JD Logistics (2618) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose 14.1% year-over-year to RMB98.5 billion, with Q2 2025 revenue at RMB51.56 billion, up 16.6% year-over-year, driven by integrated supply chain and external customer growth.

• Non-IFRS profit for H1 2025 was RMB3.3 billion, up 7.1% year-over-year, with Q2 non-IFRS profit at RMB2.59 billion, up 54% year-over-year.

• Integrated supply chain customer revenue grew 19.9% to RMB50.1 billion, with external customer revenue up 10.2%.

• Overseas expansion accelerated, including the launch of Joy Express in Saudi Arabia and new warehouses in 23 countries and regions.

• No interim dividend was declared for the period.

Financial highlights

• Gross profit for H1 2025 was RMB8.87 billion, up 4.5% year-over-year, with a margin of 9.0%, down from 9.8% in H1 2024.

• Non-IFRS EBITDA for H1 2025 was RMB9.5 billion, up 2.1% year-over-year, with a margin of 9.6%.

• Free cash inflow for H1 2025 was RMB0.3 billion, down from RMB1.4 billion in H1 2024.

• Basic earnings per share for H1 2025 was RMB0.41, up from RMB0.36 a year earlier.

• Employee benefit expenses for H1 2025 were RMB39.2 billion, up 17.0% year-over-year.

Outlook and guidance

• Management expects continued strong growth in H2 2025, driven by retail, food delivery, and international expansion.

• Focus remains on strengthening integrated supply chain solutions, expanding the global logistics network, and investing in technology and infrastructure.

• Overseas warehouse floor area is expected to double by year-end, improving operational efficiency.

• Long-term gross margin is anticipated to improve as customer experience and product offerings advance.