智通财经APP讯，京东物流(02618)发布公告，自2025年8月14日起，邓以海先生已获委任为独立非执行 董事。 ...

Core Insights - JD Logistics reported a revenue of RMB 51.565 billion for the three months ending June 30, 2025, representing a year-on-year increase of 16.6% [1] - For the first half of 2025, the company achieved a total revenue of RMB 98.532 billion, a year-on-year growth of 14.11% [2] - The company emphasizes its mission of "technology-driven, leading global efficient circulation and sustainable development" while focusing on integrated supply chain solutions [1][2] Financial Performance - Non-IFRS profit for the three months ending June 30, 2025, was RMB 2.588 billion, up 5.4% year-on-year [1] - For the first half of 2025, non-IFRS profit reached RMB 3.339 billion, reflecting a 7.1% increase year-on-year [2] - Profit attributable to owners for the three months was RMB 2.129 billion, a 5.08% increase year-on-year [1] Customer and Market Expansion - Revenue from external customers for the first half of 2025 was RMB 66.1 billion, a 10.2% increase, accounting for 67.1% of total revenue [2] - The number of external integrated supply chain customers reached 73,713, a year-on-year increase of 14.5% [3] - Average revenue per external integrated supply chain customer was RMB 239,000 [3] Service and Product Development - Integrated supply chain customer revenue for the first half of 2025 was RMB 50.1 billion, up 19.9% year-on-year [3] - The company launched its self-operated express brand "JoyExpress" in Saudi Arabia, enhancing its logistics network [4] - The company is expanding its overseas warehouse network, now covering 23 countries and regions [5] Technological Innovation and Infrastructure - The company employs over 4,700 R&D professionals, focusing on automation and AI to enhance logistics efficiency [6] - As of June 30, 2025, JD Logistics operates over 1,600 warehouses and more than 19,000 delivery stations [6] - The company has over 660,000 self-operated employees, including full-time delivery riders [6]

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） 獨立非執行董事委任 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」）董事 （「董事」）會（「董事會」）欣然宣佈，自2025年8月14日起，鄧以海先生（「鄧先生」）已獲委 任為獨立非執行董事。 鄧先生之履歷詳情載列如下： 鄧以海先生，60歲，自2023年7月起擔任阜博集團有限公司（香港聯合交易所有限公司 （「聯交所」）股份代號：3738）的非執行董事及董事會副主席。鄧先生自2024年10月起擔 任華潤建材科技控股有限公司（聯交所股份代號：1313）的獨立非執行董事及珠江船務企 業（股份）有限公司（聯交所股份代號：560）的獨立非執行董事，並自2025年8月起擔任百 本醫護控股有限公司（聯交所股份代號：2293）的獨立非執行董事。彼自2023年1月起亦 擔任物流及 ...

Core Viewpoint - JD Logistics reported strong financial results for the first half of 2025, exceeding market expectations in revenue and net profit growth [1] Financial Performance - Total revenue reached 98.53 billion yuan, representing a year-on-year growth of 14.1% [1] - Adjusted net profit for the first half of the year was 3.34 billion yuan [1] - Integrated supply chain revenue grew by 26.3% in the second quarter [1]

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Summarizes the company's financial performance for Q2 and H1 2025, detailing revenue, gross profit, and non-IFRS profit trends [Financial Performance for the Three Months Ended June 30](index=1&type=section&id=%E6%88%AA%E8%87%B36%E6%9C%8830%E6%97%A5%E6%AD%A2%E4%B8%89%E5%80%8B%E6%9C%88%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) JD Logistics' Q2 2025 revenue grew by 16.6% year-over-year to **RMB 51.6 billion**, with gross profit up 4.3% and profit for the period up 4.6%, while non-IFRS profit and EBITDA margins slightly decreased Financial Performance for the Three Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-over-year change | | :--- | :--- | :--- | :--- | | Revenue | 51,564,661 | 44,207,421 | 16.6% | | Gross Profit | 5,479,117 | 5,252,911 | 4.3% | | Profit Before Tax | 2,555,615 | 2,486,100 | 2.8% | | Profit for the Period | 2,348,544 | 2,245,043 | 4.6% | | Non-IFRS Profit for the Period | 2,587,585 | 2,455,535 | 5.4% | | Non-IFRS Profit Margin | 5.0% | 5.6% | (0.5) percentage points | | Non-IFRS EBITDA | 5,719,323 | 5,633,097 | 1.5% | | Non-IFRS EBITDA Margin | 11.1% | 12.7% | (1.7) percentage points | [Financial Performance for the Six Months Ended June 30](index=2&type=section&id=%E6%88%AA%E8%87%B36%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) In H1 2025, JD Logistics' total revenue reached **RMB 98.5 billion**, growing 14.1% year-over-year, with profit for the period up 15.3% and non-IFRS profit up 7.1%, despite slight decreases in non-IFRS profit and EBITDA margins Financial Performance for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-over-year change | | :--- | :--- | :--- | :--- | | Revenue | 98,531,786 | 86,344,759 | 14.1% | | Gross Profit | 8,866,295 | 8,484,133 | 4.5% | | Profit Before Tax | 3,298,755 | 2,889,199 | 14.2% | | Profit for the Period | 2,959,157 | 2,567,348 | 15.3% | | Non-IFRS Profit for the Period | 3,339,048 | 3,118,186 | 7.1% | | Non-IFRS Profit Margin | 3.4% | 3.6% | (0.2) percentage points | | Non-IFRS EBITDA | 9,475,513 | 9,283,156 | 2.1% | | Non-IFRS EBITDA Margin | 9.6% | 10.8% | (1.1) percentage points | - The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) [CEO's Report](index=2&type=section&id=%E9%A6%96%E5%B8%AD%E5%9F%B7%E8%A1%8C%E5%AE%98%E5%A0%B1%E5%91%8A) Provides an overview of the company's business performance, strategic initiatives, and operational highlights for the first half of 2025 [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) JD Logistics' total revenue for H1 2025 reached **RMB 98.5 billion**, a 14.1% year-over-year increase, with external client revenue accounting for 67.1% and non-IFRS profit growing 7.1% through technology, network optimization, and refined management - Total revenue for H1 2025 reached **RMB 98.5 billion**, a year-over-year increase of **14.1%**[9](index=9&type=chunk) - Revenue from external clients was **RMB 66.1 billion**, a year-over-year increase of **10.2%**, accounting for **67.1%** of total revenue[9](index=9&type=chunk) - Non-IFRS profit for H1 2025 reached **RMB 3.3 billion**, a year-over-year increase of **7.1%**[9](index=9&type=chunk) [Integrated Supply Chain Logistics Solutions and Services](index=3&type=section&id=%E4%B8%80%E9%AB%94%E5%8C%96%E4%BE%9B%E6%87%89%E9%8F%88%E7%89%A9%E6%B5%81%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88%E5%92%8C%E6%9C%8D%E5%8B%99) JD Logistics continues to enhance its integrated supply chain solutions, with this business segment generating **RMB 50.1 billion** in H1 2025, a 19.9% year-over-year increase, driven by a 14.5% growth in external integrated supply chain clients and an average revenue of **RMB 239,000** per client, alongside domestic and international market expansion - Revenue from integrated supply chain clients reached **RMB 50.1 billion** in H1 2025, a year-over-year increase of **19.9%**[10](index=10&type=chunk)[14](index=14&type=chunk) - Revenue from external integrated supply chain clients reached **RMB 17.6 billion**, a year-over-year increase of **14.7%**[10](index=10&type=chunk)[14](index=14&type=chunk) - The number of external integrated supply chain clients served reached **73,713**, a year-over-year increase of **14.5%**[10](index=10&type=chunk)[14](index=14&type=chunk) - The average revenue per external integrated supply chain client reached **RMB 239,000**[10](index=10&type=chunk)[14](index=14&type=chunk) [Deepening Domestic Market Cooperation](index=5&type=section&id=%E5%9C%8B%E5%85%A7%E5%B8%82%E5%A0%B4%E6%B7%B1%E5%8C%96%E5%90%88%E4%BD%9C) - In the home appliance industry, cooperation with renowned brands expanded from "one inventory for all channels" solutions to "delivery and installation in one" mode, significantly improving damage rates, customer complaint rates, logistics timeliness, and inventory turnover rates[15](index=15&type=chunk) - In the apparel industry, warehousing and distribution services were upgraded to three tiered timeliness services: "211 warehousing and distribution, express warehousing and distribution, and preferential warehousing and distribution," combined with industry-specific customization capabilities to help merchants reduce costs, increase efficiency, and enhance customer experience[16](index=16&type=chunk) [Overseas Business Layout and Expansion](index=3&type=section&id=%E6%B5%B7%E5%A4%96%E6%A5%AD%E5%8B%99%E4%BD%88%E5%B1%80%E8%88%87%E6%8B%93%E5%B1%95) - In June 2025, the self-operated express delivery brand "JoyExpress" was launched in Saudi Arabia, offering high-timeliness express services such as door-to-door delivery, cash on delivery, and same-day/next-day delivery, establishing a comprehensive logistics network from warehousing to last-mile delivery[11](index=11&type=chunk)[17](index=17&type=chunk) - Accelerating the "Global Weaving Network" plan, multiple new overseas warehouses were opened in H1 2025 in countries including the US, UK, France, Poland, South Korea, Vietnam, and Saudi Arabia, with overseas warehouses now covering **23 countries and regions** globally[11](index=11&type=chunk)[18](index=18&type=chunk)[33](index=33&type=chunk) - Revenue from overseas integrated supply chain logistics services maintained a rapid growth trend[18](index=18&type=chunk) [Other Clients](index=6&type=section&id=%E5%85%B6%E4%BB%96%E5%AE%A2%E6%88%B6) In H1 2025, JD Logistics' revenue from other clients, including express and freight services, reached **RMB 48.4 billion**, an 8.7% year-over-year increase, driven by enhanced express service timeliness, rapid growth in high-value fresh produce delivery, recruitment of full-time riders for JD Waimai, and strong growth in Hong Kong and Macau express business - In H1 2025, revenue from other clients reached **RMB 48.4 billion**, a year-over-year increase of **8.7%**[19](index=19&type=chunk) - JD Logistics' express service customer satisfaction consistently ranks among the top tier in the industry, leading in comprehensive express service satisfaction across multiple mainstream e-commerce platforms[12](index=12&type=chunk)[21](index=21&type=chunk) - In Q2 2025, JD Logistics began recruiting and managing full-time riders to participate in JD Waimai delivery services, expecting synergistic effects and efficiency improvements[12](index=12&type=chunk)[20](index=20&type=chunk) [Express Delivery Business](index=6&type=section&id=%E5%BF%AB%E9%81%9E%E6%A5%AD%E5%8B%99) - For high-value fresh produce, the full-chain logistics solution was upgraded (e.g., "pre-cooling at origin + full-process temperature control + multimodal transport" for lychee season), driving rapid growth in delivery business and market share expansion[12](index=12&type=chunk)[19](index=19&type=chunk) - The Hong Kong Island Operations Center became operational in Q1 2025, significantly improving sorting efficiency and delivery timeliness for Hong Kong express business, leading to rapid growth in express business in Hong Kong and Macau[21](index=21&type=chunk) [Freight Business](index=7&type=section&id=%E5%BF%AB%E9%81%8B%E6%A5%AD%E5%8B%99) - The scale of the freight business (including Deppon Logistics and Kuayue Express) is among the leading positions nationwide[22](index=22&type=chunk) - Transport solutions are refined based on industry characteristics, providing stable, reliable, and flexible freight products to achieve business growth and market share expansion[22](index=22&type=chunk) [Logistics Technology](index=7&type=section&id=%E7%89%A9%E6%B5%81%E7%A7%91%E6%8A%80) JD Logistics maintains its commitment to technological innovation and investment, with over **4,700 R&D personnel** leveraging AI and digital twin technologies to optimize logistics processes, achieving significant advancements in smart warehousing and autonomous driving, and accumulating over **5,000 patents and software copyrights** - As of June 30, 2025, the company has over **4,700 professional R&D personnel**, continuously investing in automation equipment and artificial intelligence (AI) technologies[13](index=13&type=chunk) - As of June 30, 2025, over **5,000 authorized patents and software copyrights** have been obtained, with over **3,000 patents** in automation and unmanned technologies[25](index=25&type=chunk) [Smart Warehousing](index=8&type=section&id=%E6%99%BA%E8%83%BD%E5%80%89%E5%84%B2) - The independently developed "Zhilang" goods-to-person solution has entered a new phase of nationwide large-scale replication and application, deployed in core cities such as Beijing, Guangzhou, Chengdu, and Fuzhou[24](index=24&type=chunk) - The Xintang Phase III warehouse for the Guangzhou apparel industry has implemented the "Zhilang" system, integrating automated handling, multi-tier shelving, flying ladder systems, and intelligent picking workstations, significantly improving order processing efficiency and addressing pain points in the apparel industry[24](index=24&type=chunk) [Autonomous Driving](index=8&type=section&id=%E7%84%A1%E4%BA%BA%E9%A7%95%E9%A7%9B) - Hundreds of autonomous vehicles have been deployed in over ten provinces nationwide, achieving normalized operations for shuttle transportation between stations and road areas[25](index=25&type=chunk) - Effectively reduces the number of shuttle trips for delivery personnel, increases pick-up and delivery time, improves pick-up and delivery efficiency, pick-up timeliness, and successful delivery rates, and reduces last-mile operating costs[25](index=25&type=chunk) [Logistics Infrastructure Network](index=8&type=section&id=%E7%89%A9%E6%B5%81%E5%9F%BA%E7%A4%E8%A8%AD%E6%96%BD%E7%B6%B2%E7%B5%A1) JD Logistics operates a highly collaborative network of six major components, including warehousing, integrated transportation, last-mile delivery, bulky item, cold chain, and cross-border networks, forming the cornerstone for its premium supply chain solutions and logistics services - Possesses a highly collaborative network of six major components: warehousing, integrated transportation, last-mile delivery, bulky item, cold chain, and cross-border networks[26](index=26&type=chunk) [Warehousing Network](index=9&type=section&id=%E5%80%89%E5%84%B2%E7%B6%B2%E7%B5%A1) - As of June 30, 2025, operates over **1,600 warehouses** and over **2,000 cloud warehouses**, with a total managed area exceeding **34 million square meters**, covering almost all counties and districts nationwide[13](index=13&type=chunk)[27](index=27&type=chunk) - Operates **45 Asia No.1 intelligent industrial parks** in **30 cities** nationwide, demonstrating industry-leading technological innovation capabilities[27](index=27&type=chunk) [Integrated Transportation Network](index=9&type=section&id=%E7%B6%9C%E5%90%88%E9%81%8B%E8%BC%B8%E7%B6%B2%E7%B5%A1) - The integrated transportation network includes road, air, sea, and multimodal transport, utilizing algorithmic models and other technologies for intelligent full-chain management and route optimization[28](index=28&type=chunk) - As of June 30, 2025, operates nearly **60,000 self-owned transport vehicles**, with nearly **4,000 new energy vehicles** added in H1[28](index=28&type=chunk) - JD Airlines operates **10 self-owned all-cargo aircraft** on a regular basis, having opened multiple new international cargo routes in H1, including Shenzhen, China to Bangkok, Thailand, and Chengdu, China to Yangon, Myanmar[28](index=28&type=chunk) - Covers over **2,000 air cargo routes** and over **700 railway routes** through cooperative arrangements[28](index=28&type=chunk)[29](index=29&type=chunk) [Last-Mile Delivery Network](index=10&type=section&id=%E6%9C%80%E5%BE%8C%E4%B8%80%E5%85%AC%E9%87%8C%E9%85%8D%E9%80%81%E7%B6%B2%E7%B5%A1) - As of June 30, 2025, has over **550,000 self-owned delivery and operational personnel**, including full-time food delivery riders, operating over **19,000 delivery stations and outlets**[13](index=13&type=chunk)[30](index=30&type=chunk) - The network covers over **300 prefecture-level administrative regions** across **33 provinces, autonomous regions, municipalities, and special administrative regions** in China[30](index=30&type=chunk) - Continuously improves the rural penetration network and last-mile service system, enhancing delivery timeliness in rural areas[30](index=30&type=chunk) [Bulky Item Network](index=10&type=section&id=%E5%A4%A7%E4%BB%B6%E7%B6%B2%E7%B5%A1) - As of June 30, 2025, operates over **200 warehouses** and corresponding **200 sorting centers** for bulky and heavy goods, with a total managed area exceeding **5 million square meters**[31](index=31&type=chunk) - Expands network coverage in lower-tier cities using approximately **1,800 bulky item delivery and installation stations** under the "JD Bang" brand[31](index=31&type=chunk) [Cold Chain Network](index=10&type=section&id=%E5%86%B7%E9%8F%88%E7%B6%B2%E7%B5%A1) - As of June 30, 2025, operates approximately **60 temperature-controlled cold chain warehouses** for fresh, frozen, and refrigerated foods, with an operating area of approximately **400,000 square meters**[32](index=32&type=chunk) - Operates over **50 specialized warehouses** for pharmaceuticals and medical devices, with an operating area exceeding **500,000 square meters**[32](index=32&type=chunk) - Strengthens timeliness capabilities through a comprehensive cold chain network, specialized packaging design, and optimized consumable solutions, ensuring timely fulfillment and delivery of fresh produce, pharmaceuticals, and other categories[32](index=32&type=chunk) [Cross-Border Network](index=11&type=section&id=%E8%B7%A8%E5%A2%83%E7%B6%B2%E7%B5%A1) - As of June 30, 2025, operates over **130 bonded warehouses, direct mail warehouses, and overseas warehouses**, with a total managed area exceeding **1.3 million square meters**[33](index=33&type=chunk) - Overseas warehouses now cover **23 countries and regions** globally, with operations established in countries such as the US, UK, France, and Germany[33](index=33&type=chunk) - Through the "Global Weaving Network" plan, a global supply chain network is being built with overseas warehouses at its core, including an overseas warehouse network, international transit hubs, local overseas distribution networks, and cross-border trunk transportation networks[33](index=33&type=chunk) [Corporate Social Responsibility](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) JD Logistics actively fulfills its social responsibilities by leveraging its integrated supply chain logistics advantages to participate in disaster relief and emergency support, while continuously creating employment opportunities, with total human resources expenditure reaching **RMB 95.7 billion** for the twelve months ended June 30, 2025 - Actively participates in disaster relief and emergency support, such as promptly initiating emergency relief and donating supplies during the Guizhou flood disaster[34](index=34&type=chunk) - For the twelve months ended June 30, 2025, total human resources expenditure (including self-owned employees and external personnel) reached **RMB 95.7 billion**[34](index=34&type=chunk) - The company is committed to continuously strengthening its integrated supply chain logistics capabilities, solidifying logistics infrastructure, and deepening the application and innovation of supply chain technology to help reduce overall logistics costs and promote high-quality development of the industrial economy[34](index=34&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) Offers a detailed financial analysis of the company's performance for the three and six months ended June 30, 2025, including revenue, costs, and liquidity [Financial Analysis for the Three Months Ended June 30](index=13&type=section&id=%E6%88%AA%E8%87%B36%E6%9C%8830%E6%97%A5%E6%AD%A2%E4%B8%89%E5%80%8B%E6%9C%88%E8%B2%A1%E5%8B%99%E5%88%86%E6%9E%90) This section provides a detailed analysis of JD Logistics' financial performance for Q2 2025, including revenue composition, operating costs, gross profit, various expenses, and profit for the period, along with their year-over-year changes and key drivers Financial Performance for the Three Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 51,564,661 | 44,207,421 | | Operating Costs | (46,085,544) | (38,954,510) | | Gross Profit | 5,479,117 | 5,252,911 | | Selling and Marketing Expenses | (1,577,063) | (1,367,748) | | Research and Development Expenses | (1,005,668) | (880,807) | | General and Administrative Expenses | (929,561) | (793,799) | | Profit Before Tax | 2,555,615 | 2,486,100 | | Profit for the Period | 2,348,544 | 2,245,043 | [Revenue Analysis](index=14&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Revenue by Client Type | Revenue Source | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Integrated Supply Chain Clients | 26,906,482 | 52.2 | 21,298,667 | 48.2 | | Other Clients | 24,658,179 | 47.8 | 22,908,754 | 51.8 | | Total | 51,564,661 | 100.0 | 44,207,421 | 100.0 | - Revenue from integrated supply chain clients increased by **26.3%** year-over-year to **RMB 26.9 billion**, primarily driven by increased revenue from JD Group and growth in the number and average revenue per external integrated supply chain client[40](index=40&type=chunk) - Revenue from other clients increased by **7.6%** year-over-year to **RMB 24.7 billion**, primarily driven by increased express and freight business volumes[40](index=40&type=chunk) Revenue by Customer Type | Client Type | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | From JD Group | 17,761,054 | 34.4 | 13,533,049 | 30.6 | | From External Clients | 33,803,607 | 65.6 | 30,674,372 | 69.4 | | Total | 51,564,661 | 100.0 | 44,207,421 | 100.0 | [Operating Costs Analysis](index=15&type=section&id=%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC%E5%88%86%E6%9E%90) - Operating costs increased by **18.3%** year-over-year to **RMB 46.1 billion**[43](index=43&type=chunk) - Staff costs and welfare expenses increased by **20.1%** year-over-year to **RMB 18.2 billion**, primarily driven by an increase in the number of operational employees[43](index=43&type=chunk) - Outsourcing costs increased by **20.5%** year-over-year to **RMB 16.9 billion**, primarily driven by increased demand for outsourcing services due to business growth[43](index=43&type=chunk) - Other operating costs increased by **20.8%** year-over-year to **RMB 6.6 billion**, primarily driven by increased installation and maintenance service costs, fuel costs, road and bridge tolls, packaging and other consumable material costs, and utility expenses[44](index=44&type=chunk) [Gross Profit and Gross Profit Margin](index=16&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) - Gross profit was **RMB 5.5 billion**, a year-over-year increase of **4.3%**[45](index=45&type=chunk) - Gross profit margin was **10.6%**, a decrease of **1.3 percentage points** from **11.9%** in the same period of 2024[45](index=45&type=chunk) [Selling and Marketing Expenses](index=16&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%B8%82%E5%A0%B4%E6%8E%A8%E5%BB%A3%E9%96%8B%E6%94%AF) - Selling and marketing expenses increased by **15.3%** year-over-year to **RMB 1.6 billion**[46](index=46&type=chunk) - Primarily driven by the expansion of sales and marketing teams promoting service products[46](index=46&type=chunk) [Research and Development Expenses](index=16&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) - Research and development expenses increased by **14.2%** year-over-year to **RMB 1.0 billion**[47](index=47&type=chunk) - Primarily driven by continuous investment in technology and innovation[47](index=47&type=chunk) [General and Administrative Expenses](index=16&type=section&id=%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) - General and administrative expenses increased by **17.1%** year-over-year to **RMB 0.9 billion**[48](index=48&type=chunk) - Primarily driven by increased staff costs and welfare expenses, including share-based payment expenses[48](index=48&type=chunk) [Profit for the Period](index=16&type=section&id=%E6%9C%9F%E9%96%93%E5%88%A9%E6%BD%A4) - Net profit was **RMB 2.3 billion**, a year-over-year increase of **4.6%**[49](index=49&type=chunk) [Financial Analysis for the Six Months Ended June 30](index=17&type=section&id=%E6%88%AA%E8%87%B36%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E8%B2%A1%E5%8B%99%E5%88%86%E6%9E%90) This section provides a detailed analysis of JD Logistics' financial performance for H1 2025, including revenue composition, operating costs, gross profit, various expenses, and profit for the period, along with their year-over-year changes and key drivers Financial Performance for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 98,531,786 | 86,344,759 | | Operating Costs | (89,665,491) | (77,860,626) | | Gross Profit | 8,866,295 | 8,484,133 | | Selling and Marketing Expenses | (2,993,025) | (2,779,309) | | Research and Development Expenses | (1,898,294) | (1,743,264) | | General and Administrative Expenses | (1,805,170) | (1,663,325) | | Profit Before Tax | 3,298,755 | 2,889,199 | | Profit for the Period | 2,959,157 | 2,567,348 | [Revenue Analysis](index=18&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Revenue by Client Type | Revenue Source | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Integrated Supply Chain Clients | 50,107,239 | 50.9 | 41,800,092 | 48.4 | | Other Clients | 48,424,547 | 49.1 | 44,544,667 | 51.6 | | Total | 98,531,786 | 100.0 | 86,344,759 | 100.0 | - Revenue from integrated supply chain clients increased by **19.9%** year-over-year to **RMB 50.1 billion**, primarily driven by increased revenue from JD Group and growth in the number and average revenue per external integrated supply chain client[53](index=53&type=chunk) - Revenue from other clients increased by **8.7%** year-over-year to **RMB 48.4 billion**, primarily driven by increased express and freight business volumes[53](index=53&type=chunk) Revenue by Customer Type | Client Type | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | From JD Group | 32,460,440 | 32.9 | 26,415,629 | 30.6 | | From External Clients | 66,071,346 | 67.1 | 59,929,130 | 69.4 | | Total | 98,531,786 | 100.0 | 86,344,759 | 100.0 | [Operating Costs Analysis](index=19&type=section&id=%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC%E5%88%86%E6%9E%90) - Operating costs increased by **15.2%** year-over-year to **RMB 89.7 billion**[56](index=56&type=chunk) - Staff costs and welfare expenses increased by **17.1%** year-over-year to **RMB 35.0 billion**, primarily driven by an increase in the number of operational employees[56](index=56&type=chunk) - Outsourcing costs increased by **19.2%** year-over-year to **RMB 34.0 billion**, primarily driven by increased demand for outsourcing services due to business growth[56](index=56&type=chunk) - Other operating costs increased by **13.3%** year-over-year to **RMB 12.2 billion**, primarily driven by increased installation and maintenance service costs, fuel costs, road and bridge tolls, packaging and other consumable material costs, and utility expenses[57](index=57&type=chunk) [Gross Profit and Gross Profit Margin](index=20&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) - Gross profit was **RMB 8.9 billion**, a year-over-year increase of **4.5%**[58](index=58&type=chunk) - Gross profit margin was **9.0%**, a decrease of **0.8 percentage points** from **9.8%** in the same period of 2024[58](index=58&type=chunk) [Selling and Marketing Expenses](index=20&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%B8%82%E5%A0%B4%E6%8E%A8%E5%BB%A3%E9%96%8B%E6%94%AF) - Selling and marketing expenses remained relatively stable at **RMB 3.0 billion**[59](index=59&type=chunk) [Research and Development Expenses](index=20&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) - Research and development expenses remained relatively stable at **RMB 1.9 billion**[60](index=60&type=chunk) [General and Administrative Expenses](index=20&type=section&id=%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) - General and administrative expenses remained relatively stable at **RMB 1.8 billion**[61](index=61&type=chunk) [Profit for the Period](index=20&type=section&id=%E6%9C%9F%E9%96%93%E5%88%A9%E6%BD%A4) - Net profit was **RMB 3.0 billion**, a year-over-year increase of **15.3%**[62](index=62&type=chunk) [Non-IFRS Metrics](index=21&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%8C%87%E6%A8%99) The company provides non-IFRS profit and EBITDA as supplementary financial metrics to better reflect core operating performance, excluding the impact of non-recurring items such as share-based payments, amortization of acquired intangible assets, fair value changes of financial assets, and gains from disposal of industrial parks - Non-IFRS metrics provide a convenient comparison of core operating performance across different periods and companies by excluding items that management believes do not reflect core operating performance[63](index=63&type=chunk) [Non-IFRS Profit Reconciliation](index=21&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E5%88%A9%E6%BD%A4%E8%AA%BF%E7%AF%80) Non-IFRS Profit Reconciliation for the Three Months Ended June 30 | Metric | 2025 3 Months (RMB thousands) | 2024 3 Months (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,348,544 | 2,245,043 | | Share-based Payment | 116,802 | 41,830 | | Amortization of Intangible Assets from Acquisition | 141,829 | 141,829 | | Fair Value Change of Financial Assets at FVTPL | 5,725 | 73,240 | | Gain from Disposal of Industrial Parks | — | (46,407) | | Tax Impact of Non-IFRS Adjustments | (25,315) | — | | **Non-IFRS Profit for the Period** | **2,587,585** | **2,455,535** | | Non-IFRS Profit Margin | 5.0% | 5.6% | Non-IFRS Profit Reconciliation for the Six Months Ended June 30 | Metric | 2025 6 Months (RMB thousands) | 2024 6 Months (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,959,157 | 2,567,348 | | Share-based Payment | 170,720 | 237,334 | | Amortization of Intangible Assets from Acquisition | 283,658 | 283,658 | | Fair Value Change of Financial Assets at FVTPL | 9,321 | 118,642 | | Gain from Disposal of Industrial Parks | (31,499) | (88,796) | | Tax Impact of Non-IFRS Adjustments | (52,309) | — | | **Non-IFRS Profit for the Period** | **3,339,048** | **3,118,186** | | Non-IFRS Profit Margin | 3.4% | 3.6% | [Non-IFRS EBITDA Reconciliation](index=23&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99EBITDA%E8%AA%BF%E7%AF%80) Non-IFRS EBITDA Reconciliation for the Three Months Ended June 30 | Metric | 2025 3 Months (RMB thousands) | 2024 3 Months (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,348,544 | 2,245,043 | | Share-based Payment | 116,802 | 41,830 | | Fair Value Change of Financial Assets at FVTPL | 5,725 | 73,240 | | Gain from Disposal of Industrial Parks | — | (46,407) | | Depreciation and Amortization | 3,158,834 | 3,155,850 | | Finance Income | (331,980) | (333,406) | | Finance Costs | 214,327 | 255,890 | | Income Tax Expense | 207,071 | 241,057 | | **Non-IFRS EBITDA for the Period** | **5,719,323** | **5,633,097** | | Non-IFRS EBITDA Margin | 11.1% | 12.7% | Non-IFRS EBITDA Reconciliation for the Six Months Ended June 30 | Metric | 2025 6 Months (RMB thousands) | 2024 6 Months (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,959,157 | 2,567,348 | | Share-based Payment | 170,720 | 237,334 | | Fair Value Change of Financial Assets at FVTPL | 9,321 | 118,642 | | Gain from Disposal of Industrial Parks | (31,499) | (88,796) | | Depreciation and Amortization | 6,278,190 | 6,331,885 | | Finance Income | (685,625) | (719,931) | | Finance Costs | 435,651 | 514,823 | | Income Tax Expense | 339,598 | 321,851 | | **Non-IFRS EBITDA for the Period** | **9,475,513** | **9,283,156** | | Non-IFRS EBITDA Margin | 9.6% | 10.8% | [Liquidity and Free Cash Flow](index=24&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E5%8F%8A%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81) As of June 30, 2025, JD Logistics' total cash resources amounted to **RMB 44.3 billion**, with free cash inflow of **RMB 0.3 billion** in H1, a decrease from **RMB 1.4 billion** in the prior year, driven by **RMB 6.6 billion** net cash from operating activities, **RMB 7.3 billion** net cash used in investing activities, and **RMB 7.8 billion** net cash used in financing activities - As of June 30, 2025, total cash resources amounted to **RMB 44.3 billion**[71](index=71&type=chunk) - For the six months ended June 30, 2025, free cash inflow was **RMB 0.3 billion**, compared to **RMB 1.4 billion** in the same period of 2024[72](index=72&type=chunk) Cash Flow Statement Summary | Cash Flow Item | 2025 6 Months (RMB thousands) | 2024 6 Months (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 6,568,722 | 7,382,334 | | Net Cash Used in Investing Activities | (7,324,796) | (709,497) | | Net Cash Used in Financing Activities | (7,759,491) | (5,995,724) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (8,515,565) | 677,113 | | Cash and Cash Equivalents at End of Period | 17,317,766 | 17,919,821 | [Net Cash Generated from Operating Activities](index=25&type=section&id=%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95%E6%89%80%E5%BE%97%E7%8F%BE%E9%87%91%E6%B7%A8%E9%A1%8D) - For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 6.6 billion**[74](index=74&type=chunk) - Primarily attributable to a net profit of **RMB 3.0 billion**, adjusted for depreciation of right-of-use assets of **RMB 3.7 billion** and depreciation of property and equipment of **RMB 2.3 billion**, partially offset by an increase in trade receivables of **RMB 1.9 billion**[74](index=74&type=chunk) [Net Cash Used in Investing Activities](index=25&type=section&id=%E6%8A%95%E8%B3%87%E6%B4%BB%E5%8B%95%E6%89%80%E7%94%A8%E7%8F%BE%E9%87%91%E6%B7%A8%E9%A1%8D) - For the six months ended June 30, 2025, net cash used in investing activities was **RMB 7.3 billion**[75](index=75&type=chunk) - Primarily attributable to the purchase of financial assets at fair value through profit or loss of **RMB 11.0 billion** and capital expenditures of **RMB 2.4 billion**, partially offset by maturities of time deposits and financial assets of **RMB 3.6 billion** and **RMB 3.0 billion**, respectively[75](index=75&type=chunk) [Net Cash Used in Financing Activities](index=25&type=section&id=%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95%E6%89%80%E7%94%A8%E7%8F%BE%E9%87%91%E6%B7%A8%E9%A1%8D) - For the six months ended June 30, 2025, net cash used in financing activities was **RMB 7.8 billion**[76](index=76&type=chunk) - Primarily attributable to repayment of borrowings of **RMB 4.5 billion**, principal portion of lease payments of **RMB 3.4 billion**, and acquisition of partial equity interests in subsidiaries of **RMB 2.6 billion**, partially offset by proceeds from borrowings of **RMB 3.2 billion**[76](index=76&type=chunk) [Capital Gearing Ratio](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, JD Logistics' capital gearing ratio was approximately **11.1%** - As of June 30, 2025, the capital gearing ratio was approximately **11.1%**[77](index=77&type=chunk) [Significant Related Acquisition](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E9%97%9C%E9%80%A3%E6%94%B6%E8%B3%BC) JD Logistics is in the process of acquiring approximately **36.43%** equity interest in Kuayue Express for a total consideration not exceeding **RMB 6.484 billion**, with the first stage completed on June 11, 2025, after which the Group will hold **100%** equity interest in Kuayue Express - The company is acquiring a total of approximately **36.43%** equity interest in Kuayue Express, with a total consideration not exceeding approximately **RMB 6.484 billion**[78](index=78&type=chunk) - The first stage was completed on June 11, 2025, and after the third tranche of transactions, the Group will hold **100%** equity interest in Kuayue Express[78](index=78&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=%E5%93%A1%E5%B7%A5%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, JD Logistics had **686,909 employees**, with operational personnel accounting for **96.4%**, and total staff costs and welfare expenses for H1 reaching **RMB 39.2 billion**, a 17.0% year-over-year increase, as the company participates in government welfare plans and implements various equity incentive schemes Employee Headcount by Function | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Operations | 662,240 | 96.4 | | Sales and Marketing | 12,845 | 1.9 | | Research and Development | 4,785 | 0.7 | | General and Administrative | 7,039 | 1.0 | | Total | 686,909 | 100.0 | - For the six months ended June 30, 2025, total staff costs and welfare expenses, including share-based payment expenses, amounted to **RMB 39.2 billion**, a year-over-year increase of **17.0%**[84](index=84&type=chunk) - The company implements pre-IPO employee equity incentive schemes, post-IPO share option schemes, and post-IPO share award schemes[84](index=84&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) JD Logistics primarily conducts business in RMB, with some transactions denominated in USD and other currencies, exposing it to foreign exchange risk, which the company monitors and considers hedging with derivative financial instruments when necessary - Primarily conducts business in RMB, with some transactions denominated in USD and other currencies, exposing it to foreign exchange risk[85](index=85&type=chunk) - The company monitors foreign exchange risk and considers hedging with derivative financial instruments when necessary[85](index=85&type=chunk) [Pledge of Assets](index=27&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, pledged restricted cash amounted to **RMB 394.1 million** - As of June 30, 2025, pledged restricted cash amounted to **RMB 394.1 million**[86](index=86&type=chunk) [Contingent Liabilities](index=27&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, JD Logistics had no significant contingent liabilities or guarantees - As of June 30, 2025, there were no significant contingent liabilities or guarantees[87](index=87&type=chunk) [Borrowings](index=27&type=section&id=%E5%80%9F%E6%AC%BE) As of June 30, 2025, JD Logistics' outstanding borrowings amounted to **RMB 6.0 billion** - As of June 30, 2025, outstanding borrowings amounted to **RMB 6.0 billion**[88](index=88&type=chunk) [Material Events After June 30, 2025](index=27&type=section&id=2025%E5%B9%B46%E6%9C%8830%E6%97%A5%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) Except for matters disclosed in this announcement, there have been no other material events affecting the Group since June 30, 2025 - Except for those disclosed in this announcement, as of the date of this announcement, there have been no other material events affecting the Group since June 30, 2025[89](index=89&type=chunk) [Condensed Consolidated Financial Statements](index=28&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) Presents the company's condensed consolidated financial statements, including income, comprehensive income, balance sheet, and cash flow statements for the period [Condensed Consolidated Statement of Profit or Loss](index=28&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, JD Logistics reported revenue of **RMB 98.53 billion**, gross profit of **RMB 8.866 billion**, and profit for the period of **RMB 2.959 billion**, with basic earnings per share of **RMB 0.41** and diluted earnings per share of **RMB 0.40** Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 98,531,786 | 86,344,759 | | Operating Costs | (89,665,491) | (77,860,626) | | Gross Profit | 8,866,295 | 8,484,133 | | Selling and Marketing Expenses | (2,993,025) | (2,779,309) | | Research and Development Expenses | (1,898,294) | (1,743,264) | | General and Administrative Expenses | (1,805,170) | (1,663,325) | | Profit Before Tax | 3,298,755 | 2,889,199 | | Profit for the Period | 2,959,157 | 2,567,348 | | Basic Earnings Per Share (RMB) | 0.41 | 0.36 | | Diluted Earnings Per Share (RMB) | 0.40 | 0.36 | [Condensed Consolidated Statement of Comprehensive Income](index=29&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, total comprehensive income for the period was **RMB 2.795 billion**, with total comprehensive income attributable to owners of the company at **RMB 2.408 billion**, primarily influenced by exchange differences from functional currency translation to presentation currency and foreign operations translation Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,959,157 | 2,567,348 | | Exchange Differences on Translation of Functional Currency to Presentation Currency | (129,467) | 101,976 | | Exchange Differences Arising from Translation of Foreign Operations | (37,089) | 70,733 | | Total Comprehensive Income for the Period | 2,795,088 | 2,680,281 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 2,407,647 | 2,395,358 | [Condensed Consolidated Statement of Financial Position](index=30&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, JD Logistics' total assets were **RMB 118.909 billion**, total equity was **RMB 59.086 billion**, and total liabilities were **RMB 59.823 billion**, with changes in non-current and current asset structures, and increases in financial assets and trade receivables Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 118,908,791 | 117,867,788 | | Total Non-Current Assets | 57,085,021 | 50,127,600 | | Total Current Assets | 61,823,770 | 67,740,188 | | Total Equity | 59,085,741 | 62,966,920 | | Total Liabilities | 59,823,050 | 54,900,868 | | Total Non-Current Liabilities | 20,047,334 | 15,188,819 | | Total Current Liabilities | 39,775,716 | 39,712,049 | - Financial assets at fair value through profit or loss (non-current) increased from **RMB 1.296 billion** as of December 31, 2024, to **RMB 8.550 billion** as of June 30, 2025[92](index=92&type=chunk) - Trade receivables increased from **RMB 15.745 billion** as of December 31, 2024, to **RMB 17.591 billion** as of June 30, 2025[92](index=92&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 6.569 billion**, net cash used in investing activities was **RMB 7.325 billion**, and net cash used in financing activities was **RMB 7.759 billion**, with cash and cash equivalents at the end of the period totaling **RMB 17.318 billion** Condensed Consolidated Statement of Cash Flows | Cash Flow Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 6,568,722 | 7,382,334 | | Net Cash Used in Investing Activities | (7,324,796) | (709,497) | | Net Cash Used in Financing Activities | (7,759,491) | (5,995,724) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (8,515,565) | 677,113 | | Cash and Cash Equivalents at Beginning of Period | 25,811,757 | 17,207,027 | | Cash and Cash Equivalents at End of Period | 17,317,766 | 17,919,821 | [Notes to the Financial Statements](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) Provides detailed notes on the accounting policies, income, tax, earnings per share, and trade receivables/payables for the financial statements [General Information, Basis of Preparation and Presentation](index=33&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E3%80%81%E7%B7%A8%E8%A3%BD%E5%8F%8A%E5%91%88%E5%88%97%E5%9F%BA%E7%A4%8E) JD Logistics is an investment holding company primarily operating in China, with its condensed consolidated financial statements prepared in RMB in accordance with IAS 34 and HKEX Listing Rules, and should be read in conjunction with the 2024 annual consolidated financial statements - The Group's principal activities and geographical markets are located in China[95](index=95&type=chunk) - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[95](index=95&type=chunk) - The condensed consolidated financial statements are presented in RMB and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[96](index=96&type=chunk) [Application of Amendments to International Financial Reporting Standards](index=33&type=section&id=%E6%87%89%E7%94%A8%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%9C%83%E8%A8%88%E6%BA%96%E5%88%99%E4%BF%AE%E8%A8%82%E6%9C%AC) Amendments to International Financial Reporting Standards, including IAS 21 (Lack of Exchangeability), issued by the IASB were first adopted in this interim period but had no material impact on the Group's financial position, performance, or disclosures in the condensed consolidated financial statements - The amendments to International Financial Reporting Standards issued by the IASB, including amendments to IAS 21, were first adopted in this interim period[97](index=97&type=chunk) - These amendments had no material impact on the Group's financial position and performance and/or disclosures in the condensed consolidated financial statements for the current and prior periods[97](index=97&type=chunk) [Summary of Significant Accounting Policies](index=34&type=section&id=%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%B3%87%E6%96%99%E6%A6%82%E8%A6%81) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with accounting policies and calculation methods consistent with those used in the 2024 annual report - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[98](index=98&type=chunk) - The accounting policies and calculation methods are consistent with those followed in the preparation of the 2024 annual report[98](index=98&type=chunk) [Revenue](index=34&type=section&id=%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, total revenue was **RMB 98.532 billion**, comprising **RMB 50.107 billion** from integrated supply chain clients and **RMB 48.425 billion** from other clients, with the majority of revenue (**RMB 93.190 billion**) recognized over time - Clients are classified as integrated supply chain clients or other clients based on whether they have used the Group's warehousing or inventory management related services[99](index=99&type=chunk) Revenue by Client Type and Recognition Timing | Client Type | 2025 6 Months (RMB thousands) | 2024 6 Months (RMB thousands) | | :--- | :--- | :--- | | Integrated Supply Chain Clients | 50,107,239 | 41,800,092 | | Other Clients | 48,424,547 | 44,544,667 | | Total | 98,531,786 | 86,344,759 | | Revenue Recognition Timing: | | | | Over Time | 93,189,812 | 82,688,932 | | At a Point in Time | 5,341,974 | 3,655,827 | | Total | 98,531,786 | 86,344,759 | [Income Tax Expense](index=35&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total income tax expense was **RMB 339.6 million**, consisting of **RMB 437.7 million** in current tax and **RMB -98.1 million** in deferred tax Income Tax Expense by Type | Tax Type | 2025 6 Months (RMB thousands) | 2024 6 Months (RMB thousands) | | :--- | :--- | :--- | | Current Tax | 437,689 | 364,008 | | Deferred Tax | (98,091) | (42,157) | | Total | 339,598 | 321,851 | [Profit Before Tax](index=35&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) For the six months ended June 30, 2025, profit before tax was **RMB 3.299 billion**, with key expenses deducted including staff costs and welfare expenses of **RMB 39.2 billion** and outsourcing costs of **RMB 34.0 billion** Key Expenses Deducted in Profit Before Tax Calculation | Expense Item | 2025 6 Months (RMB thousands) | 2024 6 Months (RMB thousands) | | :--- | :--- | :--- | | Staff Costs and Welfare Expenses | 39,199,921 | 33,509,170 | | Outsourcing Costs | 34,004,333 | 28,536,414 | | Depreciation of Right-of-Use Assets | 3,704,579 | 3,866,396 | | Depreciation of Property and Equipment | 2,272,450 | 2,144,389 | | Amortization of Other Intangible Assets | 294,831 | 311,787 | [Earnings Per Share](index=36&type=section&id=%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company was **RMB 0.41**, and diluted earnings per share was **RMB 0.40** Earnings Per Share Attributable to Owners of the Company | Metric | 2025 6 Months (RMB) | 2024 6 Months (RMB) | | :--- | :--- | :--- | | Basic Earnings Per Share Attributable to Owners of the Company | 0.41 | 0.36 | | Diluted Earnings Per Share Attributable to Owners of the Company | 0.40 | 0.36 | [Dividends](index=36&type=section&id=%E8%82%A1%E6%81%AF) No dividends were paid or proposed to ordinary shareholders during this interim period - No dividends were paid or proposed to ordinary shareholders during this interim period[104](index=104&type=chunk) [Trade Receivables](index=37&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables amounted to **RMB 17.591 billion**, including **RMB 10.121 billion** from third parties and **RMB 5.894 billion** from related parties, with most receivables due within 3 months Trade Receivables by Type | Trade Receivables Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables from Third Parties | 10,121,445 | 11,107,254 | | Trade Receivables from Related Parties | 5,893,990 | 2,953,825 | | Less: Provision for Credit Losses | (384,831) | (379,488) | | Trade Receivables at Fair Value Through Other Comprehensive Income | 1,960,359 | 2,063,273 | | **Total** | **17,590,963** | **15,744,864** | Trade Receivables Aging Analysis | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 17,588,361 | 15,711,216 | | 3 to 6 months | 146,400 | 144,011 | | 6 to 12 months | 68,933 | 95,645 | | Over 12 months | 172,100 | 173,480 | [Trade Payables](index=38&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables amounted to **RMB 8.796 billion**, including **RMB 321 million** under supplier financing arrangements, with most payables due within 3 months Trade Payables by Type | Trade Payables Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 8,475,502 | 8,466,638 | | Trade Payables under Supplier Financing Arrangements | 320,903 | 101,446 | | **Total** | **8,796,405** | **8,568,084** | Trade Payables Aging Analysis | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 8,100,696 | 8,052,360 | | 3 to 6 months | 287,743 | 148,469 | | 6 to 12 months | 160,014 | 126,812 | | Over 12 months | 247,952 | 240,443 | [Other Information](index=39&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) Covers corporate governance, audit committee details, dividend policy, share transactions, and the use of proceeds from fundraising activities [Compliance with Corporate Governance Code](index=39&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company is committed to maintaining strict corporate governance and has complied with all applicable code provisions of the HKEX Listing Rules Appendix C1 Corporate Governance Code for the six months ended June 30, 2025, except for the absence of Chairman Mr. Liu Qiangdong at the Annual General Meeting due to other commitments - The company is committed to maintaining and promoting strict corporate governance, with principles focused on implementing effective internal control measures and enhancing the Board's transparency and accountability to all shareholders of the company[109](index=109&type=chunk) - For the six months ended June 30, 2025, the company has complied with all applicable code provisions of the Corporate Governance Code, except for the absence of the Chairman of the Board, Mr. Liu Qiangdong, at the Annual General Meeting[109](index=109&type=chunk) [Audit Committee](index=39&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of three independent non-executive directors with Ms. Gu Yi as Chair, is responsible for continuously monitoring the implementation of risk management policies and internal control systems, and has reviewed the Group's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, which were also reviewed by the auditor - The Audit Committee comprises three members (Ms. Gu Yi, Ms. Wu Yanan, and Dr. Zhao Xiande), with Ms. Gu Yi serving as Chair[110](index=110&type=chunk) - The committee is responsible for continuously monitoring the implementation of risk management policies across the company, ensuring the internal control system effectively identifies, manages, and mitigates risks in business operations[110](index=110&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, which have also been reviewed by the auditor in accordance with International Standard on Review Engagements 2410[110](index=110&type=chunk) [Other Board Committees](index=40&type=section&id=%E5%85%B6%E4%BB%96%E8%91%A3%E4%BA%8B%E5%A7%94%E5%93%A1%E6%9C%83) In addition to the Audit Committee, the company has also established a Nomination Committee and a Remuneration Committee - In addition to the Audit Committee, the company has also established a Nomination Committee and a Remuneration Committee[111](index=111&type=chunk) [Interim Dividend](index=40&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025[112](index=112&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=40&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the HKEX, and the company held no treasury shares as of that date - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on The Stock Exchange of Hong Kong Limited[113](index=113&type=chunk) - As of June 30, 2025, the company held no treasury shares as defined by the Listing Rules[113](index=113&type=chunk) [Use of Proceeds](index=40&type=section&id=%E5%8B%9F%E9%9B%86%E8%B3%87%E9%87%91%E7%94%A8%E9%80%94) This section discloses the use of net proceeds from the global offering, placing, and subscription, with the company having extended the expected timeline for utilizing a portion of these proceeds - The net proceeds from the global offering were approximately **RMB 22.945 billion**, and from the placing and subscription were approximately **RMB 6.924 billion**[114](index=114&type=chunk)[116](index=116&type=chunk) - The company has extended the initial expected timeline for utilizing the net proceeds from the global offering to 12 to 36 months from May 16, 2024, and for the placing and subscription to 12 to 24 months from May 16, 2024[114](index=114&type=chunk)[116](index=116&type=chunk) [Net Proceeds from Global Offering](index=41&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E5%8B%9F%E9%9B%86%E8%B3%87%E9%87%91%E6%B7%A8%E9%A1%8D) | Purpose | Net Proceeds (RMB millions) | Unused Amount as of January 1, 2025 (RMB millions) | Amount Used for the Six Months Ended June 30, 2025 (RMB millions) | Unused Amount as of June 30, 2025 (RMB millions) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Upgrade and Expand Our Logistics Network | 12,620 | 2,141 | 497 | 1,644 | 12 to 36 months from May 16, 2024 | | Develop Advanced Technologies Related to Supply Chain Solutions and Logistics Services | 4,589 | 2,013 | 438 | 1,575 | 12 to 36 months from May 16, 2024 | | Expand the Breadth and Depth of Our Solutions, Deepen Engagement with Existing Clients, and Attract Potential Clients | 3,442 | 198 | 99 | 99 | 12 to 36 months from May 16, 2024 | | General Corporate Purposes and Working Capital Needs | 2,294 | 335 | 122 | 213 | 12 to 36 months from May 16, 2024 | | **Total** | **22,945** | **4,687** | **1,156** | **3,531** | | [Net Proceeds from Placing and Subscription](index=42&type=section&id=%E9%85%8D%E5%94%AE%E5%8F%8A%E8%AA%8D%E8%B3%BC%E5%8B%9F%E9%9B%86%E8%B3%87%E9%87%91%E6%B7%A8%E9%A1%8D) | Purpose | Net Proceeds (RMB millions) | Unused Amount as of January 1, 2025 (RMB millions) | Amount Used for the Six Months Ended June 30, 2025 (RMB millions) | Unused Amount as of June 30, 2025 (RMB millions) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Optimize Logistics Network and Solutions, Including Through Self-Development and/or Acquisitions | 5,885 | — | — | — | N/A | | General Corporate Purposes and Working Capital Needs | 1,039 | 662 | 312 | 350 | 12 to 24 months from May 16, 2024 | | **Total** | **6,924** | **662** | **312** | **350** | | [Publication of Interim Results Announcement and Interim Report](index=42&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement has been published on the HKEX website and the company's website, and the interim report will be published at an appropriate time - This interim results announcement is published on the HKEX website www.hkexnews.hk and the company's website ir.jdl.com[118](index=118&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be published on the aforementioned websites at an appropriate time[118](index=118&type=chunk)

Group 1 - A new company, Jiangsu Jingbangda Supply Chain Technology Co., Ltd., has been established with a registered capital of 10 million yuan [1] - The legal representative of the new company is Zhao Qi, and its business scope includes domestic cargo transportation agency, loading and unloading, and supply chain management services [1] - The company is wholly owned by Beijing Jingbangda Trading Co., Ltd., which is an affiliate of JD Logistics [1]

Core Viewpoint - JD Logistics is facing complex challenges in the field of intelligent monitoring for its large-scale warehousing system and is actively exploring solutions to meet the growing demands of warehouse management [1][10]. Group 1: Challenges Faced - JD Logistics operates approximately 600 large warehouses with a total area exceeding 15 million square meters, and the increasing international warehousing has led to unstable network environments [1][12]. - Rapid business development has resulted in frequent asset changes, making the opening and closing of warehouses a norm [1]. - The monitoring system must cover thousands of machines and applications, including traditional devices, Docker containers, and cloud hosts, which adds to the complexity [1]. - The inconsistency of deployment environments and the presence of multiple application release environments further complicate monitoring [1]. - New challenges include the scattered application scenarios of AIOPS, varying maturity levels, lack of depth and specialization in monitoring metrics, incomplete data sources, declining reliability of the Configuration Management Database (CMDB) due to frequent asset changes, and a shortage of operational experts and versatile talents [1]. Group 2: Solutions Implemented - JD Logistics is actively building a large-scale monitoring system solution, defining the purpose and value of monitoring to cover multiple aspects such as faults and performance [2]. - The company has planned a monitoring operation system that includes tools, intelligence, data, and platform layers, and has designed key components such as access services, API gateways, and monitoring platforms [2]. - Goals for the system include timeliness, accuracy, precision, and compatibility, with a capability maturity model introduced to guide system construction [2]. - To ensure the reliability of the CMDB, JD Logistics employs various methods such as automatic discovery, message synchronization, process automation, and manual maintenance [2]. Group 3: Intelligent Monitoring Practices - In the practice of intelligent monitoring aimed at AIOPS, JD Logistics utilizes various anomaly detection methods, including adjacent moment comparison, year-on-year and month-on-month analysis, baseline-based detection, and Holt-Winters forecasting [3]. - The implementation of a call chain function supports distributed transaction tracking, suitable for large-scale cluster monitoring needs [3]. - The event processing engine combines rule and execution engines to automate alert handling and allow for manual intervention [3]. - An intelligent knowledge base linked with the ticketing system accumulates operational knowledge, providing convenient search and intelligent customer service [3]. - Additional practices include fault snapshots, network detection models, trend forecasting, and visualization to enhance the system's intelligence [3]. Group 4: Technical Architecture - The intelligent monitoring system of JD Logistics encompasses multiple stages, including data collection, analysis, decision-making, and processing, achieving comprehensive handling and application of monitoring data [6]. - The company emphasizes system compatibility by integrating various platforms to ensure the broad applicability of the monitoring system [6]. - These efforts not only enhance the intelligence level of the system but also provide strong support for warehouse management [6]. Group 5: Future Directions - JD Logistics plans to continue optimizing its technical architecture, product architecture, and organizational structure, focusing on AI and algorithm technologies to build a more complete intelligent operation system [10]. - The company will further explore AIOPS application scenarios to enhance the system's predictive capabilities, intelligent alerts, and automated processing abilities, aiming to better identify, resolve, and mitigate issues for more efficient and intelligent warehouse management [10].

Core Insights - The live crab industry, particularly the hairy crab, faces significant logistical challenges due to its short shelf life and high sensitivity to temperature, necessitating rapid delivery within 48 hours and strict temperature controls [1][6] - Companies like Yangcheng United and Yujia Shifu have successfully integrated advanced logistics solutions to enhance customer experience and maintain product quality, leading to substantial sales growth [3][7] Group 1: Industry Challenges - The hairy crab's logistics require meticulous planning, including route optimization and flexible capacity management, to prevent high mortality rates during transport [1] - A temperature increase above 20 degrees Celsius can lead to a 50% increase in crab mortality, significantly impacting brand reputation and customer costs [3] Group 2: Successful Strategies - Yangcheng United has maintained the top sales position on JD platform by focusing on customer retention and enhancing the overall consumption experience through improved logistics [3][4] - JD Logistics provides comprehensive cold chain solutions, ensuring temperature control and quality monitoring throughout the delivery process, which has reduced crab mortality rates by approximately 50% [6] Group 3: Growth and Expansion - Yujia Shifu has achieved a 50% annual sales growth for three consecutive years by expanding its logistics network, allowing for delivery to remote areas [7][10] - The company now achieves next-day delivery for 90% of its orders, with some cities receiving same-day service, significantly enhancing customer satisfaction [10] Group 4: Innovative Sales Channels - Xinghe Supply Chain has successfully entered the live-streaming sales market, leveraging JD Logistics' flexible fulfillment capabilities to manage fluctuating order volumes during peak sales periods [11] - The collaboration with JD Logistics allows for efficient handling of large order spikes, ensuring stable output and cost control [11]

Core Insights - Fuzhou Jingxundi Supply Chain Technology Co., Ltd. has been established with a registered capital of 5 million yuan [1] - The company is fully owned by Beijing Jingbangda Trading Co., Ltd., which is affiliated with JD Logistics [1] Company Overview - The legal representative of the newly established company is Zhang Mingming [1] - The business scope includes software development, information system integration services, domestic cargo transportation agency, and wholesale of auto parts [1]

Group 1 - Fuzhou Jingxundi Supply Chain Technology Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Zhang Mingming [1] - The business scope includes software development, information system integration services, domestic cargo transportation agency, and wholesale of auto parts [1] Group 2 - The company is wholly owned by Beijing Jingbangda Trading Co., Ltd., which is affiliated with JD Logistics [1]