Group 1 - Beijing Jingbangda Trading Co., Ltd. has been suspended from participating in military procurement activities due to violations related to providing false materials during a procurement project [2][7] - The suspension is effective from September 26, 2025, and will impact other enterprises controlled or managed by the legal representative Chen Yanlei during this period [4][7] - The company is a subsidiary of JD Group, established in August 2012, specializing in logistics supply chain services, including express logistics and supply chain management [7][8] Group 2 - The company is headquartered in Haidian District, Beijing, and has a registered capital of 100 million RMB [8] - The legal representative of the company is Chen Yiqian, and it operates various logistics services under brands like JD Express and JD Cloud Warehouse [8] - The company aims to become a globally trusted provider of supply chain infrastructure services, leveraging its advantages in logistics technology and national logistics network construction [8]

因此，对于快递公司来说，冷链运输是基础设施、温控技术、以及资金实力的全方位考验。 2025年11月21日，中通冷链微信公众号宣布，"中通冷链近期布局航空冷链业务，推出冷链航空快递产品，并在全国多地启动试飞。同时，与海拉尔机场达 成战略合作，共同提升冷链物流服务水平。" 这一举措，不仅是中通深化冷链市场布局的关键举措，也是其打破目前僵局的一次有力回应。 当一颗田间采摘的草莓、一只河里打捞的螃蟹、以及部分需要冷藏的药品，跨越千山万水仍需要保持"鲜活"的时候，时间与温控便成为关键。 于是，保障这份"鲜活"的冷链运输，便成为快递公司比拼的赛场。 不同于普通物流主要完成货物的"位移"，冷链运输叠加了苛刻的"时间"与"温度"双重条件，因其服务对象为生鲜食品、医药试剂等对温度极为敏感的货物， 这类货物必须在特定的温度范围内运送，才能保持其新鲜度和质量。 一旦温度控制出现问题，其结果往往是灾难性的——货物腐败变质，价值归零，所造成的损失基本不可逆。 一、陷入漩涡的中通 10月底，抖音电商发布公告：部分物流商滥用平台系统服务，为部分商家提供"虚假物流轨迹""转单拼接轨迹"等违规服务，致使订单轨迹与真实履约不符， 侵害消费者权益 ...

24 November 2025 | 11:38PM HKT Equity Research JD Logistics (2618.HK): Internet Trip Takeaways: Investments into overseas; AI & automation to drive cost efficiencies: Buy We hosted JD Logistics' Investor Relations team with investors in Beijing on Nov 24 as part of our China Internet Trip. Key investor focuses/topics discussed include: 1) Steady overseas investment cadence into FY26, where the company currently has a total of overseas warehouse floor area of 1.3mn square meters across 130+ warehouses, achie ...

机构：中金公司 研究员：冯启斌/白洋/罗欣雨/张文杰/刘钢贤/吴维佳/焦莞 3Q25 业绩符合我们预期 公司公布3Q25 业绩：营收550.8 亿元，同比+24%；non-IFRS净利润20.2 亿元，同比-21%；non-IFRS 净 利润率3.7%，同比下降2.1ppt。3Q 业绩符合我们预期，收入高增主要受益于全职骑手参与京东外卖配 送服务、集团零售业务增长；利润短期承压主要由于公司为外卖配送等业务提前投入资源、前置成本增 加。 发展趋势 内外单有序拓展、京东外卖贡献收入，一体化供应链业务收入显著增长。3Q 一体化供应链客户收入同 比+46%至301 亿元，其中：①来自京东集团收入同比+66%至212 亿元，主要受益于京东外卖配送服务 带来增量收入，以及集团零售业务增长。②3Q外部一体化供应链客户收入同比+13%至89 亿元，客户数 和单客户收入分别同比+13%、+1%，服务能力有序提升。3Q 其他业务收入249 亿元，同比+5.1%，快 递快运业务量较稳健增长。 前置资源投入导致成本上涨，3Q 利润率短期承压，后续有望边际改善。公司参与外卖配送致人工成本 上涨，3Q25 员工薪酬福利开支同比+50%至 ...

3Q一体化供应链客户收入同比+46%至301亿元，其中：①来自京东集团收入同比+66%至212亿元，主 要受益于京东外卖配送服务带来增量收入，以及集团零售业务增长。②3Q外部一体化供应链客户收入 同比+13%至89亿元，客户数和单客户收入分别同比+13%、+1%，服务能力有序提升。3Q其他业务收入 249亿元，同比+5.1%，快递快运业务量较稳健增长。 公司公布3Q25业绩：营收550.8亿元，同比+24%;non-IFRS净利润20.2亿元;non-IFRS净利润率3.7%。3Q 业绩符合该行预期，收入高增主要受益于全职骑手参与京东外卖配送服务、集团零售业务增长。 内外单有序拓展、京东外卖贡献收入，一体化供应链业务收入显著增长 中金发布研报称，维持京东物流(02618)2025年和2026年盈利预测不变。当前股价对应2025/2026年8.7 倍/8.0倍non-IFRS市盈率。维持跑赢行业评级，切换至2026年估值，该行看好公司长期成长空间，维持 18.50港元目标价，对应13.6倍/12.5倍2025年/2026年non-IFRS市盈率，较当前股价有56.5%的上行空间。 中金主要观点如下： 3Q25业 ...

智通财经APP获悉，中金发布研报称，维持京东物流(02618)2025年和2026年盈利预测不变。当前股价对 应2025/2026年8.7倍/8.0倍non-IFRS市盈率。维持跑赢行业评级，切换至2026年估值，该行看好公司长期 成长空间，维持18.50港元目标价，对应13.6倍/12.5倍2025年/2026年non-IFRS市盈率，较当前股价有 56.5%的上行空间。 中金主要观点如下： 3Q25业绩符合该行预期 公司公布3Q25业绩：营收550.8亿元，同比+24%;non-IFRS净利润20.2亿元;non-IFRS净利润率3.7%。3Q 业绩符合该行预期，收入高增主要受益于全职骑手参与京东外卖配送服务、集团零售业务增长。 收购达达即时配送补充本地履约场景;海外业务有望构成第二增长曲线 ①本地履约：10月9日公司公告以约2.7亿美元收购达达本地即时配送业务，该行预计该交易有望补充公 司现有产品矩阵、优化末端配送能力。②海外业务：跟随商流快速发展，2025年以来公司海外仓规模快 速扩张;3Q25公司与某新能源车企合作出海中东，提供备件仓运营及一体化物流供应链服务。 内外单有序拓展、京东外卖贡献收入，一 ...

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, ...

Core Viewpoint - The return of Wang Zhenhui as CEO of JD Logistics raises questions about the company's strategic direction, particularly in light of its international expansion efforts and the challenges faced in various business segments [2][3][4]. Group 1: Leadership Changes - Wang Zhenhui has been appointed as the new CEO of JD Logistics, succeeding Hu Wei, who has resigned from the position [3][4]. - Wang Zhenhui previously left JD Logistics just before its IPO in December 2020, which was a significant event for the company [7][9]. - His return is seen as a strategic move by Liu Qiangdong, indicating a shift back to experienced leadership during a critical time for the company [4][6]. Group 2: Strategic Focus - JD Logistics is expected to prioritize overseas logistics development, particularly in Europe, as part of its international strategy [3][20]. - The company has recently launched a new express delivery brand, JoyExpress, in the Middle East, marking a shift from warehousing to comprehensive logistics services [3][20]. - Liu Qiangdong has emphasized that JD's international business will focus on local infrastructure and operations rather than a cross-border e-commerce model [20][21]. Group 3: Financial Performance - JD Logistics has shown significant revenue growth, increasing from 73.4 billion RMB in 2020 to 182.8 billion RMB in 2024, although the growth rate has slowed from 42.68% in 2021 to 9.73% in 2024 [25][26]. - The company has transitioned from losses to profitability, achieving a net profit of 7.1 billion RMB in 2024 [25][26]. - Revenue sources are diversified, with contributions from JD Retail, third-party merchants, and other clients, indicating a shift towards a more integrated logistics platform [33][40]. Group 4: Competitive Landscape - JD Logistics faces stiff competition from other logistics providers like SF Express and Cainiao, which have adopted different business models and achieved substantial revenue growth [42][44]. - Despite JD Logistics' profitability, its market valuation remains lower compared to competitors, suggesting potential challenges in investor perception and market positioning [44][46].

Core Viewpoint - The report from CMB International indicates that JD Logistics (02618) is expected to maintain rapid revenue growth in 2025, with adjusted net profit projected to grow in the mid-single digits [1] Group 1: Revenue and Profit Forecast - JD Logistics is anticipated to continue its rapid revenue growth in 2026, supported by the consolidation of food delivery services and Dada Group, with profit margins expected to improve through scale and synergy [1] - The company has slightly adjusted its revenue and profit forecasts while maintaining a target price of HKD 18.50 and a "Buy" rating [1] Group 2: Q3 Performance - In Q3, JD Logistics reported a total revenue increase of 24% year-on-year, exceeding the firm's expectations by 3% [1] - Adjusted net profit for the quarter was RMB 2 billion, aligning closely with the firm's projections [1] - Internal revenue grew by 66%, while external integrated revenue increased by 13%, with stable growth in customer numbers and revenue per customer [1] - Other external revenue saw a 5% year-on-year increase, with a gross profit margin of 9.1% [1]

Core Viewpoint - The report from CMB International indicates that JD Logistics (02618) is expected to maintain rapid revenue growth in 2025, with adjusted net profit projected to grow in the mid-single digits [1] Revenue and Profit Forecast - For 2026, revenue is anticipated to continue its rapid growth due to the consolidation of food delivery and Dada, with profit margins expected to improve through scale enhancement and increased synergy [1] - The revenue and profit forecasts have been slightly adjusted, maintaining a target price of HKD 18.50 and a "Buy" rating [1] Third Quarter Performance - JD Logistics reported a total revenue increase of 24% year-on-year in the third quarter, exceeding the expectations of CMB International by 3% [1] - Adjusted net profit reached RMB 2 billion, aligning closely with the expectations of the firm [1] - Internal revenue grew by 66% year-on-year, while external integrated revenue increased by 13%, with stable growth in customer numbers and revenue per customer [1] - Other external revenue saw a 5% year-on-year increase, with a gross profit margin of 9.1% [1]