Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1%, with adjusted net profit reaching 2.02 billion yuan, exceeding market expectations [1][3] - The integrated supply chain revenue grew by 45.8% year-on-year, solidifying JD Logistics' leading position in the supply chain market [3][5] Revenue Breakdown - Integrated supply chain revenue accounted for 30.1 billion yuan in Q3, with a significant year-on-year increase of 45.8%, driven by a robust logistics network and extensive warehousing management experience [3][5] - Revenue from other clients, including express and freight services, reached 24.9 billion yuan, showing steady growth [5] Technological Advancements - JD Logistics launched two core technological achievements: "Super Brain Model 2.0" and "Wolf Pack Intelligent Robotic Arm System," enhancing the application of AI in logistics [5] - The "Super Brain Model 2.0" can reduce the solving time for millions of variables to under 2 hours, optimizing logistics planning dynamically [5] - The "Wolf Pack" robotic group has been deployed across over 20 provinces in China and more than 10 countries globally, covering the entire logistics chain [5] Operational Enhancements - During the 11.11 shopping festival, JD Logistics saw over 100% year-on-year growth in the delivery volume of hairy crabs, implementing upgraded service guarantees to ensure freshness [6] - The company doubled its resource investment in collection and transportation, utilizing advanced technologies such as unmanned vehicles, drones, and AI for logistics support [6]

Core Viewpoint - JD Logistics reported a strong performance in Q3 2025, with total revenue reaching 55.1 billion yuan, marking a year-on-year growth of 24.1% and an adjusted net profit of 2.02 billion yuan [1] Financial Performance - Total revenue for Q3 2025 was 55.1 billion yuan, a 24.1% increase compared to the previous year [1] - Revenue from other clients, including express delivery and freight services, amounted to 24.9 billion yuan [1] - Adjusted net profit for the quarter was 2.02 billion yuan [1] Management Changes - JD Logistics announced the resignation of Hu Wei as Executive Director, CEO, and Authorized Representative, effective November 13, 2025, as he will take on other roles within JD Group [1] - Wang Zhenhui has been appointed as the new Executive Director, CEO, and Authorized Representative, effective November 13, 2025 [1] - Wang Zhenhui has been with JD Group since April 2010 and has held several key positions, bringing extensive management experience [1] - He directly holds 41,700 shares of JD Group's American Depositary Shares and has rights to 240,000 shares under the company's incentive plan [1]

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3, representing a year-on-year growth of 24.1% [1] - The adjusted net profit reached 2.02 billion yuan [1] Business Performance - Integrated supply chain revenue grew by 45.8% year-on-year, reaching 30.1 billion yuan [1] - The number of external integrated supply chain customers increased from 59,286 to 66,809 year-on-year [1] - Average revenue per customer rose to 133,700 yuan [1] - Revenue from other customers, driven by growth in express and freight services, increased by 5.1% year-on-year, totaling 24.9 billion yuan [1]

Financial Data and Key Metrics Changes - In Q3 2025, JD Logistics achieved total revenue of RMB 155.08 billion, representing a year-over-year increase of 24.1% [23] - Non-GAAP profit was RMB 2.02 billion with a profit margin of 3.7%, while non-GAAP EBITDA was RMB 5.32 billion, a decrease of 7.1% year-over-year [31] - Employee benefit expenses rose to RMB 21.82 billion, up 49.8% year-over-year, primarily due to the addition of full-time food delivery riders [26] Business Line Data and Key Metrics Changes - Revenue from ISC customers totaled RMB 13.13 billion, up 45.8% year-over-year, with external ISC customer revenue at RMB 8.93 billion, increasing by 13.5% [24] - Average revenue per external ISC customer reached RMB 134,000, up 0.7% year-over-year [25] - Revenue from other customers, including express and freight delivery services, was RMB 24.95 billion, up 5.1% year-over-year [25] Market Data and Key Metrics Changes - The number of external ISC customers grew to approximately 67,000, reflecting a 12.7% year-over-year increase [24] - JD Logistics maintained a strong position in the logistics market, ranking among the top tier in China for cargo volume and revenue scale in freight delivery services [26] Company Strategy and Development Direction - The company is focused on enhancing its service capabilities and expanding its international business, with plans to double the gross floor area of overseas warehouses by the end of 2025 [13] - JD Logistics aims to deepen its presence in the ISV space, leveraging digital technology and operational management to improve service efficiency [8] - The company is committed to investing in automation and digital technologies to enhance operational efficiency and reduce costs [19] Management's Comments on Operating Environment and Future Outlook - Management noted that China's macroeconomy remained stable, supporting JD Logistics' growth [23] - The company expects economies of scale and improved resource utilization to enhance profitability as business volume increases during peak seasons [23] - Management expressed confidence in the long-term growth potential driven by strategic investments and operational improvements [33] Other Important Information - JD Logistics was rated as the strongest logistics brand in 2025 by Brand Finance, highlighting its international competitiveness [16] - The company has established multiple overseas warehouses in the Middle East, enhancing its global logistics capabilities [11] Q&A Session Summary Question: Comments on capital investment, efficiency, and cost regarding automation - Management highlighted the importance of balancing investment and return in automation, with plans to gradually upgrade investments based on real-life data [39] Question: Orders accepted per day and innovation in food delivery - Management discussed the integration of full-time riders and outsourced riders to enhance delivery capacities and improve service quality [42] Question: Plans for the overseas market - Management outlined goals for building a global network by the end of 2025, focusing on capacity building and reducing compliance costs for customers [46] Question: Core sector and capacity in ISC customers - Management acknowledged the need to improve the number of ISC customers and RPARC, emphasizing the importance of serving both key and small accounts [51]

JD Logistics (SEHK:02618) Q3 2025 Earnings Call November 13, 2025 04:00 AM ET Company ParticipantsWu Hao - CFOWang Zhenhui - CEOWei Hu - CEOSong Shan - Head of Investor RelationsJon Rohan - VP and Product ManagerConference Call ParticipantsNone - AnalystNone - AnalystNone - Analyst 1OperatorLadies and gentlemen, thank you for standing by. Welcome to the JD Logistics Third Quarter 2025 Results Conference call. At this time, all participants are in the listen-only mode. After management's prepared remarks, th ...

Financial Data and Key Metrics Changes - In Q3 2025, JD Logistics achieved total revenue of RMB 55.1 billion, representing a year-over-year increase of 24.1% [4][22] - Non-GAAP net profit was RMB 2.02 billion, with a profit margin of 3.3% [4][31] - Average profit was RMB 1.96 billion, with a non-GAAP profit margin of 3.7% [22][31] - Gross profit margin was 9.1% [25] - Employee benefit expenses increased by 49.8% year-over-year to RMB 21.82 billion, accounting for 39.6% of total revenue [25][26] Business Line Data and Key Metrics Changes - Revenue from direct-to-supply chain ISC customers reached RMB 13.1 billion, up 45.8% year-over-year [4][23] - ISC revenue from JD Group amounted to RMB 21.20 billion, up 165.8% year-over-year [23] - Revenue from external ISC customers was RMB 8.93 billion, up 13.5% year-over-year [23] - Revenue from other customers, including express and freight delivery services, was RMB 24.95 billion, up 5.1% year-over-year [12][24] Market Data and Key Metrics Changes - The number of external ISC customers reached approximately 67,000, up 12.7% year-over-year [23] - Average revenue per customer for external ISC was RMB 134,000, up 0.7% year-over-year [24] Company Strategy and Development Direction - The company is focused on enhancing service experience and delivery capabilities, with targeted investments in international business expansion and capacity improvement [4][22] - JD Logistics aims to deepen its presence in the ISV space, leveraging digital technology and operational management [8][10] - The company plans to double the gross floor area of its overseas warehouse by the end of 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management noted that China's economy maintained a steady trend, supporting JD Logistics' growth [3][22] - The company expects economies of scale and improved resource utilization to support profitability improvement as business volume increases [22] - Management emphasized the importance of automation and technology investments for long-term growth and efficiency [35][39] Other Important Information - JD Logistics was rated as the strongest logistics brand in 2025 by Brand Finance [16] - The company has established multiple overseas warehouses in the Middle East, enhancing its international logistics capabilities [11][12] Q&A Session Summary Question: Comments on automation and capital investment - Management highlighted the extensive use of automation technologies and the balance between investment and return [34][35] Question: Orders accepted per day and network utilization - Management discussed the integration of full-time riders and the positive impact on delivery capacities and user experience [36][37] Question: Plans for the overseas market - Management outlined goals for building a global network and improving terminal-to-terminal capacities by the end of 2025 [39] Question: ISC customers and RPARC - Management acknowledged the need for improvement in ISC customer numbers and RPARC, focusing on enhancing product offerings [41][42]

2024年，王振辉回到京东集团负责创新业务的发展，直到此次再度担任京东物流CEO职务。 王振辉于1998年获得北京科技大学工程学学士学位，并于2016年获得中欧国际工商学院EMBA学位。 京东物流今日宣布，董事会宣布胡伟已辞任执行董事、首席执行官职务，自2025年11月13日起生效，原因为彼将于京东集团有其他任职。胡伟已确认，彼与 董事会并无意见分歧。 京东物流宣布，王振辉已获委任为公司执行董事、首席执行官及授权代表，自2025年11月13日起生效。 王振辉现年50岁，在京东集团多年，担任多个重要职务，最知名的履历就是曾担任京东物流CEO。 资料显示，王振辉，于2010年4月加入京东集团，并在京东集团及京东物流集团担任多个重要职位。2010年4月至2016年5月，彼曾于京东集团分别担任华北 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，担任京东集团运营体系负责人。彼亦于2017年4月至2020年12月 担任京东物流首席执行官。 此后，王振辉一度离开京东物流，于2022年7月至2023年7月，王振辉担任协鑫能源科技股份有限公司（深圳证券交易所股票代码：002015）的 ...

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1%, with adjusted net profit reaching 2.02 billion yuan, exceeding market expectations [1][1][1] Revenue Breakdown - Integrated supply chain revenue for Q3 reached 30.1 billion yuan, showing a year-on-year increase of 45.8%, continuing to lead the industry in growth rate [1][1][1] - The number of external integrated supply chain customers and average revenue per customer both demonstrated steady growth [1][1][1]

与此同时，王振辉被委任为公司执行董事、首席执行官及授权代表，自2025年11月13日起生效。 资料显示，王振辉于2010年4月加入京东集团，曾担任多个重要职务。2017年4月至2020年12月，王振辉 担任京东物流首席执行官。2024年，王振辉回到京东集团负责创新业务的发展。 北京商报讯（记者 何倩）11月13日，京东物流发布公告，董事会宣布胡伟已辞任执行董事、首席执行 官及授权代表，自2025年11月13日起生效，原因是他将在京东集团担任其他职务。 ...

责任编辑：何俊熹 新浪科技讯 11月13日下午消息，京东物流发布2025年第三季度业绩报告。第三季度，京东物流总收入 达到551亿元，同比增长24.1%，经调整后净利润达20.2亿元，收入及收入增速等指标均超市场预期。其 中，京东物流一体化供应链收入增长45.8%。 ...