Hong Kong · Delayed Price · Currency is HKD JD Logistics Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw robust revenue and profit growth, driven by integrated supply chain expansion, rapid international business development, and accelerated AI and automation adoption. Gross margin dipped due to business adjustments, but operating efficiency and cash flow improved.
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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Revenue grew 24.1% year-over-year to RMB 155.08 billion in Q3 2025, with strong ISC and freight delivery growth, and non-GAAP net profit at RMB 2.02 billion. Strategic investments in automation, international expansion, and a CEO transition were key highlights.
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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.