Revenue and Profit Growth - Total revenue for the first half of 2024 reached RMB 86.3 billion, a year-on-year increase of 11.0%[5] - External customer revenue for the first half of 2024 was RMB 59.9 billion, accounting for 69.4% of total revenue, a year-on-year increase of 11.2%[5] - Non-IFRS profit for the first half of 2024 was RMB 3.1 billion, a year-on-year increase of 2,631.2%[6] - Gross profit for the first half of 2024 was RMB 8.5 billion, a year-on-year increase of 68.7%[3] - Non-IFRS EBITDA for the first half of 2024 was RMB 9.3 billion, a year-on-year increase of 60.0%[3] - Non-IFRS EBITDA margin for the first half of 2024 was 10.8%, an increase of 3.3 percentage points year-on-year[3] - Total revenue increased by 7.7% YoY to RMB 44.2 billion for the three months ended June 30, 2024, compared to RMB 41.0 billion in the same period in 2023[28] - Revenue from integrated supply chain customers increased by 4.4% YoY to RMB 21.3 billion for the three months ended June 30, 2024[29] - Revenue from other customers increased by 11.0% YoY to RMB 22.9 billion for the three months ended June 30, 2024[29] - Revenue from JD Group accounted for 30.6% of total revenue, amounting to RMB 13.5 billion for the three months ended June 30, 2024[30] - Revenue from other sources (including third-party merchants on JD Group's platform) accounted for 69.4% of total revenue, amounting to RMB 30.7 billion for the three months ended June 30, 2024[30] - Total revenue increased by 11.0% from RMB 77.8 billion in H1 2023 to RMB 86.3 billion in H1 2024, driven by growth in both integrated supply chain and other customer segments[37] - Revenue from integrated supply chain customers grew by 7.6% from RMB 38.9 billion in H1 2023 to RMB 41.8 billion in H1 2024, with the number of external integrated supply chain customers increasing from 60,792 to 64,379[38] - Revenue from other customers increased by 14.5% from RMB 38.9 billion in H1 2023 to RMB 44.5 billion in H1 2024, driven by higher business volume in express delivery services[38] - Revenue from JD Group accounted for 30.6% of total revenue in H1 2024, while revenue from other sources (including third-party merchants on JD's platform) accounted for 69.4%[39] - Gross profit increased from RMB 5 billion in the first half of 2023 to RMB 8.5 billion in the same period of 2024, with the gross margin rising from 6.5% to 9.8%[41] - Net profit for the first half of 2024 was RMB 2.6 billion, a significant improvement from a net loss of RMB 500 million in the same period of 2023[45] - Non-IFRS profit for the first half of 2024 was RMB 3.12 billion, compared to RMB 114.2 million in the same period of 2023, with a non-IFRS profit margin of 3.7%[48] - Non-IFRS EBITDA margin for the first half of 2024 was 10.8%, up from 7.5% in the same period of 2023[49] - Non-IFRS EBITDA for the period reached RMB 5,633,097 thousand, with a margin of 12.79%[50] - Revenue for the six months ended June 30, 2024, was RMB 86.34 billion, with a gross profit of RMB 8.48 billion, representing a 68.7% increase from RMB 5.03 billion in the same period of 2023[61] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 2.26 billion, compared to a net loss of RMB 637.21 million in the same period of 2023[61] - Total comprehensive income for the six months ended June 30, 2024, was RMB 2.68 billion, compared to RMB 664.87 million in the same period of 2023[62] - Total revenue for the first half of 2024 reached RMB 86,344.76 million, a 11.0% increase compared to RMB 77,761.31 million in the same period of 2023[71] - Integrated supply chain customers contributed RMB 41,800.09 million to revenue in H1 2024, up 7.6% from RMB 38,852.51 million in H1 2023[71] - Basic earnings per share for H1 2024 were RMB 0.36, a significant improvement from a loss of RMB 0.10 per share in H1 2023[74] Integrated Supply Chain Performance - External integrated supply chain customer revenue for the first half of 2024 was RMB 15.4 billion, showing steady growth[6] - The number of external integrated supply chain customers reached 64,379 in the first half of 2024, a year-on-year increase of 5.9%[6] - Average revenue per external integrated supply chain customer was RMB 239,000 in the first half of 2024[6] - Revenue from integrated supply chain customers reached RMB 41.8 billion in H1 2024, with external integrated supply chain revenue at RMB 15.4 billion. The number of external integrated supply chain customers grew by 5.9% YoY to 64,379, with average revenue per customer at RMB 239,000[8] - The number of external integrated supply chain customers increased from 52,063 in Q2 2023 to 57,889 in Q2 2024[29] - Revenue from integrated supply chain customers increased by 4.4% YoY to RMB 21.3 billion for the three months ended June 30, 2024[29] - Revenue from integrated supply chain customers grew by 7.6% from RMB 38.9 billion in H1 2023 to RMB 41.8 billion in H1 2024, with the number of external integrated supply chain customers increasing from 60,792 to 64,379[38] Logistics Network and Infrastructure - JD Logistics expanded its next-day and second-day delivery coverage, enhancing customer experience and satisfaction. The company's full-freighter capabilities improved fresh produce delivery services, particularly for cherries and lychees, ensuring high-quality and stable delivery nationwide. In Hong Kong and Macau, JD Logistics continued to deliver premium services[7] - JD Logistics operated over 1,600 warehouses, 19,000 delivery stations, and employed nearly 340,000 self-operated delivery personnel as of June 30, 2024, strengthening its logistics infrastructure[7] - The company's logistics technology products and solutions cover key supply chain processes such as warehousing, sorting, transportation, and delivery, with core products including high-density storage systems, automated guided vehicles, and intelligent delivery vehicles[13] - The company operates one of China's largest warehousing networks, with over 1,600 self-operated warehouses and 2,000 cloud warehouses, covering a total area of over 32 million square meters[16] - The company's integrated transportation network includes 50,000 self-operated vehicles, over 600 railway routes, and 2,000 air freight routes as of June 30, 2024[17] - The company's last-mile delivery network consists of 340,000 self-operated delivery personnel and over 19,000 delivery stations, covering 300+ cities across China[18] - The company operates over 200 large-item warehouses and sorting centers, with a total management area exceeding 4 million square meters as of June 30, 2024[19] - The company's cold chain network includes 60 temperature-controlled warehouses for fresh and frozen food, covering 400,000 square meters, and 30 specialized warehouses for pharmaceuticals and medical devices, covering 300,000 square meters as of June 30, 2024[20] - The company operates nearly 100 bonded warehouses, direct mail warehouses, and overseas warehouses, with a total managed area of nearly 1 million square meters as of June 30, 2024[21] - The company has established overseas warehouses in 18 countries and regions, including the US, Germany, and the UAE, as of June 30, 2024[21] Technology and Innovation - JD Logistics invested in technology innovation, employing over 4,000 R&D professionals as of June 30, 2024. The company focused on automation, digitalization, and intelligent decision-making to optimize costs, efficiency, and customer experience[7] - In Q2 2024, the company provided customized services to a leading domestic semiconductor company using its self-developed Tianlang goods-to-person system and fully automated warehousing and delivery solutions[13] - The company's Supply Chain Emission Management Platform (SCEMP) has been certified by ISO14064 and is used by over 25 global clients for carbon emission monitoring as of June 2024[14] - As of June 30, 2024, the company has over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[14] - R&D expenses remained stable at RMB 1.7 billion in the first half of 2024, compared to RMB 1.8 billion in the same period of 2023[43] Cost Management and Efficiency - Operating costs increased by 3.5% from RMB 37.6 billion in Q2 2023 to RMB 39.0 billion in Q2 2024, with the operating cost-to-revenue ratio decreasing by 3.6 percentage points to 88.1%[31] - Employee compensation and benefits for operational staff rose by 13.1% from RMB 13.4 billion in Q2 2023 to RMB 15.1 billion in Q2 2024, driven by an increase in the number of operational employees[31] - Gross profit increased from RMB 3.4 billion in Q2 2023 to RMB 5.3 billion in Q2 2024, with the gross margin rising from 8.3% to 11.9% due to cost efficiency improvements[32] - Sales and marketing expenses grew by 12.9% from RMB 1.2 billion in Q2 2023 to RMB 1.4 billion in Q2 2024, driven by the expansion of the sales and marketing team[33] - Operating costs increased by 7.1% from RMB 72.7 billion in the first half of 2023 to RMB 77.9 billion in the same period of 2024, with the cost-to-revenue ratio decreasing by 3.4 percentage points to 90.2%[40] - Employee compensation and benefits for operational staff rose by 14.9% from RMB 26 billion in the first half of 2023 to RMB 29.9 billion in the same period of 2024, driven by an increase in the number of operational staff[40] - Sales and marketing expenses grew by 18.1% from RMB 2.4 billion in the first half of 2023 to RMB 2.8 billion in the same period of 2024, driven by the expansion of the sales and marketing team[42] - Employee compensation and benefits expenses, including share-based compensation, totaled RMB 33.5 billion for the six months ended June 30, 2024, a 13.6% increase compared to RMB 29.5 billion in the same period of 2023[60] - Employee compensation and benefits expenses increased to RMB 33,509.17 million in H1 2024, up 13.6% from RMB 29,490.85 million in H1 2023[73] Cash Flow and Financial Position - Total cash resources as of June 30, 2024, amounted to RMB 42.1 billion[53] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 7,382,334 thousand[54] - Free cash inflow for the six months ended June 30, 2024, was RMB 1.4 billion, compared to a free cash outflow of RMB 2.1 billion in the same period of 2023[54] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 709,497 thousand[54] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 5,995,724 thousand[54] - The company's capital-to-debt ratio as of June 30, 2024, was approximately 15.4%[58] - Total assets as of June 30, 2024, were RMB 111.45 billion, with non-current assets of RMB 52.98 billion and current assets of RMB 58.47 billion[63] - Cash and cash equivalents as of June 30, 2024, were RMB 17.92 billion, compared to RMB 17.21 billion as of December 31, 2023[63] - Outstanding borrowings as of June 30, 2024, were RMB 7.8 billion[60] - Restricted cash pledged as collateral as of June 30, 2024, was RMB 238.9 million[60] - The company has no significant contingent liabilities or guarantees as of June 30, 2024[60] - Net cash generated from operating activities in H1 2024 was RMB 7,382.33 million, a 71.7% increase from RMB 4,298.91 million in H1 2023[65] - Total equity attributable to the company's owners increased to RMB 50,775.90 million as of June 30, 2024, up 5.4% from RMB 48,157.92 million at the end of 2023[64] - Total liabilities decreased to RMB 53,181.96 million as of June 30, 2024, down 7.6% from RMB 57,528.08 million at the end of 2023[64] - Cash and cash equivalents at the end of H1 2024 stood at RMB 17,919.82 million, a 15.9% increase from RMB 15,456.40 million at the end of H1 2023[65] - Trade receivables as of June 30, 2024, amounted to RMB 15,111,185 thousand, with a credit loss allowance of RMB 435,963 thousand[75] - Trade receivables aged within 3 months accounted for RMB 14,834,761 thousand as of June 30, 2024[76] - Trade payables as of June 30, 2024, totaled RMB 7,252,906 thousand, including RMB 38,558 thousand under supplier financing arrangements[78] - Trade payables aged within 3 months amounted to RMB 6,671,740 thousand as of June 30, 2024[79] Corporate Governance and Capital Allocation - The company maintained high standards of corporate governance and complied with the Corporate Governance Code as of June 30, 2024[80] - The net proceeds from the placement and subscription amounted to approximately RMB 6,924 million[86] - As of May 16, 2024, the unused amount of the net proceeds was approximately RMB 712 million, and the initial expected timeline was extended by 12 to 24 months starting from May 16, 2024[87] - The net proceeds were allocated as follows: RMB 5,885 million for optimizing the logistics network and solutions, and RMB 1,039 million for general corporate purposes and working capital needs[92] - The total net proceeds used as of June 30, 2024, were RMB 20 million, with RMB 692 million remaining unused[92] - The company extended the expected timeline for the use of net proceeds from the global offering to 12-36 months starting from May 16, 2024[84] - As of June 30, 2024, the unused amount of net proceeds from the global offering was RMB 5,170 million[85] - The company allocated RMB 12,620 million of net proceeds for upgrading and expanding its logistics network, with RMB 2,303 million remaining unused as of June 30, 2024[85] - RMB 4,589 million was allocated for developing advanced technology related to supply chain solutions, with RMB 2,134 million remaining unused as of June 30, 2024[85] - No significant acquisitions or disposals of subsidiaries and associates were made during the six months ended June 30, 2024[58] - No significant investments were made during the six months ended June 30, 2024[58] - No major investment or capital asset plans were announced as of June 30, 2024[58] - No interim dividend was declared or recommended for the period ending June 30, 2024[75] Employee and Workforce Management - Total number of employees as of June 30, 2024, is 451,823, with 95.2% in operations, 2.4% in sales and marketing, 1.0% in R&D, and 1.4% in general and administrative functions[59] - Employee compensation and benefits expenses, including share-based compensation, totaled RMB 33.5 billion for the six months ended June 30, 2024, a 13.6% increase compared to RMB 29.5 billion in the same period of 2023[60] - Employee compensation and benefits for operational staff rose by 13.1% from RMB 13.4 billion in Q2 2023 to RMB 15.1 billion in Q2 2024, driven by an increase in the number of operational employees[31] - Employee compensation and benefits for operational staff rose by 14.9% from RMB 26 billion in the first half of 2023 to RMB 29.9 billion in the same period of 2024, driven by an increase in the number of operational staff[40] - Employee compensation and benefits expenses increased to RMB 33,509.17 million in H1 2024, up 13.6% from RMB 29,490.85 million in H1 2023[73] Industry-Specific Supply Chain Solutions - JD
京东物流(02618) - 2024 - 中期业绩