Core Insights - JD Logistics has demonstrated strong strategic determination and growth quality, achieving total revenue of 98.53 billion yuan, a year-on-year increase of 14.1%, and adjusted net profit of 3.34 billion yuan, exceeding market expectations [1][9] Revenue Growth and Business Segments - The growth in revenue is driven by technological empowerment, network optimization, and refined management, with integrated supply chain customer revenue reaching 50.11 billion yuan, up 19.9% year-on-year, and a second-quarter growth rate of 26.3% [2] - The number of external integrated supply chain customers exceeded 70,000, with an average revenue per customer of 239,000 yuan, indicating robust growth across various sectors including home appliances, apparel, fast-moving consumer goods, and automotive [2] - Revenue from other customers, including express and freight services, reached 48.42 billion yuan in the first half of 2025 [2] Technological Advancements - JD Logistics focuses on cutting-edge technology applications, with self-developed products like "JD Logistics Super Brain" and "Wolf Pack" series driving cost reduction and efficiency improvements across the logistics chain [4] - The "JD Logistics Super Brain" enhances supply chain optimization, significantly improving retail site selection and marketing efficiency, while the "Wolf Pack" robots have revolutionized warehousing and delivery processes, achieving a fourfold increase in storage efficiency [4][5] Global Expansion - JD Logistics is expanding its international presence through the "Global Weaving Network" plan, establishing overseas warehouses in countries such as the USA, UK, Poland, South Korea, Vietnam, and Saudi Arabia, covering 23 countries and regions as of June 30, 2025 [6] - The company is enhancing its logistics capabilities in Hong Kong and Macau, with the launch of the Hong Kong operation center improving sorting efficiency and delivery times [8] Industry Leadership - JD Logistics' performance reflects its resilience as an industry leader, with a revenue growth rate of 14.1% leading the sector, showcasing the core value of integrated supply chain enterprises in the global industrial landscape [9]

Core Insights - The intense competition among major food delivery platforms, including Meituan, Taobao, and JD, has led to a consensus to resist malicious competition and focus on collaborative growth [1] - Despite the end of the food delivery war, competition in AI development continues, with significant investments in embodied intelligence [1][2] - JD has made substantial investments in three embodied intelligence robotics companies, totaling over 1.6 billion yuan, to enhance its logistics capabilities [1][6] Investment Strategies - JD's investment strategy focuses on logistics and industrial applications, targeting mature technologies that can be quickly integrated into its operations [14] - Meituan has adopted an aggressive investment approach, investing over 1 billion yuan in eight embodied intelligence companies since 2024, aiming to embed automation in local life services [15] - Alibaba is concentrating on developing its AI capabilities through investments in robotics, focusing on enhancing its cloud computing and AI platforms [16] Market Dynamics - The food delivery market is reaching saturation, with user growth slowing and increasing operational losses, prompting companies to seek new growth avenues [18] - The valuation of the three major food delivery companies has dropped significantly, with JD at a static PE of 8 times, Meituan at 18 times, and Alibaba at 16 times, reflecting market skepticism towards their current business models [18] - The shift towards embodied intelligence technology could redefine industry dynamics, moving the focus from subsidy wars to technological advancements [18]

作 者丨 孔海丽 编 辑丨张伟贤 3月6日，京东集团交出了一份"逆周期"的财报： 2 0 2 4年第四季度收入同比增长1 3 . 4%，重回双位数增长；全年收入突破1 . 1 5万亿元，净利润 同比增长7 1%至4 1 4亿元，每股收益增长7 6 . 4%。 其利润指标也有明显改善，全年经营利润率从2 . 4%提升至3 . 3%。 截至6日2 3时2 1分，京东美股涨超3%，盘中一度大涨超6%。同日，京东港股涨8 . 4 2%。 与AI相比，互联网电商领域近来似乎没有那么吸睛，不过，供应链各个场景与AI技术的数实融合实打实在发生，并且正在贡献新的产业趋势。 京东的增长，没有掺杂流量泡沫或资本游戏，而是一场以供应链话语权为核心、用户体验为驱动的务实增长。 供应链话语权的护城河 京东财报数据背后，是其2 0年铺垫出来的供应链基础设施。 截至2 0 2 4年四季度，京东供应链基础设施资产规模已达1 6 1 0亿元，运营超1 6 0 0个仓库和2 0 0 0个云仓，仓储总面积超3 2 0 0万平方米。其自营商 品库存周转天数仅3 0天，全球领先。 这种"重资产"模式曾被诟病为"笨重"，但在当下，已经转化为领先性优势。 ...