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JD Logistics, Inc.
(2618)
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Rating:67Neutral
Price Target:
HK$12.50
▲(10.52% Upside)
Action:Downgraded
Date:08/19/26
The score is driven primarily by solid financial performance (profitability turnaround and strong, consistent free cash flow) and an attractive earnings multiple (low P/E). These positives are tempered by weak technicals (price below key moving averages with bearish momentum) and earnings-call headwinds around margin compression and rising outsourcing costs despite strong revenue growth.
Positive Factors
Strong Revenue Growth
Rapid growth across total and external revenue indicates expanding customer adoption beyond JD.com. The stronger external trajectory can diversify demand and improve operating leverage as the logistics network handles greater volume.
Negative Factors
Thin and Under Pressure Margins
Low margins leave limited room to absorb wage, fuel, capacity and pricing pressures. The decline in gross and operating margins despite strong revenue growth suggests that scale has not yet consistently translated into stronger earnings quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Rapid growth across total and external revenue indicates expanding customer adoption beyond JD.com. The stronger external trajectory can diversify demand and improve operating leverage as the logistics network handles greater volume.
Read all positive factors
JD Logistics, Inc. (2618) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$72.12B
Dividend YieldN/A
Average Volume (3M)13.77M
Price to Earnings (P/E)7.9
Beta (1Y)1.17
Revenue Growth29.20%
EPS Growth16.27%
CountryHK
Employees637,406
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)1.16
Shares Outstanding6,628,721,700
10 Day Avg. Volume10,524,933
30 Day Avg. Volume13,765,769
Financial Highlights & Ratios
PEG Ratio1.61
Price to Book (P/B)1.20
Price to Sales (P/S)0.30
P/FCF Ratio5.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$16.91Price Target Upside49.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.34
Revenue Forecast (FY)HK$263.75B
JD Logistics, Inc. Business Overview & Revenue Model
Company Description
JD Logistics, Inc., an investment holding entity, offers a comprehensive suite of supply chain and logistical solutions throughout the People's Republic of China. Its extensive range of services includes warehousing and distribution, expedited par...
How the Company Makes Money
JD Logistics primarily makes money by charging fees for logistics and supply-chain services provided to customers, with revenue largely generated from two broad customer groups: (1) external customers (third-party merchants and enterprise clients)...
JD Logistics, Inc. Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and growth story: strong top-line growth (total revenue +24.3% YoY; external revenue +30.8% YoY), accelerating international expansion, meaningful improvements in operating profit (+11.6% YoY) and positive free cash flow, supported by heavy technology and automation investment. However, margin pressures (gross margin down 0.9pp), a large rise in outsourcing costs (+40.5% YoY), and only modest net profit growth (+2.2% YoY) were notable headwinds. Management emphasized technology-driven efficiency gains, continued R&D/capex for automation, and progress on overseas commercialization, while acknowledging short-term pressures in certain delivery segments and the ongoing adjustment of Deppon.Positive Updates
Strong Top-Line Growth
Total revenue reached RMB 64.10 billion, up 24.3% year-on-year; revenue from external customers was RMB 44.23 billion, up 30.8% year-on-year.
Negative Updates
Gross Margin Compression
Gross profit margin declined to 9.7%, down 0.9 percentage points year-on-year, primarily attributed to Deppon being in a business adjustment stage which pressured overall gross margin despite improvements in the original core business.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue reached RMB 64.10 billion, up 24.3% year-on-year; revenue from external customers was RMB 44.23 billion, up 30.8% year-on-year.
Read all positive updates
Company Guidance
Management guided to continued high‑quality growth and improving profitability in H2 2026: Q2 revenue was RMB 64.10 billion (+24.3% YoY) with external revenue of RMB 44.23 billion (+30.8%), non‑IFRS net profit of RMB 2.64 billion (4.1% margin) and non‑IFRS operating profit of RMB 2.34 billion (+11.6% YoY); H1 operating profit totaled RMB 3.59 billion (+39.9% YoY). They reiterated focus on integrated supply chain (Q2 integrated customer revenue RMB 30.17 billion, +12.1%; JD Group RMB 19.88 billion, +11.9%; external RMB 10.29 billion, +12.5%) and rapid international expansion (presence in 26 countries, >2 million sqm overseas warehouses, LangzuTech GTP in >30 UK/Germany warehouses), saying overseas will be a second growth curve. Management expects operating leverage and margin recovery as Deppon completes adjustments (Q2 gross margin 9.7%, ‑0.9pp YoY) and said express delivery outpaced the industry in H1 and should sustain strong growth while freight delivery should see steady, higher‑quality growth (instant delivery may face some H2 pressure). They will keep investing in tech and automation (Q2 R&D RMB 1.21 billion, 1.9% of revenue, +20.1% YoY; Q2 capex RMB 1.44 billion), maintain healthy cash generation (free cash flow net of lease +RMB 2.15 billion; operating cash flow net of lease +RMB 3.6 billion) and continue the RMB 1.2 billion share‑repurchase program (33.26 million shares repurchased as of June 30).JD Logistics, Inc. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 243.30B | 217.15B | 182.84B | 166.62B | 137.40B | 104.69B |
| Gross Profit | 21.97B | 19.77B | 18.70B | 12.68B | 10.10B | 5.78B |
| EBITDA | 11.55B | 10.57B | 11.07B | 14.97B | 10.08B | -7.12B |
| Net Income | 7.36B | 6.65B | 6.20B | 616.19M | -1.40B | -15.84B |
Balance Sheet | ||||||
| Total Assets | 119.75B | 124.65B | 117.87B | 112.90B | 106.70B | 76.80B |
| Cash, Cash Equivalents and Short-Term Investments | 22.47B | 28.32B | 43.14B | 33.07B | 35.43B | 28.91B |
| Total Debt | 23.88B | 22.46B | 23.17B | 27.25B | 23.88B | 15.28B |
| Total Liabilities | 61.81B | 64.84B | 54.90B | 57.53B | 53.49B | 36.41B |
| Stockholders Equity | 56.83B | 54.70B | 55.32B | 48.16B | 46.58B | 37.94B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 11.12B | 15.17B | 10.87B | 8.31B | 1.97B |
| Operating Cash Flow | 0.00 | 18.77B | 20.79B | 16.35B | 13.31B | 6.21B |
| Investing Cash Flow | 0.00 | -11.49B | -840.45M | -15.10B | -13.11B | -11.12B |
| Financing Cash Flow | 0.00 | -14.77B | -11.49B | -5.55B | 1.48B | 16.60B |
JD Logistics, Inc. Technical Analysis
Negative
11.31
Price Trends
12.83
Negative
13.27
Negative
12.78
Negative
Market Momentum
-0.63
Negative
26.28
Positive
20.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2618, the sentiment is Negative. The current price of 11.31 is above the 20-day moving average (MA) of 11.30, below the 50-day MA of 12.83, and below the 200-day MA of 12.78, indicating a bearish trend. The MACD of -0.63 indicates Negative momentum. The RSI at 26.28 is Positive, neither overbought nor oversold. The STOCH value of 20.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$176.79B | 14.47 | 10.86% | 3.58% | 10.46% | -0.16% | |
67 Neutral | HK$72.12B | 7.93 | 12.78% | ― | 29.20% | 16.27% | |
67 Neutral | HK$49.06B | 12.24 | 9.26% | 7.22% | -3.80% | 0.22% | |
67 Neutral | HK$121.63B | 10.78 | 15.95% | 3.28% | 21.24% | 25.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$92.45B | 28.53 | 9.69% | ― | 31.91% | 122.59% | |
49 Neutral | HK$480.69M | -3.17 | -14.50% | 1.48% | 5.28% | -148.69% |
* Industrials Sector Average
HK:2618
JD Logistics, Inc.
10.75
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-21.82%
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JD Logistics, Inc. Corporate Events
JD Logistics Renews Key Connected and Factoring Agreements With JD.com Affiliates
Aug 14, 2026
JD Logistics has renewed a series of framework agreements with JD Technology and other JD.com-related parties for a three-year term starting January 1, 2027, covering advertising, leasing, payment services, procurement and shared services. These p...
JD Logistics Flags Sharp Interim Downturn at Subsidiary Deppon Logistics
Aug 13, 2026
JD Logistics has disclosed interim figures for its subsidiary Deppon Logistics Co., Ltd., a major player in China’s freight and express delivery market, whose shares trade on the Delisting Segment of the National Equities Exchange and Quotat...
JD Logistics Delivers Double-Digit Revenue and Profit Growth in First Half of 2026
Aug 13, 2026
JD Logistics reported robust interim results for the three and six months ended June 30, 2026, with first-half revenue rising 26.5% year over year to RMB124.7 billion and revenue from external customers climbing 29.3% to RMB85.4 billion. Profitabi...
JD Logistics Sets August Board Meeting and Earnings Call for Interim Results
Jul 31, 2026
JD Logistics, Inc. has scheduled a board meeting for August 13, 2026 to review and approve the unaudited interim results for the Group covering the three months and six months ended June 30, 2026. The move signals the company’s regular discl...
JD Logistics Wins Strong Shareholder Backing for Governance and Capital Mandates
Jun 29, 2026
JD Logistics said shareholders approved all resolutions at its June 29 annual general meeting, including the adoption of the 2025 financial statements, re-election of directors and authorization for the board to set director pay. Investors also ba...
JD Logistics Sets 2026 AGM to Renew Board, Auditor and Share Issuance Mandate
Jun 5, 2026
JD Logistics has called its 2026 annual general meeting for June 29 in Beijing, where shareholders will review and adopt the group’s audited consolidated financial statements and the reports of directors and the independent auditor for the 2...
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.