Investment Rating - The report maintains a "Recommended" rating for JD Logistics [4] Core Views - JD Logistics achieved revenue of 98.532 billion yuan in H1 2025, a year-on-year increase of 14.1%, and a net profit of 2.959 billion yuan, up 15.27% year-on-year [1] - The revenue growth is attributed to strong internal customer revenue growth, with revenue from JD Group increasing by 22.9% to 32.46 billion yuan, while external customer revenue grew by 10.2% to 66.07 billion yuan [1][2] - The number of external integrated supply chain customers increased by 14.5% to 73,700, with average revenue per customer remaining stable at 239,000 yuan [2] - Gross margin slightly decreased from 9.8% to 9.0% due to increased personnel and outsourcing costs, which grew by 17.1% and 19.2% respectively [2] - The company is focusing on technological innovation and overseas expansion, with its overseas warehouses covering 23 countries and regions, and the launch of its self-operated express brand "JoyExpress" in Saudi Arabia [3] Financial Performance Summary - For H1 2025, JD Logistics reported an adjusted net profit of 3.339 billion yuan, a 7.1% increase year-on-year, with Q2 adjusted net profit at 2.588 billion yuan, up 5.4% year-on-year [1][2] - The company forecasts net profits for 2025-2027 to be 6.85 billion, 7.91 billion, and 8.95 billion yuan respectively [3][10] - Revenue projections for 2025-2027 are 203.84 billion, 218.63 billion, and 233.81 billion yuan, with growth rates of 11.49%, 7.26%, and 6.95% respectively [10]

格隆汇8月15日丨京东物流(02618.HK)发布公告，根据采纳于2021年5月10日的首次公开发售后股份奖励 计划, 于2025年8月15日发行695万股新股份。 ...

智通财经APP讯，京东物流(02618)发布公告，根据采纳于2021年5月10日的首次公开发售后股份奖励计 划,于2025年8月15日发行的695万股新股份。 ...

京东物流(02618)发布公告，根据采纳于2021年5月10日的首次公开发售后股份奖励计划,于2025年8月15 日发行的695万股新股份。 ...

FF305 呈交日期： 2025年8月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02618 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 16.70 [1][5]. Core Insights - The company reported a revenue growth of 14.1% year-on-year to HKD 98.53 billion in 1H25, with a net profit of HKD 2.58 billion, reflecting a 13.9% increase, slightly above expectations [1][5]. - The growth in revenue and profit is primarily driven by an increase in JD Retail revenue, the addition of JD's food delivery business, and strong growth in external customer business [1][2]. - The company has accelerated its international business expansion, launching a self-operated express service in Saudi Arabia and establishing logistics networks in multiple countries [4][5]. Revenue Breakdown - In 1H25, revenue from JD Group increased by 22.9% year-on-year to HKD 32.46 billion, accounting for 32.9% of total revenue, while external customer revenue rose by 10.2% to HKD 66.07 billion, making up 67.1% of total revenue [2]. - The integrated supply chain business generated HKD 50.11 billion in revenue, up 19.9% year-on-year, with external supply chain customer revenue increasing by 14.7% [2]. Profitability Analysis - The company's gross margin and Non-IFRS profit margin for 1H25 were 9.0% and 3.4%, respectively, both showing a decline compared to the previous year [3]. - The decrease in profit margins is attributed to increased investments in logistics infrastructure and personnel, which are expected to improve profitability in the long term as business volume increases [3]. Future Projections - Revenue forecasts for 2025-2027 have been slightly raised by 2.6% to HKD 210.41 billion, HKD 231.95 billion, and HKD 254.25 billion, respectively [5]. - Net profit forecasts remain unchanged at HKD 6.90 billion, HKD 8.10 billion, and HKD 9.38 billion for the same period [5].

Core Insights - JD Logistics reported a total revenue of 98.532 billion yuan for the first half of 2025, representing a year-on-year growth of 14.1%, with adjusted net profit reaching 3.34 billion yuan, up 7.1% year-on-year [1] - The company is adopting a differentiated high-quality development path by enhancing service quality through technology, optimizing network layout to reduce operational costs, and improving resource efficiency through refined management [1][2] Industry Context - The express logistics industry is facing ongoing scrutiny regarding low-price competition, with regulatory bodies emphasizing the need to combat "involution" in the market [2] - Analysts indicate that price wars do not foster innovation or create incremental value, ultimately disrupting the pricing system and degrading service quality [2] Employee and Service Enhancements - JD Logistics has implemented measures to ensure employee welfare, including full social insurance coverage for frontline workers, with over 660,000 frontline employees as of June [2] - The company has begun recruiting full-time riders for its delivery services, enhancing its service offerings and operational efficiency [2] Operational Efficiency and Service Timeliness - In the first half of the year, JD Logistics increased its direct air and land transport capacity, achieving over 2,000 routes for next-morning delivery upgrades [3] - The company is continuously optimizing its logistics network to enhance service speed and coverage [3] Technological Innovation - JD Logistics is committed to technological innovation, employing over 4,700 R&D personnel to enhance automation and AI applications across its logistics processes [4] - The "Super Brain" system is being utilized for intelligent decision-making, optimizing supply chain management and improving operational efficiency [4] Supply Chain Development - The company is focusing on deepening supply chain collaborations with major clients, achieving a revenue of 50.1 billion yuan from integrated supply chain clients, a 19.9% increase year-on-year [6] - JD Logistics is expanding its overseas operations, launching the "JoyExpress" brand in Saudi Arabia and establishing multiple overseas warehouses in various countries [6] Strategic Positioning - The company's strategy of shifting focus from market subsidies to efficiency upgrades is aimed at solidifying its talent base and enhancing service quality, thereby breaking the cycle of "involution" in the industry [5] - JD Logistics is positioning itself as a core supply chain infrastructure service provider by emphasizing value over price competition, aligning with the industry's high-quality development goals [6]

转自：证券时报 人民财讯8月15日电，京东物流盘中跌超7%，最低价达12.96港元。8月14日，京东物流发布的业绩公告 显示，2025年上半年，京东物流总收入达985亿元，同比增长14.1%。上半年，京东物流非国际财务报 告准则利润为33亿元，较上年同期增长7.1%。 ...

Core Viewpoint - JD Logistics aims to achieve total revenue of 98.5 billion RMB in the first half of 2025, representing a year-on-year growth of 14.1% while maintaining robust profitability through technology empowerment and optimized network layout [1] Revenue and Profitability - In the first half of 2025, JD Logistics reported a non-IFRS profit of 3.3 billion RMB, a year-on-year increase of 7.1% [1] - Integrated supply chain customer revenue reached 50.1 billion RMB, growing by 19.9% year-on-year, with external integrated supply chain customer revenue at 17.6 billion RMB, up 14.7% [1] International Expansion - JD Logistics launched its self-operated express brand "JoyExpress" in Saudi Arabia in June 2025, establishing a comprehensive logistics network from warehousing to last-mile delivery [1] - The company expanded its overseas warehouse network, covering 23 countries and regions by June 30, 2025, as part of its "Global Weaving" plan [2] Technological Innovation - As of June 30, 2025, JD Logistics employed over 4,700 R&D professionals, focusing on automation and AI to enhance logistics efficiency across all operational stages [2] - The company operates over 1,600 warehouses and more than 19,000 delivery stations, employing over 660,000 self-operated staff, including full-time delivery riders [2] Smart Warehousing and Automation - JD Logistics' "Smart Wolf" solution for goods-to-person delivery has been scaled up and deployed in major cities, significantly improving order processing efficiency [3] - The company has deployed hundreds of unmanned vehicles across multiple provinces, enhancing delivery efficiency and reducing operational costs [3] - JD Logistics holds over 5,000 authorized patents, with more than 3,000 related to automation and unmanned technology [3]

Key Points Summary of JD Logistics Q2 2025 Earnings Call Company Overview - **Company**: JD Logistics - **Quarter**: Q2 2025 Financial Performance - Adjusted net profit reached **25.9 billion RMB**, a year-on-year increase of **5.4%** with a net profit margin of **5%** indicating stable growth in profitability [2][4] - Total revenue for Q2 2025 was **515.6 billion RMB**, reflecting a year-on-year growth of **16.6%**; external revenue was **338 billion RMB**, up **4.2%** [3][16] Integrated Supply Chain Performance - Revenue from integrated supply chain customers was **269.1 billion RMB**, a **26.3%** increase year-on-year, with external integrated supply chain revenue at **91.5 billion RMB**, growing **17.8%** [5][16] - The number of external integrated supply chain customers increased by **13.8%** to **15,854**, with average revenue per customer rising by **3.5%** to **139,000 RMB** [6][16] Industry-Specific Achievements - **Home Appliances**: Enhanced service capabilities led to significant improvements in operational metrics, including a **20%** increase in on-time delivery rates and inventory turnover [7] - **Apparel**: Upgraded services to achieve **30%** improvement in order timeliness compared to traditional models, addressing high return rates in e-commerce [8] - **Automotive**: Developed a just-in-time supply model that improved space utilization and efficiency in logistics for automotive clients [9][10] International Expansion - Launched the self-operated express brand **Joy Express** in Saudi Arabia, enhancing last-mile delivery capabilities [11] - Accelerated overseas warehouse expansion in multiple countries, including the U.S., France, and Vietnam, to provide integrated supply chain services [11] Express Delivery Business - Revenue from express delivery and logistics services grew by **7.6%** to **246.6 billion RMB** [12] - Implemented temperature-controlled logistics solutions for fresh produce, improving delivery reliability [12] Technological Innovations - Continuous investment in automation and AI technologies to enhance logistics efficiency across the supply chain [14][15] - Development of smart logistics solutions, including autonomous vehicles for last-mile delivery [15] Cash Flow and Capital Expenditure - Free cash flow for Q2 was **24.9 billion RMB**, an increase of **8 billion RMB** year-on-year; capital expenditure was **10.9 billion RMB** focused on operational efficiency [19] Future Outlook - Plans to enhance customer experience and operational efficiency through technology-driven initiatives, including scaling up autonomous vehicle deployment [18] - Positive growth outlook for integrated supply chain services, driven by competitive pricing and service quality [23][24] Customer Engagement and Revenue Growth - Increased customer engagement led to growth in both average revenue per customer and total customer numbers, supported by a multi-channel logistics model [25] Long-term Profitability - Long-term gross margin is expected to improve through cost reduction and efficiency enhancements, despite short-term pressures from strategic investments [26]