德邦业绩预计转盈为亏主要受外部环境及内部经营策略调整双重影响。外部环境方面，上游制造业、商 贸企业等客户对物流成本控制诉求增强，行业整体面临较大的价格下行压力。内部经营方面，德邦始终 坚持「以客户为中心」的经营理念。一方面，为更好地保障春节期间客户的发货体验，德邦在2025年一 季度加大了一线人员留岗和资源配置，确保货物平稳运转。另一方面，为提升核心主营产品竞争力，自 2025年三季度以来，德邦在运力、人力等方面增加了战略性资源投入。其中，运力方面，德邦为保障时 效，提升发车频次，干支线运输趟次同比增加，燃油路桥费、干支线外请成本相应增加；人力方面，德 邦为保障服务质量，提升收派、时效能力，增加了人力资源投入。此外，德邦还通过提升部分提成标 准、优化奖罚机制等方式提高员工待遇，增强员工归属感，以不断提升客户服务质量。报告期内，受市 场竞争及资源投入影响，德邦经营业绩面临阶段性压力。但随着德邦各项降本增效举措的稳步推进，客 户体验指标持续优化，有利于未来长期可持续发展。 格隆汇1月30日丨京东物流(02618.HK)公布德邦物流股份有限公司截至2025年12月31日止年度之业绩预 告。根据截至2025年12月3 ...

德邦物流股份有限公司 截 至 2025 年 1 2 月 3 1 日止年度之 業績預告 本公告乃由京东物流股份有限公司（「本公司」，連同其子公司及關聯併表實體統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例 第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義見上市規則）而刊發。 茲提述德邦物流股份有限公司（「德邦」）為本公司之子公司及其股份於上海證券交易所 上市（股份代號：603056），於2026年1月30日刊發的公告，內容有關截至2025年12月31日 止年度之業績預告（「業績預告」）。業績預告乃按上海證券交易所的相關規定所編製。 本公司董事（「董事」）會（「董事會」）謹此提請本公司股東及投資者垂注以下德邦截至2025 年12月31日止年度之預測業績，乃摘錄自該業績預告。 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 ...

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） 須予披露的交易的最新進展 1 根據有關規則及規定，德邦已於上海證券交易所網站(www.sse.com.cn)刊發「2026年第一 次臨時股東會決議公告」。 本公司股東及潛在投資者應注意：(i)擬現金選擇權可能不會全部被所有德邦股東行使； 及(ii)撤回上市事項須經上海證券交易所批准。本公司股東及潛在投資者於買賣本公司 證券時務請審慎行事。 本公司將適時就擬現金選擇權及撤回德邦股份上市事項的進度作出進一步公告。 承董事會命 京东物流股份有限公司 王振輝先生 執行董事 擬主動撤回德邦股份於上海證券交易所的上市交易及 擬向德邦股東提供現金選擇權 茲提述本公司日期為2026年1月13日的公告（「該公告」），內容有關撤回德邦股份上市事 項及擬現金選擇權。除文義另有所指外，本公告所用詞彙與該公告所界 ...

1月27日，一架满载跨境电商包裹及高价值电子产品的京东航空B737-800BCF全货机从武汉天河国际机 场起飞，直飞泰国曼谷素万那普国际机场。随着此次航班启航，京东航空"武汉=曼谷"定期国际货运航 线正式开通。该航线既为华中地区与东南亚核心市场搭建起高效"空中桥梁"，也标志着京东航空亚太航 空物流网络布局再添关键支点。 作为京东航空深耕华中市场的重要举措，"武汉=曼谷"航线可精准匹配区域产业特色与跨境物流需求。 该航线由737-800BCF全货机执飞，单程最大业载达22吨，可满足各类货物批量运输需求；航班频次按 季节动态调整，其中1-10月份每周执飞三班（周二、周四、周日），11-12月份进行航班加密，每周执 飞五班（周二、周三、周四、周五、周日）。依托定班直飞与高频稳定优势，实现货物"即装即运、快 速通达"。 值得一提的是，航线开通当日，"京东物流（武汉）进出口商品集散中心"正式挂牌，天河机场京东物流 配套操作场地同时启用。两者与 "武汉 = 曼谷" 航线形成 "空地协同" 的物流闭环，可进一步提升运输效 率。 图注：京东航空运营的737-800BCF全货机 今年年初，京东航空首架A330宽体货机正式入列， ...

Core Viewpoint - The recent delisting of major express delivery companies, Debon Logistics and Aneng Logistics, introduces uncertainty into the logistics industry's competitive landscape, marking a transition from scale-focused growth to a new phase emphasizing both scale and strength [1][3]. Group 1: Company Developments - Debon Logistics announced its intention to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange, with JD Logistics offering a cash option to Debon shareholders at a price of 19 RMB per share, representing a premium of over 35% compared to the last trading day [1][6]. - Following the acquisition of Debon by JD Logistics in 2022, the companies are now moving towards deeper integration of their business and networks [1]. - Debon Logistics reported a market capitalization of 15.44 RMB per share, totaling 156.64 billion RMB as of January 14 [4]. Group 2: Industry Trends - The logistics industry is experiencing a wave of privatization and delisting, with Aneng Logistics also announcing plans to privatize and delist by February 9, 2025, indicating a trend towards deep industry consolidation [3][8]. - Experts suggest that the delisting of Debon and Aneng signifies a shift in the logistics sector towards a focus on service quality and comprehensive strength, moving away from merely expanding scale [3]. - The logistics market is becoming increasingly competitive, with new players entering the zero-load logistics space and existing companies like Zhongtong and SF Express intensifying their market efforts [9]. Group 3: Financial Performance - In the first three quarters of 2025, Debon Logistics achieved a revenue of 30.27 billion RMB, reflecting a year-on-year growth of nearly 7%, but reported a net loss of 277 million RMB compared to a profit of 517 million RMB in the same period of 2024 [7]. - The decision to delist is seen as a strategic move to alleviate financial pressures associated with being a public company, allowing for more efficient resource allocation within JD Logistics' management framework [7]. Group 4: Future Outlook - The market is closely watching whether the integration of Debon into JD Logistics will yield significant synergies, with the potential to create a more competitive logistics entity [7]. - The trend of privatization in the logistics sector may also influence the express delivery industry, suggesting that similar consolidation efforts could occur in that space as well [9].

Core Viewpoint - The recent delisting of major express delivery companies, Debon Logistics and Aneng Logistics, introduces uncertainty into the logistics industry's competitive landscape, marking a transition towards deeper integration and transformation within the sector [1][3][8]. Group 1: Company Actions - Debon Logistics announced its intention to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange, with JD Logistics offering a cash option to Debon shareholders at a price of 19 RMB per share, representing a premium of over 35% compared to the last trading price [1][5]. - Aneng Logistics has also announced plans for privatization and delisting, indicating a trend of privatization within the logistics industry since 2025 [3][8]. - Debon Logistics' delisting is part of JD Logistics' commitment to resolve competition issues following its acquisition of Debon, allowing for better resource integration and operational efficiency [4][6]. Group 2: Industry Trends - The logistics industry is entering a phase of deep integration and transformation, shifting from a focus on scale to a focus on both scale and strength, emphasizing service quality and comprehensive capabilities [3][4]. - The delisting of Debon and Aneng signifies a broader trend of consolidation in the logistics sector, with increased mergers and acquisitions expected as companies seek to enhance competitiveness [7][8]. - New players are entering the market, and existing companies like Zhongtong and SF Express are intensifying their competition in the express delivery sector [8]. Group 3: Financial Performance - Debon Logistics reported a revenue of 30.27 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of nearly 7%, but also recorded a net loss of 277 million RMB, contrasting with a profit of 517 million RMB in the same period of 2024 [5].

Core Viewpoint - JD Logistics is integrating its logistics system, with DeBang Logistics announcing its intention to voluntarily withdraw from the A-share market to enhance resource coordination and fulfill commitments to avoid competition with JD Logistics [1] Group 1: DeBang Logistics' Withdrawal - DeBang Logistics plans to withdraw its A-share listing to better coordinate resources within JD Logistics, ensuring no adverse effects on its assets, personnel, or operations [1] - The proposal has been approved by the board and awaits shareholder voting and approval from the Shanghai Stock Exchange [1] - Following the announcement, DeBang's stock price surged to 15.44 yuan, a 9.97% increase, with significant trading volume, indicating positive market sentiment towards the withdrawal plan [1] Group 2: High Premium Cash Option - A cash option is being offered to shareholders at a price of 19.00 yuan per share, representing a 35.3% premium over the last closing price before suspension [2] - This cash option is not mandatory, allowing dissenting shareholders the choice to accept or reject it, with a total potential payout of approximately 37.97 billion yuan if all eligible shareholders participate [2] - The high premium reflects JD's commitment to facilitating the integration process amid increasing competition in the logistics sector [2] Group 3: Industry Context and Feasibility - Speculations about JD Logistics injecting other logistics assets into DeBang were deemed unfeasible due to regulatory and competitive concerns, making voluntary delisting the optimal solution [3] - The logistics industry lacks clear boundaries between different business segments, complicating potential integrations and increasing regulatory risks [3] - JD Logistics faces strict conditions for returning to the A-share market, making voluntary delisting a more practical approach to resolving competition issues and promoting resource integration [3] Group 4: Industry Trends - DeBang's withdrawal is part of a broader trend in the logistics industry, shifting from expansion to deep integration and efficiency improvement [5] - Successful delisting could allow DeBang to leverage JD's resources while maintaining its brand, enhancing operational efficiency and upgrading its core business [5] - The integration of DeBang and JD Logistics aligns with the logistics industry's high-quality development trend and balances corporate strategy with shareholder interests [5]

Core Viewpoint - The recent delisting of major express delivery companies, Debon Logistics and Aneng Logistics, marks a significant shift in the logistics industry, indicating a transition from a focus on scale to a focus on quality and strength in operations [1][7]. Group 1: Company Developments - Debon Logistics announced its intention to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange, with JD Logistics offering a cash option to Debon shareholders at a price of 19 RMB per share, representing a premium of over 35% compared to the last trading price [1][4]. - The delisting of Debon and the planned privatization of Aneng Logistics signal a trend of privatization in the logistics sector, which has been ongoing since 2025, leading to deeper industry consolidation [1][7]. - Debon Logistics has experienced leadership changes, with several long-term executives resigning as the integration with JD Logistics deepens [5]. Group 2: Industry Trends - The logistics industry is entering a phase of deep integration and value reassessment, with multiple mergers and privatizations occurring, including JD's privatization of Dada Group and Aneng Logistics' planned delisting [7][8]. - The competition in the zero担 logistics market is intensifying, with new players entering the field and existing companies like Zhongtong and SF Express vying for market share [8]. - The exit of major players like Debon and Aneng may lead to new opportunities for emerging companies in the logistics sector, suggesting that while some companies are exiting, others may rise to take their place [8].

1月13日晚间，德邦股份(603056)停牌谜底揭晓：公司拟主动终止在A股上市。公司将为异议股东提供现 金选择权，行权价格比该股停牌前的价格高。 京东物流的这份承诺，也成为部分投资者购买德邦股份的原因之一。因此，围绕着"何时兑现承诺"的问 题，投资者经常在互动平台上发问。 2026年1月9日午间，德邦股份突然宣布，因京东卓风拟筹划与公司相关的重大事项，公司股票于1月9日 下午停牌。 根据程序，德邦股份上述终止上市事项尚需提交股东会审议。终止上市尚需经出席公司股东会的全体股 东所持有效表决权的三分之二以上通过，且经出席公司股东会的除单独或者合计持有公司5%以上股份 的股东和公司董事、高级管理人员以外的其他股东所持有效表决权的三分之二以上通过。 异议股东享有由京东物流提供的现金选择权，现金选择权的行权价格为19.00元/股，此价格高于德邦股 份停牌前的收盘价(1月9日，该股收盘价为14.04元/股)。本次现金选择权的股权登记日拟定为2026年2月 6日。 德邦股份终止上市后，公司的资产、人员、业务将不会受到不利影响，仍保持独立的品牌及运营。德邦 股份在保持既有业务优势的基础上，将更为充分地协同京东物流体系的业务资 ...

Core Viewpoint - JD Logistics announced the proposal to withdraw Debon Holdings' shares from the Shanghai Stock Exchange, which has been approved by Debon's board of directors [1] Group 1: Withdrawal of Listing - Debon intends to withdraw its shares from trading on the Shanghai Stock Exchange, with the proposal to be approved by Debon's shareholders [1] - Following shareholder approval, JD Logistics' wholly-owned subsidiary will issue a cash option to Debon shareholders at a price of RMB 19.0 per share [1] Group 2: Financial Implications - The cash option may cover a total of 202,782,159 shares held by Debon shareholders, excluding treasury shares [1] - The estimated value of the cash option, assuming all shareholders exercise it, is approximately RMB 3.797 billion [1] Group 3: Ownership Structure - JD Logistics holds approximately 80.01% of Debon's total shares, excluding treasury shares, and Debon is a consolidated subsidiary of JD Logistics [1]