - The return of Wang Zhenhui as CEO marks the third leadership change in four years, raising industry interest in the future direction of JD Logistics [1][12][15] - JD Logistics has expanded its last-mile delivery capabilities by acquiring Dada Group's instant delivery business, enhancing its fulfillment network [9] Market Positioning - JD Logistics continues to focus on high-efficiency and high-value markets, with significant growth in fresh produce categories during the Double 11 period, including a 100% increase in the delivery volume of hairy crabs [7][9] - The company has established partnerships with leading clients, including Xiaopeng Motors, and opened new international routes to enhance its global supply chain capabilities [11]

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, marking a year-on-year increase of 24.1% [2][3] - The international business segment emerged as a significant highlight, with rapid growth in overseas supply chain solutions and express services [2][6] - A major leadership change occurred as Wang Zhenhui replaced Hu Wei as the CEO, aligning with the company's strategy to promote automation and AI technology [2][8] Financial Performance - JD Logistics achieved an adjusted net profit of 2.02 billion yuan, down from 2.573 billion yuan in the same period last year [3] - Integrated supply chain revenue reached 30.1 billion yuan, up 45.8% year-on-year, accounting for 54.7% of total revenue [3] - External integrated supply chain revenue was 8.9 billion yuan, reflecting a 13.5% increase [3] Customer Growth - The number of external integrated supply chain customers rose from 59,286 to 66,809, a net increase of 7,523 customers, representing a growth rate of 12.7% [3] - Average revenue per customer increased slightly from 132,800 yuan to 133,700 yuan [3] Business Expansion - JD Logistics is enhancing its global logistics network, having opened over 30 overseas warehouses in the first half of the year, totaling more than 130 worldwide [6][7] - The company has established a "2-3 day delivery" service circle in overseas markets, particularly in the Middle East [7] Technological Advancements - The company showcased its upgraded logistics technology during the "Double Eleven" shopping festival, including the 2.0 version of its "Super Brain" and self-developed "Wolf Pack" products [8] - R&D investment increased by 15.9% year-on-year to 1.1 billion yuan, indicating a commitment to advancing logistics technology [8] Strategic Partnerships - JD Logistics deepened its strategic cooperation with a well-known electric vehicle brand, providing end-to-end logistics services in Dubai [6] - The acquisition of Dada Group for approximately 270 million USD aims to strengthen last-mile delivery capabilities [4]

里昂发布研报称，京东物流(02618)第三季度销售额增长24%，该行预期第四季利润率将按季回升，因更 高的产能利用率，以及可观的内生增长和食品配送业务的收入贡献。在2026年，该行认为京东物流将更 专注于提升现有资源的效率和利用率，相信这将使利润率逐步回升。上调2025至2027销售额预测2%， 每股盈测则变动有限。维持目标价15.7港元及跑赢大市评级。 ...