JD Logistics (2618) Q3 2025 earnings summary

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.