Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 16.70 [1][5]. Core Insights - The company reported a total revenue of RMB 55.08 billion for Q3 2025, representing a year-on-year increase of 24.1%. However, the net profit attributable to shareholders decreased by 7.9% to RMB 2.03 billion [1][5]. - The revenue growth was primarily driven by the increase in JD Retail revenue, the addition of JD Delivery services, accelerated overseas market expansion, and growth in external customer business [1][3]. - The company is focusing on enhancing its logistics infrastructure and expanding into international markets, particularly in the Middle East and Asia-Pacific regions [4]. Revenue Breakdown - In Q3 2025, revenue from JD Group reached RMB 21.20 billion, a significant increase of 65.8%, accounting for 38.5% of total revenue, up 9.7 percentage points year-on-year [2]. - External customer revenue was RMB 33.88 billion, growing by 7.2% and representing 61.5% of total revenue [2]. - The integrated supply chain business generated RMB 30.14 billion, a year-on-year increase of 45.8%, reinforcing its core position in the business [2]. Profitability Analysis - The gross margin and Non-IFRS profit margin for Q3 2025 were 9.1% and 3.7%, respectively, both showing a decline of 2.6 and 2.1 percentage points year-on-year [3]. - The decline in profitability is attributed to increased resource investment in new businesses and higher employee compensation costs, which rose by 49.8% to RMB 21.8 billion [3]. Future Outlook - The company maintains its net profit forecast for 2025 at RMB 6.90 billion and Non-IFRS profit at RMB 8.34 billion, while slightly adjusting the forecasts for 2026 and 2027 downwards due to anticipated cost increases [5]. - The long-term outlook remains positive, with expectations of profit margin recovery driven by improved logistics capacity utilization and automation technology applications [3][5].
京东物流（02618）：3Q收入同比高增，海外业务加速布局