Company Reports

JD Logistics, or JDL's, second-quarter revenue grew 24.3% year on year, while non-IFRS profit rose 2.2%. Management attributed the revenue growth to strong demand across both integrated supply chain, or ISC, and express delivery businesses.

JD Logistics differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage its cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics' first-quarter revenue grew 29% year on year, accelerating from 21.9% in the fourth quarter, while non-IFRS profit surged by 40%, improving from a 3% decline. Employee benefit and outsourcing costs increased 34% and 31%, respectively.

JD Logistics differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage its cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage its cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics' fourth-quarter non-IFRS profit margin came in at 3.7%. Management is optimistic about earnings growth in 2026. JDL plans to raise its capital expenditure/sales ratio to 3%-4% in 2026, up from 2.4% in 2025.

A theft occurred at JD Logistics' warehouse in France in December 2025. Management said the loss was significantly lower than the EUR 37 million reported in media such as Le Figaro. We also reviewed the performance of Deppon and Kuaye, as well as external business volume, in fourth-quarter 2025.

JD Logistics differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage its cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics' revenue grew 24% year over year in the third quarter, mainly driven by delivery services provided to JD.com. However, non-IFRS profit fell 22% due to investments in the overseas operations and warehouse expansion.

JD Logistics differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage its cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics' average revenue per external customer grew 3% in the second quarter, versus an 8% decline in the first quarter. The number of external integrated supply chain customers rose 4% sequentially. Non-IFRS profit rose 7% year on year in the first half.

On June 24, JD Logistics, or JDL, began recruiting full-time riders to support JD.com's food delivery operations. The company expects this initiative to create synergies with its existing last-mile delivery and other logistics services.

JD Logistics, or JDL, differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 3, 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 31, 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage JDL’s cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics, or JDL, differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 3, 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 31, 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage JDL’s cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics', or JDL's, first-quarter revenue growth accelerated to 12% year on year, while its IFRS profit rose 13%. JDL reaffirmed its double-digit revenue and mid- to high-single-digit non-IFRS profit growth targets for 2025 and guided margin expansion in the long run.

JD Logistics's, fourth-quarter sales grew 10% year on year. However, its non-IFRS profit margin dropped sequentially to 4.3% from 5.8% owing to increased investments in enhancing services and delivery timeliness. On March 7, JDL's shares fell by 15% following guidance of higher investments.

JD Logistics, or JDL, differentiates itself from its peers through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com. JD.com owns 64% of JDL as of Sept. 18, 2023. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to accurately match customer inventory in JDL’s warehouses, which are the nearest to the estimated customer base, with estimated demand, improving the in-stock rate and fulfillment efficiency. As of June 30, 2023, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverages JDL’s cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how also enables JDL to play a role in increasing its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics plans to acquire the remaining 36.45% stake in Kuayue Express for a maximum amount of CNY 6.48 billion in a mostly cash deal.

JD Logistics, or JDL, differentiates itself from its peers through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com. JD.com owns 64% of JDL as of Sept. 18, 2023. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to accurately match customer inventory in JDL’s warehouses, which are the nearest to the estimated customer base, with estimated demand, improving the in-stock rate and fulfillment efficiency. As of June 30, 2023, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverages JDL’s cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how also enables JDL to play a role in increasing its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.

JD Logistics, or JDL, differentiates itself from its peers through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com. JD.com owns 64% of JDL as of Sept. 18, 2023. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to accurately match customer inventory in JDL’s warehouses, which are the nearest to the estimated customer base, with estimated demand, improving the in-stock rate and fulfillment efficiency. As of June 30, 2023, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverages JDL’s cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how also enables JDL to play a role in increasing its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.