极兔速递集团副总裁后军仪表示："受惠电商高速发展和多元化客户结构，极兔在东南亚和新市场保持 了强劲增势，在中国我们主动追求更有质量的增长，2025年全球超300亿个包裹将是我们一个新的起 点。未来，我们将继续强化全球网络，以创新驱动增长，持续满足市场需求。" 2025年，公司持续投入基础设施建设和资源调配，对各市场的网络合作伙伴和网点进行策略性优化，并 对转运中心进行升级，提升运营效益。在中国，网点自动化建设与云仓布局同步提速。极兔重点支持网 点投入自动化设备与无人物流车，截至2025年底，网点自动化设备数量较6月底提升26%，同步投用 1,000辆无人物流车，有效助力末端配送效率提升。而在云仓布局，极兔累计开设173个云仓，通过开发 增值服务覆盖客户多样化需求，进一步强化客户粘性与体验优化。此外，在泰国的末端网点，极免率先 部署了东南亚首台工业级的自动化分拣设备，预计2026年实现全泰国的末端自动化能力升级。目前，相 关设备已在越南、印度尼西亚、马来西亚、菲律宾的末端网点落地。截至2025年底，公司拥有19,300个 网点和246个转运中心;公司在所有市场的自动化分拣线数量达到413个，同比增加134个。 ...

Summary of Key Points from the Conference Call Company Overview - The conference call primarily discusses **JD Logistics** and its performance in the logistics industry, particularly focusing on its recent developments and financial results. Core Insights and Arguments - **Financial Performance**: In Q3 2025, JD Logistics reported a revenue of **15.058 billion RMB**, representing a **24.1%** year-over-year increase. The profit was **1.96 billion RMB**, with a non-recurring profit of **2.02 billion RMB**, resulting in a profit margin of **3.7%** [12][4][3]. - **Client Revenue Growth**: Revenue from IFC clients reached **13.13 billion RMB**, showing a significant growth of **45.8%**. External ISC client revenue was **8.93 billion RMB**, up **13.5%**, with the number of external ISC clients increasing by **12.7%** to approximately **67,000** [14][3]. - **Operational Efficiency**: The company has improved inbound efficiency and order fulfillment times through optimized transportation routes and a digital supply chain system, particularly in the home appliance sector [2][4][5]. Strategic Developments - **Leadership Change**: JD Logistics announced a leadership transition with **Hu Wei** stepping down as CEO, succeeded by **Wang Zhenghui**, who is expected to enhance cost efficiency and core competitiveness [8]. - **Technological Innovation**: The company is heavily investing in technology, including the development of robots for large item storage and order picking, and deploying unmanned vehicles for collection, aiming to further promote automation [9][10][16]. - **Global Expansion**: JD Logistics is expanding its overseas operations, particularly in the Middle East and Japan, with plans to double its overseas warehouse space by the end of 2025 to build a global smart supply chain network [7][18]. Industry Positioning - **Brand Recognition**: JD Logistics was recognized as the **strongest logistics brand globally** in the **2025 Logistics Report** by Brand Finance, indicating its strong international competitiveness and brand influence [11]. - **Cost Control Measures**: The company has implemented measures to control costs, with employee welfare expenses rising by **49.8%** due to an increase in full-time delivery personnel. Outsourcing costs increased by **13%**, but the company managed to reduce the percentage of outsourcing costs relative to total revenue by **3 percentage points** [15]. Additional Insights - **Customer Experience**: The stable full-time rider team, supported by standardized training and operational management, has improved resource utilization and user experience, especially during peak e-commerce periods [17]. - **Future Outlook**: The company anticipates further growth in ISC client numbers and overall business performance by 2026, with ongoing investments expected to yield positive results [19].

Core Insights - JD's European e-commerce brand ochama launched the "ochama 618 Mid-Year Shopping Festival" on June 16, 2023, offering promotions to European consumers [1] - The event runs until June 20, 2023, featuring a wide range of products including beauty, home appliances, 3C digital products, and food, with discounts and special offers [1][2] - ochama's delivery service covers 24 European countries, providing same-day and next-day delivery in key regions [2][3] Group 1 - The ochama 618 event includes limited-time flash sales, buy-one-get-one-free offers, and significant discount coupons, with selected items starting as low as €0.1 [1][2] - Daily flash sales occur three times a day, featuring popular products at discounted prices, such as a camping car for €29.99 and a Dyson hairdryer for €99 [1] - Customers can receive additional discounts through universal coupons, with offers of €5 off for purchases over €29 and €10 off for purchases over €49 [2] Group 2 - The event also features a lucky draw with a high winning rate of 90%, allowing users to win high-value coupons and limited prizes [2] - ochama's logistics capabilities are enhanced by automated warehouses and supply chain management in countries like the Netherlands, Poland, and France, improving fulfillment efficiency [2][3] - The company aims to provide a reliable and convenient shopping experience for European consumers by leveraging JD's strong supply chain and local infrastructure [3]