机构：华泰证券 研究员：林珊/沈晓峰 京东物流发布 3Q25 业绩：1）总收入 550.8 亿元，同比+24.1%；2）归母利润/Non-IFRS 利润20.3 亿/20.2 亿元，同比-7.9%/-21.5%；3）毛利率/Non-IFRS 利润率9.1%/3.7%，同比-2.6pct/-2.1pct。收入同 比高增主因来自京东零售收入增长、新增京东外卖业务、海外市场加速布局以及外部客户业务增长推 动；盈利同比下滑主因新增业务资源投入，短期成本上升。整体，9M25 公司总收入1,536.2 亿元，同比 +17.5%；2）归母利润/Non-IFRS 利润46.1 亿/53.6 亿元，同比+3.2%/-5.8%。中长期看，伴随物流基础设 施产能利用率提升及自动化技术推广应用，规模效应有望推动公司利润率逐步修复，维持"买入"。 收入增长亮眼，3Q 来自京东集团/外部客户收入同比+ 65.8%/7.2% 3Q25，来自京东集团的收入212.0 亿元，同比高增 65.8%，占总营收比重38.5%，同比提升 9.7pct，收入 高增得益于京东零售业务景气回升及新增京东外卖业务。外部客户收入338.8 亿元，同比+7.2% ...

证券研究报告 京东物流 (2618 HK) 港股通 3Q 收入同比高增，海外业务加速布局 | 华泰研究 | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 11 月 14 日│中国香港 | 仓储物流 | 目标价(港币): | 16.70 | 京东物流发布 3Q25 业绩：1）总收入 550.8 亿元，同比+24.1%；2）归 母利润/Non-IFRS 利润 20.3 亿/20.2 亿元，同比-7.9%/-21.5%；3）毛利率 /Non-IFRS 利润率 9.1%/3.7%，同比-2.6pct/-2.1pct。收入同比高增主因来 自京东零售收入增长、新增京东外卖业务、海外市场加速布局以及外部客户 业务增长推动；盈利同比下滑主因新增业务资源投入，短期成本上升。整体， 9M25 公司总收入 1,536.2 亿元，同比+17.5%；2）归母利润/Non-IFRS 利 润 46.1 亿/53.6 亿元，同比+3.2%/-5.8%。中长期看，伴随物流基础设施产 能利用率提升及自动化技术推广应用，规模效应有望推动公司利润率逐步修 复 ...

从具体业务来看，京东物流一体化供应链收入同比增长45.8%，达到301亿元。外部一体化供应链客户 数量从去年同期的59286名增长至66809名，单客户平均收入也增长至13.37万元。此外，由于快递快运 业务量增长，其他客户收入同比增长5.1%，为249亿元。 北京商报讯(记者何倩)11月13日，京东物流发布第三季度业绩报告。数据显示，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。 ...

Core Insights - The company reported a revenue of 46.967 billion yuan for Q1 2025, representing a year-on-year increase of 11.5% [1] - The net profit attributable to shareholders reached 0.451 billion yuan, up 89.1% year-on-year [1] - Adjusted net profit (non-IFRS) was 0.75 billion yuan, reflecting a 13.4% increase year-on-year [1] Integrated Supply Chain Performance - Integrated supply chain revenue was 23.201 billion yuan, showing a year-on-year growth of 13.2% [1] - Revenue from JD Group contributed 14.699 billion yuan, an increase of 14.1% year-on-year [1] - External integrated supply chain business revenue was 8.510 billion yuan, up 11.6% year-on-year, with a customer base of 63,100, growing by 13.1% [1] Express and Freight Business - Revenue from other clients (express and freight) was 23.766 billion yuan, a year-on-year increase of 9.8%, slightly below the overall revenue growth [2] - Excluding Debon Holdings, express and freight revenue (including Kuaixue Express) was 13.360 billion yuan, up 8.3% year-on-year [2] - Anticipation for Q2 2025 is positive due to the support from JD's 618 shopping festival and brand advantages [1] Profitability and Cost Structure - Gross profit for Q1 2025 was 3.387 billion yuan, a year-on-year increase of 7.6% [2] - Operating costs reached 43.580 billion yuan, up 11.8% year-on-year, driven by increased employee compensation and outsourcing costs [2] - The main business gross margin was 7.2%, a decrease of 0.3 percentage points year-on-year [2] Future Projections - Revenue forecasts for 2025-2027 are 202.418 billion, 217.649 billion, and 233.101 billion yuan, with year-on-year growth rates of 10.7%, 7.5%, and 7.1% respectively [2] - Net profit projections for the same period are 6.614 billion, 7.117 billion, and 7.819 billion yuan, with growth rates of 6.7%, 7.6%, and 9.9% respectively [2] - The company maintains a "buy" rating based on the expected growth in integrated supply chain and steady performance in express and freight business [2]