Hong Kong · Delayed Price · Currency is HKD JD Logistics Earnings Call Transcripts
Fiscal Year 2025
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Q4 and full-year 2025 results showed resilient growth in general merchandise and marketplace revenues, offsetting softness in electronics. User base and engagement surged, while new businesses narrowed losses. Strategic investments in AI, R&D, and international expansion support a positive 2026 outlook.
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Q3 2025 revenue rose 24.1% year-over-year to RMB 155.08 billion, with non-GAAP net profit at RMB 2.02 billion and a 3.7% margin. Segment growth was led by ISC and express/freight services, while automation and global expansion remain strategic priorities.
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Q2 2025 saw 16.6% revenue growth to RMB 51.56B and a 54% rise in non-IFRS profit, driven by ISV and external customer expansion, international growth, and operational efficiency. Overseas warehousing and automation investments are set to further boost margins and scale.
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Q1 2025 saw revenue rise 11.5% year-over-year to RMB 47 billion, with non-IFRS profit up 13.4% and strong growth in ISC and express delivery segments. Investments in automation, international expansion, and value-added services support a confident double-digit growth outlook for the year.
Fiscal Year 2024
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Revenue grew 9.7% year-over-year to RMB 182.8 billion in 2024, with non-IFRS net profit up 186.8% to RMB 7.9 billion and a record 4.3% margin. Expansion in omnichannel, international, and technology-driven services fueled growth, while cost controls and efficiency gains supported profitability.
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Q3 2024 saw revenue rise 6.6% year-over-year to RMB 44.4 billion, with non-IFRS net profit nearly tripling to RMB 2.57 billion and margins sharply higher. Integration with Taobao and Tmall, international expansion, and strong cost control drove growth and profitability.
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Q2 2024 saw revenue rise 7.7% year-over-year to CNY 44.2 billion, with non-IFRS net profit nearly tripling and margins reaching record highs. Growth was driven by network optimization, technology, and international expansion, with management maintaining a cautiously optimistic outlook.