机构：中金公司 研究员：冯启斌/白洋/罗欣雨/张文杰/刘钢贤/吴维佳/焦莞 3Q25 业绩符合我们预期 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，同比-21%；non-IFRS 净 利润率3.7%，同比下降2.1ppt。3Q 业绩符合我们预期，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；利润短期承压主要由于公司为外卖配送等业务提前投入资源、前置成本增 加。 发展趋势 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。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。 前置资源投入导致成本上涨，3Q 利润率短期承压，后续有望边际改善。公司参与外卖配送致人工成本 上涨，3Q25 员工薪酬福利开支同比+50%至 ...

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 ...

Group 1 - The core viewpoint of the article highlights that JD Logistics reported revenue and net profit growth for Q2 and the first half of 2025, but experienced a decline in gross margin [1][3][4] Group 2 - In Q2 2025, JD Logistics generated revenue of 51.6 billion yuan, a year-on-year increase of 16.6%, with adjusted net profit reaching 2.6 billion yuan, up 5.4% year-on-year [1] - Revenue from integrated supply chain customers was 26.9 billion yuan, reflecting a 26.3% increase year-on-year, with the number of external integrated supply chain customers rising by 7,965 [1][3] - The revenue from other customers was 24.7 billion yuan, showing a year-on-year growth of 7.6% [1] Group 3 - The revenue structure indicates that income from JD Group (including delivery services) was 17.8 billion yuan, accounting for 34.4%, while external customer revenue was 33.8 billion yuan, making up 65.6% [3] - The proportion of revenue from external customers decreased by 3.8 percentage points compared to the same period last year [3] Group 4 - JD Logistics' operating costs increased by 18.3% to 46.1 billion yuan, slightly outpacing revenue growth [3] - Employee compensation and benefits rose by 20.1% to 18.2 billion yuan, driven by an increase in operational staff [3] - Outsourcing costs surged by 20.5% to 16.9 billion yuan due to business growth, while other operating costs increased by 20.8% to 6.6 billion yuan [3] Group 5 - In Q2 2025, JD Logistics reported gross profit of 5.5 billion yuan and a gross margin of 10.6%, down from 11.9% in the same quarter of 2024 [3] - For the first half of 2025, total revenue was 98.5 billion yuan, a 14.1% increase year-on-year, with adjusted net profit reaching 3.34 billion yuan [4] - Revenue from integrated supply chain customers for the first half grew by 19.9% to 50.1 billion yuan, while revenue from other customers increased by 8.7% to 48.4 billion yuan [4] Group 6 - Revenue from JD Group for the first half was 32.5 billion yuan, while external customer revenue was 66.1 billion yuan, with the external customer revenue share decreasing by 2.3 percentage points [4] - The gross profit for the first half was 8.9 billion yuan, with a gross margin of 9.0%, down from 9.8% in the same period of 2024 [4] Group 7 - JD Logistics also reported the mid-year performance of its subsidiary, Debang Logistics, with revenue of approximately 20.6 billion yuan, a year-on-year increase of 11.43%, but net profit attributable to Debang shareholders decreased by 84.34% to approximately 52.15 million yuan [4]

Core Insights - JD Logistics reported a revenue of RMB 51.565 billion for the three months ending June 30, 2025, representing a year-on-year increase of 16.6% [1] - For the first half of 2025, the company achieved a total revenue of RMB 98.532 billion, a year-on-year growth of 14.11% [2] - The company emphasizes its mission of "technology-driven, leading global efficient circulation and sustainable development" while focusing on integrated supply chain solutions [1][2] Financial Performance - Non-IFRS profit for the three months ending June 30, 2025, was RMB 2.588 billion, up 5.4% year-on-year [1] - For the first half of 2025, non-IFRS profit reached RMB 3.339 billion, reflecting a 7.1% increase year-on-year [2] - Profit attributable to owners for the three months was RMB 2.129 billion, a 5.08% increase year-on-year [1] Customer and Market Expansion - Revenue from external customers for the first half of 2025 was RMB 66.1 billion, a 10.2% increase, accounting for 67.1% of total revenue [2] - The number of external integrated supply chain customers reached 73,713, a year-on-year increase of 14.5% [3] - Average revenue per external integrated supply chain customer was RMB 239,000 [3] Service and Product Development - Integrated supply chain customer revenue for the first half of 2025 was RMB 50.1 billion, up 19.9% year-on-year [3] - The company launched its self-operated express brand "JoyExpress" in Saudi Arabia, enhancing its logistics network [4] - The company is expanding its overseas warehouse network, now covering 23 countries and regions [5] Technological Innovation and Infrastructure - The company employs over 4,700 R&D professionals, focusing on automation and AI to enhance logistics efficiency [6] - As of June 30, 2025, JD Logistics operates over 1,600 warehouses and more than 19,000 delivery stations [6] - The company has over 660,000 self-operated employees, including full-time delivery riders [6]

Core Viewpoint - Citi's research report indicates that JD Logistics' recruitment of full-time delivery riders may create synergies with its last-mile delivery business due to differing peak hours for both services, potentially driving long-term revenue growth for JD Logistics [1] Group 1: Business Strategy - The recruitment of full-time riders is seen as a strategic move that could enhance operational efficiency by prioritizing traffic allocation to JD Logistics' self-operated platform riders [1] - The initiative is expected to leverage the different peak times of delivery and logistics operations, optimizing resource utilization [1] Group 2: Financial Outlook - Despite the potential for long-term revenue growth, the high cost of riders and limited monetization ability in the food delivery segment may introduce short-term uncertainties regarding net profit [1] - The impact on projected earnings for 2025 is expected to be manageable, with Citi maintaining a buy rating and a target price of HKD 18, which corresponds to a projected price-to-earnings ratio of 12 times for 2025 [1]

Company News - JD Logistics (02618.HK) has begun recruiting full-time delivery riders for its food delivery service [1] - Cao Cao Travel (02643.HK) announced the results of its share distribution, with a global offering of 44.1786 million H-shares, and a 21.14 times subscription for the Hong Kong public offering, raising approximately HKD 1.718 billion, with a share price of HKD 41.94 [2][3] - Kangji Medical (00867.HK) proposed to list its ordinary shares on the Singapore Exchange as a secondary listing [4][8] - China Electric Power Technology (00085.HK) expects a mid-term net profit of approximately HKD 135 million to HKD 150 million, compared to HKD 309.5 million in the same period last year [5][6] - Chang Gao Mei Group (08371.HK) reported a net profit attributable to shareholders of HKD 95.533 million for the year ending March 31, 2025, representing a year-on-year increase of 5.61% [7] - Li Ning (02331.HK) saw an increase of 6.4 million shares purchased by Li Jin at a price of approximately HKD 14.96 per share [8] - BOSS Zhipin (02076.HK) plans to issue 30 million new shares, aiming to raise a maximum of approximately HKD 2.2613 billion [9]

Group 1: Company Developments - Lawson opened a new store in Tokyo utilizing AI and robotics technology, featuring product recommendations on electronic screens and robots for cooking and display [1] - Yonghui Supermarket announced a plan to remodel 200 stores by September 30, completing the first 100 remodels, marking a systematic phase of its "Fat Donglai" model [1] - China Metallurgical Group established a new investment company in Xiong'an with a registered capital of 100 million RMB, focusing on investment activities and management consulting [2] - Haitian Flavouring and Food Co. signed a cooperation agreement with Sichuan University to establish a joint innovation research center, investing 50 million RMB over five years [3] - JD Logistics began recruiting full-time riders for its food delivery service, enhancing operational efficiency and service offerings [4] Group 2: Financing Activities - "Yikong Zhijia" completed over 400 million RMB in Series D financing, led by CATL Capital, to focus on R&D and international market expansion [5] - Jiangsu Liwan Electronics announced the completion of several million RMB in A+ round financing for the development of wafer testing equipment [6] - Mipure Biotechnology completed 20 million RMB in Series A financing to enhance product development and market expansion [8] Group 3: New Products and Innovations - Huawei Cloud launched its new CloudDevice product line at HDC 2025, featuring cloud-based devices with high performance and low latency [9] - Faraday Future introduced the FF AI 2.0 system, which integrates with the FF 91 model and supports real-time language switching and complex command understanding [10]