Core Viewpoint - JD Logistics reported a revenue of 55.08 billion RMB for Q3, a year-on-year increase of 24.1%, with 21.2 billion RMB coming from JD Group, reflecting a 66% growth [1] - The company announced a change in leadership, with Hu Wei resigning as CEO and Wang Zhenhui appointed as the new CEO, effective November 13, 2025 [1][2] - JD Logistics has faced challenges in the capital market, with its stock price dropping 68% since its IPO in May 2021 [4] Financial Performance - Q3 revenue reached 55.08 billion RMB, up 24.1% year-on-year [1] - Net profit for Q3 was 2.03 billion RMB, a decrease of 7.9% compared to the previous year [1] Leadership Changes - Hu Wei resigned as CEO, effective November 13, 2025, to take on other roles within JD Group [1] - Wang Zhenhui, a veteran of JD, has been appointed as the new CEO, with a three-year service contract [1] - Previous CEO, Yu Rui, held the position for just over two years before Hu Wei took over [2] Market Performance - JD Logistics' stock price has fallen from the IPO price of 40.36 HKD to 12.90 HKD, a decline of 68% [4] - The company has made significant acquisitions, including the purchase of Dada's 100% stake for 270 million USD to enhance business synergy [4] Strategic Outlook - Liu Qiangdong expressed optimism about the future of JD Logistics, highlighting the potential for reduced logistics costs in China over the next five years [4] - The new CEO faces the challenge of improving shareholder returns and integrating various business operations to create a cohesive logistics system [5]

Core Viewpoint - Liu Qiangdong, the founder and chairman of JD Group, emphasizes the significant reduction of social logistics costs in China, projecting it to drop below 10% of GDP within the next five years due to advancements in artificial intelligence and robotics [4][5][6]. Group 1: Logistics Cost Reduction - The proportion of social logistics costs in China's GDP was over 18% in 2006, compared to 6%-8% in developed countries, indicating a substantial gap [6][7]. - In 2022, China's social logistics costs were reported at 14.1%, and reducing this to 6% could save enterprises trillions of yuan in net profits annually [7][8]. - Liu Qiangdong believes that the progress in reducing logistics costs in the next five years may surpass that of the past 10 to 15 years [8]. Group 2: Technological Advancements in Logistics - JD Logistics has made significant technological advancements, including automated warehouses and testing of unmanned vehicles, with over 700,000 kilometers of testing completed for unmanned trucks [8][9]. - By April next year, JD plans to establish the world's first fully unmanned distribution station, featuring drones and automated delivery vehicles [8][9]. - The company aims to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [9]. Group 3: Employment and New Opportunities - Automation is expected to reduce the workload of employees significantly, with the possibility of them working only one day or even one hour a week in the future [8][9]. - The development of new technologies will create numerous job opportunities, as JD emphasizes modular design in its equipment to facilitate easy training for employees [9]. - Liu Qiangdong anticipates a tenfold growth in the global tourism market over the next five years, which will also generate new professions [9].