记者从京东方面获悉，京东物流首次发布自研无人轻卡产品——京东物流VAN。据悉，该产品具备最 高400公里满载续航能力及L4级别公开道路自动驾驶跑行能力，可自主规划最优路线、精准识别并灵活 避让障碍物，能够从容应对人车混行的复杂交通环境。(科创板日报) ...

京东物流公告，随着京东集团外卖业务的发展，京东物流开始招募全职骑手参与京东外卖的配送服务。 此举丰富了京东物流的解决方案及服务范畴，预计能强化京东物流现有末端履约等营运环节的协同效应 及提升营运效率。 ...

摘要 京东物流预计今年收入将实现双位数增长，利润实现中个位数增长，收 入增速相较去年进一步加速，主要得益于市场渗透和业务拓展。 2025 年第一季度，京东物流收入同比增长 11.5%，各业务维度均实现 双位数增长。利润端实现双位数增长，利润率与去年同期保持稳定，符 合全年预期。 京东物流预计今年 618 旺季收入将实现双位数增长，利润额实现中个位 数增长，运营情况与预期一致，有利于资源平缓处置，避免极端波峰波 谷现象。 京东物流致力于通过供应链环节优化来满足客户降本需求，包括库存、 仓储布局优化，货源整合，以及库内 SKU 部署优化，提升整体运营效率。 京东物流持续投入自有车辆，提高新能源车覆盖率，优化运输成本。自 动化设备投入将侧重于分拣场地和仓内环节，根据不同品类属性特点进 行部署。 京东物流资本开支占收入比重预计达到 4%左右，对应金额约 80 多亿， 主要用于自有车辆投入和自动化设备，无人车投入占比较少。 内需增长政策对消费及电商消费有正向影响，但对物流收入的影响相对 有限，因为运单价格不受商品高值影响。供应链大客户需求有所回升， 大客户数连续几个季度增长。 Q&A 京东物流在 2025 年的核心战略 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha We hosted JD Logistics CFO Mr. Hao Wu and the Investor Relations team in our Hong Kong office in the past week post its 1Q25 results. Key investor focuses/topics discussed include: 1) Strategic balance between top-line growth and profitability in 2025: The company note strategic priority remains improving service competitiveness instead of pursuing absolute profit, with unchanged target of double-digit revenue growth and mid-single digit profit growth for 2025. 2) Saw heighte ...

14 May 2025 | 6:39AM HKT JD.com (JD/9618.HK) & JD Logistics (2618.HK) 1Q25 review: Strong JD Retail beat with faster-than-expected JD Food Delivery ramp-up; Buy With JD's strong 1Q profit beat and management's lifted JD Retail's full-year double-digit growth targets, yet removing full-year group net profit guidance (due to still evolving/faster-than-expected food delivery business ramp-up — latest daily orders at nearly 20mn, or 1/3 of Meituan's food delivery), we believe the slight positive share price rea ...

京东物流集团副总裁兼冷链负责人危平率高管团队莅临华鼎冷链科技参观交流，华鼎冷链CEO王君及核心管理团队热情接 待。双方围绕物流自动化设施、算力网络、供应链金融、京东云等领域展开深度座谈，旨在整合资源、创新模式，共同推动 冷链物流行业的数字化与智能化升级。 座谈会上，双方重点探讨了物流自动化设施与算力网络的融合应用。京东物流凭借在智能仓储、自动分拣等领域的技术积 累，展示了其冷链电商仓的全温层运输解决方案，而华鼎冷链投入3亿元构建的信息化系统，已实现订单需求与仓储、运输 的高效匹配。双方表示，未来将在自动化立体仓库、智能温控设备等硬件设施上加强合作，并通过算力网络优化冷链物流路 径规划，提升仓储周转率与配送时效。 供应链金融成为双方合作的另一焦点。京东物流依托京东科技的数字化风控能力，已在冷链领域推出仓单质押、应收账款融 资等创新金融产品，而华鼎冷链作为连锁餐饮供应链的核心服务商，拥有20余万家终端门店的服务经验。双方计划探索 "物 流 + 金融" 的深度融合，通过区块链技术实现供应链全流程数据上链，为中小餐饮企业提供低成本、高效率的融资服务。 座谈会最后，危平表示："京东物流始终以技术创新为冷链行业赋能，期待 ...

7 March 2025 | 7:45AM HKT JD.com (JD/9618.HK) & JD Logistics (2618.HK) 4Q24 review: Solid business momentum with strengthening user mindshare; maintain Buy JD/JDL; We lift JD's 1Q25E/FY25E top line growth to 11%/8% (vs. prior 5%/7%) on the back of JD's solid 4Q beat (our first take) and positive commentaries around sustained JD Retail business momentum quarter-to-date on healthy user trends, strong mobile/appliance sales and increasing cross-sell (across general merchandise categories and 3P marketplace). M ...

京东物流 20250305 摘要 Q&A 京东物流在 2024 年的业绩表现如何？ 2024 年以来，京东物流的季度业绩持续超预期。2024 年前三季度，公司调整后 的净利润为 56.9 亿元，同比增长 106%。第三季度调整后净利率达到 5.8%，创 历史新高。 京东物流的主要业务亮点有哪些？ 京东物流有三个主要业务亮点：首先，业务体量增长带来的显著规模效应提升 了产能利用率；其次，国家补贴政策助力家电 3C 行业需求释放，从而推动公司 业绩提升；最后，通过技术和基础设施的双轮驱动，京东物流成为供应链服务 • 京东物流通过规模效应提升产能利用率，受益于国家补贴政策推动家电 3C 行业需求释放，并以技术和基础设施双轮驱动构建供应链服务核心竞争力。 • 京东物流经历了对内服务、内外兼修和高效发展三个阶段，通过收购跨越 速运和德邦，加强了仓储、运输和配送等六大网络之间的协同，提升运营 效率。 • 2024 年前三季度，京东物流实现营业收入 1,307 亿元，同比增长 8.8%。 2023 年全年实现扭亏为盈，未经调整净利润为 6.2 亿元，显示出良好的增 长势头。 • 京东物流与京东零售、京东健康等集团内子公司协 ...

Key Points Industry or Company Involved - **Company**: JD Logistics Core Views and Arguments - **Revenue Growth**: JD Logistics achieved a total revenue of 44.4 billion yuan in the third quarter of 2024, a year-on-year increase of 6.6%. External revenue accounted for 71.2% of the total, with adjusted net profit margin reaching 5.8%, up 3.8 percentage points year-on-year. [2] - **Integrated Supply Chain**: Revenue from integrated supply chain business reached 20.7 billion yuan, a year-on-year increase of 5.4%. The number of external integrated supply chain customers reached 59,286, a year-on-year increase of 9.4%. [4] - **Express and Express Delivery**: Revenue from express and express delivery business reached 23.7 billion yuan, a year-on-year increase of 7.6%. [5] - **International Business**: JD Logistics actively expanded its international business, establishing an integrated global supply chain network with overseas warehouses as the core. [6] - **Technological Innovation**: JD Logistics continuously integrates advanced technologies and algorithms into daily operations, promoting changes in logistics network layout, site operation processes, automation applications, and transportation scheduling. [7] - **Cost Control**: JD Logistics achieved significant results in cost control, with efforts to further optimize operations and control costs in various areas. [10] Other Important Content - **Cost Control Efforts**: JD Logistics will continue to focus on cost control in areas such as employee costs, outsourcing costs, rental costs, other expenses, sales and marketing expenses, research and development expenses, and general and administrative expenses. [10] - **Impact of Policy Support**: The subsidy policy for home appliance replacement with old ones had a limited impact on JD Logistics' overall revenue structure. [12] - **Fourth Quarter Outlook**: The company expects the fourth quarter to be the best quarter of the year in terms of profit performance, with stable profit margins. [13] - **Future Investment Plans**: JD Logistics plans to continue exploring better business operation models and applying innovative technologies to seek higher resource efficiency. [16] - **Profitability Outlook**: JD Logistics has already exceeded the profitability target promised to shareholders at the time of listing and has reached a reasonable level in the industry. [17] - **Customer Growth**: JD Logistics expects customer numbers to continue to grow, with more customers choosing JD Logistics and JD Express. [18] - **Tmall Cooperation**: JD Logistics expects significant revenue growth from its cooperation with Tmall, with a rapid increase in market share. [19] - **Expansion of Business Opportunities**: JD Logistics plans to expand its business opportunities by combining its integrated supply chain capabilities with Tmall's platform. [20]

Investment Rating - JD Logistics (JDL) is rated **Overweight (OW)** with a price target of HK$20 for December 2025 [1][4][9] Core Investment Thesis - JDL has shown **fundamental improvements** and **margin expansion** since its IPO in May 2021, driven by business model recalibration and operating leverage gains [1][9] - Despite fierce competition in e-commerce and express parcel delivery, JDL has achieved **breakeven in 2Q23** and rapidly improved profitability in subsequent quarters [1][12] - JDL is expected to benefit from China's **trade-in policy**, which boosts home appliance sales, and its integration with Taobao/Tmall for logistics services [1][12][16] - The company is **undervalued**, trading at 3.9x FY25E EV/EBITDA, compared to the industry average of 5.5x [1][23] Financial Performance and Forecasts - JDL's revenue is expected to grow **6% YoY** in 3Q24, reaching Rmb44B, with net profit of Rmb1.1B and a net profit margin (NPM) of 2.5% [2][12] - Revenue from external customers is growing faster than from JD, with JD's contribution declining to around **30%** of total revenue [2][12][14] - JDL's **EBITDA margin** is forecasted to improve from 8.8% in FY23 to 11.5% in FY25, driven by cost optimization and scale leverage [8][12] Growth Drivers - JDL is poised to benefit from **Double 11** sales events, with Taobao/Tmall's integration expected to unlock growth in express parcel business [16][17] - The company plans to expand its **overseas warehousing** capabilities, doubling the gross floor area (GFA) by the end of 2025, focusing on regions like the Americas, Europe, and Southeast Asia [20] - JDL's partnership with JD is expected to drive **mutual growth**, particularly in home appliance sales, which surged 67% YoY during the October National Days Holiday [12][16] Valuation and Market Performance - JDL's share price has surged **52% YTD**, outperforming the HSCI index (+18%) and other Chinese logistics companies [1][21] - The stock is trading at **12.2x FY25E P/E**, with a forecasted EPS CAGR of 20% during FY24-26E [1][23] - JDL's valuation discount to Alibaba/PDD is aligned with its target EV/EBITDA multiple of 5.0x, which is below the industry average of 5.5x [1][9][23] Industry Comparison - JDL's **EV/EBITDA multiple** of 3.9x for FY25E is lower than peers like ZTO Express (8.0x) and Yunda Holding (4.4x) [26] - The company's **ROE** is expected to improve from 4.7% in FY23 to 12.4% in FY25, reflecting stronger profitability and operational efficiency [8][26]