Financial Data and Key Metrics Changes - In Q2 2025, JD Logistics reported total revenue of RMB 51.56 billion, reflecting a year-over-year growth of 16.6% [6][27] - Revenue from external customers reached RMB 33.8 billion, increasing by 10.2% year-over-year [6] - Non-IFRS profit was approximately RMB 2.59 billion, up 5.4% year-over-year, with a non-IFRS profit margin of 5% [7][36] - IFRS profit was RMB 2.35 billion, marking a 4.6% increase year-over-year, with an IFRS profit margin of 4.2% [27] Business Line Data and Key Metrics Changes - Revenue from ISV customers totaled RMB 26.91 billion, up 26.3% year-over-year, with revenue from JD Group increasing by 31.2% [7][27] - The number of external ISC customers reached 65,848, a 13.8% increase year-over-year [8][28] - Average revenue per external ISC customer was RMB 139,000, representing a year-over-year growth of 3.5% [28] Market Data and Key Metrics Changes - Revenue from other customers, primarily including Express and Freight Delivery services, reached RMB 24.66 billion, up 7.2% year-over-year [15][28] - The company maintained a leading position in customer satisfaction ratings among logistics service providers in China [19] Company Strategy and Development Direction - The company is focused on enhancing industry-specific service capacities and upgrading supply chain offerings to meet unique customer needs [9][10] - JD Logistics is expanding its overseas footprint, launching Joy Express in Saudi Arabia and establishing a comprehensive logistics network [14][15] - The company aims to optimize customer experience, cost, and efficiency while adhering to a customer-first approach [25][38] Management's Comments on Operating Environment and Future Outlook - Management noted that the logistics industry continues to play a vital role in China's economic recovery, driving revenue growth through enhanced service capabilities [5][6] - The company expects to maintain growth momentum in the second half of 2025, particularly in international markets [44][45] - Management emphasized the importance of technological innovation and operational model improvements for long-term growth [36][38] Other Important Information - Employee benefit expenses increased by 20.1% year-over-year, reflecting a rise in frontline operation employees [31] - The company has invested in automation and technology to enhance operational efficiency and reduce costs [22][35] Q&A Session Summary Question: What are the growth triggers and expectations for the next half year? - Management highlighted that growth is driven by retail and contributions from JD Group, with positive outcomes from collaborations and improvements in rider contributions [41][42] Question: Can you provide details about the food delivery business and its synergies? - Management stated that the food delivery business is expanding, with new riders being recruited and synergies between riders and couriers improving efficiency [50][52] Question: What are the expectations for external ISC growth in the second half? - Management expressed confidence in the growth trajectory of external ISC customers, citing cost-effective services and strong demand [55][60]