研究员：韩军/梁骁 风险分析 机构：中信建投证券 核心观点 公司基本面逻辑未改变，能力建设推动新场景业务增长。外卖秒送配送业务催化营收超速预期，但短期 人工成本、行政管理费用及资源投入扩大使利润释放承压。长期看，把骑手管理纳入进来，由京东物流 统一负责"快递+即配"，可以让小哥同时配送"快递、外卖、闪购"等业态，最大程度发挥人效。未来 以"近45 万快递员+15 余万骑手"为运力池，增强京东物流同城配送能力基础。 事件 12 月26 日，京东物流无人机首次完成海外试飞，这也是公司首次在海外使用无人机进行货物运输，成 为"快递出海"的重要实践。 同日，公司首个海外智狼仓在英国正式投用。 1 月1 日起，2026 年消费品以旧换新补贴正式落地，当天，京东物流在全国多地同步完成2026 年"国 补"首单履约。1 月5 日，首单由机器人参与配送完成的国补订单。 简评 公司目前国际业务占营收比大概不到5%，2026 年预计国际业务的收入延续25 年的高速增长趋势。在科 技方面，公司结合机器人和自动化技术的实际落地推广效果，有序推进自动化设备（无人车、无人机） 及各种机器人的规模部署，资本开支规模会呈现逐年缓慢提升的趋势 ...

（编辑 姚尧） 证券日报网讯 12月24日，海程邦达在互动平台回答投资者提问时表示，公司重点打造泛半导体产业链 全球服务能力延伸与上下游产业链一体化服务方案整合，围绕京东方、应用材料、三星等产业头部客 户，拓展产业链前后端服务能力并逐步实现全球一站式服务网络覆盖。目前已建立涵盖芯片设计、制 造、封测的全产业链服务环节，可为客户提供原材料供应、设备维护等一体化供应链服务支持。 ...

Core Viewpoint - CICC maintains the profit forecast for JD Logistics for 2025 and 2026, with a target price of HKD 18.50, indicating a potential upside of 56.5% from the current stock price [1] Group 1: Financial Performance - In Q3 2025, the company reported revenue of RMB 55.08 billion, a year-on-year increase of 24%, with a non-IFRS net profit of RMB 2.02 billion and a non-IFRS net profit margin of 3.7%, aligning with CICC's expectations [2] - Integrated supply chain customer revenue in Q3 increased by 46% year-on-year to RMB 30.1 billion, driven by a 66% increase in revenue from JD Group to RMB 21.2 billion, primarily due to the contribution from JD's delivery services and retail business growth [3] Group 2: Business Expansion - The company announced the acquisition of Dada's local instant delivery business for approximately USD 270 million, which is expected to enhance the existing product matrix and optimize last-mile delivery capabilities [4] - The company's overseas business is rapidly expanding, with significant growth in overseas warehouse scale since 2025, and a recent collaboration with a new energy vehicle company to provide integrated logistics supply chain services in the Middle East [4]

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]

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3, representing a year-on-year growth of 24.1% [1] - The adjusted net profit reached 2.02 billion yuan [1] Business Performance - Integrated supply chain revenue grew by 45.8% year-on-year, reaching 30.1 billion yuan [1] - The number of external integrated supply chain customers increased from 59,286 to 66,809 year-on-year [1] - Average revenue per customer rose to 133,700 yuan [1] - Revenue from other customers, driven by growth in express and freight services, increased by 5.1% year-on-year, totaling 24.9 billion yuan [1]

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]