丨证券研究报告丨 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 港股研究丨公司点评丨安能物流（9956.HK） [Table_Title] Q2 业绩稳健增长，首次分红提升回报 报告要点 [Table_Summary] 2025H1，公司营业收入同比增长 6.4%至 56.3 亿元，经调整净利润同比增长 10.7%至 4.8 亿 元；2025Q2，公司营业收入同比增长 4.4%至 30.4 亿元，经调整净利润同比增长 5.8%至 2.3 亿元。2025 年二季度，零担行业市场竞争有所加剧，公司积极调整竞争策略，优化货重结构， 推动货量稳健增长，经调整净利润稳中有升。同时，公司宣布中期及特殊分红计划，提升股东 回报，股息率具备吸引力。公司积极把握分销渠道变革机遇，有望持续实现货量、利润稳健增 长，维持"买入"评级。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 安能物流（9956.H ...

Key Points Summary of JD Logistics Q2 2025 Earnings Call Company Overview - **Company**: JD Logistics - **Quarter**: Q2 2025 Financial Performance - Adjusted net profit reached **25.9 billion RMB**, a year-on-year increase of **5.4%** with a net profit margin of **5%** indicating stable growth in profitability [2][4] - Total revenue for Q2 2025 was **515.6 billion RMB**, reflecting a year-on-year growth of **16.6%**; external revenue was **338 billion RMB**, up **4.2%** [3][16] Integrated Supply Chain Performance - Revenue from integrated supply chain customers was **269.1 billion RMB**, a **26.3%** increase year-on-year, with external integrated supply chain revenue at **91.5 billion RMB**, growing **17.8%** [5][16] - The number of external integrated supply chain customers increased by **13.8%** to **15,854**, with average revenue per customer rising by **3.5%** to **139,000 RMB** [6][16] Industry-Specific Achievements - **Home Appliances**: Enhanced service capabilities led to significant improvements in operational metrics, including a **20%** increase in on-time delivery rates and inventory turnover [7] - **Apparel**: Upgraded services to achieve **30%** improvement in order timeliness compared to traditional models, addressing high return rates in e-commerce [8] - **Automotive**: Developed a just-in-time supply model that improved space utilization and efficiency in logistics for automotive clients [9][10] International Expansion - Launched the self-operated express brand **Joy Express** in Saudi Arabia, enhancing last-mile delivery capabilities [11] - Accelerated overseas warehouse expansion in multiple countries, including the U.S., France, and Vietnam, to provide integrated supply chain services [11] Express Delivery Business - Revenue from express delivery and logistics services grew by **7.6%** to **246.6 billion RMB** [12] - Implemented temperature-controlled logistics solutions for fresh produce, improving delivery reliability [12] Technological Innovations - Continuous investment in automation and AI technologies to enhance logistics efficiency across the supply chain [14][15] - Development of smart logistics solutions, including autonomous vehicles for last-mile delivery [15] Cash Flow and Capital Expenditure - Free cash flow for Q2 was **24.9 billion RMB**, an increase of **8 billion RMB** year-on-year; capital expenditure was **10.9 billion RMB** focused on operational efficiency [19] Future Outlook - Plans to enhance customer experience and operational efficiency through technology-driven initiatives, including scaling up autonomous vehicle deployment [18] - Positive growth outlook for integrated supply chain services, driven by competitive pricing and service quality [23][24] Customer Engagement and Revenue Growth - Increased customer engagement led to growth in both average revenue per customer and total customer numbers, supported by a multi-channel logistics model [25] Long-term Profitability - Long-term gross margin is expected to improve through cost reduction and efficiency enhancements, despite short-term pressures from strategic investments [26]