JD Logistics (2618) investor relations material

Executive summary

• Achieved high-quality revenue growth and significant improvement in operating profit in Q2 2026 despite external uncertainties.

• Revenue for the six months ended June 30, 2026, rose 26.5% year-over-year to RMB124.7 billion, with profit for the period up 10.5% to RMB3.3 billion.

• Integrated supply chain business and express delivery services drove high-quality growth, supported by AI and automation investments.

• International business expanded rapidly, with a dense overseas warehouse network and strong growth in Europe.

• Continued to consolidate core integrated supply chain business, deepen overseas strategy, and accelerate AI and automation deployment.

Financial highlights

• Total Q2 2026 revenue: RMB 64.10 billion, up 24.3% year-over-year; external customer revenue: RMB 44.23 billion, up 30.8%.

• Non-IFRS net profit: RMB 2.64 billion, net profit margin 4.1%.

• Gross profit for the six months was RMB11.1 billion, up 24.8% year-over-year; gross margin was 8.9%.

• Non-IFRS profit for the period was RMB3.7 billion, up 10.7% year-over-year; non-IFRS EBITDA reached RMB11.0 billion, up 16.3%.

• Free cash flow net of lease payments: RMB 2.15 billion; capital expenditures: RMB 1.44 billion.

Outlook and guidance

• Confident in maintaining healthy, sustainable growth in express, freight, and on-demand delivery for H2 2026.

• Operating margin expected to improve further in H2, with Deppon business recovering and international expansion injecting momentum.

• Focus remains on strengthening integrated supply chain logistics, deepening technology innovation, and expanding global presence.

• High growth rate in express delivery to be secured, outpacing industry average.

• No interim dividend was declared for the period.