JD Logistics (2618) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 rose 11.0% year-over-year to RMB86.3 billion, with external customer revenue up 11.2% to RMB59.9 billion, now 69.4% of total revenue.

• Non-IFRS profit for H1 2024 surged 2,631.2% year-over-year to RMB3.1 billion, setting a new profitability record.

• Net profit for H1 2024 reached RMB2.6 billion, reversing a net loss of RMB0.5 billion in H1 2023, driven by operational efficiency and cost control.

• Continued expansion of integrated supply chain solutions, with 64,379 external integrated supply chain customers, up 5.9% year-over-year.

• Maintained strong growth in international logistics, with overseas warehouses in 18 countries and regions.

Financial highlights

• Q2 2024 revenue increased 7.7% year-over-year to RMB44.2 billion; gross profit up 54.8% to RMB5.3 billion.

• H1 2024 gross profit margin improved to 9.8% from 6.5% in H1 2023.

• Non-IFRS EBITDA for H1 2024 was RMB9.3 billion, up 60.0% year-over-year, with margin at 10.8%.

• Free cash inflow for H1 2024 was RMB1.4 billion, reversing an outflow from the prior year.

• Basic and diluted EPS for H1 2024 were RMB0.36, compared to a loss per share of RMB0.10 in H1 2023.

Outlook and guidance

• Management expects growth momentum to continue in the second half, with prudent optimism amid macroeconomic pressures.

• Focus remains on cost efficiency, technological innovation, and expanding international and cross-border e-commerce logistics.

• The company aims to further strengthen integrated supply chain logistics, invest in technology, and promote sustainable, high-quality development.