On August 14, JD LOGISTICS Inc. (02618) released its interim results report for 2025. For the six months ended June 30, JD LOGISTICS achieved total revenue of 98.53 billion yuan, representing a year-on-year increase of 14.1%. Notably, the company's integrated supply chain revenue surged 26.3% in the second quarter, leading industry growth. While achieving accelerated revenue growth, JD LOGISTICS effectively enhanced resource utilization efficiency and reduced logistics costs through technology empowerment, network optimization, and refined management initiatives. The company maintained steady profitability development, with adjusted net profit reaching 3.34 billion yuan in H1 2025. Revenue, revenue growth, and net profit all exceeded market expectations.
**Q2 Integrated Supply Chain Growth Leads Industry**
During the first half of this year, JD LOGISTICS continued promoting the widespread application of integrated supply chain solutions and premium logistics services, helping customers across various industries effectively improve operational efficiency, reduce operational costs, and optimize customer experience. In H1 2025, JD LOGISTICS' integrated supply chain customer revenue reached approximately 50.11 billion yuan, up 19.9% year-on-year, showing strong growth momentum. The second quarter integrated supply chain revenue growth reached 26.3%, leading the industry.
In the first half of this year, JD LOGISTICS continued expanding collaboration scope with customers, serving over 70,000 external integrated supply chain customers. The average revenue per external integrated supply chain customer reached 239,000 yuan, achieving dual growth.
During H1 2025, JD LOGISTICS deepened cooperation with multiple leading customers in home appliances, apparel, fast-moving consumer goods, automotive, and other industries, focusing on omni-channel "unified inventory" supply chain logistics solutions and providing differentiated, high-standard services.
In the home appliance sector, JD LOGISTICS expanded its collaboration with a renowned home appliance brand from omni-channel unified inventory solutions covering warehouse transportation, warehousing, delivery, and replenishment forecasting to an integrated "delivery and installation" model during H1 2025. This further enhanced integrated supply chain service scenarios and cooperation models, helping the brand significantly improve damage rates, customer complaint rates, logistics timeliness, and inventory turnover rates, becoming a benchmark case for addressing delivery and installation pain points in the home appliance industry.
In June this year, JD LOGISTICS continuously upgraded warehousing and delivery service levels, offering customers three tiered services: "211 warehousing and delivery, express warehousing and delivery, and value warehousing and delivery," combined with industry-specific customization capabilities. Through faster delivery times and more convenient services, the company further helps merchants achieve cost reduction, efficiency improvement, and experience upgrades in complex market environments.
Recently, JD LOGISTICS expanded its cooperation with a renowned international sportswear brand from express delivery services to integrated supply chain business, providing forward warehousing and delivery services, as well as reverse quality inspection and restoration services. The warehousing and delivery services achieve "211 timeliness," significantly improving order fulfillment efficiency compared to merchants' original models, helping merchants address challenges of high return rates and slow inventory turnover in apparel categories on e-commerce platforms, while opening new pathways for merchants to improve store ratings and gain platform traffic through logistics services to promote business growth.
Additionally, in the automotive industry, JD LOGISTICS continuously extends its layout along the industrial chain, gradually penetrating from sales supply chains to production supply chains, continuously upgrading supply chain service planning. In Q2 2025, JD LOGISTICS collaborated with a leading new energy vehicle customer to create a just-in-time sequential supply model for pre-production in-factory logistics solutions, covering trunk transportation, warehousing, material sequencing, short-distance delivery, empty return, and circular packaging throughout the pre-production supply chain process. This model not only helps customers save facility space, improve warehouse efficiency, and reduce costs, but also enhances JD LOGISTICS' integrated supply chain capabilities for serving the entire automotive industry chain, laying foundations for expanding manufacturing industry pre-production logistics.
**Technology Innovation Becomes Core Driver of Steady Performance Growth**
For many years, JD LOGISTICS has consistently prioritized technological innovation. Leveraging the "JD LOGISTICS Super Brain," the company continuously promotes deep integration of intelligent digitalization technology with all logistics segments, focusing on cost reduction and efficiency improvement throughout the entire supply chain, achieving intelligent applications across all segments from planning to warehousing and transportation. This empowers JD LOGISTICS' own operational efficiency and business quality improvements while helping customers and the industry reduce costs and improve efficiency, continuously injecting momentum for cost reduction and efficiency improvement throughout the logistics process.
In intelligent warehousing, JD LOGISTICS' self-developed "Smart Wolf" goods-to-person solution entered a new stage of nationwide scaled replication and application in H1 2025. It has been deployed in various warehouse types across core cities including Beijing, Fuzhou, Guangzhou, and Chengdu, with applications covering both self-operated scenarios and external customers. For example, in Q2 2025, JD LOGISTICS' Guangzhou apparel industry warehouse Xintang Phase III was launched. Xintang Phase III integrates automated handling, three-dimensional shelving, escalator systems, and intelligent picking workstations through "Smart Wolf," combined with forward and reverse integrated warehousing operations, significantly improving order processing efficiency. With this solution, JD LOGISTICS has provided integrated supply chain solutions from wholesale market pickup, in-warehouse processing to terminal delivery for apparel merchants in the Xintang industrial belt, addressing long-standing pain points in apparel industry e-commerce sales including strong seasonality, rapid style updates, and complex inventory management, helping industrial belt merchants achieve cost reduction and efficiency improvement.
Furthermore, in autonomous driving, JD LOGISTICS' "Lone Wolf" unmanned vehicles have achieved normalized operations in connecting transportation between sites and delivery areas, effectively reducing delivery personnel shuttle trips, increasing time in delivery areas, improving delivery efficiency, pickup timeliness, and successful delivery rates, reducing operational costs in terminal segments. In the future, JD LOGISTICS will continue expanding scope, promoting scaled application of unmanned vehicles while exploring application value in terminal delivery and short-distance feeder transportation scenarios.
As of June 30, 2025, JD LOGISTICS has obtained over 5,000 authorized patents and software, with over 3,000 patents involving automation and unmanned technologies.
**Continuously Expanding Fresh and High-Value Product Solutions**
While continuously improving integrated supply chain logistics and service capabilities, JD LOGISTICS continues strengthening capability building, enhancing service timeliness and customer experience to increase market competitiveness of express delivery, freight, and other products, achieving high-quality growth. In H1 2025, JD LOGISTICS' revenue from other customers, including express delivery and freight services, reached 48.42 billion yuan.
During the first half of this year, JD LOGISTICS continued expanding high-speed, high-quality express delivery business, continuously enhancing customer recognition of JD LOGISTICS' "fast delivery" through timeliness capability building and resource investment, improving operational capabilities and service experience, effectively driving rapid growth of premium business.
During the lychee season in H1 2025, targeting lychee's short shelf life and high transportation difficulty, JD LOGISTICS launched a comprehensive logistics upgrade solution of "origin pre-cooling + full-process temperature control + multimodal transport." Through combinations of cargo aircraft, passenger aircraft belly cargo, high-speed rail, and short-distance cold chain vehicles, combined with full-process temperature control, the company helped Lingnan lychees reach multiple destinations nationwide directly from origins, ensuring delivery quality while achieving next-morning delivery timeliness, providing solid support for high-value fresh product fulfillment and helping JD LOGISTICS achieve historic highs in lychee season related volumes.
Additionally, in Q2 2025, JD LOGISTICS began recruiting and managing full-time riders to participate in JD food delivery business. This business further enriches JD LOGISTICS' solutions and service scope, bringing more synergistic effects and efficiency improvements to existing terminal fulfillment operations.
Meanwhile, JD Express continues focusing on timeliness capability building. In the first half of this year, JD Express added 127 passenger aircraft direct capacity routes and 35 land transport direct capacity routes, achieving next-morning delivery upgrades for over 2,000 intra-provincial routes. Through node optimization, aviation next-day delivery, land transport next-morning delivery, and land transport next-day delivery timeliness products continue accelerating with expanded coverage.
While achieving rapid business development, JD LOGISTICS always remembers the core value of "customers first," winning favor from customers and consumers through professional, reliable services. According to National Postal Administration statistics, JD LOGISTICS' express delivery customer satisfaction continuously ranks in the industry's first tier. In H1 2025, JD LOGISTICS maintained leading industry positions in express delivery comprehensive service satisfaction rankings across multiple mainstream e-commerce platforms.
Additionally, JD LOGISTICS' freight business, including Deppon Logistics and KYE Express, ranks among national leaders in scale. In business expansion, JD LOGISTICS refines transportation solutions around industry characteristics, providing stable, reliable, and diversified freight products for customers, driving business growth and market share expansion across different market segments.
In service business, during H1 2025, JD LOGISTICS' one-stop service platform "JD Service+" continued innovative upgrades around users' diversified, full-time, and omni-scenario needs, launching multiple industry-leading solutions in home appliance installation and repair, new energy charging piles, and moving services. Currently, "JD Service+" has built a nationwide service network, cumulatively serving over 100 million users, continuously consolidating its leading position in service scale, standardized operations, and user reputation.
**Overseas and Hong Kong-Macau Business Maintains High-Speed Growth**
For many years, JD LOGISTICS has actively expanded overseas and Hong Kong-Macau business layout. In H1 2025, JD LOGISTICS' overseas and Hong Kong-Macau business continued achieving high-speed growth.
During the first half of this year, JD LOGISTICS accelerated the "Global Network" plan, building a global supply chain network centered on overseas warehouses. New overseas warehouses were opened in the United States, United Kingdom, Poland, South Korea, Vietnam, Saudi Arabia, and other countries, further expanding the overseas warehouse footprint and forming more comprehensive regional coverage capabilities. As of June 30, JD LOGISTICS' overseas warehouses cover 23 countries and regions globally. The expansion of global logistics network layout and enhancement of overseas supply chain capabilities further help maintain high-speed growth trends in revenue from international integrated supply chain logistics services.
In June this year, JD LOGISTICS launched delivery services in Saudi Arabia, introducing the self-operated express brand "JoyExpress," focusing on building fast delivery service capabilities covering cross-border transportation, customs clearance, and local transportation. Leveraging existing overseas warehouse service foundations, JD LOGISTICS has formed a complete logistics network from warehousing and sorting to "last mile" delivery in Saudi Arabia, providing various customers with diversified, full-chain logistics solutions including integrated supply chain and express delivery services. This marks further upgrades in JD LOGISTICS' overseas business localization operational capabilities. Additionally, JD LOGISTICS' first overseas customer service center has been established in Saudi Arabia, providing high-quality services to local consumers.
Furthermore, in Hong Kong and Macau, JD LOGISTICS continues bringing ultimate services and experiences to more customers, achieving high-speed growth in Hong Kong-Macau express business. With the Hong Kong Island operations center officially commencing operations in Hong Kong in Q1 2025, Hong Kong express business sorting efficiency and delivery timeliness significantly improved. In business expansion, JD LOGISTICS has established cooperation with multiple e-commerce platforms and domestic and international brand merchants. In Q2, JD LOGISTICS provided an integrated Shenzhen-Hong Kong service model to a renowned international consumer goods brand through "Shenzhen bonded warehouse - customs clearance - transportation - Hong Kong transit warehouse - Hong Kong local delivery," helping the brand reduce operational pressure and improve fulfillment timeliness.
JD Express continues deepening market layout in Hong Kong and Macau, continuously bringing quality and diversified logistics services to consumers in Hong Kong and Macau through technological innovation and service upgrades.
**Supporting High-Quality Employment with Over 660,000 Frontline Employees**
For many years, JD Group has consistently upheld the "Righteous Path to Success" business values. JD LOGISTICS continuously takes social responsibility seriously, fully ensuring worker compensation and benefits while practicing green sustainable development concepts. As of June 30, 2025, JD LOGISTICS frontline employees exceed 660,000.
JD Group consistently adheres to the "People First, Enterprise Second" philosophy, providing full social insurance and housing funds for all frontline employees including delivery personnel and full-time riders, launching welfare policies such as "Employee Relief Fund," "I'm Going to University at JD," and "Housing Security Fund," establishing multi-dimensional welfare care and talent development mechanisms, comprehensively focusing on employee physical and mental health, career growth, and family happiness.
In July this year, JD LOGISTICS provided congratulatory funds, paid school-sending leave, free campus delivery, and priority JD recruitment after graduation for children of full-time riders and JD LOGISTICS delivery personnel, transport drivers, sorters, packers, and customer service personnel who participated in this year's college entrance examinations.
JD LOGISTICS has always been committed to building broad platforms for employees to demonstrate value and gain recognition. In H1 2025, JD Customer Service Datong Branch Center was awarded the "National March 8th Red Flag Collective" honor. JD LOGISTICS Hainan delivery employee Zhang Xiaoshan received the 2025 "National Labor Model" title. JD LOGISTICS Beijing delivery employee Luan Yushuai received the 2025 China Youth May Fourth Medal. Additionally, nearly one hundred frontline employees or teams including Wei Tuanjie, Huang Yongpan, Guiyang Zhujiang Road Business Department, and Huang Xuegen received provincial and municipal honors such as Beijing Labor Model, "Hubei Good Person," Guizhou Youth May Fourth Medal Collective, and Sichuan Youth May Fourth Medal during H1 2025.
JD LOGISTICS actively participates in disaster relief and emergency support leveraging its integrated supply chain network and efficient transportation capabilities. This year, during natural disasters in Guizhou, Beijing, Lanzhou, and other locations, JD Group quickly activated emergency response plans, collaborated with relevant local departments, established special emergency response teams, and donated essential living supplies. JD LOGISTICS used dedicated personnel and vehicles to deliver emergency supplies from nearest facilities to disaster areas immediately.
Hu Wei, SEC Committee Member of JD Group and CEO of JD LOGISTICS, stated that benefiting from JD LOGISTICS' years of continuous promotion of technology and model innovation, the global supply chain logistics network continues demonstrating scale benefits. Core technologies have become important drivers of enterprise development, promoting another high-quality performance growth. For many years, JD LOGISTICS has consistently adhered to technology-driven approaches, continuously exploring frontier technology applications in logistics supply chains, persistently improving integrated supply chain logistics services and model innovation, and relentlessly refining ultimate express delivery services. This helps JD LOGISTICS achieve high-quality growth while further helping enterprise customers and industries achieve quality improvement, efficiency enhancement, and cost reduction, contributing to effectively reducing logistics costs across society.