JD Logistics (2618) Q4 2024 earnings summary

Executive summary

• Achieved revenue of RMB 182.8 billion in 2024, up 9.7% year-over-year, with external customer revenue rising 9.6% to RMB 127.8 billion, nearly 70% of total revenue.

• Non-IFRS net profit for 2024 was RMB 7.9 billion, up 186.8% year-over-year, with a net profit margin of 4.3%, the highest since listing.

• Net profit surged to RMB 7.1 billion from RMB 1.2 billion in 2023, driven by gross profit growth and cost efficiency.

• Continued expansion in integrated supply chain services, technology innovation, and overseas markets, including new partnerships with major e-commerce platforms.

• No final dividend recommended for 2024.

Financial highlights

• Gross profit increased 47.4% year-over-year to RMB 18.7 billion; gross margin rose to 10.2% from 7.6%.

• Q4 non-IFRS net profit was RMB 2.23 billion, up 23.4% year-over-year, with a margin of 4.3%.

• Free cash inflow was RMB 8.1 billion, up from RMB 2.8 billion in 2023; cash resources at year-end were RMB 47.8 billion.

• Capital expenditure in Q4 was RMB 1.2 billion.

• Non-IFRS EBITDA grew 39.3% to RMB 20.3 billion, with margin improving to 11.1% from 8.8%.

Outlook and guidance

• Plans to further expand global supply chain network, aiming to double overseas warehouse GFA by end of 2025.

• Will continue to invest in technology, automation, and employee efficiency to drive long-term growth and profitability.

• Expects stable gross margin in 2025, with some impact from tax and fee changes.

• Focus on rational margin and product competitiveness amid fierce market competition in 2025.

• Focus remains on technology-driven integrated supply chain solutions, innovation, and sustainable development.