此前，德邦物流方面发布公告称，公司两名副总经理罗琪、左高鹏均因个人原因离职。辞职后，罗琪、 左高鹏将不再担任德邦物流任何职务。 财报数据显示，今年前三季度，德邦物流实现营业收入302.7亿元，同比增长6.97%；利润总额为-3.34亿 元，同比下降153.81%；归母净利润为-2.76亿元，同比下降153.54%。中经记者 杨让晨 张家振 上海报道 《中国经营报》记者注意到，王振辉此前曾在京东集团任职10年时间。2010 年4月，王振辉加入京东集 团，至2016年5月分别担任京东集团华北区域分公司总经理、京东集团仓储部副总裁及京东智能硬件总 裁。2016年5月至2017年4月，王振辉担任京东集团运营体系负责人，2017年4月至2020年12月则担任京 东物流首席执行官（CEO）。2024年，王振辉回到京东集团负责创新业务发展，直至此次出任德邦物流 董事长。 【德邦物流"换帅" 京东物流前CEO履新董事长】12月16日，德邦物流（603056.SH）发布第六届董事会 第十二次会议决议公告称，同意选举王振辉为公司第六届董事会董事长、战略委员会主任委员、提名委 员会委员。任期自本次董事会审议通过之日起至第六届董事会 ...

中经记者 杨让晨 张家振 上海报道 12月16日，德邦物流（603056.SH）发布第六届董事会第十二次会议决议公告称，同意选举王振辉为公 司第六届董事会董事长、战略委员会主任委员、提名委员会委员。任期自本次董事会审议通过之日起至 第六届董事会届满之日止。 《中国经营报》记者注意到，王振辉此前曾在京东集团任职10年时间。2010 年4月，王振辉加入京东集 团，至2016年5月分别担任京东集团华北区域分公司总经理、京东集团仓储部副总裁及京东智能硬件总 裁。2016年5月至2017年4月，王振辉担任京东集团运营体系负责人，2017年4月至2020年12月则担任京 东物流首席执行官（CEO）。2024年，王振辉回到京东集团负责创新业务发展，直至此次出任德邦物流 董事长。 据了解，此次会议同时任命刘毕成担任德邦物流副总经理。相关资料显示，刘毕成此前曾在顺丰速运、 罗计物流等企业任职，2015年12月至2025年1月先后担任德邦物流大区总经理、高级总监、事业部总 裁、收入管理中心总裁、客户与产品管理中心总裁、华南本部高级副总裁等职；2025年12月至今担任德 邦物流运营部团队负责人。 此前，德邦物流方面发布公告称，公司 ...

Core Viewpoint - The express delivery industry is witnessing a new round of competition between major players, with SF Express and JD Logistics introducing "compensation for delays" services to enhance customer trust and service quality [1][11]. Group 1: Service Innovations - SF Express will launch a "compensation for delays" service in ten cities starting December 1, 2025, which will eventually cover the entire country, allowing customers to receive cash compensation for delivery delays caused by the company [1][2]. - JD Logistics has already implemented "guaranteed compensation for delays" and "no pickup, no pay" services in over 300 cities since 2023, focusing on high-demand products like express and fresh deliveries [1][11]. - Both companies are shifting from a volume-based strategy to a quality-based strategy, emphasizing service reliability and customer experience [1][11]. Group 2: Operational Models - SF Express relies on a vast and efficient logistics network with over 38,000 domestic outlets and 39,000 international outlets, ensuring comprehensive coverage and operational stability [4][6]. - JD Logistics focuses on a supply chain integration model, providing digital solutions that enhance efficiency and reduce costs, as demonstrated by their collaboration with Feihe during the Double 11 shopping festival [7][8]. - The operational differences highlight SF Express's strength in network coverage and JD Logistics's advantage in supply chain depth and efficiency [6][7]. Group 3: Industry Trends - The express delivery industry is moving away from price wars towards a service-oriented competition, driven by consumer demand for reliable and high-quality services [11][14]. - The introduction of compensation guarantees by both companies reflects a broader trend of quantifying service quality and establishing trust with consumers [11][13]. - This shift towards service reliability is expected to elevate industry standards and foster a more mature and healthy market environment [14].

Core Insights - The logistics real estate and express delivery sectors are experiencing a profitability pattern characterized by "strong performance from leading companies and pressure on smaller firms," with industry acceleration towards high-value creation driven by network integration and capital operations [2] Group 1: Logistics Real Estate - The core trend in logistics real estate focuses on optimizing cost structures and adjusting business models, with Wanwei Logistics reporting total revenue of 3.18 billion yuan, a year-on-year increase of 7.4%, by transitioning to a "heavy asset + light asset" model [2] - Baowang Logistics reported total revenue of 1.38 billion yuan, a year-on-year decrease of 3.91%, with net profit declining by 57.71% due to long cultivation periods for newly opened parks and investments in smart park renovations and photovoltaic projects [2] Group 2: Express Delivery Sector - The express delivery industry is seeing improved profitability driven by simultaneous increases in volume and price, with JD Logistics achieving revenue of 55.084 billion yuan, a year-on-year increase of 24.1%, despite a 15% decline in net profit due to an increase in full-time delivery personnel [2] - SF Holding reported total operating revenue of 225.26 billion yuan, a year-on-year increase of 8.89%, and a net profit of 8.31 billion yuan, up 13.69%, indicating simultaneous growth in business scale and profitability [3] Group 3: Cold Chain and Cross-Border Logistics - In the cold chain sector, Hailong Cold Chain reported total revenue of 2.43 billion yuan, a year-on-year increase of 15.20%, with a net profit margin of 12.26%, while Iceberg Cold Chain saw a revenue decline of 2.73% [3] - In cross-border logistics, Jiacheng International reported total revenue of 0.95 billion yuan, a year-on-year decrease of 3.40%, but maintained a high net profit margin of 15.86% [3] Group 4: Investment and M&A Activities - Six investment events were recorded during the reporting period, with leading companies driving industry advancement through technology cooperation, capacity implementation, and capital mergers and acquisitions [3] - Notable investment activities include Zhongtong Express acquiring land for 381 million yuan to build a smart operation center, and JD Logistics launching multiple projects to enhance its logistics network [4][5] Group 5: Technological Innovation - Companies are deepening the integration of technology and logistics applications to enhance operational efficiency, with ProLogis launching an automated warehouse equipped with smart sorting robots and AGV systems [4] - JD Logistics and JD Industrial Development are collaborating on a project to integrate core resources such as warehousing and distribution, improving order processing efficiency by 50% [5][6] Group 6: Capital Operations - Capital operations and asset transactions are becoming crucial for optimizing resource allocation in the logistics industry, with notable transactions including Tianjin Port Group's plan to transfer 60% of China Railway Storage and Transportation's equity [8] - Red Star Cold Chain has submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding its cold chain network and upgrading temperature control technology [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02618 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 40,000,000,000 | | USD | 0.000025 | USD | | 1,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 40,000,000,000 | USD | | 0.000025 USD | | 1,000,000 | 本月底法定/註冊股本總額： USD 1,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結 ...

Core Insights - The delivery of the 180 billionth express package in China marks a new record for the country's logistics industry, showcasing the rapid advancement in logistics technology and the high-quality development of the sector [1][2] Group 1: Logistics Technology and Efficiency - The package was processed using advanced logistics technology, including the "Smart Wolf" warehouse and autonomous delivery vehicles, demonstrating the efficiency of JD Logistics' supply chain [1][3] - The "Smart Wolf" system includes nearly 200 robots and automated storage solutions, significantly enhancing operational efficiency, with the ability to process orders in as little as 15 minutes [3][4] - JD Logistics has achieved a sixfold increase in the number of deliveries by autonomous vehicles, with the "Smart Wolf" warehouse setting a global record for cumulative outbound orders [4] Group 2: Future Investments and Strategic Goals - JD Logistics plans to invest in 3 million robots, 1 million autonomous vehicles, and 100,000 drones over the next five years to strengthen its position in the smart logistics sector [4] - The company aims to leverage artificial intelligence and robotics to reduce logistics costs across the industry, supporting high-quality development for its partners [4]

而在第1800亿件快递包裹产生地——京东物流深圳智狼仓中，近200台智狼搬运机器人和飞梯机器人， 以及高密度货架、定制化料箱、自动入库工作站等构成了庞大的"智狼货到人系统"，可在存储、搬运和 拣选等环节实现自动化操作，实现生产效率的大幅提升。"智狼"等多种物流前沿设备的投入也让京东物 流多了"智慧仓运维员"、"无人车运维员"、"飞手"等诸多一线岗位。据介绍，今天刚刚产生的第1800亿 件快递包裹，从收到订单到出库，最快15分钟就可以完成。 此前，京东物流宣布，未来5年要采购300万台机器人、100万台无人车和10万架无人机，全面投入物流 供应链全链路场景，进一步巩固其在智能物流领域的技术领先地位。 责任编辑：何俊熹 新浪科技讯 12月1日晚间消息，京东黑板报发文表示，今日下午，深圳市民李先生收到了由京东物流小 哥送达的快递包裹，这也是2025年中国第1800亿件快递包裹，标志着全国快递业务量再次创下新纪录。 据介绍，一快递包裹由前沿物流科技生产并履约，李先生下单后，商品经由京东物流深圳中小件智狼 仓、智能分拣中心进行快速分拣出库，在末端由京东物流独狼无人车进行接驳运输，在京东物流超脑 2.0最优路区规划下快速 ...

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]

Core Insights - The article discusses the critical importance of cold chain logistics for preserving the freshness of sensitive goods like fresh produce and pharmaceuticals, emphasizing the dual challenges of time and temperature control [2][3] - It highlights the competitive landscape for cold chain logistics, particularly focusing on Zhongtong's recent strategic moves to enhance its cold chain capabilities amid operational challenges and market competition [3][7] Group 1: Zhongtong's Cold Chain Strategy - Zhongtong has announced the launch of cold chain air express services and strategic partnerships to improve its logistics capabilities, marking a significant step in its cold chain market strategy [3][7] - The company faces significant challenges due to recent controversies involving false logistics information and operational inefficiencies, which have led to its removal from the Douyin platform [4][5][6] Group 2: Competitive Landscape - Zhongtong's cold chain logistics operations include over 1,200 cold chain logistics points, 37 distribution centers, and more than 2,200 cold chain vehicles, but it still lags behind competitors like JD Logistics and SF Express in terms of infrastructure and service capabilities [9][10] - JD Logistics has established a comprehensive cold chain service platform with extensive warehouse and transportation networks, while SF Express benefits from a strong brand reputation and efficient logistics operations [10][12] Group 3: Market Outlook - The global cold chain logistics market is projected to grow from $248.38 billion in 2020 to $335.33 billion by 2025, with a compound annual growth rate of 5.98%, driven primarily by the Asia-Pacific region [14]

Summary of JD Logistics Conference Call Company Overview - **Company**: JD Logistics (2618.HK) - **Industry**: China Ecommerce & Logistics Key Points Discussed 1. Overseas Investment Strategy - JD Logistics is maintaining a steady investment pace into FY26, with a total overseas warehouse area of 1.3 million square meters across 130+ warehouses, achieving a goal of doubling overseas warehouse space over the past year [1] - The company plans to continue investing in additional overseas warehouses and automation equipment, focusing primarily on Europe and Southeast Asia [1] - The overseas business is expected to be approximately breakeven in 2024, but the company anticipates losses in the range of several hundred million RMB in FY25 and FY26 due to upfront investments [1] - Limited pricing pressure is observed in the overseas market, with local execution emphasized as a key factor [1] 2. International Growth Momentum - The international business currently contributes mid-single-digit revenue to total revenue, with high double-digit growth over recent quarters [2] - The company expects to sustain this high growth momentum over the next 2-3 years, significantly increasing overseas revenue contribution [2] - JD Logistics launched its self-operated express delivery brand "JoyExpress" in Saudi Arabia in June 2025 and is collaborating with JD Group's JoyBuy in Europe, initiating testing in several countries including the UK, Germany, France, and Benelux [2] 3. Synergies with Delivery Riders and Quick Commerce - The company leverages its delivery riders for intra-city services for 3C and luxury brand clients, with rider costs per order comparable to peers when excluding social security costs [3] - New business models are being explored to improve capacity utilization, including pilot operations of couriers fulfilling food delivery orders during off-peak hours [3] 4. Cost Efficiency through AI and Automation - JD Logistics has developed a mature automation stack, particularly in sorting and storage, which reduces human intervention and operational costs [4] - Thousands of autonomous vehicles have been deployed across approximately 20 cities, extending courier dispatch windows by 3-5 hours [4] - The company plans disciplined deployment of additional automation equipment into FY26, with expectations of sustained cost reductions from high automation penetration [4] 5. Profitability Outlook - A more disciplined investment cadence is noted for FY26, with improving utilization of existing investments expected by 4Q25 [10] - The company remains committed to investing in automation technologies and strategically focusing on B2B integrated supply-chain growth opportunities due to intense price competition in the low-value 2C express delivery segment [10] 6. Revenue Contributions and Growth - Revenue from JD Group is projected to decline to approximately 30% in 2023 from over 50% in 2020, indicating a diversification in revenue sources [14] - The company continues to see healthy growth in the time-definite delivery segment, driven by strong retail parcels and fresh products [11] 7. Financial Projections - Total revenue projections for JD Logistics are as follows: - 2024: RMB 182.84 billion - 2025: RMB 216.55 billion - 2026: RMB 235.46 billion - 2027: RMB 252.89 billion [12] - The company anticipates a gross profit margin of approximately 9.3% for FY26 [12] 8. Risks and Challenges - Key risks include significant revenue reliance on JD Group, concentration in a few industries, and potential growth pressures due to macroeconomic softness affecting customer focus on cost savings [14] Conclusion - JD Logistics is positioned for growth with a focus on international expansion, automation, and cost efficiency, despite facing challenges related to market competition and economic conditions. The company maintains a "Buy" rating with a target price of HK$17.70, indicating a potential upside of 48.1% from the current price [15]