Core Viewpoint - JD Logistics achieved revenue of 98.532 billion yuan in H1 2025, a year-on-year increase of 14.1%, with a net profit of 2.959 billion yuan, up 15.27% [1] Group 1: Financial Performance - In H1 2025, JD Logistics reported a net profit of 2.959 billion yuan, a year-on-year increase of 15.27%, and a net profit attributable to shareholders of 2.580 billion yuan, up 13.96% [1] - Adjusted net profit for H1 2025 was 3.339 billion yuan, reflecting a year-on-year growth of 7.1% [1] - Revenue growth accelerated, with H1 2025 revenue growth of 14.1%, surpassing the 11.0% growth in H1 2024 and the 9.7% growth for the entire year of 2024 [1] Group 2: Revenue Sources - Revenue from JD Group reached 32.46 billion yuan, a year-on-year increase of 22.9%, while revenue from external customers was 66.07 billion yuan, up 10.2% [1] - The proportion of revenue from external customers decreased slightly to 67.1% from 69.4% in the same period last year [1] Group 3: Customer Growth and Cost Structure - The number of external integrated supply chain customers increased by 14.5% to 73,700, an improvement from the 5.9% growth in the same period last year [2] - Average revenue per customer remained stable at 239,000 yuan [2] - Operating costs rose to 77.9 billion yuan, a year-on-year increase of 15.2%, slightly outpacing revenue growth [2] Group 4: Profitability and Cost Management - Gross margin slightly declined from 9.8% to 9.0% due to higher employee compensation and outsourcing costs, which grew by 17.1% and 19.2% respectively [2] - The company anticipates that profit margins will improve as scale effects materialize [2] Group 5: Technological Innovation and International Expansion - JD Logistics' self-developed "Smart Wolf" solution has entered a new phase of nationwide replication, enhancing order processing efficiency [2] - The company has expanded its overseas warehouse coverage to 23 countries and regions, launching the self-operated express brand "JoyExpress" in Saudi Arabia [3] - The overseas business is expected to continue growing as the company leverages its logistics network and integrated supply chain capabilities [3] Group 6: Profit Forecast - The company forecasts net profit attributable to shareholders for 2025-2027 to be 6.85 billion, 7.91 billion, and 8.95 billion yuan respectively, maintaining a "recommended" rating [3]

Investment Rating - The report maintains a "Recommended" rating for JD Logistics [4] Core Views - JD Logistics achieved revenue of 98.532 billion yuan in H1 2025, a year-on-year increase of 14.1%, and a net profit of 2.959 billion yuan, up 15.27% year-on-year [1] - The revenue growth is attributed to strong internal customer revenue growth, with revenue from JD Group increasing by 22.9% to 32.46 billion yuan, while external customer revenue grew by 10.2% to 66.07 billion yuan [1][2] - The number of external integrated supply chain customers increased by 14.5% to 73,700, with average revenue per customer remaining stable at 239,000 yuan [2] - Gross margin slightly decreased from 9.8% to 9.0% due to increased personnel and outsourcing costs, which grew by 17.1% and 19.2% respectively [2] - The company is focusing on technological innovation and overseas expansion, with its overseas warehouses covering 23 countries and regions, and the launch of its self-operated express brand "JoyExpress" in Saudi Arabia [3] Financial Performance Summary - For H1 2025, JD Logistics reported an adjusted net profit of 3.339 billion yuan, a 7.1% increase year-on-year, with Q2 adjusted net profit at 2.588 billion yuan, up 5.4% year-on-year [1][2] - The company forecasts net profits for 2025-2027 to be 6.85 billion, 7.91 billion, and 8.95 billion yuan respectively [3][10] - Revenue projections for 2025-2027 are 203.84 billion, 218.63 billion, and 233.81 billion yuan, with growth rates of 11.49%, 7.26%, and 6.95% respectively [10]

在海外仓储布局方面，京东物流加速推进"全球织网"计划，2025年上半年，公司的海外仓版图实现进一 步扩张，在美国、英国、法国、波兰、韩国、越南、沙特等国家新开多个海外仓。截至2025年6月30 日，公司的海外仓已覆盖全球23个国家和地区。 值得一提的是，2025年第二季度，京东物流开始招募和管理全职骑手，参与京东集团外卖业务的配送服 务。公司称，这一安排预计可以为公司末端履约等环节带来更多的协同效应和效率提升。 京东物流表示，公司坚持技术创新和投入。截至2025年6月30日，公司拥有超过4700名专业研发人员， 通过在自动化设备和人工智能（AI）等技术应用的持续研发和投入，将数智化技术与物流各环节深度 融合，实现从规划到仓储、分拣、运输和末端配送等全环节智能化应用，推动成本、效率和体验的持续 优化，为业务高质量发展和高效率运营提供技术支撑。公司持续加强物流基础设施建设，目前经营着超 过1600个仓库、超过1.9万个配送站及网点，并雇用了含全职外卖骑手在内的超66万名自营运营员工。 在智能仓储领域，上半年京东自主研发的"智狼"货到人解决方案进入全国规模化复制与应用的新阶段， 已在北京、广州、成都及福州等多个核心 ...

Core Insights - JD Logistics reported a total revenue of 98.53 billion yuan for the first half of 2025, marking a year-on-year growth of 14.1% [1] - The integrated supply chain revenue grew by 26.3% in the second quarter, leading the industry [1][3] - Adjusted net profit for the first half of 2025 reached 3.34 billion yuan, exceeding market expectations [1] Revenue Growth - JD Logistics' integrated supply chain customer revenue was approximately 50.11 billion yuan in the first half of 2025, reflecting a year-on-year increase of 19.9% [1] - The number of external integrated supply chain customers surpassed 70,000, with an average revenue per customer of 239,000 yuan [1] Industry Collaboration - In the home appliance sector, JD Logistics expanded its collaboration with a well-known brand to include a "delivery and installation" model, significantly improving logistics efficiency and reducing complaint rates [3] - The company also enhanced its service offerings in the apparel sector by providing comprehensive logistics solutions, addressing high return rates and slow inventory turnover [4] Technological Innovation - JD Logistics emphasized technology innovation as a core driver of steady growth, integrating smart technologies across its logistics operations [5][7] - The "Smart Wolf" solution for intelligent warehousing has been deployed in multiple cities, improving order processing efficiency [7] - The company holds over 5,000 authorized patents, with more than 3,000 related to automation and unmanned technologies [8] Service Expansion - JD Logistics reported revenue from express and freight services reaching 48.42 billion yuan in the first half of 2025 [9] - The company launched a comprehensive logistics upgrade for perishable goods, achieving next-morning delivery for lychees during the peak season [9] Employment and Social Responsibility - As of June 30, 2025, JD Logistics employed over 660,000 frontline workers, providing comprehensive benefits and support programs [16] - The company has been recognized for its commitment to employee welfare and community engagement [16][17] International Growth - JD Logistics continued to expand its overseas operations, with new warehouses established in various countries, enhancing its global supply chain network [13] - The company launched its self-operated express brand "JoyExpress" in Saudi Arabia, marking a significant step in localizing its overseas operations [13] Customer Satisfaction - JD Logistics maintained a leading position in customer satisfaction within the express delivery sector, as reported by the State Post Bureau [11]