Core Insights - The company reported a revenue of 46.967 billion yuan for Q1 2025, representing a year-on-year increase of 11.5% [1] - The net profit attributable to shareholders reached 0.451 billion yuan, up 89.1% year-on-year [1] - Adjusted net profit (non-IFRS) was 0.75 billion yuan, reflecting a 13.4% increase year-on-year [1] Integrated Supply Chain Performance - Integrated supply chain revenue was 23.201 billion yuan, showing a year-on-year growth of 13.2% [1] - Revenue from JD Group contributed 14.699 billion yuan, an increase of 14.1% year-on-year [1] - External integrated supply chain business revenue was 8.510 billion yuan, up 11.6% year-on-year, with a customer base of 63,100, growing by 13.1% [1] Express and Freight Business - Revenue from other clients (express and freight) was 23.766 billion yuan, a year-on-year increase of 9.8%, slightly below the overall revenue growth [2] - Excluding Debon Holdings, express and freight revenue (including Kuaixue Express) was 13.360 billion yuan, up 8.3% year-on-year [2] - Anticipation for Q2 2025 is positive due to the support from JD's 618 shopping festival and brand advantages [1] Profitability and Cost Structure - Gross profit for Q1 2025 was 3.387 billion yuan, a year-on-year increase of 7.6% [2] - Operating costs reached 43.580 billion yuan, up 11.8% year-on-year, driven by increased employee compensation and outsourcing costs [2] - The main business gross margin was 7.2%, a decrease of 0.3 percentage points year-on-year [2] Future Projections - Revenue forecasts for 2025-2027 are 202.418 billion, 217.649 billion, and 233.101 billion yuan, with year-on-year growth rates of 10.7%, 7.5%, and 7.1% respectively [2] - Net profit projections for the same period are 6.614 billion, 7.117 billion, and 7.819 billion yuan, with growth rates of 6.7%, 7.6%, and 9.9% respectively [2] - The company maintains a "buy" rating based on the expected growth in integrated supply chain and steady performance in express and freight business [2]
京东物流(02618.HK)：2025Q1营收同比+11.5% 盈利能力保持稳健