Financial Data and Key Metrics Changes - In Q2 2025, JD Logistics reported total revenue of RMB 51.56 billion, reflecting a year-over-year growth rate of 16.6% [7] - Revenue from external customers reached RMB 33.8 billion, increasing by 10.2% year-over-year [7] - Non-IFRS profit was approximately RMB 2.59 billion, up 5.4% year-over-year, with a non-IFRS profit margin of 5% [35][37] - IFRS profit was RMB 2.35 billion, marking a 4.6% year-over-year increase, with an IFRS profit margin of 4.2% [27] Business Line Data and Key Metrics Changes - Revenue from ISV customers totaled RMB 26.91 billion, up 26.3% year-over-year, with revenue from JD Group increasing by 31.2% [8][27] - The number of external ISC customers reached 65,848, a 13.8% increase year-over-year [9][28] - Average revenue per external ISC customer was RMB 139,000, representing a year-over-year growth of 3.5% [28] Market Data and Key Metrics Changes - Revenue from other customers, primarily including Express and Freight Delivery services, reached RMB 24.66 billion, up 7.2% year-over-year [15][28] - The company maintained a leading position in customer satisfaction ratings among logistics service providers in China [18] Company Strategy and Development Direction - The company is focused on enhancing industry-specific service capacities and upgrading supply chain offerings tailored to customer needs across various industries [10][14] - JD Logistics is actively expanding its overseas footprint, launching Joy Express in Saudi Arabia and establishing a comprehensive logistics network [14][15] - The company aims to optimize customer experience, cost, and efficiency while adhering to a customer-first approach [25][37] Management's Comments on Operating Environment and Future Outlook - Management noted that the growth momentum is driven by retail and contributions from the JD Group, with expectations for continued growth in the second half of 2025 [40][41] - The company is optimistic about its international business expansion, particularly in the Asia Pacific, Europe, and the Middle East [42][44] - Management emphasized the importance of technological innovation and service upgrades to maintain competitive advantages [22][37] Other Important Information - Employee benefit expenses increased by 20.1% year-over-year, reflecting a rise in the number of frontline operation employees [30] - The company has deployed hundreds of unmanned vehicles across various properties in China to enhance operational efficiency [24] Q&A Session Summary Question: What are the growth triggers and expectations for the next half year? - Management indicated that growth is driven by multiple factors, including retail performance and contributions from riders, with positive outcomes expected from collaborations [40][41] Question: Can you provide details about the food delivery service and its synergies with other sectors? - Management highlighted the recruitment of new riders and the natural integration of food delivery with existing services, aiming to improve efficiency and personal income for employees [49][51] Question: What are the expectations for external ISC growth in the second half? - Management expressed confidence in the growth trajectory of external ISC customers, citing cost-effective services and tailored solutions for various industries [54][59] Question: What are the long-term expectations for gross margin? - Management believes there is room for improvement in gross margin due to better customer experiences and product offerings, with expectations for increased revenue and profit in the long run [59][60]

Core Insights - The theme of FBIF2025, "Nurture the Present, Venture Forward," addresses the need for companies in the food and beverage industry to maintain a solid foundation while exploring new growth opportunities amid market challenges [3][12][21] - The industry is transitioning from "high-speed growth" to "high-quality growth," requiring a balance between defensive and offensive strategies [6][7] Group 1: Current Market Challenges - Companies face rising supply chain costs, fragmented channels, and evolving retail models, necessitating refined operations and strategic resilience [3][4] - The consumer market is experiencing shifts, with trends such as the single-person economy and the silver economy injecting new vitality [16][17] Group 2: Growth Strategies - Companies must focus on maintaining core business resilience while being bold in exploring new markets and technologies [4][5] - The food and beverage industry is undergoing deep restructuring, with a rational pursuit of cost-effectiveness and value-for-money [15] Group 3: Insights from Industry Leaders - Executives from major companies like McDonald's China, Yili Group, and PepsiCo shared insights on growth, AI, digitalization, and supply chain management [8][9] - PepsiCo's strategy emphasizes long-termism, seizing emerging opportunities, human-centric differentiation, and enhancing organizational capability [22][24][28][29] Group 4: Technological Integration - AI is seen as a critical component for companies to navigate market cycles and enhance operational efficiency [20][34] - The integration of AI into retail is reshaping productivity and driving systemic transformation in business models [34][37] Group 5: International Expansion - Eastroc Beverage's international expansion strategy focuses on long-term planning, local market adaptation, and exploring various business models [70][73] - Yili Group emphasizes building a global resource network and engaging in partnerships to enhance its international presence [80][81] Group 6: M&A Strategies - The panel discussion highlighted the importance of talent integration and cultural compatibility in successful mergers and acquisitions [89][91] - Chinese companies are shifting their globalization strategies from exporting products to exporting capital, focusing on stability and gradual integration [90][96]