Core Insights - The logistics industry, often seen as less attractive, is experiencing a transformation with the rise of intelligent logistics, emphasizing the need for seamless integration between cognitive decision-making and execution capabilities [3][4][6] - JD Logistics has introduced "Super Brain 2.0" and the "Wolf Pack" series, marking a shift from modular to integrated intelligence, creating a self-evolving intelligent ecosystem that can reshape the future of supply chain logistics [4][9] Group 1: Intelligent Core - Traditional logistics systems relied on passive decision support, but "Super Brain 2.0" has evolved into an active decision-making expert capable of real-time responses to complex physical world challenges [6][7] - The architecture of "Super Brain 2.0" is based on an Agentic framework, shifting from problem-driven to demand-driven decision-making, allowing for proactive optimization solutions [7][8] Group 2: Technological Innovations - JD Logistics has developed a digital twin logistics network for real-time monitoring and feedback, enabling continuous system iteration and self-evolution [8][9] - The system's multimodal fusion capability allows it to process complex, non-standard information and generate actionable instructions for execution terminals, enhancing operational efficiency [8][10] Group 3: Embodied Intelligence - The "Wolf" series, particularly "Embodied Wolves," addresses the long-standing challenge of automating the handling of non-standard packages, transforming logistics execution from mere tools to intelligent agents [10][12] - "Embodied Wolves" utilize advanced multimodal perception and decision-making systems to adaptively manage diverse package types, significantly improving operational accuracy and efficiency [11][12] Group 4: Competitive Landscape - JD Logistics stands out in the logistics sector by integrating AI with the entire supply chain, contrasting with competitors like SF Express, which focus on optimizing specific decision-making processes [14][19] - The "Super Brain + Wolf Pack" system exemplifies a comprehensive approach to logistics automation, enhancing efficiency across warehousing, sorting, transportation, and delivery [14][15] Group 5: Future Vision - JD Logistics aims to create a technology-driven, open, and sustainable logistics ecosystem, breaking down barriers between cognition and action to facilitate intelligent transformation across the supply chain [19][20] - The successful implementation of the "Super Brain + Wolf Pack" system is expected to yield significant cost reductions and efficiency gains, reinforcing JD Logistics' competitive edge in the market [19][20]

Core Viewpoint - JD Logistics has demonstrated strong growth in its integrated supply chain solutions, with significant revenue increases and improved profitability in the first half of 2025, driven by market expansion and efficiency optimization [1][3]. Group 1: Financial Performance - In the first half of 2025, JD Logistics reported a revenue increase of 14.1% year-on-year, reaching 98.5 billion yuan (approximately 13.7 billion USD) [1]. - The integrated supply chain (ISC) solutions business generated 50.1 billion yuan, accounting for over half of total revenue, with a year-on-year growth of 19.9% [1]. - Non-IFRS profit for the first half was 3.3 billion yuan, reflecting a 7.1% increase, primarily due to improved resource utilization efficiency [3]. Group 2: Customer and Market Expansion - The number of external ISC customers grew to 73,713, marking a 14.5% increase, with an average revenue per external customer of approximately 239,000 yuan [1]. - In Q2, JD Logistics achieved a revenue of 51.6 billion yuan, contributing about 15% to JD Group's total revenue, with a year-on-year growth of 16.6% [3]. Group 3: Operational Developments - The company has expanded its self-operated warehouses in various countries, including the US, UK, Saudi Arabia, South Korea, and Vietnam, enhancing its global logistics services [4]. - JD Logistics has launched its self-operated B2C express service, JoyExpress, in Saudi Arabia, offering last-mile delivery with same-day or next-day service [3]. - The deployment of the "Smart Wolf" automated warehousing solution aims to enhance order fulfillment efficiency and reduce manual operations in the supply chain [4].