Core Viewpoint - JD Logistics reported a revenue increase of 14.1% year-on-year to 98.53 billion yuan in 1H25, with net profit rising by 13.9% to 2.58 billion yuan, slightly exceeding expectations [1] Revenue Performance - Revenue from JD Group and external customers grew by 22.9% and 10.2% respectively in 1H25, with JD Group revenue at 32.46 billion yuan, accounting for 32.9% of total revenue, an increase of 2.4 percentage points [1][2] - External customer revenue reached 66.07 billion yuan, representing 67.1% of total revenue, with integrated supply chain business revenue at 50.11 billion yuan, up 19.9% year-on-year [2] Profitability Analysis - The company's gross margin and Non-IFRS profit margin for 1H25 were 9.0% and 3.4%, down 0.8 and 0.2 percentage points year-on-year, primarily due to increased resource investment for business expansion [2][3] - In 2Q25, gross margin and Non-IFRS profit margin were 10.6% and 5.0%, reflecting a decline of 1.3 and 0.5 percentage points year-on-year [2] Business Expansion - The company is increasing logistics infrastructure and personnel, with over 1,600 warehouses and more than 19,000 delivery stations as of June 30, employing over 660,000 operational staff [3] - JD Logistics launched its self-operated express delivery brand JoyExpress in Saudi Arabia, establishing a logistics network covering warehousing, sorting, and last-mile delivery [3] Future Outlook - The company has slightly raised revenue forecasts for 2025-2027 by 2.6% to 210.41 billion, 231.95 billion, and 254.25 billion yuan respectively, while maintaining net profit forecasts at 6.9 billion, 8.1 billion, and 9.38 billion yuan [4] - The target price remains at 16.7 HKD with a "Buy" rating, based on a PE ratio of 14.8x for 2025E [4]
京东物流(2618.HK)：收入增长亮眼 业务发展势头强劲