3Q一体化供应链客户收入同比+46%至301亿元，其中：①来自京东集团收入同比+66%至212亿元，主 要受益于京东外卖配送服务带来增量收入，以及集团零售业务增长。②3Q外部一体化供应链客户收入 同比+13%至89亿元，客户数和单客户收入分别同比+13%、+1%，服务能力有序提升。3Q其他业务收入 249亿元，同比+5.1%，快递快运业务量较稳健增长。 公司公布3Q25业绩：营收550.8亿元，同比+24%;non-IFRS净利润20.2亿元;non-IFRS净利润率3.7%。3Q 业绩符合该行预期，收入高增主要受益于全职骑手参与京东外卖配送服务、集团零售业务增长。 内外单有序拓展、京东外卖贡献收入，一体化供应链业务收入显著增长 中金发布研报称，维持京东物流(02618)2025年和2026年盈利预测不变。当前股价对应2025/2026年8.7 倍/8.0倍non-IFRS市盈率。维持跑赢行业评级，切换至2026年估值，该行看好公司长期成长空间，维持 18.50港元目标价，对应13.6倍/12.5倍2025年/2026年non-IFRS市盈率，较当前股价有56.5%的上行空间。 中金主要观点如下： 3Q25业 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Insights - The company reported a 46% year-on-year increase in integrated supply chain revenue for Q3 2025, indicating a strong expansion into high-value markets [2] - Total revenue for Q3 2025 reached 55.08 billion yuan, a 24.1% increase year-on-year, while adjusted net profit was 2.02 billion yuan, down 21.5% year-on-year [9] - The company is actively expanding its overseas business and enhancing instant retail capabilities, including a partnership with a well-known electric vehicle brand in the Middle East [5] Revenue Breakdown - Revenue from other clients amounted to 24.9 billion yuan, a 5.1% increase year-on-year, accounting for 45.3% of total revenue [3] - Revenue from JD Group reached 21.2 billion yuan, a 65.8% increase year-on-year, representing 38.5% of total revenue [3] - External customer revenue was 33.88 billion yuan, a 7.2% increase year-on-year, making up 61.5% of total revenue [3] Operational Highlights - As of September 30, 2025, the company operated over 1,600 warehouses and more than 2,000 cloud warehouses, with a total management area exceeding 34 million square meters [4] - The company successfully launched a dedicated air cargo route from Shenzhen to Singapore, enhancing its logistics network in the Asia-Pacific region [4] Profit Forecast - The company is expected to see continued revenue growth, with projected adjusted net profits of 8.43 billion yuan, 9.11 billion yuan, and 10 billion yuan for 2025, 2026, and 2027 respectively [10]

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, marking a year-on-year increase of 24.1% [2][3] - The international business segment emerged as a significant highlight, with rapid growth in overseas supply chain solutions and express services [2][6] - A major leadership change occurred as Wang Zhenhui replaced Hu Wei as the CEO, aligning with the company's strategy to promote automation and AI technology [2][8] Financial Performance - JD Logistics achieved an adjusted net profit of 2.02 billion yuan, down from 2.573 billion yuan in the same period last year [3] - Integrated supply chain revenue reached 30.1 billion yuan, up 45.8% year-on-year, accounting for 54.7% of total revenue [3] - External integrated supply chain revenue was 8.9 billion yuan, reflecting a 13.5% increase [3] Customer Growth - The number of external integrated supply chain customers rose from 59,286 to 66,809, a net increase of 7,523 customers, representing a growth rate of 12.7% [3] - Average revenue per customer increased slightly from 132,800 yuan to 133,700 yuan [3] Business Expansion - JD Logistics is enhancing its global logistics network, having opened over 30 overseas warehouses in the first half of the year, totaling more than 130 worldwide [6][7] - The company has established a "2-3 day delivery" service circle in overseas markets, particularly in the Middle East [7] Technological Advancements - The company showcased its upgraded logistics technology during the "Double Eleven" shopping festival, including the 2.0 version of its "Super Brain" and self-developed "Wolf Pack" products [8] - R&D investment increased by 15.9% year-on-year to 1.1 billion yuan, indicating a commitment to advancing logistics technology [8] Strategic Partnerships - JD Logistics deepened its strategic cooperation with a well-known electric vehicle brand, providing end-to-end logistics services in Dubai [6] - The acquisition of Dada Group for approximately 270 million USD aims to strengthen last-mile delivery capabilities [4]

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1%, with adjusted net profit reaching 2.02 billion yuan, exceeding market expectations [1] - The integrated supply chain segment, a core business of JD Logistics, achieved a revenue of 30.1 billion yuan in the quarter, with a growth rate of 45.8%, leading the industry [1] - The company is enhancing its international logistics capabilities by launching a new all-cargo flight route from Shenzhen to Singapore and expanding its domestic network with new regional centers [1] Revenue and Growth - Total revenue for Q3 2025 was 55.1 billion yuan, a 24.1% increase year-on-year [1] - Integrated supply chain revenue grew by 45.8%, reaching 30.1 billion yuan [1] - Express and freight business revenue was 24.9 billion yuan, showing steady growth [7] Technological Advancements - R&D spending increased by 15.9% in Q3 2025, with the launch of "Super Brain Model 2.0" and "Wolf Pack Intelligent Robotic Arm System" [3] - The "Super Brain Model 2.0" can optimize logistics paths dynamically, reducing model solving time to under 2 hours [3] - The "Wolf Pack" robotic cluster has been deployed in over 10 countries, covering all logistics chain segments [3] Service Enhancements - The company is expanding high-value service categories, including fresh produce and meat, improving service quality and fulfillment efficiency [7] - During the 11.11 shopping festival, the volume of Dazha crab deliveries increased by over 100% year-on-year [7] - JD Logistics acquired the local instant delivery business of JD Group, enhancing its last-mile delivery network [7] International Expansion - JD Logistics launched its self-operated express service JoyExpress in Saudi Arabia, achieving rapid growth in delivery volume [7] - The service has gained recognition among local consumers for its door-to-door and on-demand pickup services [7]

从具体业务来看，京东物流一体化供应链收入同比增长45.8%，达到301亿元。外部一体化供应链客户 数量从去年同期的59286名增长至66809名，单客户平均收入也增长至13.37万元。此外，由于快递快运 业务量增长，其他客户收入同比增长5.1%，为249亿元。 北京商报讯(记者何倩)11月13日，京东物流发布第三季度业绩报告。数据显示，京东物流总收入达到 551亿元，同比增长24.1%，经调整后净利润达20.2亿元。 ...

责任编辑：何俊熹 新浪科技讯 11月13日下午消息，京东物流发布2025年第三季度业绩报告。第三季度，京东物流总收入 达到551亿元，同比增长24.1%，经调整后净利润达20.2亿元，收入及收入增速等指标均超市场预期。其 中，京东物流一体化供应链收入增长45.8%。 ...

Core Viewpoint - JD Logistics reported a total revenue of 51.56 billion RMB in Q2, representing a year-on-year increase of 16.6%, with significant acceleration compared to the previous quarter [1] - The company has begun recruiting and managing full-time delivery personnel to support JD Group's food delivery services and launched its self-operated express brand "JoyExpress" in Saudi Arabia [1] - Gross profit reached 5.48 billion RMB, up 4.3%, while net profit attributable to the parent company was 2.13 billion RMB, an increase of 5.1% [1] Financial Dynamics - In Q2 2025, JD Logistics achieved a total revenue of 51.56 billion RMB, with an adjusted net profit of 2.59 billion RMB, reflecting a 5.4% year-on-year growth and a net profit margin of 5.0% [1] - Adjusted EBITDA was 5.72 billion RMB, up 1.5% [1] - Capital expenditure for H1 was 2.39 billion RMB, a year-on-year increase of 0.8%, accounting for 2.5% of revenue, down 0.2 percentage points [1] Business Dynamics - In H1 2025, JD Logistics expanded its overseas warehouses in multiple countries, including the US, UK, France, Poland, South Korea, Vietnam, and Saudi Arabia, now covering 23 countries and regions globally [1] - The launch of "JoyExpress" in Saudi Arabia offers local consumers delivery services with options for cash on delivery and expedited delivery [1] Profit Forecast - The company expects Q3 revenue growth to reach 20%, with food delivery services contributing positively [2] - Projected revenues for 2025-2027 are 218.1 billion RMB, 258.5 billion RMB, and 278.4 billion RMB, with year-on-year growth rates of 19.3%, 18.5%, and 7.7% respectively [2] - The growth logic is driven by cost reduction and efficiency improvements, expansion into Alibaba channels, and international supply chain layout [2] Valuation - Based on a closing valuation of approximately 81.3 billion RMB, the projected price-to-sales (PS) ratios for 2025-2027 are 0.37, 0.31, and 0.29, while the price-to-earnings (PE) ratios are 9.8, 8.6, and 7.8 times [3] - Compared to competitors like SF Express and ZTO Express, JD Logistics is currently undervalued [3]

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Financial Overview - The company reported a total asset of approximately 5.06 billion yuan at the end of the reporting period, an increase from 4.77 billion yuan at the beginning of the period, reflecting a growth of about 6.14% [1][2][3] - Total liabilities amounted to approximately 2.52 billion yuan, up from 2.29 billion yuan, indicating an increase of about 9.88% [2][3] - The total equity of the company reached approximately 2.55 billion yuan, compared to 2.48 billion yuan previously, marking an increase of about 2.88% [2][3] Income Statement Highlights - The company achieved total operating revenue of approximately 2.11 billion yuan, a significant increase from 1.56 billion yuan, representing a growth of about 35.24% year-over-year [3][4] - Total operating costs were approximately 2.02 billion yuan, up from 1.45 billion yuan, indicating an increase of about 39.19% [3][4] - The net profit for the period was approximately 83.56 million yuan, down from 135.97 million yuan, reflecting a decrease of about 38.58% [4][5] Cash Flow Analysis - The net cash flow from operating activities was negative at approximately -160.90 million yuan, an improvement from -298.77 million yuan in the previous period [5][6] - Cash flow from investing activities was also negative at approximately -59.47 million yuan, compared to a positive cash flow of 1.16 million yuan previously [6] - The net cash flow from financing activities was positive at approximately 318.30 million yuan, an increase from 237.62 million yuan [6] Key Financial Ratios - The basic earnings per share decreased to 0.2120 from 0.3439, indicating a decline in profitability per share [4][5] - The company's total liabilities to equity ratio increased, reflecting a higher leverage position compared to the previous period [2][3] Asset Composition - Current assets totaled approximately 3.86 billion yuan, up from 3.63 billion yuan, indicating a growth of about 6.26% [1][2] - Non-current assets increased to approximately 1.20 billion yuan from 1.13 billion yuan, reflecting a growth of about 5.88% [1][2]

Core Viewpoint - JD Logistics has shown strong performance in the first half of 2025, with significant revenue growth driven by integrated supply chain services, highlighting its strategic importance within JD's business landscape [2][4]. Financial Performance - In the first half of 2025, JD Logistics achieved revenue of 98.53 billion yuan, representing a year-on-year increase of 14.1% [2]. - The net profit for the same period was 2.96 billion yuan, up 15.3% year-on-year [2]. - Integrated supply chain customer revenue accounted for over half of total revenue, growing by 19.9% year-on-year [5]. Business Segments - Integrated supply chain revenue reached 50.11 billion yuan in the first half, with a growth rate of 19.9%, significantly contributing to overall performance [5]. - External integrated supply chain customer revenue was 17.6 billion yuan, marking a 14.7% increase, with the number of external customers exceeding 70,000, up 14.5% [5]. - Other customer revenue, including express and freight services, totaled 48.4 billion yuan, reflecting an 8.7% year-on-year growth [8]. International Expansion - JD Logistics has made substantial investments in overseas operations, including launching a self-operated express brand, JoyExpress, in Saudi Arabia [8]. - The company has initiated a global network plan focusing on overseas warehouses, international routes, and express service capabilities [9]. - As of June 30, 2025, JD Logistics operated 10 dedicated cargo aircraft and opened several international freight routes [9]. Workforce and Costs - As of June 30, 2025, JD Logistics employed over 660,000 delivery personnel, including full-time riders [8]. - Total human resource expenditure reached 95.7 billion yuan over the past 12 months [8]. Future Outlook - The company is exploring potential new growth drivers beyond integrated supply chain and express services, with a focus on overseas market strategies [11]. - The challenges and opportunities in international markets are expected to shape JD Logistics' future growth trajectory [9][10].