Core Viewpoint - After nearly 10 years of investment in autonomous vehicle development, the company has made a significant decision to integrate its autonomous vehicle business with Jiushi Intelligent, marking the beginning of deep collaboration in the autonomous vehicle sector [1][3]. Group 1: Strategic Integration - The company has injected its autonomous vehicle business and made a cash investment to become a shareholder of Jiushi Intelligent, supporting the creation of the RoboVan super carrier [1]. - Following this integration, the company will no longer directly produce and sell autonomous vehicles but will leverage its logistics scenarios and ecosystem advantages to enhance the application of autonomous vehicles in logistics [3]. - Jiushi Intelligent will operate under a dual-brand strategy, with the "Cai Niao Unmanned Vehicle" brand being authorized for use by Jiushi, while maintaining its identity as an Alibaba-invested incubated enterprise [3]. Group 2: Market Position and Product Development - The company has achieved breakthroughs in 2024, transitioning its autonomous vehicle work scenarios from closed and semi-closed areas to public roads for last-mile delivery, with its L4-level autonomous vehicle GT entering mass production [4]. - The company has launched new models, including the upgraded GT Pro and the budget-friendly GT-Lite, and has been actively involved in various applications such as heavy load, short-distance, cold chain delivery, and police patrols [4]. - Jiushi Intelligent, established in 2021, focuses on L4 RoboVan and aims to have over 16,000 autonomous vehicles operating by the end of 2025, covering more than 300 cities in China [4][5]. Group 3: Industry Outlook - The demand for logistics autonomous vehicles is significant, with the potential to reduce costs and improve efficiency for express logistics companies, applicable in various fields such as express delivery, takeaway, B2C retail, and fresh delivery [6]. - The average price of mainstream logistics autonomous vehicles is around 50,000 yuan, with a business model based on vehicle sales and FSD service fees [6]. - The integration of the two companies is seen as a key milestone in moving from "single-point breakthroughs" to "system integration" in the autonomous driving industry, with expectations for a win-win development in different market dimensions [6].

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） 須予披露的交易的最新進展 1 根據有關規則及規定，德邦已於上海證券交易所網站(www.sse.com.cn)刊發「2026年第一 次臨時股東會決議公告」。 本公司股東及潛在投資者應注意：(i)擬現金選擇權可能不會全部被所有德邦股東行使； 及(ii)撤回上市事項須經上海證券交易所批准。本公司股東及潛在投資者於買賣本公司 證券時務請審慎行事。 本公司將適時就擬現金選擇權及撤回德邦股份上市事項的進度作出進一步公告。 承董事會命 京东物流股份有限公司 王振輝先生 執行董事 擬主動撤回德邦股份於上海證券交易所的上市交易及 擬向德邦股東提供現金選擇權 茲提述本公司日期為2026年1月13日的公告（「該公告」），內容有關撤回德邦股份上市事 項及擬現金選擇權。除文義另有所指外，本公告所用詞彙與該公告所界 ...

1月27日，一架满载跨境电商包裹及高价值电子产品的京东航空B737-800BCF全货机从武汉天河国际机 场起飞，直飞泰国曼谷素万那普国际机场。随着此次航班启航，京东航空"武汉=曼谷"定期国际货运航 线正式开通。该航线既为华中地区与东南亚核心市场搭建起高效"空中桥梁"，也标志着京东航空亚太航 空物流网络布局再添关键支点。 作为京东航空深耕华中市场的重要举措，"武汉=曼谷"航线可精准匹配区域产业特色与跨境物流需求。 该航线由737-800BCF全货机执飞，单程最大业载达22吨，可满足各类货物批量运输需求；航班频次按 季节动态调整，其中1-10月份每周执飞三班（周二、周四、周日），11-12月份进行航班加密，每周执 飞五班（周二、周三、周四、周五、周日）。依托定班直飞与高频稳定优势，实现货物"即装即运、快 速通达"。 值得一提的是，航线开通当日，"京东物流（武汉）进出口商品集散中心"正式挂牌，天河机场京东物流 配套操作场地同时启用。两者与 "武汉 = 曼谷" 航线形成 "空地协同" 的物流闭环，可进一步提升运输效 率。 图注：京东航空运营的737-800BCF全货机 今年年初，京东航空首架A330宽体货机正式入列， ...

Core Viewpoint - Liu Qiangdong is returning to his hometown to distribute red envelopes while announcing the upcoming IPO of his seventh company, JD Intelligent Infrastructure Co., Ltd. [1] Group 1: Company Overview - JD Intelligent Infrastructure Co., Ltd., referred to as "JD Infrastructure," submitted its prospectus to the Hong Kong Stock Exchange on January 26, with major underwriters including Bank of America and Goldman Sachs [3] - This is not the first attempt at an IPO; the company previously submitted a prospectus in March 2023 but had to terminate it for unspecified reasons [3] - JD Infrastructure serves as JD's "facility manager," focusing on the development and operation of modern infrastructure, including logistics parks, industrial parks, and data centers [3] Group 2: Business Operations - As of September 2025, JD Infrastructure plans to have 285 infrastructure projects globally, comprising 259 logistics parks, 20 industrial parks, and 6 data centers, with a total construction area of 27.1 million square meters, equivalent to approximately 3,800 football fields [3] - The asset management scale of the company has surpassed 120 billion yuan [3] - In terms of industry ranking, JD Infrastructure is among the top three modern infrastructure providers in the Asia-Pacific region and ranks second in China [3] Group 3: Financial Performance - The company reported revenues of 2.868 billion yuan in 2023, projected to increase to 3.417 billion yuan in 2024, with 3.002 billion yuan already achieved in the first nine months of 2025, indicating solid profitability [3] Group 4: JD's Business Ecosystem - JD has successfully listed six companies prior to JD Infrastructure, including JD Group, JD Health, JD Logistics, Debon Holdings, Dada Group, and JD Industrial, establishing a diversified business empire [5] - The various sectors covered by JD, including retail, logistics, health, industrial, and infrastructure, allow for independent financing and synergistic effects among the companies [5] - JD Infrastructure's potential IPO could provide additional capital for overseas expansion, enhancing JD's influence in the capital markets [5][7]

Core Viewpoint - Multiple logistics companies are announcing service adjustments for the upcoming Spring Festival, including resource adjustment fees to manage peak demand and potential service delays due to resource allocation and extreme weather conditions [2][13]. Group 1: Service Announcements - SF Express will charge a resource adjustment fee of 0.1-1.5 yuan/kg for shipments over 20kg from January 19 to February 15, 2026, and will implement additional fees during the Spring Festival period [2][13]. - JD Logistics will impose a peak resource adjustment fee of 0.1-1.2 yuan/kg on express heavy cargo from January 19 to February 23, 2026, with varying fees for different customer agreements [4][14]. - Deppon Express will charge a resource adjustment fee of 0.2-0.5 yuan/kg for certain customers and products from January 19 to February 14, 2026, and will also implement additional fees during the Spring Festival [7][17]. Group 2: Customer Considerations - Long-term cooperative customers may receive discounts or exemptions on resource adjustment fees based on their agreements with the companies [2][8]. - Specific details regarding the resource adjustment fees for cooperative monthly billing customers will be available through sales managers or on the merchant workbench [4][14]. Group 3: Continuous Operations - Some express delivery companies, such as Shentong Express, have announced they will remain operational during the Spring Festival, with 76 transfer centers running normally and additional services like "half-day delivery" and "4-hour flash delivery" in key cities [11][21]. - Pinduoduo has confirmed that its logistics partners, including YTO Express and Jitu Express, will provide services during the Spring Festival, with China Post also continuing to accept packages [11][21].

Core Viewpoint - JD Group is actively pursuing a strategy of spinning off high-potential businesses for independent listings, which allows for asset value reassessment and reduction of the parent company's debt ratio, benefiting both the parent and subsidiary companies [1]. Group 1: JD Property's IPO - JD Property has recently submitted its prospectus to the Hong Kong Stock Exchange, marking a restart of its IPO journey after nearly three years [2]. - The company is backed by major underwriters including Bank of America, Goldman Sachs, and Haitong International [2]. - JD Group currently holds approximately 74.96% of JD Property's issued share capital through its wholly-owned subsidiaries, maintaining absolute control with over 50% ownership post-IPO [4][5]. Group 2: Business Overview - JD Property is described as a modern infrastructure development and management platform, essential to JD Group's supply chain ecosystem, providing comprehensive solutions for modern warehouses, integrated smart industrial parks, data centers, and photovoltaic new energy [7]. - The company has developed and managed 285 modern infrastructure assets across 29 provinces in China and 10 countries overseas, with an average occupancy rate exceeding 90%, outperforming the industry average by about 10 percentage points [12]. Group 3: Financial Performance - For the first nine months of 2025, JD Property reported revenues exceeding 3 billion yuan, a year-on-year increase of 21.2%, with adjusted net profits reaching 823 million yuan, a growth of approximately 215% compared to the entire year of 2023 [12][15]. - The revenue breakdown shows that 85.4% comes from infrastructure solutions, while fund management and other income contribute 4.9% and 9.7%, respectively [12]. Group 4: Future Prospects - The IPO is expected to diversify JD Property's financing channels, with approximately 40% of the raised funds allocated for expanding overseas logistics nodes, 30% for upgrading domestic infrastructure networks, and 20% for supplementing fund management business capital [17]. - With the easing of monetary policy by the Federal Reserve and a recovering capital market, the timing for JD Property's IPO appears favorable [18]. Group 5: Strategic Vision - JD Group has evolved from a pure e-commerce platform to a diversified entity encompassing retail, logistics, health, technology, and industrial sectors, creating a robust supply chain ecosystem [20][24]. - The company's ambition is to build a modern infrastructure network that not only supports its retail operations but also serves the infrastructure needs of various industries, thereby contributing to the upgrade of China's real economy [24].

Core Viewpoint - The launch of the "Wuhan-Bangkok" international cargo route by JD Logistics marks a significant expansion of cross-border logistics capabilities, enhancing the efficiency of logistics services between China and Southeast Asia [1][4]. Group 1: Route Details - The cargo flight, operated by a JD Airlines B737-800BCF, has a maximum single-trip cargo capacity of 22 tons, catering to various transportation needs [3]. - The route will operate three flights per week from January to October, increasing to five flights per week in November and December, with an expected total of 174 flights and a cargo volume of approximately 723 tons for the year [3]. Group 2: Cargo Focus - The outbound flights will primarily transport high-value electronic products, precision instruments, and e-commerce packages from Wuhan, while the return flights will focus on tropical fruits, particularly durians, from Thailand [3]. - This route aims to enhance the export of Hubei products and diversify the local market in Wuhan by introducing Southeast Asian specialty goods [3]. Group 3: Strategic Importance - The successful launch of this international cargo route signifies a deepening collaboration between Hubei Airport Group and JD Logistics, transitioning from domestic to international operations [4]. - The route is expected to strengthen the logistics capabilities of Tianhe Airport and enhance the overall cargo throughput, contributing to a new global logistics service framework [4].

Core Viewpoint - JD Property Development Co., Ltd. (referred to as "JD Property") has resumed its IPO process in Hong Kong after nearly three years, following the listing of JD Industrial in December 2025 [1][3]. Group 1: Company Overview - JD Property focuses on the development and management of modern logistics infrastructure, leveraging its capabilities in project acquisition, financing, asset management, and capital circulation [5]. - The company began its operations in 2007, initially as part of JD Group's logistics strategy, and started independent operations in 2018 [7]. Group 2: Financial Performance - JD Property's revenue for 2023, 2024, and the first nine months of 2025 was reported as 2.868 billion, 3.417 billion, and 2.478 billion RMB respectively, with gross margins of 70.4%, 69.7%, and 67.9% [8][9]. - The company has faced criticism for its high dependency on internal transactions with JD Group, which accounted for over 30% of its revenue from infrastructure solutions [8][11]. Group 3: Business Model and Strategy - JD Property is transitioning towards a light-asset business model, aiming to enhance capital efficiency through systematic capital circulation strategies [12][13]. - The company has established multiple funds and investment tools, managing a total asset scale of 41 billion RMB as of September 30, 2025 [13]. Group 4: Profitability and Losses - Despite revenue growth, JD Property has not achieved profitability, reporting net losses of 1.829 billion, 1.200 billion, and 0.159 billion RMB for the respective periods [14]. - The losses are attributed to fair value losses on investment properties and assets held for sale, amounting to 1.8 billion, 1.6 billion, and 0.9 billion RMB [14]. Group 5: Future Plans - The proceeds from the IPO are intended for expanding the infrastructure asset network in key overseas logistics nodes, building a global talent team, and enhancing the density and quality of its infrastructure assets in China [14].

Core Viewpoint - JD Smart Development Co., Ltd. has submitted its prospectus for an IPO, marking it as the seventh company under JD Group to seek public listing, following JD Group, Dada Group, JD Health, JD Logistics, Debang Co., and JD Industry [1][9]. Company Overview - JD Smart Development is a platform enterprise focused on the development, operation, and asset management of modern supply chain infrastructure, aiming to provide integrated supply chain solutions through high-standard logistics parks, industrial parks, and data centers [3]. - The company has established a three-dimensional business model that emphasizes heavy asset development, light asset operation efficiency, and capital cycle empowerment [3]. Business Structure - The company has three main pillars driving its operations: - Infrastructure solutions, which are the main revenue source, contributed 2.564 billion RMB in the first nine months of 2025, accounting for 85.4% of total revenue [5]. - Asset value enhancement focuses on optimizing existing assets, achieving a cumulative asset appreciation of 1.3 billion RMB from 2020 to 2024, with an average return rate of 40% [6]. - Fund and partnership investment platform management promotes a light asset transformation, with a projected management fee income of 197 million RMB in 2024, reflecting a compound growth rate of 30% [6]. Financial Performance - In 2023, the company reported total revenue of 2.9 billion RMB, expected to grow to 3.4 billion RMB in 2024, with a 21.2% increase in revenue for the first nine months of 2025 compared to the same period in 2024 [12]. - The company experienced a net loss of 1.829 billion RMB in 2023, which is projected to decrease to 1.2 billion RMB in 2024, and further to 159 million RMB in the first nine months of 2025 [14]. - Adjusted net profit is expected to grow significantly, with a 77% increase in the first nine months of 2025 compared to the same period in 2024 [12]. Market Context - The IPO submission aligns with the trends in intelligent manufacturing and supply chain infrastructure upgrades, driven by policies like "Made in China 2025" and the "14th Five-Year Plan" [17]. - The demand for high-standard, intelligent infrastructure is increasing globally, providing a broad market space for companies like JD Smart Development [19]. Competitive Landscape - The domestic supply chain infrastructure industry is becoming increasingly competitive, with major players like ProLogis and Wanwei Logistics intensifying their market presence [15]. - JD Smart Development aims to differentiate itself by leveraging JD Group's core supply chain capabilities and focusing on emerging sectors like new energy vehicles and cross-border e-commerce [21].

▲京东产发基本情况 1月26日，京东智能产发股份有限公司（下称"京东产发"）正式递交A1招股申请文件，美银证券、高盛 及海通国际担任联席保荐人。 事实上，京东产发的上市筹备早有布局。早在2023年，京东集团便曾披露过分拆京东工业、京东产发到 港股独立上市的计划，并实现两大业务板块专业化运营。同年3月底，京东产发首次向港交所递交上市 申请，但此后上市进程一度中止。直到三年后，其上市才重新被提上日程。 回顾"京东系"的资本布局，此前京东、达达（2025年已私有化退市）、京东健康、京东物流、德邦物 流、京东工业已先后被推向资本市场，形成了覆盖电商、物流、健康、工业等领域的上市矩阵。若京东 产发成功上市，"京东系"将收获第七个IPO。 招股书显示，京东产发是中国领先的现代化基础设施开发及管理平台，聚焦物流园，并在全球持续扩 张。作为京东集团供应链生态系统的基石，凭藉与生俱来的对商流及物流的深刻洞察力，公司拥有整合 业务资源、促进区域经济发展的独特能力。利用在项目获取、融资渠道、资产管理及资本循环方面已被 证明的综合能力，其持有并管理着一个覆盖核心物流节点的庞大资产网络，并加速向轻资产模式转型。 | | | 进学12月 ...