JD Logistics, Inc. (HK:2618)
:2618
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JD Logistics, Inc.
(2618)
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Rating:73Outperform
Price Target:
HK$12.00
▼(-14.22% Downside)
Action:UpgradedDate:11/13/25
JD Logistics' strong financial performance, characterized by robust revenue growth and improved profitability, is the most significant factor driving the score. The optimistic sentiment from the earnings call further supports the positive outlook. However, technical indicators suggest caution due to potential overbought conditions, and the valuation is moderate, limiting upside potential.
Positive Factors
Sustained Revenue Growth
Consistent high single-digit to mid-double-digit revenue growth demonstrates durable end-market demand and successful scale-up of services. Sustained top-line expansion supports network density, cross-selling to ISC customers, and funds reinvestment into automation and geographic growth over the next 2–6 months and beyond.
Negative Factors
Margin Pressure / Profit Decline
Declining adjusted profits and compressed EBITDA margins suggest structural margin pressure from cost increases or a shift to lower-margin services. If persistent, this will limit internal funding for expansion and weaken returns on invested capital despite revenue growth, challenging long-term profitability improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent high single-digit to mid-double-digit revenue growth demonstrates durable end-market demand and successful scale-up of services. Sustained top-line expansion supports network density, cross-selling to ISC customers, and funds reinvestment into automation and geographic growth over the next 2–6 months and beyond.
Read all positive factors
JD Logistics, Inc. (2618) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$94.22B
Dividend YieldN/A
Average Volume (3M)15.75M
Price to Earnings (P/E)9.9
Beta (1Y)1.19
Revenue Growth11.05%
EPS Growth81.01%
CountryHK
Employees498,709
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)0.39
Shares Outstanding6,672,482,000
10 Day Avg. Volume12,999,198
30 Day Avg. Volume15,745,832
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.35
Price to Sales (P/S)0.41
P/FCF Ratio4.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$17.25Price Target Upside23.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.36
Revenue Forecast (FY)HK$260.37B
JD Logistics, Inc. Business Overview & Revenue Model
Company Description
JD Logistics Inc., an investment holding company, provides supply chain solutions and logistics services in the People's Republic of China. The company offers warehousing and distribution, express and freight delivery; bulky item, cold chain, and ...
How the Company Makes Money
JD Logistics generates revenue primarily through its logistics services, which encompass express delivery, warehousing solutions, and freight services. The company charges clients for transportation and logistics management, often based on volume ...
JD Logistics, Inc. Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational story: strong top-line growth, robust ISC segment performance, meaningful overseas expansion and clear progress on technology and automation deployments, backed by positive cash generation. However, profitability remains modest and under pressure from rapidly rising employee and operating costs, some slower growth pockets in express/freight, and dependence on JD Group volume. On balance the highlights (revenue growth, ISC strength, tech/overseas investments and cash flow) outweigh the lowlights (margin compression, cost increases and concentration risks), but margin and cost control will be critical going forward.Positive Updates
Strong Top-Line Growth (Quarter & Full Year)
Q4 revenue of RMB 63.5 billion, +21.9% year-over-year; Full-year 2025 revenue RMB 217.1 billion, +18.8% year-over-year — double-digit growth in both the quarter and full year.
Negative Updates
Modest Overall Margins Despite Growth
Non-IFRS profit margins remain low at 3.7% (Q4) and 3.6% (FY). IFRS profit margin was 3.1% in Q4 and 3.2% for FY 2025. Gross profit margin in Q4 was 9.3%, indicating limited current margin leverage despite revenue increases.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth (Quarter & Full Year)
Q4 revenue of RMB 63.5 billion, +21.9% year-over-year; Full-year 2025 revenue RMB 217.1 billion, +18.8% year-over-year — double-digit growth in both the quarter and full year.
Read all positive updates
Company Guidance
Management guided that 2026 should see continued strong growth momentum and improving profitability driven by further ISC expansion, overseas scale-up (Europe expected to grow “very fast”), and higher investment in automation and AI; they pointed to 2025 baselines of RMB 217.1 billion full‑year revenue (+18.8% YoY) and Q4 revenue RMB 63.5 billion (+21.9%), non‑IFRS profit of RMB 7.7 billion for the year (3.6% margin) and RMB 2.35 billion in Q4 (3.7% margin), non‑IFRS EBITDA in Q4 RMB 5.8 billion (9.1% margin), free cash flow excl. leases in Q4 RMB 3.3 billion and operating cash flow excl. leases RMB 5.3 billion, CapEx in Q4 RMB 1.9 billion, gross profit margin in Q4 9.3%, ISC revenue of RMB 116.2 billion in 2025 (+33% YoY) with external ISC revenue cited at RMB 35.9 billion and ~91,161 external ISC customers (+13% YoY), Q4 ISC revenue RMB 36.0 billion (+44.5%) including RMB 26.7 billion from JD Group (+68.1%) and RMB 9.3 billion from external ISC customers (external customer count in Q4 reported as 68,000, +9.7% YoY), express and freight revenue RMB 100.9 billion (+5.7%), footprint of >1,600 warehouses and >34 million sqm GFA domestically plus ~200 overseas warehouses (~2 million sqm GFA), Smart Wolf deployed in ~20 cities (>20 warehouses), thousands of unmanned vehicles across >20 provinces, JD Airlines fleet of 12 planes, and an operational workforce that rose from ~480,000 to ~660,000 — with management saying these investments (R&D spend up in Q4 RMB 1.2 billion, +28.9%) and efficiency gains from AI/automation will drive margin recovery and a balance of growth and profit stability in 2026.JD Logistics, Inc. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 195.02B | 182.84B | 166.62B | 137.40B | 104.69B | 73.37B |
| Gross Profit | 19.08B | 18.70B | 12.68B | 10.10B | 5.78B | 6.29B |
| EBITDA | 10.80B | 11.07B | 14.97B | 10.08B | -7.12B | 1.59B |
| Net Income | 6.51B | 6.20B | 616.19M | -1.40B | -15.84B | -4.13B |
Balance Sheet | ||||||
| Total Assets | 118.91B | 117.87B | 112.90B | 106.70B | 76.80B | 54.72B |
| Cash, Cash Equivalents and Short-Term Investments | 31.17B | 43.14B | 33.07B | 35.43B | 28.91B | 10.88B |
| Total Debt | 23.68B | 23.17B | 27.25B | 23.88B | 15.28B | 34.69B |
| Total Liabilities | 59.82B | 54.90B | 57.53B | 53.49B | 36.41B | 57.62B |
| Stockholders Equity | 53.83B | 55.32B | 48.16B | 46.58B | 37.94B | -5.14B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 15.17B | 10.87B | 8.31B | 1.97B | 6.98B |
| Operating Cash Flow | 0.00 | 20.79B | 16.35B | 13.31B | 6.21B | 10.20B |
| Investing Cash Flow | 0.00 | -840.45M | -15.10B | -13.11B | -11.12B | -8.77B |
| Financing Cash Flow | 0.00 | -11.49B | -5.55B | 1.48B | 16.60B | -3.73B |
JD Logistics, Inc. Technical Analysis
Positive
13.99
Price Trends
12.21
Positive
12.10
Positive
12.62
Positive
Market Momentum
0.53
Positive
62.83
Neutral
67.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2618, the sentiment is Positive. The current price of 13.99 is above the 20-day moving average (MA) of 13.74, above the 50-day MA of 12.21, and above the 200-day MA of 12.62, indicating a bullish trend. The MACD of 0.53 indicates Positive momentum. The RSI at 62.83 is Neutral, neither overbought nor oversold. The STOCH value of 67.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2618.
JD Logistics, Inc. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$143.01B | 13.15 | 14.02% | 3.05% | 12.64% | 2.90% | |
73 Outperform | HK$94.22B | 9.94 | 7.51% | ― | 11.05% | 81.01% | |
64 Neutral | HK$46.81B | 11.39 | 9.46% | 6.39% | -17.69% | -3.38% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$12.00B | 5.27 | 8.00% | 3.55% | 26.36% | -18.67% | |
62 Neutral | HK$2.38B | 21.77 | 9.22% | 8.25% | 56.58% | 1963.38% | |
61 Neutral | HK$91.56B | 24.42 | 5.53% | ― | 12.14% | ― |
* Industrials Sector Average
HK:2618
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JD Logistics, Inc. Corporate Events
JD Logistics Warns of 2025 Loss at Subsidiary Deppon Amid Cost Pressures and Strategic Investment
Jan 30, 2026
JD Logistics has alerted investors that its subsidiary Deppon Logistics expects to swing from profit to a significant loss in 2025, forecasting an unaudited net loss attributable to shareholders of between RMB439 million and RMB539 million, compar...
JD Logistics Moves to Delist Deppon from Shanghai with RMB3.8 Billion Cash Offer
Jan 29, 2026
JD Logistics has announced that shareholders of its affiliate Deppon have approved a special resolution to voluntarily withdraw Deppon’s shares from trading on the Shanghai Stock Exchange, and the company will now seek regulatory approval fr...
JD Logistics Moves to Delist Subsidiary Deppon from Shanghai, Offers RMB3.8 Billion Cash Option to Minority Shareholders
Jan 13, 2026
JD Logistics plans to delist its consolidated subsidiary Deppon from the Shanghai Stock Exchange, with its wholly owned subsidiary Suqian Jingdong Zhuofeng, an indirect controlling shareholder of Deppon, proposing a voluntary withdrawal of Deppon&...
JD Logistics Grants New Employee Share Awards Under Post-IPO Scheme
Jan 1, 2026
JD Logistics, Inc. has granted 1,488,183 new award shares under its Post-IPO Share Award Scheme to employees of the group, excluding directors and senior management, representing about 0.02% of its total issued share capital as of the grant date. ...
JD Logistics Adds Veteran Executive Laura Peterson to Board, Revamps Committees
Dec 29, 2025
JD Logistics has strengthened its board by appointing veteran aviation and technology executive Laura J. Peterson as an independent non-executive director, effective 29 December 2025, bringing decades of experience from senior roles at Boeing and ...
JD Logistics Announces Board Composition and Committee Roles
Dec 29, 2025
JD Logistics, Inc. has announced the current composition of its board of directors, which includes one executive director serving as chief executive officer, one non-executive director serving as chairman, and a slate of independent non-executive ...
JD Logistics Secures Shareholder Approval for Key Agreement with JD.com
Nov 21, 2025
JD Logistics, Inc. announced that during its Extraordinary General Meeting held on November 21, 2025, the shareholders approved the Supply Chain Solutions and Logistics Services Supplemental Agreement with JD.com. This agreement, which includes re...
JD Logistics Reports Q3 2025 Revenue Growth and Expands Global Operations
Nov 13, 2025
JD Logistics, Inc. reported a 24.1% increase in revenue for the third quarter of 2025, despite a decline in gross profit and profit before income tax. The company is expanding its integrated supply chain solutions, with significant growth in reven...
JD Logistics Announces Leadership Change with New CEO Appointment
Nov 13, 2025
JD Logistics, Inc. announced a change in its executive leadership, with Mr. Wei Hu resigning as CEO and Mr. Zhenhui Wang appointed as his successor, effective November 13, 2025. This leadership transition is expected to bring Mr. Wang’s exte...
JD Logistics Announces Board Composition and Roles
Nov 13, 2025
JD Logistics, Inc. has announced the composition of its board of directors, highlighting the roles and functions of each member. The board includes a mix of executive, non-executive, and independent non-executive directors, with committees focusin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.