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JD Logistics (2618) investor relations material
JD Logistics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 and full-year 2025 results met expectations, with resilience in top line and profitability despite high base in electronics and home appliances.
Revenue grew 18.8% year-over-year to RMB217.1 billion, driven by integrated supply chain services and expanded customer base.
User base surpassed 700 million annual active customers, with monthly active customers up 30% year-on-year in Q4.
Strategic investments in price competitiveness, R&D, AI, automation, and global expansion, including new overseas warehouses and express delivery brands.
Completed major acquisitions, including full ownership of Kuayue Express and local on-demand delivery services.
Financial highlights
Q4 total revenues grew 2% year-on-year to RMB 352 billion; full-year revenues up 13% to RMB 1.3 trillion.
Non-GAAP net profit for Q4 was RMB 1.1 billion; full-year non-GAAP net profit reached RMB 27 billion.
Gross profit increased 5.7% year-over-year to RMB19.8 billion; gross margin declined to 9.1% from 10.2%.
Free cash flow for 2025 was RMB 6 billion, down from RMB 44 billion last year, mainly due to trade-in program outflows.
Cash and equivalents at year-end totaled RMB 225 billion; cash resources RMB45.0 billion.
Outlook and guidance
Confident in sustaining double-digit growth in general merchandise, supermarket, and healthcare in 2026.
Focus remains on high-quality growth, technology-driven efficiency, and global network expansion.
Electronics and home appliances expected to recover in the second half of 2026 as high base effects normalize.
Continued disciplined investment in international and Jingxi businesses, with profitability improvement expected.
Plans to further strengthen integrated supply chain logistics and intelligent fulfillment networks.
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Next JD Logistics earnings date
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