Investment Rating - The investment rating for JD Logistics is maintained at "Outperform" [2] Core Insights - The report anticipates a significant revenue increase in Q4 2025, projecting revenue of 62.5 billion RMB and an adjusted net profit of 2.26 billion RMB. The company is focusing on revenue growth and investment, particularly in integrated supply chain and instant delivery services, which are expected to drive high revenue growth in Q4 2025 [9] - The management restructuring and increased investment in high-end e-commerce and valuable business scenarios are expected to improve profits in 2026. The company is enhancing its service capabilities and optimizing its business structure, which is expected to strengthen its competitive advantage [9] - The profit forecast has been adjusted downward, with expected adjusted net profits for 2025-2027 revised to 76.23 billion, 87.76 billion, and 99.45 billion RMB respectively, reflecting a year-on-year growth of -3.71%, +15.13%, and +13.31% [9] Financial Data and Profit Forecast - Revenue projections for JD Logistics are as follows: - 2023: 166.625 billion RMB - 2024: 182.838 billion RMB - 2025E: 216.118 billion RMB - 2026E: 243.312 billion RMB - 2027E: 267.780 billion RMB - Adjusted net profit forecasts are: - 2023: 2.761 billion RMB - 2024: 7.917 billion RMB - 2025E: 7.623 billion RMB - 2026E: 8.776 billion RMB - 2027E: 9.945 billion RMB - The report indicates a significant increase in adjusted net profit for 2023 compared to 2022, with a growth rate of 218.79% [8][10]

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 截至月份: 2025年12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 呈交日期: 2026年1月7日 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 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 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 | | ...

Core Insights - JD Logistics will maintain uninterrupted service during the overseas Spring Festival, with over 130 overseas warehouses, bonded warehouses, and direct mail warehouses operational [1] - JD's European online retail business, Joybuy, can deliver products to European consumers on the same day [1] - JD's overseas warehouses have expanded their coverage to 23 countries and regions globally [1]

Core Viewpoint - As the Spring Festival approaches, JD Logistics is committed to providing uninterrupted logistics services, ensuring a smooth and efficient shopping experience for consumers and supporting merchants during the holiday season [1][2]. Domestic Logistics Services - JD Logistics will focus on high-frequency consumer needs during the Spring Festival, offering a one-stop logistics solution that includes express delivery, appliance installation, and instant delivery services [2]. - All "Asia No. 1" smart industrial parks will operate around the clock, supported by hundreds of regional smart warehouses to ensure stable fulfillment networks, promising services like "same-day delivery" and "next-day delivery" [2]. - The company has established front warehouses in key cities to enhance its instant delivery capabilities, allowing for rapid order processing and delivery [2][3]. International Logistics Services - JD Logistics operates over 130 overseas warehouses to ensure continuous service during the Spring Festival, covering 23 countries and regions [4]. - In Europe, popular products like frozen dumplings and hot pot ingredients are being stored in JD's overseas warehouses for quick dispatch, while in the U.S., a high-efficiency service guarantees delivery within 2-3 days [4]. - The company is expanding its logistics services in Southeast Asia and the Middle East, providing integrated delivery services for large items [4]. Cross-Border Logistics - There has been a significant increase in the volume of Chinese New Year-themed products being shipped globally, with cross-border small package shipments between China and the U.S. increasing by over 100% since mid-2025 [5]. - JD Logistics has developed a comprehensive cross-border logistics network that can deliver goods to most countries within four days [5]. Technological Innovations - JD Logistics has launched the industry's first "AI New Year Goods Map," which uses AI to predict demand and optimize inventory distribution, enhancing logistics efficiency [6][8]. - The implementation of smart management has improved delivery times and reduced cross-regional distribution, significantly benefiting merchants [8]. - The company is also deploying advanced technologies like the "Super Brain" model and "Wolf Pack" robots to enhance logistics operations across multiple regions [8]. Employee Support Initiatives - JD Logistics plans to include full-time delivery riders in its Spring Festival support team, providing them with festive meals to foster a sense of community and warmth during the holiday [8].

Core Viewpoint - As the Spring Festival approaches, logistics demand is expected to surge, and JD Logistics is committed to providing uninterrupted services during the holiday period, ensuring a smooth shopping experience for consumers and operational stability for merchants [1][3]. Domestic Logistics Services - JD Logistics will focus on high-frequency consumer needs during the Spring Festival, offering a one-stop logistics solution that includes express delivery, appliance installation, and instant delivery services [3]. - All "Asia No. 1" smart industrial parks will operate around the clock during the festival, supported by hundreds of regional smart warehouses to ensure stable fulfillment networks [3]. - The company has established front warehouses in key cities to enable rapid order processing and delivery, with promises of same-day and next-day delivery services [3]. - Instant delivery services will be enhanced for popular products such as gift boxes, digital products, and fresh food, with some items available for delivery in as little as 9 minutes [3][5]. International Logistics Services - JD Logistics will maintain operations in over 130 overseas warehouses across 23 countries and regions, ensuring timely delivery of goods during the Spring Festival [6]. - In Europe, popular frozen products are being stored in JD's overseas warehouses for quick dispatch, while in the U.S., a high-efficiency service covers most regions with a delivery time of 2-3 days [8]. - The company has seen a significant increase in cross-border logistics volume, with a 100% growth in cross-border small package shipments between China and the U.S. since December 2025 [9]. Technological Innovations - JD Logistics has launched the industry's first "AI New Year Goods Map," which uses AI to predict demand and optimize inventory distribution, allowing for proactive stock management [9][11]. - The implementation of smart management has improved delivery efficiency, with next-day delivery times increasing by 14% and cross-region delivery ratios decreasing from 27% to 6% [11]. - The company is also deploying advanced technologies such as the "Super Brain" model and "Wolf Pack" robots across multiple provinces and countries to enhance logistics efficiency [11]. Employee Support Initiatives - JD Logistics plans to include full-time delivery riders in the Spring Festival support team, providing them with festive meals to foster a sense of community and warmth during the holiday [11].

Group 1 - JD Logistics (02618) announced that on January 1, 2026, the company granted 1.4882 million new shares as part of its post-IPO share incentive plan to the grantees [1][3] - The awarded shares represent approximately 0.02% of the total shares issued as of the grant date [1][3]

Core Viewpoint - JD Logistics (02618) announced the grant of 1,488,200 new shares under its share incentive plan, effective January 1, 2026, representing approximately 0.02% of the total issued shares as of the grant date [1] Group 1 - The company will issue a total of 1,488,200 shares as part of its initial public offering share incentive plan [1] - The awarded shares account for about 0.02% of the total shares issued at the time of the grant [1]

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） 授出股份獎勵 及 先前股份獎勵授出的最新進展 授出股份獎勵 董事會宣佈，於2026年1月1日，本公司根據首次公開發售後股份獎勵計劃向承授人授 出了涉及1,488,183股新股份的1,488,183股獎勵股份，約佔於授出日期已發行股份總數的 0.02%。 新授出的詳情如下： 1 2 (iv) 59,031股獎勵股份將於授出日期起0.25至2.25年內歸屬； (v) 234,412股獎勵股份將於授出日期起0.5至3.5年內歸屬； 及 (vi) 1,105,854股獎勵股份將於授出日期起1至4年內歸屬。 授出日期： 2026年1月1日 承授人： 本集團僱員（不包括本集團董事及高級管理人員） 新授出的對價： 零 授出獎勵股份的數目： 1,488,183股 授出日期股份的市價： 每股11.420港 ...

Group 1 - JD Logistics (02618) announced the appointment of Ms. Laura J. Peterson as an independent non-executive director effective from December 29, 2025 [1] - Ms. Gu Yi has been appointed as a member of the nomination committee and has resigned from the remuneration committee [1] - Mr. Deng Yihai has been appointed as a member of the remuneration committee [1] - Dr. Ye Lin has resigned from the nomination committee [1]

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） 董事名單及其角色和職能 京东物流股份有限公司（「本公司」）的董事（「董事」）會（「董事會」）成員如下。 執行董事 王振輝 （首席執行官） 非執行董事 劉強東 （主席） 獨立非執行董事 顧宜 吳燕安 Laura J. Peterson 趙先德 張揚 葉林 鄧以海 董事會設有三個委員會。下表詳細列出該等委員會成員。 | 董事 | | 審計委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 王振輝 | （首席執行官） | | | | | 劉強東 | （主席） | | | 主席 | | 顧宜 | | 主席 | | 成員 | | 吳燕安 | | 成員 | | | | Laura J. Peterson | | | | | | 趙先德 | | 成員 | 主席 | | | 張揚 | | | | 成員 | | 葉林 | | | 成員 | | | 鄧以海 | | | 成員 | | 2025年12月29日 ...