JD Logistics Earnings: Strong Underlying Growth Overshadowed by Deppon Losses; Shares Cheap
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.
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