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 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 46.97 billion RMB in Q1 2025, representing a year-on-year growth of 11.5%. The net profit attributable to shareholders was 450 million RMB, up 89.1% year-on-year, slightly exceeding expectations [1] - The integrated supply chain business revenue grew by 13.2% year-on-year, accounting for 49.4% of total revenue, driven by increased income from JD Group and a rise in external customer numbers [3] - The company is expected to benefit from enhanced logistics capabilities and competitive products, as well as accelerated overseas expansion, which will continue to drive overall revenue and profit growth [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a Non-IFRS net profit of 750 million RMB, a year-on-year increase of 13.4%, with a gross margin of 7.2% [1][4] - The revenue from JD Group was 14.1% higher year-on-year, contributing 31.3% to total revenue, while external customer revenue grew by 10.3%, making up 68.7% of total revenue [2] Business Segments - The integrated supply chain business generated 23.2 billion RMB in revenue, up 13.2% year-on-year, while other businesses (express and freight) saw revenue of 23.77 billion RMB, growing by 9.8% [3] - The number of external integrated supply chain customers reached 63,061, reflecting a 13.1% increase year-on-year [2] Cost and Profitability - The company increased investments in logistics infrastructure and personnel, leading to a higher cost growth rate than revenue growth, resulting in a slight decline in gross margin [4] - The report anticipates that as business volume increases, economies of scale will improve margins in subsequent quarters [4] Future Outlook - The net profit forecast for 2025 has been slightly reduced by 3% to 6.9 billion RMB, with the target price adjusted down by 6% to 16.7 HKD [5] - The company is projected to achieve a revenue of 205.13 billion RMB in 2025, with a year-on-year growth of 12.19% [29]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 46.97 billion RMB in Q1 2025, representing a year-on-year growth of 11.5%, and a net profit attributable to shareholders of 450 million RMB, up 89.1% year-on-year [1] - The company is expected to benefit from its integrated supply chain logistics capabilities and accelerated overseas expansion, which will continue to drive revenue and profit growth [1] - The report slightly lowers the net profit forecast for 2025 by 3% due to increased resource investment leading to higher costs, adjusting the target price down by 6% to 16.7 HKD [5] Revenue Breakdown - Revenue from JD Group business in Q1 2025 was 14.7 billion RMB, a year-on-year increase of 14.1%, accounting for 31.3% of total revenue [2] - External customer business revenue was 32.27 billion RMB, growing 10.3% year-on-year, making up 68.7% of total revenue [2] - Integrated supply chain business revenue reached 23.2 billion RMB, up 13.2% year-on-year, representing 49.4% of total revenue [3] Profitability Metrics - The gross margin for Q1 2025 was 7.2%, down 0.5 percentage points year-on-year, primarily due to increased investments in logistics infrastructure and personnel [4] - The report anticipates an improvement in gross margin and Non-IFRS profit margin in Q2 2025 as business volume increases and economies of scale are realized [4] Financial Projections - Projected revenue for 2025 is 205.13 billion RMB, with a year-on-year growth of 12.19% [29] - The net profit attributable to shareholders is expected to reach 6.9 billion RMB in 2025, reflecting an 11.36% increase [29] - The report provides a PE ratio forecast of 10.92 for 2025, indicating a valuation aligned with comparable companies [29]

Group 1 - The overall performance of private equity funds in 2025 has been strong, with an average return of 2.52% and 69.82% of products achieving positive returns [1] - Over 300 listed companies have disclosed stock repurchase plans since April, with a total proposed amount exceeding 110 billion yuan, including both private and state-owned enterprises [1] - Consumer REITs have seen significant price increases, with some products rising over 40% this year, prompting trading alerts for investors [1] Group 2 - Tencent Music reported a first-quarter adjusted net profit of 2.23 billion yuan, a year-on-year increase of 22.8%, with total revenue reaching 7.36 billion yuan [2] - JD Logistics announced a first-quarter revenue of 46.967 billion yuan, reflecting an 11.5% year-on-year growth, with a profit of 611 million yuan [2] - The DRAM market is experiencing price increases, with some DDR4 models rising nearly 50% in a month due to increased demand driven by AI [2] Group 3 - The global top ten semiconductor packaging and testing companies are projected to have a combined revenue of 41.56 billion USD in 2024, marking a 3% year-on-year increase [3] - Didi Pet Travel has registered nearly 2 million pets and is exploring integration with ride-sharing services [4] Group 4 - Domestic gold prices have dropped below 1,000 yuan per gram, leading to increased sales activity in gold stores, with monthly sales reaching several million yuan [4] - ABB is considering selling its robotics division, valued at over 3.5 billion USD, as an alternative to a planned spin-off [5] - SoftBank's Vision Fund reported a loss of 115.02 billion yen for the fiscal year 2024 [5] Group 5 - Emei Mountain A announced the resignation of its general manager, Ma Ling, due to work reasons [7] - Shengyi Electronics plans to repurchase shares with a total amount between 50 million and 100 million yuan [8] - Ningbo Gaofa is increasing its investment in its subsidiary by 60 million yuan to support its development [9] - Weifu High Science has received a commitment letter for a stock repurchase loan of up to 135 million yuan [10]

JD Logistics (02618) Q1 2025 Earnings Call May 13, 2025 05:00 AM ET Moderator Good day, ladies and gentlemen. Thank you for standing by to the JD Logistics First Quarter twenty twenty five Results Conference Call. At this time, all participants are in listen only mode. After management's prepared remarks, there will be a Q and A session. Please note that this English simultaneous translation line will be in listen only mode for the duration of the call, including the Q and A session. If you wish to listen t ...

Financial Data and Key Metrics Changes - In Q1 2025, JD Logistics reported total revenue of RMB 47 billion, reflecting an 11.5% year-over-year growth, which is an acceleration from the previous quarter [7][23] - Revenue from external customers increased by 10.3% year-over-year to RMB 32.3 billion [7] - Non-IFRS profit was approximately RMB 750 million, up 13.4% year-over-year, with a stable non-IFRS profit margin of 1.6% [7][32] - IFRS profit was around RMB 610 million, marking an 89.5% year-over-year increase, with an IFRS profit margin of 1.3%, up 8.5 percentage points year-over-year [23][24] Business Line Data and Key Metrics Changes - Revenue from ISC customers reached RMB 23.2 billion, up 13.2% year-over-year, with JD Group contributing RMB 14.7 billion, a 14.1% increase [7][24] - Revenue from other customers, primarily express and freight delivery services, increased by 9.8% year-over-year to RMB 23.8 billion [14][27] - The number of external ISC customers grew to 63,061, a 13.1% year-over-year increase, with average revenue per customer at approximately RMB 135,000 [27] Market Data and Key Metrics Changes - JD Logistics expanded its international business, launching Warsaw Warehouse Number 2 in March 2025, enhancing its global supply logistics network [12] - The company has established a comprehensive global supply logistics network, providing efficient ISC logistics services to both Chinese brands and overseas local customers [11] Company Strategy and Development Direction - JD Logistics is focused on enhancing customer experience, cost efficiency, and market competitiveness while expanding its omni-channel supply chain service model [6][8] - The company aims to leverage technological innovation and operational model transformation to achieve long-term cost reductions and efficiency improvements [20][34] - JD Logistics is committed to optimizing its service offerings and expanding its market share in premium logistics services [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth for the year, supported by differentiated and value-added services [50] - The company is optimistic about its ability to maintain a growing gross profit margin in the medium to long term despite current fluctuations due to investments [52] Other Important Information - JD Logistics has invested in automation and technology to enhance operational efficiency, with a focus on improving delivery timeliness and service quality [20][28] - The company has expanded its logistics network to cover nearly all counties and districts in China, with over 600 self-operated warehouses [19] Q&A Session Summary Question: What measures are being taken to increase efficiency and reduce costs in mini warehouses? - Management highlighted that rental costs are declining due to improved warehousing efficiency and ongoing investments in automation [36][37][39] Question: What is the outlook for revenue growth from JD Group and the impact of operational costs on gross profit margin? - Management expects double-digit growth for the year, driven by value-added services, while acknowledging that gross profit margin may fluctuate due to ongoing investments [49][51] Question: What is the outlook for the upcoming shopping festival and customer growth? - Management is confident in revenue growth and anticipates an increase in average revenue per customer through improved service offerings [54][56]

京东物流(02618.HK)2025年Q1营收470亿元人民币，上年同期421.4亿元。 ...

Financial Performance - For the three months ended March 31, 2025, JD Logistics reported revenue of RMB 46,967,125 thousand, an increase of 11.5% compared to RMB 42,137,338 thousand for the same period in 2024[4] - Gross profit for the same period was RMB 3,387,178 thousand, reflecting a growth of 4.8% from RMB 3,231,222 thousand year-over-year[4] - The company achieved a pre-tax profit of RMB 743,140 thousand, which is an 84.4% increase from RMB 403,099 thousand in the previous year[4] - Net profit for the period was RMB 610,613 thousand, up 89.5% from RMB 322,305 thousand in the same quarter of 2024[4] - The non-IFRS profit for the period was RMB 751,463 thousand, representing a 13.4% increase from RMB 662,651 thousand year-over-year[4] - Total revenue for the three months ended March 31, 2025, was RMB 46.97 billion, a 11.8% increase from RMB 42.14 billion in the same period of 2024[13] - Net profit for the three months ended March 31, 2025, was RMB 610.6 million, significantly up from RMB 322.3 million in the same period of 2024[20] - Non-IFRS profit for the three months ended March 31, 2025, was RMB 751.5 million, compared to RMB 662.7 million for the same period in 2024[23] - Non-IFRS EBITDA for the three months ended March 31, 2025, was RMB 3.76 billion, an increase from RMB 3.65 billion in the same period of 2024[24] Revenue Breakdown - Revenue from integrated supply chain customers reached RMB 23,200,757 thousand, accounting for 49.4% of total revenue, compared to 48.7% in the previous year[10] - Revenue from integrated supply chain customers increased by 13.2% from RMB 20.5 billion for the three months ended March 31, 2024, to RMB 23.2 billion for the same period in 2025, driven by increased revenue from JD Group and a rise in the number of external integrated supply chain customers from 55,760 to 63,061[11] - Revenue from other customers rose by 9.8% from RMB 21.6 billion for the three months ended March 31, 2024, to RMB 23.8 billion for the same period in 2025, primarily due to growth in express and logistics services[11] Operating Costs and Expenses - Operating costs increased by 12.0% from RMB 38.9 billion for the three months ended March 31, 2024, to RMB 43.6 billion for the same period in 2025, aligning with revenue growth trends[14] - Gross profit for the three months ended March 31, 2025, was RMB 3.4 billion, with a gross margin of 7.2%, compared to RMB 3.2 billion and a gross margin of 7.7% for the same period in 2024[16] - Research and development expenses remained stable at RMB 892.6 million for the three months ended March 31, 2025, compared to RMB 862.5 million for the same period in 2024[18] - Sales and marketing expenses were stable at RMB 1.4 billion for both the three months ended March 31, 2025, and 2024[17] Cash Flow and Resources - As of March 31, 2025, the total cash resources of the company amounted to RMB 43.7 billion[27] - For the three months ended March 31, 2025, the company's free cash flow outflow was RMB 2.2 billion, compared to RMB 300 million for the same period in 2024[27] - The net cash generated from operating activities was RMB 1.1 billion, offset by capital expenditures of RMB 1.3 billion and lease-related payments of RMB 2 billion[27] Operational Expansion - As of March 31, 2025, JD Logistics operated over 1,600 warehouses and managed more than 32 million square meters of storage space across its network[7] - The company launched its 10th dedicated freighter in January 2025, enhancing its logistics network both domestically and internationally[6] - JD Logistics opened its Warsaw No. 2 warehouse in Poland in Q1 2025, expanding its operational footprint in Europe[6] Human Resources - The company reported a total human resources expenditure of RMB 91.8 billion for the twelve months ending March 31, 2025[7]

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 ...

Investment Rating - The report maintains a "Recommended" investment rating for JD Logistics (02618.HK) [1][6] Core Views - JD Logistics achieved an adjusted net profit of 7.92 billion RMB in 2024, representing a year-on-year increase of 187%, driven by integrated supply chain growth and cost reduction efforts [1][6] - The company is expected to continue its growth trajectory with a projected revenue of 182.84 billion RMB in 2024, reflecting a 9.7% year-on-year increase [2][6] - The report highlights the significant contribution of integrated supply chain clients, with revenue from these clients reaching 87.4 billion RMB, a 7.2% increase from the previous year [6][7] Financial Summary - **Revenue Forecast**: - 2024A: 182.84 billion RMB - 2025E: 200.62 billion RMB - 2026E: 216.90 billion RMB - 2027E: 232.18 billion RMB - Year-on-year growth rates: 9.7% for 2024 and 2025, 8.1% for 2026, and 7.0% for 2027 [2][8] - **Net Profit Forecast**: - 2024A: 6.20 billion RMB - 2025E: 7.08 billion RMB - 2026E: 8.20 billion RMB - 2027E: 9.46 billion RMB - Year-on-year growth rates: 905.8% for 2024, 14.2% for 2025, 15.9% for 2026, and 15.4% for 2027 [2][8] - **Earnings Per Share (EPS)**: - 2024A: 0.94 RMB - 2025E: 1.06 RMB - 2026E: 1.23 RMB - 2027E: 1.42 RMB [2][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 12.1 for 2024, decreasing to 7.9 by 2027 - Price-to-Book (P/B) ratio: 1.4 for 2024, decreasing to 0.9 by 2027 [2][8] Strategic Insights - JD Logistics is focusing on enhancing its global supply chain capabilities and improving service quality to drive profitability [6][7] - The company plans to integrate its supply chain systems with major e-commerce platforms, which is expected to boost logistics volume across channels [6][7] - The implementation of smart technologies has led to a significant reduction in operational costs, with gross profit margin increasing to 10.2% in 2024 [6][7]