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JD Logistics (2618) investor relations material
JD Logistics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved total revenue of RMB 155.08 billion in Q3 2025, up 24.1% year-over-year, driven by improved service capacities and product portfolio expansion.
Non-GAAP net profit was RMB 2.02 billion with a margin of 3.7%, down 21.5% year-over-year, reflecting increased costs and investments in business expansion.
Leadership transition announced: Hu Wei stepping down as CEO, succeeded by Wang Zhenhui.
Significant business expansion included acquisition of local on-demand delivery subsidiaries and overseas logistics network growth.
Financial highlights
Gross profit margin reached 9.1% in Q3 2025, down from 11.7% year-over-year.
Non-GAAP EBITDA was RMB 5.32 billion, down 7.1% year-over-year, with a margin of 9.7%.
Free cash flow (excluding lease payments) was RMB 0.59 billion, with operating cash flow of RMB 4.71 billion and capital expenditure of RMB 1.95 billion.
Cash resources totaled RMB 44.4 billion as of September 30, 2025.
Outlook and guidance
Anticipates improved profitability in peak season due to economies of scale and better resource utilization.
Plans to double overseas warehouse gross floor area by end of 2025, focusing on global network expansion and automation.
Acquisition of on-demand delivery business expected to broaden service portfolio and enhance last-mile delivery.
Continued focus on expanding integrated supply chain solutions and overseas logistics capabilities.
How will JDL address rising employee costs?
Detail overseas warehouse expansion strategy.
Assess automation investment efficiency and cost impact.
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Next JD Logistics earnings date
Q4 20255 Mar, 2026
Next JD Logistics earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
JD Logistics Inc. is a Chinese company providing integrated supply chain and logistics services. It offers a range of solutions, including warehousing, transportation, and delivery services, supported by advanced technologies such as artificial intelligence and automation. The company caters to various industries, including e-commerce, retail, and manufacturing, enabling efficient and scalable logistics operations. JD Logistics also provides value-added services like inventory management, order processing, and customer support to streamline supply chain operations for its clients. The company is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.
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