Core Insights - JD Logistics has officially launched its front logistics center in Yibin, enhancing logistics efficiency in the main urban area and surrounding counties, enabling same-day delivery services for orders placed in the morning [1][6]. Group 1: Logistics Center Operations - The Yibin front logistics center utilizes advanced automated storage, picking, and sorting systems for efficient management of a large number of SKUs, along with a full-process visual monitoring system for traceability and management [4][8]. - The center's operational model of "nearby warehousing and nearby shipping" helps merchants improve logistics supply chain efficiency and reduce overall costs, particularly benefiting local products like Yibin's famous liquor [8]. Group 2: Market Potential and Future Plans - The establishment of the Yibin logistics center is part of JD Logistics' strategy to deepen and expand its national supply chain network, targeting the significant growth potential in the southern Sichuan market [4][8]. - The center aims to become a comprehensive supply chain logistics service hub integrating product circulation, data services, and industrial innovation in the future [8].

截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京东物流股份有限公司 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 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 6,656,781,772 0 6,656,781,772 增加 / 減少 (-) 0 0 本月底結存 6,656,781,772 0 6,656,781,772 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） ...

Core Insights - The article highlights the rapid growth and development of China's postal and express delivery industry, which has become the largest and most utilized network globally, with express delivery volume reaching 198.95 billion pieces, a year-on-year increase of 13.6%, and total revenue of 1.5 trillion yuan, up 6.5% year-on-year [1][13] Group 1: High-Quality Development - The 2026 National Postal Work Conference emphasizes "two promotions and three enhancements" as the core strategy for industry development, with a primary focus on promoting high-quality development [1][13] - High-quality development is seen as a necessary transition from scale expansion to value creation, as the industry adapts to new market conditions and consumer demands [1][14] - The domestic e-commerce market is shifting from "incremental expansion" to "deep cultivation of existing markets," necessitating a focus on quality improvement rather than just quantity growth [2][14] Group 2: New Growth Opportunities - Companies are encouraged to explore new value growth avenues by extending their services along the supply chain, moving beyond basic delivery services to areas like cold chain logistics and supply chain management [3][15] - The industry must shift from a competitive mindset of "dividing the pie" to "improving the pie together," focusing on quality, innovation, and customer experience [3][16] - Emphasis is placed on fostering new productive forces through technological innovation, integrating AI, big data, and IoT into business operations to enhance efficiency and service quality [4][16] Group 3: Efficient Governance - The article discusses the need for a governance upgrade from mere management to a multi-faceted approach involving government regulation, corporate self-discipline, and social collaboration [5][17] - Key strategies for effective governance include optimizing the business environment, innovating regulatory models, and enhancing corporate compliance [6][18] - Collaboration across the entire supply chain is essential, with a focus on shared interests and responsibilities among delivery companies, end-point networks, and franchisees [6][18] Group 4: Enhancing Rural Delivery Services - The National Postal Work Conference outlines three major tasks, including enhancing rural delivery service capabilities, which is crucial for improving network efficiency and supporting rural revitalization [20][21] - The rural delivery network consists of both public postal services and private delivery companies, emphasizing the need for a balanced approach to service provision [20][21] - New metrics for rural delivery services focus on accessibility, stability, and quality, ensuring that services effectively support agricultural and industrial product distribution [9][21] Group 5: International Delivery Service Capabilities - Improving international delivery service capabilities is critical for expanding market reach and enhancing resilience, aligning with China's status as a major global economy [10][22] - The article notes that two Chinese companies have entered the Fortune Global 500, and seven are in the China 500, indicating growing international competitiveness [10][22] - Strategies for enhancing international logistics include strengthening capabilities across the delivery process and optimizing organizational models for cross-border e-commerce [11][23] Group 6: Service Industry Capability Enhancement - Enhancing service capabilities is identified as a core driver for the transformation and value enhancement of the postal and express delivery industry [24] - The industry is urged to integrate logistics services with modern industrial systems, becoming an integral part of the supply chain rather than merely fulfilling logistics demands [24][25] - The focus on developing supply chain logistics and transitioning to comprehensive logistics providers is expected to create high-value service opportunities and support national modernization efforts [24][25]

德邦业绩预计转盈为亏主要受外部环境及内部经营策略调整双重影响。外部环境方面，上游制造业、商 贸企业等客户对物流成本控制诉求增强，行业整体面临较大的价格下行压力。内部经营方面，德邦始终 坚持「以客户为中心」的经营理念。一方面，为更好地保障春节期间客户的发货体验，德邦在2025年一 季度加大了一线人员留岗和资源配置，确保货物平稳运转。另一方面，为提升核心主营产品竞争力，自 2025年三季度以来，德邦在运力、人力等方面增加了战略性资源投入。其中，运力方面，德邦为保障时 效，提升发车频次，干支线运输趟次同比增加，燃油路桥费、干支线外请成本相应增加；人力方面，德 邦为保障服务质量，提升收派、时效能力，增加了人力资源投入。此外，德邦还通过提升部分提成标 准、优化奖罚机制等方式提高员工待遇，增强员工归属感，以不断提升客户服务质量。报告期内，受市 场竞争及资源投入影响，德邦经营业绩面临阶段性压力。但随着德邦各项降本增效举措的稳步推进，客 户体验指标持续优化，有利于未来长期可持续发展。 格隆汇1月30日丨京东物流(02618.HK)公布德邦物流股份有限公司截至2025年12月31日止年度之业绩预 告。根据截至2025年12月3 ...

德邦物流股份有限公司 截 至 2025 年 1 2 月 3 1 日止年度之 業績預告 本公告乃由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」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例 第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義見上市規則）而刊發。 茲提述德邦物流股份有限公司（「德邦」）為本公司之子公司及其股份於上海證券交易所 上市（股份代號：603056），於2026年1月30日刊發的公告，內容有關截至2025年12月31日 止年度之業績預告（「業績預告」）。業績預告乃按上海證券交易所的相關規定所編製。 本公司董事（「董事」）會（「董事會」）謹此提請本公司股東及投資者垂注以下德邦截至2025 年12月31日止年度之預測業績，乃摘錄自該業績預告。 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 ...

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） 須予披露的交易的最新進展 1 根據有關規則及規定，德邦已於上海證券交易所網站(www.sse.com.cn)刊發「2026年第一 次臨時股東會決議公告」。 本公司股東及潛在投資者應注意：(i)擬現金選擇權可能不會全部被所有德邦股東行使； 及(ii)撤回上市事項須經上海證券交易所批准。本公司股東及潛在投資者於買賣本公司 證券時務請審慎行事。 本公司將適時就擬現金選擇權及撤回德邦股份上市事項的進度作出進一步公告。 承董事會命 京东物流股份有限公司 王振輝先生 執行董事 擬主動撤回德邦股份於上海證券交易所的上市交易及 擬向德邦股東提供現金選擇權 茲提述本公司日期為2026年1月13日的公告（「該公告」），內容有關撤回德邦股份上市事 項及擬現金選擇權。除文義另有所指外，本公告所用詞彙與該公告所界 ...

Core Viewpoint - The launch of the "Wuhan=Bangkok" international cargo route by JD Airlines marks a significant step in enhancing logistics efficiency between Central China and Southeast Asia, establishing a vital air bridge for cross-border e-commerce and high-value electronic products [1][3]. Group 1: Route Details - The new route is operated by a Boeing 737-800BCF freighter, with a maximum payload capacity of 22 tons, catering to various cargo transportation needs [1]. - Flight frequency is dynamically adjusted by season, with three flights per week from January to October and five flights per week from November to December [1]. Group 2: Logistics Infrastructure - The opening of the "JD Logistics (Wuhan) Import and Export Commodity Distribution Center" coincided with the launch of the route, creating a logistics closed loop that enhances transportation efficiency [3]. - The logistics operation at Tianhe Airport is designed to work in synergy with the "Wuhan=Bangkok" route, further optimizing the supply chain [3]. Group 3: Market and Product Focus - The route will primarily transport high-value electronic products, precision instruments, and e-commerce packages from Wuhan, while returning with tropical fruits like durians from Thailand, enriching the import market in Central China [3]. - JD Airlines aims to expand its cargo routes from Central China to Southeast Asia and Europe and the U.S., leveraging its logistics network to support high-quality regional economic development and connect Chinese enterprises globally [3].

Core Viewpoint - The recent delisting of major express delivery companies, Debon Logistics and Aneng Logistics, introduces uncertainty into the logistics industry's competitive landscape, marking a transition from scale-focused growth to a new phase emphasizing both scale and strength [1][3]. Group 1: Company Developments - Debon Logistics announced its intention to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange, with JD Logistics offering a cash option to Debon shareholders at a price of 19 RMB per share, representing a premium of over 35% compared to the last trading day [1][6]. - Following the acquisition of Debon by JD Logistics in 2022, the companies are now moving towards deeper integration of their business and networks [1]. - Debon Logistics reported a market capitalization of 15.44 RMB per share, totaling 156.64 billion RMB as of January 14 [4]. Group 2: Industry Trends - The logistics industry is experiencing a wave of privatization and delisting, with Aneng Logistics also announcing plans to privatize and delist by February 9, 2025, indicating a trend towards deep industry consolidation [3][8]. - Experts suggest that the delisting of Debon and Aneng signifies a shift in the logistics sector towards a focus on service quality and comprehensive strength, moving away from merely expanding scale [3]. - The logistics market is becoming increasingly competitive, with new players entering the zero-load logistics space and existing companies like Zhongtong and SF Express intensifying their market efforts [9]. Group 3: Financial Performance - In the first three quarters of 2025, Debon Logistics achieved a revenue of 30.27 billion RMB, reflecting a year-on-year growth of nearly 7%, but reported a net loss of 277 million RMB compared to a profit of 517 million RMB in the same period of 2024 [7]. - The decision to delist is seen as a strategic move to alleviate financial pressures associated with being a public company, allowing for more efficient resource allocation within JD Logistics' management framework [7]. Group 4: Future Outlook - The market is closely watching whether the integration of Debon into JD Logistics will yield significant synergies, with the potential to create a more competitive logistics entity [7]. - The trend of privatization in the logistics sector may also influence the express delivery industry, suggesting that similar consolidation efforts could occur in that space as well [9].

Core Viewpoint - The recent delisting of major express delivery companies, Debon Logistics and Aneng Logistics, introduces uncertainty into the logistics industry's competitive landscape, marking a transition towards deeper integration and transformation within the sector [1][3][8]. Group 1: Company Actions - Debon Logistics announced its intention to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange, with JD Logistics offering a cash option to Debon shareholders at a price of 19 RMB per share, representing a premium of over 35% compared to the last trading price [1][5]. - Aneng Logistics has also announced plans for privatization and delisting, indicating a trend of privatization within the logistics industry since 2025 [3][8]. - Debon Logistics' delisting is part of JD Logistics' commitment to resolve competition issues following its acquisition of Debon, allowing for better resource integration and operational efficiency [4][6]. Group 2: Industry Trends - The logistics industry is entering a phase of deep integration and transformation, shifting from a focus on scale to a focus on both scale and strength, emphasizing service quality and comprehensive capabilities [3][4]. - The delisting of Debon and Aneng signifies a broader trend of consolidation in the logistics sector, with increased mergers and acquisitions expected as companies seek to enhance competitiveness [7][8]. - New players are entering the market, and existing companies like Zhongtong and SF Express are intensifying their competition in the express delivery sector [8]. Group 3: Financial Performance - Debon Logistics reported a revenue of 30.27 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of nearly 7%, but also recorded a net loss of 277 million RMB, contrasting with a profit of 517 million RMB in the same period of 2024 [5].

Core Viewpoint - JD Logistics is integrating its logistics system, with DeBang Logistics announcing its intention to voluntarily withdraw from the A-share market to enhance resource coordination and fulfill commitments to avoid competition with JD Logistics [1] Group 1: DeBang Logistics' Withdrawal - DeBang Logistics plans to withdraw its A-share listing to better coordinate resources within JD Logistics, ensuring no adverse effects on its assets, personnel, or operations [1] - The proposal has been approved by the board and awaits shareholder voting and approval from the Shanghai Stock Exchange [1] - Following the announcement, DeBang's stock price surged to 15.44 yuan, a 9.97% increase, with significant trading volume, indicating positive market sentiment towards the withdrawal plan [1] Group 2: High Premium Cash Option - A cash option is being offered to shareholders at a price of 19.00 yuan per share, representing a 35.3% premium over the last closing price before suspension [2] - This cash option is not mandatory, allowing dissenting shareholders the choice to accept or reject it, with a total potential payout of approximately 37.97 billion yuan if all eligible shareholders participate [2] - The high premium reflects JD's commitment to facilitating the integration process amid increasing competition in the logistics sector [2] Group 3: Industry Context and Feasibility - Speculations about JD Logistics injecting other logistics assets into DeBang were deemed unfeasible due to regulatory and competitive concerns, making voluntary delisting the optimal solution [3] - The logistics industry lacks clear boundaries between different business segments, complicating potential integrations and increasing regulatory risks [3] - JD Logistics faces strict conditions for returning to the A-share market, making voluntary delisting a more practical approach to resolving competition issues and promoting resource integration [3] Group 4: Industry Trends - DeBang's withdrawal is part of a broader trend in the logistics industry, shifting from expansion to deep integration and efficiency improvement [5] - Successful delisting could allow DeBang to leverage JD's resources while maintaining its brand, enhancing operational efficiency and upgrading its core business [5] - The integration of DeBang and JD Logistics aligns with the logistics industry's high-quality development trend and balances corporate strategy with shareholder interests [5]