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]

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].

Core Viewpoint - JD Logistics has shown strong performance in the first half of 2025, with significant revenue growth driven by integrated supply chain services, highlighting its strategic importance within JD's business landscape [2][4]. Financial Performance - In the first half of 2025, JD Logistics achieved revenue of 98.53 billion yuan, representing a year-on-year increase of 14.1% [2]. - The net profit for the same period was 2.96 billion yuan, up 15.3% year-on-year [2]. - Integrated supply chain customer revenue accounted for over half of total revenue, growing by 19.9% year-on-year [5]. Business Segments - Integrated supply chain revenue reached 50.11 billion yuan in the first half, with a growth rate of 19.9%, significantly contributing to overall performance [5]. - External integrated supply chain customer revenue was 17.6 billion yuan, marking a 14.7% increase, with the number of external customers exceeding 70,000, up 14.5% [5]. - Other customer revenue, including express and freight services, totaled 48.4 billion yuan, reflecting an 8.7% year-on-year growth [8]. International Expansion - JD Logistics has made substantial investments in overseas operations, including launching a self-operated express brand, JoyExpress, in Saudi Arabia [8]. - The company has initiated a global network plan focusing on overseas warehouses, international routes, and express service capabilities [9]. - As of June 30, 2025, JD Logistics operated 10 dedicated cargo aircraft and opened several international freight routes [9]. Workforce and Costs - As of June 30, 2025, JD Logistics employed over 660,000 delivery personnel, including full-time riders [8]. - Total human resource expenditure reached 95.7 billion yuan over the past 12 months [8]. Future Outlook - The company is exploring potential new growth drivers beyond integrated supply chain and express services, with a focus on overseas market strategies [11]. - The challenges and opportunities in international markets are expected to shape JD Logistics' future growth trajectory [9][10].

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]

面对行业困境，京东物流拒绝随波逐流，而是通过员工保障、服务提升、技术投入和供应链深耕等差异 化举措，有效提升资源利用效率、降低物流成本，践行"反内卷"。 在员工保障方面，京东物流自创立之初就展现出人文关怀与社会责任，为快递员、运输司机、分拣员、 打包员及全职骑手等全岗位一线员工足额缴纳五险一金，从制度层面为员工的生活与未来保驾护航。截 至6月末，京东物流一线员工总数已超66万人。 8月14日，京东物流股份有限公司（以下简称"京东物流"）发布2025年年度中期业绩报告。上半年，公 司总收入985.32亿元，同比增长14.1%；经调整后净利润达33.4亿元，同比增长7.1%。 在快递物流行业"反内卷"的大环境下，京东物流正通过技术赋能提升服务品质、优化网络布局降低运营 成本、强化精细管理提高资源效率，走出一条差异化的高质量发展之路。这种以价值创造替代价格竞争 的发展模式，不仅自身实现多个核心业务指标的稳健增长，更为行业转型升级提供了有益借鉴。 员工保障固本 时效升级拓局 2025年，快递物流行业低价竞争持续受到监管层关注。 7月8日，国家邮政局党组召开会议，要求进一步加强行业监管，完善邮政快递领域市场制度规则，反 ...

2025.08. 15 本文字数：1217，阅读时长大约2分钟 作者 | 第一财经 陆涵之 京东的外卖业务在第二季度财报中存在感十足。 2025年上半年，京东物流在全球多个国家新开海外仓，包括美国、英国、法国、波兰、韩国、越 南、沙特阿拉伯等国家。截至2025年6月30日，京东物流拥有超过130个保税仓库、直邮仓库和海外 仓库。京东物流的海外仓已覆盖全球23个国家和地区。 2025年6月，京东物流在沙特阿拉伯启动配送业务，推出自营快递品牌"JoyExpress"。 新业务主要包括京东外卖、京东产发、京喜及海外业务。京东在今年2月正式推出了外卖业务，并且 在4月为了发展该业务推出了"百亿补贴"，二季度新业务营收出现了巨大变化。 8 月 14 日 ， 京 东 发 布 了 第 二 季 度 财 报 。 财 报 显 示 ， 京 东 第 二 季 度 收 入 为 3567 亿 元 ， 同 比 增 加 22.4%。第二季度归属于本公司普通股股东的净利润为62亿元，同比下滑50.8%。 京东2025年第二季度经营损失为9亿元，2024年第二季度经营利润为105亿元。京东表示这一变化 主要是由于对新业务的战略投入增加导致。 分业 ...

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 ...

Group 1 - JD.com plans to implement a "100 billion, 1,000 products new growth plan" to facilitate the dual circulation strategy by exporting 1,000 Chinese brands and importing 1,000 overseas brands [1][3] - The company aims to achieve a cumulative sales growth of 10 billion yuan through the introduction of 1,000 new overseas brands over the next three years [3][6] - JD.com is focusing on international business as a key area for future growth, with its European retail brand Joybuy already operating in the UK [6][8] Group 2 - The "100 billion, 1,000 products" plan will be supported by three major projects: "Centennial Brands," "National Pavilions," and "Global Goodies Call" [6] - JD.com has established over 100 bonded warehouses and overseas warehouses, covering 19 countries and regions, enhancing its global logistics capabilities [8] - The company is responding to the call for deeper industrial cooperation as part of the 50th anniversary of China-Europe diplomatic relations, positioning itself as a "super connector" between China and the global economy [8]

Group 1: Key Developments in Cross-Border E-Commerce Logistics - TikTok Shop in Southeast Asia has implemented a new logistics policy allowing buyers to cancel eligible cross-border direct orders before the order status changes to "shipped," addressing the long-standing issue of order cancellation difficulties [4][6] - Cainiao has established a cross-border logistics network for mutual parcel delivery among six Gulf countries in the Middle East, achieving delivery within three days, marking a significant milestone for Chinese logistics companies [6][8] - JD Logistics launched its new self-operated B2C express brand "JoyExpress" in Saudi Arabia, offering services such as same-day and next-day delivery, enhancing its logistics network in the region [8][10] Group 2: Changes in Logistics Costs and Market Dynamics - FedEx and UPS have resumed additional fees for imports from China, with UPS charging $0.29 per pound for excess fees starting April 13, indicating rising logistics costs for cross-border e-commerce [10][12] - The resumption of these fees, combined with the cancellation of the $800 tax exemption for goods, signifies the end of the low-cost logistics era for cross-border e-commerce, prompting sellers to adjust their operational strategies [12][24] Group 3: Market Expansion and IPO Activities - LianLian International and logistics giant JCtrans announced a strategic partnership to launch the "Southeast Asia Logistics Enterprise Support Program," aimed at improving operational efficiency and cash flow in the logistics sector [12][14] - JiHong Co. plans to go public on the Hong Kong Stock Exchange, with an expected fundraising of approximately HKD 617 million, to enhance its R&D and expand its market presence [15][17] - ShunYou Logistics has submitted its IPO application to the Hong Kong Stock Exchange, attracting significant market attention due to its established position in cross-border e-commerce logistics [17][18] Group 4: Company Performance and Financial Results - Lege Co. reported a 45.33% increase in revenue to CNY 5.67 billion for 2024, but its net profit dropped by 46.99% to CNY 336 million, highlighting challenges in its overseas warehouse business [22][24] - The company's logistics revenue now accounts for 42.74% of its total revenue, a significant increase from less than 6% in 2021, reflecting its transition to a comprehensive service provider [24]

Group 1 - Cainiao has established a cross-border logistics network for parcel delivery among the six Gulf Cooperation Council (GCC) countries, enabling delivery within as fast as 3 days [1][2] - The GCC region, which includes the UAE, Oman, Bahrain, Qatar, Kuwait, and Saudi Arabia, is one of the most economically active areas globally, with over 50% of young consumers aged 18-24 opting for online shopping [2][3] - The logistics costs for cross-border e-commerce sellers in the Middle East can account for 20% to 30% of total order value, significantly higher than domestic costs [2][3] Group 2 - Cainiao's G2G logistics service offers customized logistics solutions for local and cross-border e-commerce, utilizing a combination of air and land transport to reduce costs [3] - The company has reported a 2% year-on-year revenue growth in international logistics, reaching 101.27 billion yuan for the fiscal year 2025 [3] - Other Chinese logistics companies, such as JD Logistics and SF Express, are also expanding their presence in the Middle East, indicating a competitive landscape for logistics services in the region [4]