Core Insights - JD Logistics reported better-than-expected operating performance for Q3 2025, with revenue reaching approximately 55.1 billion yuan, a year-on-year increase of over 24% [1][2] - The integrated supply chain remains a key advantage for JD Logistics, with revenue from this segment reaching 30.1 billion yuan, a year-on-year growth of 45.08% [1][2] - The overseas business has become a new growth engine, with continued high-speed growth and strategic partnerships, including with a well-known electric vehicle brand [1][5] Revenue Performance - In Q3 2025, JD Logistics achieved operating revenue of 55.1 billion yuan, up from 44.4 billion yuan in the same period last year, marking a growth of 24.10% [2] - Adjusted net profit for the quarter was 2.02 billion yuan, showing a slight decline compared to the previous year [2] - For the first three quarters of 2025, total revenue was approximately 153.6 billion yuan, a year-on-year increase of 17.50%, with net profit at 4.61 billion yuan, up 3.15% [1] Integrated Supply Chain - Revenue from the integrated supply chain segment reached 30.1 billion yuan, accounting for 54.70% of total revenue, with a year-on-year growth of 45.8% [2] - External integrated supply chain customer revenue was 8.9 billion yuan, reflecting a year-on-year increase of 13.5% [2] - The number of external integrated supply chain customers grew to 66,800, with an average revenue per customer of 133,700 yuan [2] Overseas Expansion - JD Logistics' overseas business continues to grow rapidly, with the opening of the Dubai Warehouse No. 5 in August 2025, enhancing its global supply chain network [5] - The company has over 130 overseas warehouses globally, ranking among the top in the industry, covering more than 20 countries and regions [5] - New international air routes have been established, including a direct flight from Shenzhen to Singapore, strengthening logistics capabilities in the Asia-Pacific region [5] Technological Empowerment - The company is focusing on long-term strategies, leveraging technology to enhance its services, with R&D investment reaching 2.956 billion yuan in the first three quarters of 2025, an increase of approximately 300 million yuan year-on-year [1][6] - JD Logistics has upgraded its logistics technology platform "Super Brain" to version 2.0 and launched the self-developed "Wolf Pack" robotics series, deployed in over 20 provinces in China and more than 10 countries globally [6]

11月13日，京东物流（02618.HK）发布2025年第三季度业绩报告。财报显示，该季度京东物流总收入 达到551亿元，同比增长24.1%。 接近京东物流的人士对《中国经营报》记者表示，国际业务是京东物流本季度最大亮点之一，该季度的 海外供应链解决方案和快递服务均实现高速增长。 另外值得关注的是，在京东物流发布财报之际，还公布了一项重大的人事变动，王振辉接替胡伟，再次 成为京东物流的一号位。据悉，这与京东物流将持续推广自动化设备和AI技术应用的战略规划有密切 关系。京东物流希望通过AI技术，带动物流各运营环节全链路提效升级，进一步驱动中长期利润改 善。 一体化供应链收入占比过半 财报显示，2025年第三季度京东物流实现总收入551亿元，同比增长24.1%，经调整后净利润为20.2亿 元，上年同期为25.73亿元。 其中，京东物流一体化供应链收入达301亿元，同比增长45.8%，占总收入的比重达到54.7%。这当中， 外部一体化供应链收入为89亿元，同比增长13.5%。 外部一体化供应链客户数量由截至2024年9月30日三个月内的59286名，增加到今年同期的66809名，净 增长客户数量为7523个，同比增 ...

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1%, with adjusted net profit reaching 2.02 billion yuan, exceeding market expectations [1][3] - The integrated supply chain revenue grew by 45.8% year-on-year, solidifying JD Logistics' leading position in the supply chain market [3][5] Revenue Breakdown - Integrated supply chain revenue accounted for 30.1 billion yuan in Q3, with a significant year-on-year increase of 45.8%, driven by a robust logistics network and extensive warehousing management experience [3][5] - Revenue from other clients, including express and freight services, reached 24.9 billion yuan, showing steady growth [5] Technological Advancements - JD Logistics launched two core technological achievements: "Super Brain Model 2.0" and "Wolf Pack Intelligent Robotic Arm System," enhancing the application of AI in logistics [5] - The "Super Brain Model 2.0" can reduce the solving time for millions of variables to under 2 hours, optimizing logistics planning dynamically [5] - The "Wolf Pack" robotic group has been deployed across over 20 provinces in China and more than 10 countries globally, covering the entire logistics chain [5] Operational Enhancements - During the 11.11 shopping festival, JD Logistics saw over 100% year-on-year growth in the delivery volume of hairy crabs, implementing upgraded service guarantees to ensure freshness [6] - The company doubled its resource investment in collection and transportation, utilizing advanced technologies such as unmanned vehicles, drones, and AI for logistics support [6]