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 expanded service offerings and improved customer experience.

• Net profit declined 19.7% year-over-year to RMB 2.0 billion, reflecting increased costs and investments in business expansion.

• Non-GAAP net profit was RMB 2.02 billion, with a margin of 3.7%, and non-GAAP EBITDA was RMB 5.32 billion, down 7.1% year-over-year.

• 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

• Revenue from ISC customers reached RMB 13.13 billion, up 45.8% year-over-year; external ISC revenue was RMB 8.93 billion, up 13.5%.

• Revenue from other customers (express and freight delivery) was RMB 24.95 billion, up 5.1% year-over-year.

• Gross profit margin was 9.1% in Q3 2025, down from 11.7% year-over-year.

• Non-GAAP EBITDA margin was 9.7%, down from 12.9% year-over-year.

• 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.

Outlook and guidance

• Expects economies of scale and improved resource utilization to support profitability as business volume increases in the peak season.

• Plans to double the gross floor area of overseas warehouses by end of 2025, focusing on automation and digitalization.

• Continued investment in automation, AI, and digital technologies to drive long-term efficiency and cost reduction.

• Acquisition of on-demand delivery business expected to broaden service portfolio, enhance last-mile delivery, and drive future growth.

• Continued focus on expanding integrated supply chain solutions and overseas logistics capabilities.