#京东物流拟收购集团本地即时配送业务#【京东物流拟2.7亿美元收购集团本地即时配送业务】10月9日 早间，京东物流在港交所发布公告称，于2025年10月8日，公司（作为买方）与JD.com（作为卖方）订 立业务转让协议。根据业务转让协议，本集团同意收购，而京东集团同意转让目标业务。收购事项将透 过向公司转让JD.com从事本地即时配送服务业务的全资子公司（即达疆100%股权）及达盛100%普通股 达成。收购事项的总对价为约2.70亿美元。 公告显示，目标业务包括JD.com从事本地即时配送服务业务的全资子公司，即达疆及达盛。达疆为根 据中国法律成立的有限公司。于本公告日期，达疆的注册资本总额为7亿美元。达盛为于2025年1月根据 香港法律注册成立的有限公司。于收购事项前，达盛及达疆均由JD.com拥有100%权益。 此外，JD.com作为京东物流的控股股东，间接持有京东物流约62.99%的权益。故为该公司的关联人 士。因此，根据上市规则，收购事项构成该公司的关联交易。 公司表示，此次收购将有助于京东物流加强"最后一公里"配送能力，拓展一体化供应链解决方案及服务 组合，补充现有产品矩阵及业务版图，从而使企业能更 ...

Core Viewpoint - The integration of advanced manufacturing and modern service industries is essential for accelerating the construction of a new development pattern in China, as highlighted by the release of the "Beijing Model" for industry integration at the 2025 Service Trade Fair [1][4]. Group 1: Integration Models - Xiaomi Group exemplifies a "software service + hardware manufacturing + ecological chain collaboration" model by creating platforms for supply chain information integration and collective procurement, enhancing the synergy between manufacturing and service sectors [1]. - China Railway Signal & Communication Corporation (CRSC) showcases an "intelligent manufacturing + testing and verification + engineering services" model, providing comprehensive lifecycle services for rail transit systems [1]. - Beijing Foton Motor Company demonstrates a "complete vehicle manufacturing + aftermarket services" model, extending its business from manufacturing to high-value-added aftermarket services through smart vehicle networking [2]. - Kanglong Chemical (300759) illustrates a "research and development + customized production" model, offering integrated drug development services across the entire process from discovery to clinical development [2]. - Baipusais (301080) employs a "testing + customized production" model, providing tailored production of pharmaceutical products based on advanced analysis methods [2]. - Xuedilong (002658) focuses on an "equipment R&D + manufacturing + system solutions" model, offering comprehensive solutions in environmental monitoring and carbon management [2]. Group 2: Advanced Technologies and Services - Shanshu Technology adopts an "artificial intelligence + (management, manufacturing) decision-making" model, applying decision science and optimization techniques to enhance production and operational efficiency [3]. - JD Logistics integrates "smart logistics + intelligent factories," collaborating with manufacturing firms to optimize supply chain management and reduce costs [3]. - BGI Electronics promotes a "chip R&D + manufacturing + services" model, fostering collaboration across the semiconductor industry to enhance domestic technology capabilities [3]. - Huajiang Culture introduces a "design + flexible customization + sales" model, creating a complete cultural product industry chain through innovative production lines [3]. Group 3: Policy and Future Directions - Beijing has identified eight key areas for the integration of industries and has established five national pilot enterprises and 67 municipal pilot enterprises to explore new integration models [4]. - The release of the "Beijing Model" is expected to serve as an effective demonstration, promoting deeper integration across various sectors and enhancing the overall ecosystem for industry integration [4].

Core Insights - New Ning Logistics reported a revenue of 224 million yuan for the first half of 2025, representing a year-on-year decline of 8.2% [2] - The company's net profit attributable to shareholders improved from a loss of 16.95 million yuan in the same period last year to a loss of 0.9 million yuan, indicating a reduction in losses [2] - The net profit excluding non-recurring items also showed improvement, with a loss of 13.27 million yuan compared to a loss of 24.96 million yuan in the previous year [2] - Operating cash flow net amount was -33.05 million yuan, a significant decline of 4150.2% year-on-year [2] Business Overview - The main business of New Ning Logistics focuses on bonded warehousing for electronic components, providing integrated supply chain logistics services for the 3C electronics industry [2] - Despite a 5.6% year-on-year growth in the total social logistics volume nationwide, the company faced challenges due to fluctuations in the macroeconomic environment and adjustments in international trade policies, leading to a decline in revenue [2] - The termination of certain loss-making projects also negatively impacted revenue performance [2]

Group 1 - JD Logistics (02618) saw a stock price increase of over 7%, reaching HKD 13.9 with a trading volume of HKD 304 million [1] - On August 22, the Hang Seng Index Company announced its semi-annual index adjustment results, including JD Logistics in the Hang Seng Index constituents, increasing the number of constituents from 85 to 88 [1] - The adjustment will take effect after the market closes on September 5 and will be effective from September 8 [1] Group 2 - Zheshang Securities recently reported that JD Logistics, as a leading company in the integrated supply chain industry, is experiencing continuous growth in business volume, with scale effects becoming increasingly evident [1] - The integration of JD Logistics with Taotian and the addition of new takeaway services by JD Group are expected to further enhance the company's revenue [1]

Core Viewpoint - JD Logistics (02618) has seen a stock price increase of over 7%, currently trading at 13.9 HKD with a transaction volume of 304 million HKD, following its inclusion in the Hang Seng Index [1] Group 1: Stock Performance - JD Logistics' stock rose by 7.01% [1] - The current trading price is 13.9 HKD [1] - The transaction volume reached 304 million HKD [1] Group 2: Index Inclusion - JD Logistics will be included in the Hang Seng Index, increasing the number of constituent stocks from 85 to 88 [1] - This change will take effect after the market closes on September 5 and will be effective from September 8 [1] Group 3: Business Outlook - According to recent research from Zheshang Securities, JD Logistics is a leading company in the integrated supply chain industry [1] - The company is experiencing continuous growth in business volume, with scale effects becoming increasingly evident [1] - The integration of JD Logistics with TaoTian and the addition of new food delivery services by JD Group are expected to further enhance the company's revenue [1]

Core Viewpoint - JD Logistics is establishing a significant presence in the Middle East, particularly in Saudi Arabia, with a growing team and strategic partnerships aimed at enhancing supply chain logistics in the region [1][4][5]. Group 1: Expansion in the Middle East - JD Logistics has been expanding its operations in the Middle East since 2020, starting with the establishment of its first free trade zone warehouse in the region [4]. - The company has a team of over 1,000 employees in the Middle East, indicating a robust operational capacity [1]. - The Dubai warehouse, operational since 2022, provides integrated supply chain solutions that connect Asia, Africa, and Europe [5]. Group 2: Strategic Partnerships and Investments - In June 2024, JD Group entered a strategic partnership with Saudi Electricity Company to automate several of its warehouses, enhancing logistics efficiency in the Middle East and North Africa [5]. - JD Logistics plans to increase its investment in integrated supply chain services in the Middle East, aligning with its "One Body, Two Wings" international development strategy [5]. - The company aims to replicate its domestic logistics practices globally, focusing on improving supply chain quality and efficiency [6].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 46.97 billion RMB in Q1 2025, representing a year-on-year growth of 11.5%, and a net profit attributable to shareholders of 450 million RMB, up 89.1% year-on-year [1] - The company is expected to benefit from its integrated supply chain logistics capabilities and accelerated overseas expansion, which will continue to drive revenue and profit growth [1] - The report slightly lowers the net profit forecast for 2025 by 3% due to increased resource investment leading to higher costs, adjusting the target price down by 6% to 16.7 HKD [5] Revenue Breakdown - Revenue from JD Group business in Q1 2025 was 14.7 billion RMB, a year-on-year increase of 14.1%, accounting for 31.3% of total revenue [2] - External customer business revenue was 32.27 billion RMB, growing 10.3% year-on-year, making up 68.7% of total revenue [2] - Integrated supply chain business revenue reached 23.2 billion RMB, up 13.2% year-on-year, representing 49.4% of total revenue [3] Profitability Metrics - The gross margin for Q1 2025 was 7.2%, down 0.5 percentage points year-on-year, primarily due to increased investments in logistics infrastructure and personnel [4] - The report anticipates an improvement in gross margin and Non-IFRS profit margin in Q2 2025 as business volume increases and economies of scale are realized [4] Financial Projections - Projected revenue for 2025 is 205.13 billion RMB, with a year-on-year growth of 12.19% [29] - The net profit attributable to shareholders is expected to reach 6.9 billion RMB in 2025, reflecting an 11.36% increase [29] - The report provides a PE ratio forecast of 10.92 for 2025, indicating a valuation aligned with comparable companies [29]

Core Insights - JD Logistics reported a revenue of approximately 47 billion yuan for Q1 2025, marking an 11.5% year-on-year increase, with adjusted net profit reaching 750 million yuan, up 13.4% year-on-year [1] Revenue Composition - Integrated supply chain customer revenue was 23.201 billion yuan, accounting for 49.4% of total revenue, with a year-on-year growth of 13.2% [1] - Revenue from other customers was 23.766 billion yuan, making up 50.6% of total revenue, with a year-on-year increase of 9.8% [1] - Revenue from other customers, including express and freight services, amounted to 23.8 billion yuan in Q1 2025 [1] Business Expansion - In the aviation logistics sector, JD Logistics launched its 10th self-owned freighter in January 2025 and opened an international route from Shenzhen, China to Bangkok, Thailand, expanding its international network to cover countries like South Korea, Vietnam, the Philippines, Thailand, and Malaysia [1] - JD Logistics officially opened its Warsaw No. 2 warehouse in Poland in Q1 2025, bringing the total number of warehouses in Poland to three [2] - A collaboration with a well-known Chinese automotive brand was initiated to establish an automotive parts center in the Middle East, providing comprehensive supply chain logistics services [2] - The Hong Kong Island operation center of JD Express commenced operations in Q1 2025, featuring automated sorting equipment to enhance sorting efficiency [3] Technology and Automation - JD Logistics increased investment in automation and AI technology applications, achieving intelligent applications across all logistics stages from planning to warehousing, sorting, transportation, and last-mile delivery [4] Workforce Growth - The number of frontline employees at JD Logistics grew by nearly 80,000 within a year from March 31, 2024, to March 31, 2025 [5] Market Outlook - A company representative indicated that the macroeconomic environment is stable and favorable, providing ample development momentum for the real economy and modern logistics industry [6]

Investment Rating - The investment rating for JD Logistics is maintained as "Buy" with a target price of HKD 17.80 [8][9]. Core Insights - JD Logistics reported a revenue increase of 9.7% year-on-year to RMB 182.8 billion for 2024, with a significant rise in net profit to RMB 6.2 billion from RMB 0.62 billion in the previous year, driven by increased business volume and capacity utilization [1][5]. - The company is expected to benefit from enhanced logistics capabilities and product competitiveness, particularly in the integrated supply chain logistics services, which will support further business growth [1][5]. - The company has accelerated its overseas integrated supply chain business development, establishing over 100 bonded warehouses and direct mail warehouses across 19 countries and regions [4]. Revenue Performance - External customer revenue reached RMB 127.8 billion, a year-on-year increase of 9.6%, accounting for 70% of total revenue, while revenue from JD Group was RMB 55.1 billion, up 10.0% [2]. - The number of external customers grew by 8.0% to 80,803, although the average revenue per customer (ARPC) decreased by 4.8% to RMB 400,156 [2]. Profitability and Margin Expansion - For 2024, JD Logistics achieved a gross profit of RMB 18.7 billion and a non-IFRS net profit of RMB 7.9 billion, reflecting year-on-year growth of 47.4% and 186.8%, respectively [3]. - The gross margin and non-IFRS net margin improved by 2.6 percentage points and 2.7 percentage points to 10.2% and 4.3%, respectively, due to increased business scale and reduced unit costs [3]. Future Outlook - The company plans to continue investing in logistics infrastructure to enhance fulfillment capabilities and competitiveness, which may temporarily impact profit margins [5]. - Net profit forecasts for 2025 and 2026 have been slightly reduced by 5% and 9% to RMB 7.14 billion and RMB 8.1 billion, respectively, with a new forecast for 2027 set at RMB 9.38 billion [5]. Valuation Metrics - The projected revenue for 2025 is RMB 205.1 billion, with a year-on-year growth rate of 12.19% [7]. - The expected earnings per share (EPS) for 2025 is RMB 1.07, with a price-to-earnings (PE) ratio of 13.38 times [7].