Live News • May 13
JD Logistics Revenue Jumps 29% as JD.com Expands High-Margin Services and AI Solutions JD.com reported Q1 2026 revenue up 4.9% year over year with improved profitability, helped by better performance in general merchandise, marketplace services and logistics.
JD Retail’s operating profit reached a record level with margin expansion, supported by stronger supply chain execution and higher advertising revenue.
New growth areas across marketplace, food delivery, logistics, AI solutions and international expansion showed progress, with JD Logistics revenue rising 29% and AI tools scaling within the group.
The picture that emerges is of JD Logistics sitting inside a parent company that is leaning harder into services, technology and higher-margin revenue streams, with logistics playing a growing role in that mix.
For you, the key question is how much of JD Logistics’ 29% revenue rise reflects internal JD.com demand versus external customers, because that mix can heavily influence future pricing power, contract stability and capital needs. Announcement • Apr 29
JD Logistics, Inc. to Report Q1, 2026 Results on May 12, 2026 JD Logistics, Inc. announced that they will report Q1, 2026 results at 9:30 AM, China Standard Time on May 12, 2026 Reported Earnings • Apr 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥1.06 (up from CN¥1.00 in FY 2024). Revenue: CN¥217.1b (up 19% from FY 2024). Net income: CN¥6.65b (up 7.2% from FY 2024). Profit margin: 3.1% (down from 3.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.9%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 12
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥240.2b to CN¥262.9b. EPS estimate increased from CN¥1.16 to CN¥1.32 per share. Net income forecast to grow 29% next year vs 29% growth forecast for Logistics industry in Hong Kong. Consensus price target broadly unchanged at HK$17.05. Share price rose 38% to HK$14.20 over the past week. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to HK$14.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Logistics industry in Hong Kong. Total returns to shareholders of 8.1% over the past three years. Reported Earnings • Mar 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥1.06 (up from CN¥1.00 in FY 2024). Revenue: CN¥217.1b (up 19% from FY 2024). Net income: CN¥6.65b (up 7.2% from FY 2024). Profit margin: 3.1% (down from 3.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.9%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 20
JD Logistics, Inc. to Report Fiscal Year 2025 Results on Mar 05, 2026 JD Logistics, Inc. announced that they will report fiscal year 2025 results on Mar 05, 2026 Board Change • Jan 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Laura Peterson was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: CN¥55.1b (up 24% from 3Q 2024). Net income: CN¥2.03b (down 7.9% from 3Q 2024). Profit margin: 3.7% (down from 5.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Announcement • Oct 30
JD Logistics, Inc. to Report Q3, 2025 Results on Nov 13, 2025 JD Logistics, Inc. announced that they will report Q3, 2025 results on Nov 13, 2025 Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CN¥51.6b (up 17% from 2Q 2024). Net income: CN¥2.13b (up 5.1% from 2Q 2024). Profit margin: 4.1% (down from 4.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jul 31
JD Logistics, Inc. to Report Q2, 2025 Results on Aug 14, 2025 JD Logistics, Inc. announced that they will report Q2, 2025 results on Aug 14, 2025 Recent Insider Transactions • Jul 09
Executive Director & CEO recently sold HK$948k worth of stock On the 3rd of July, Wei Hu sold around 74k shares on-market at roughly HK$12.86 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Wei has been a net seller over the last 12 months, reducing personal holdings by HK$8.8m. Reported Earnings • Apr 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: CN¥1.00 (up from CN¥0.10 in FY 2023). Revenue: CN¥182.8b (up 9.7% from FY 2023). Net income: CN¥6.20b (up CN¥5.58b from FY 2023). Profit margin: 3.4% (up from 0.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 15
Executive Director & CEO recently sold HK$7.7m worth of stock On the 8th of April, Wei Hu sold around 722k shares on-market at roughly HK$10.68 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Wei has been a net seller over the last 12 months, reducing personal holdings by HK$8.5m. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$10.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Logistics industry in Hong Kong. Total loss to shareholders of 41% over the past three years. Reported Earnings • Mar 07
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: CN¥1.00 (up from CN¥0.10 in FY 2023). Revenue: CN¥182.8b (up 9.7% from FY 2023). Net income: CN¥6.20b (up CN¥5.58b from FY 2023). Profit margin: 3.4% (up from 0.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Christina Gaw was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 20
JD Logistics, Inc. to Report Q4, 2024 Results on Mar 06, 2025 JD Logistics, Inc. announced that they will report Q4, 2024 results on Mar 06, 2025 Announcement • Feb 14
JD Logistics, Inc. Announces Board and Committee Changes The board of directors of JD Logistics, Inc. announced that with effect from February 14, 2025, Ms. Christina Gaw (Ms. Gaw) has been appointed as an independent non-executive Director and a member of the audit committee of the Board (Audit Committee) and Dr. Lin Ye, an independent non-executive Director has resigned as a member of the Audit Committee. Ms. Christina Gaw, aged 52, is a managing principal, global head of capital markets of Gaw Capital Partners and has over 30 years of experience in the capital markets field. She has served as a managing principal, global head of capital markets of Gaw Capital Partners since June 2008, a managing director, head of Asia Pacific capital introduction, prime brokerage services division of UBS Group AG from May 2002 to June 2008 and an executive director, senior regional sales, equities division of Goldman Sachs Asia L.L.C from January 1994 to May 2002. Ms. Gaw was a member of the Listing Committee of The Stock Exchange of Hong Kong Limited. Ms. Gaw has been a Type 4 and Type 9 Hong Kong Securities and Futures Commission Licence holder since June 16, 2009 and July 7, 2020 respectively. She has also held a Capital Markets Services Licence for Fund Management awarded by the Monetary Authority of Singapore since May 8, 2020. Besides, Ms. Gaw has served as an independent non-executive director of CLP Holdings Limited since October 2020, and has served as an executive director of Pioneer Global Group Limited since 2014. Further, Ms. Gaw is an Honorary Advisor of the Hong Kong PropTech Association and a Committee Member of the Urban Land Institute Hong Kong CEO Forum (CEO). Ms. Gaw received her bachelor of science in business administration from University of San Francisco in December 1993. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: CN¥44.4b (up 6.6% from 3Q 2023). Net income: CN¥2.20b (up CN¥1.99b from 3Q 2023). Profit margin: 5.0% (up from 0.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Logistics industry in Hong Kong. Announcement • Oct 31
JD Logistics, Inc. to Report Q3, 2024 Results on Nov 14, 2024 JD Logistics, Inc. announced that they will report Q3, 2024 results on Nov 14, 2024 Announcement • Oct 01
JD Logistics Expands International Express Delivery with New Service from China to Japan and South Korea JD Logistics officially announced the launch of a new express delivery service from China to Japan and South Korea. This expansion caters to the growing demand for cross-border logistics solutions. JD Logistics' in-house couriers can collect parcels within one hour after an order is placed. The first order, originating from Shandong Province, involved a customer sending a file to South Korea using JD Express (also known as JINGDONG Express). As a leading integrated supply chain service provider, JD Logistics has been at the forefront of innovation, pioneering same- and next-day delivery more than a decade ago. Today, the company fulfills over 90% of JD.com's retail orders within 24 hours. JD Logistics employs over 300,000 in-house delivery personnel and operates more than 1,600 warehouses in China and globally. The rise of cross-border e-commerce has driven a significant increase in demand for express delivery services, particularly in Japan and South Korea. Since launching its international express operations in late 2023, JD Express has introduced two major services: "International Express" and "International Standard Express." These services now cover nearly 30 countries and regions, offering tailored solutions to meet the diverse needs of both merchants and consumers. In addition to express delivery, JD Logistics is focused on extending its world-class supply chain and warehousing capabilities to international markets. In South Korea, the company has partnered with a leading e-commerce platform to fulfill orders between South Korea and Japan. Leveraging JD Logistics' advanced warehousing network, the partnership enables same-day processing and shipment of orders, reducing delivery times by over a day compared to the local industry standard and significantly enhancing the customer experience. JD Logistics has seen exponential growth in business volume throughout 2023 and plans further investments in Japan and South Korea to support this momentum. JD Express International is committed to providing reliable, efficient, and innovative global shipping solutions. By continually enhancing its services, JD Logistics ensures it stays at the forefront of the international logistics industry, offering seamless and trustworthy solutions to meet customers' global shipping needs. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to HK$13.40, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the Logistics industry in Hong Kong. Total loss to shareholders of 59% over the past three years. Announcement • Sep 10
JD Logistics, Inc.(SEHK:2618) dropped from Hang Seng China Enterprises Index JD Logistics, Inc. has been dropped from the Hang Seng China Enterprises Index . Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to HK$9.70, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Logistics industry in Hong Kong. Total loss to shareholders of 66% over the past three years. Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 66%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥183.0b to CN¥181.1b. EPS estimate rose from CN¥0.324 to CN¥0.538. Net income forecast to grow 14% next year vs 25% growth forecast for Logistics industry in Hong Kong. Consensus price target up from HK$12.49 to HK$12.75. Share price rose 25% to HK$9.70 over the past week. Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CN¥44.2b (up 7.7% from 2Q 2023). Net income: CN¥2.03b (up 476% from 2Q 2023). Profit margin: 4.6% (up from 0.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Aug 15
JD Logistics, Inc. Announces Board Changes JD Logistics, Inc. announced that, with effect from August 15, 2024; Ms. Jennifer Ngar-Wing Yu has resigned as an independent non-executive Director, a member of the Audit Committee and a member of the Nomination Committee; Dr. Lin Ye has been appointed as a member of the Audit Committee; and Mr. Yang Zhang has been appointed as a member of the Nomination Committee. Announcement • Aug 01
JD Logistics, Inc. to Report Q2, 2024 Results on Aug 15, 2024 JD Logistics, Inc. announced that they will report Q2, 2024 results on Aug 15, 2024 Recent Insider Transactions • Jul 08
Executive Director & CEO recently sold HK$633k worth of stock On the 3rd of July, Wei Hu sold around 74k shares on-market at roughly HK$8.58 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Wei has been a net seller over the last 12 months, reducing personal holdings by HK$7.3m. Board Change • Jul 05
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Lin Ye was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 28
JD Logistics, Inc. Announces Board and Committee Changes The Board of JD Logistics, Inc. announced that, with effect from June 28, 2024: Mr. Liming Wang has resigned as an independent non-executive Director, the chairperson of the Remuneration Committee and a member of the Nomination Committee; Dr. Lin Ye has been appointed as an independent non-executive Director, a member of the Remuneration Committee and a member of the Nomination Committee; and Dr. Xiande Zhao has been appointed as the chairperson of the Remuneration Committee. Dr. Lin Ye, aged 60, is a doctor of law, a professor and a supervisor of doctoral students of Renmin University of China and has over 36 years of experience teaching in the law school of Renmin University of China. Dr. Ye qualified as a lawyer in China in May 1990. Besides, Dr. Ye has served as independent non-executive director of Capital Securities Co. Ltd. since August 2020, Beijing YJK Building Software Co. Ltd. since September 2023, and Beijing Shougang Co. Ltd. during June 2019 to December 2023. Since June 2020, he has also served as an independent non-executive director of China Life Asset Management Company Limited and China Credit Trust Co. Ltd. Further, Dr. Ye is the director of the Rule of Law Research Center in Business Environment of Renmin University of China and the executive director of the Institute of International Commercial Dispute Prevention and Settlement of Renmin University of China. Dr. Ye has also served as the vice-chairman of the Commercial Law Society in China Law Society, the vice-chairman of the Civil and Commercial Law Society in Beijing Law Society, and the chairman of Beijing Consumer Rights Protection Law Society. Dr. Ye's main research fields include China's civil law, commercial law, company law, securities law, futures law, contract law, financial services law, consumer protection law, etc. He has published more than 100 papers and more than 10 books in the above relevant fields. Dr. Ye received his bachelor of law from Renmin University of China in July 1985, and received his master's degree and doctor's degree in civil and commercial law from Renmin University of China in July 1987 and July 1993, respectively. The Board hereby announces that following Mr. Wang's resignation, Dr. Xiande Zhao, an independent non-executive Director has been appointed as the chairperson of the Remuneration Committee, and Dr. Ye has been appointed as a member of the Remuneration Committee and a member of the Nomination Committee, with effect from June 28, 2024. Reported Earnings • Apr 28
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: CN¥0.10 (up from CN¥0.23 loss in FY 2022). Revenue: CN¥166.6b (up 21% from FY 2022). Net income: CN¥616.2m (up CN¥2.01b from FY 2022). Profit margin: 0.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Logistics industry in Hong Kong. Recent Insider Transactions • Apr 11
Executive Director & CEO recently sold HK$6.6m worth of stock On the 3rd of April, Wei Hu sold around 826k shares on-market at roughly HK$7.98 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Wei has been a net seller over the last 12 months, reducing personal holdings by HK$6.7m. Reported Earnings • Mar 07
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: CN¥0.10 (up from CN¥0.23 loss in FY 2022). Revenue: CN¥166.6b (up 21% from FY 2022). Net income: CN¥616.2m (up CN¥2.01b from FY 2022). Profit margin: 0.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Logistics industry in Hong Kong. Announcement • Feb 24
JD Logistics, Inc. to Report Fiscal Year 2023 Results on Mar 06, 2024 JD Logistics, Inc. announced that they will report fiscal year 2023 results on Mar 06, 2024 Breakeven Date Change • Jan 09
Forecast breakeven date pushed back to 2024 The 19 analysts covering JD Logistics previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of CN¥1.25b in 2024. Average annual earnings growth of 55% is required to achieve expected profit on schedule. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CN¥41.7b (up 17% from 3Q 2022). Net income: CN¥214.3m (up CN¥501.7m from 3Q 2022). Profit margin: 0.5% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Logistics industry in Hong Kong. Breakeven Date Change • Nov 17
Forecast breakeven date moved forward to 2023 The 18 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CN¥394.2m in 2023. Earnings growth of 101% is required to achieve expected profit on schedule. Announcement • Nov 02
JD Logistics, Inc. to Report Q3, 2023 Results on Nov 15, 2023 JD Logistics, Inc. announced that they will report Q3, 2023 results on Nov 15, 2023 Breakeven Date Change • Oct 20
Forecast breakeven date pushed back to 2024 The 18 analysts covering JD Logistics previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 99% to 2023. The company is expected to make a profit of CN¥1.15b in 2024. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Breakeven Date Change • Oct 13
Forecast breakeven date moved forward to 2023 The 17 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CN¥13.7m in 2023. Earnings growth of 90% is required to achieve expected profit on schedule. Breakeven Date Change • Aug 23
Forecast breakeven date pushed back to 2024 The 17 analysts covering JD Logistics previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 100% to 2023. The company is expected to make a profit of CN¥1.22b in 2024. Average annual earnings growth of 90% is required to achieve expected profit on schedule. Breakeven Date Change • Aug 17
Forecast breakeven date pushed back to 2024 The 17 analysts covering JD Logistics previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 98% to 2023. The company is expected to make a profit of CN¥1.23b in 2024. Average annual earnings growth of 82% is required to achieve expected profit on schedule. Announcement • Aug 04
JD Logistics, Inc. to Report First Half, 2023 Results on Aug 16, 2023 JD Logistics, Inc. announced that they will report first half, 2023 results on Aug 16, 2023 Breakeven Date Change • Jul 13
Forecast breakeven date pushed back to 2024 The 16 analysts covering JD Logistics previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 100% to 2023. The company is expected to make a profit of CN¥1.23b in 2024. Average annual earnings growth of 78% is required to achieve expected profit on schedule. Breakeven Date Change • May 25
Forecast breakeven date moved forward to 2023 The 17 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CN¥18.4m in 2023. Earnings growth of 72% is required to achieve expected profit on schedule. Breakeven Date Change • May 19
Forecast breakeven date moved forward to 2023 The 16 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CN¥7.27m in 2023. Earnings growth of 72% is required to achieve expected profit on schedule. Breakeven Date Change • May 13
Forecast breakeven date moved forward to 2023 The 16 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CN¥86.0m in 2023. Earnings growth of 71% is required to achieve expected profit on schedule. Announcement • May 12
JD Logistics, Inc. Announces Change of Chief Financial Officer JD Logistics, Inc. announces that Mr. Su Shan () ("Mr. Shan") has tendered his resignation as the Chief Financial Officer of the Company with effect from May 11, 2023, since he will assume a new role in JD.com, Inc. and its subsidiaries and consolidated affiliated entities, excluding the Group (the "JD Group"). The Board announced that Mr. Hao Wu ("Mr. Wu") has been appointed as the Chief Financial Officer of the Company with effect from May 11, 2023. Mr. Wu, aged 36, joined JD Group in May 2014, and served as Internal Control Director, Risk Management Director, Head and Senior Director of Internal Audit Department of JD Group. Prior to that, Mr. Wu worked at Pactera Technology International Ltd. from July 2008 to May 2014, and served as Head of Internal Audit. Mr. Wu received a bachelor's degree in management from China University of Geosciences, and a master of business administration from Guanghua School of Management of Peking University. Mr. Wu has extensive experience in accounting, corporate finance, and risk management. The Board would like to express its warmest welcome to Mr. Wu on his new position in the Company. Major Estimate Revision • Apr 27
Consensus EPS estimates upgraded to CN¥0.021 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -CN¥0.032 per share to -CN¥0.021 per share. Revenue forecast reaffirmed at CN¥172.3b. Logistics industry in Hong Kong expected to see average net income growth of 13% next year. Consensus price target broadly unchanged at HK$21.55. Share price fell 2.8% to HK$12.02 over the past week. Major Estimate Revision • Apr 25
Consensus EPS estimates upgraded to CN¥0.025 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -CN¥0.032 to -CN¥0.025 per share. Revenue forecast steady at CN¥171.0b. Logistics industry in Hong Kong expected to see average net income growth of 13% next year. Consensus price target down from HK$21.66 to HK$20.83. Share price fell 8.7% to HK$11.96 over the past week. Breakeven Date Change • Apr 24
Forecast to breakeven in 2024 The 16 analysts covering JD Logistics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CN¥1.21b in 2024. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Major Estimate Revision • Apr 19
Consensus EPS estimates upgraded to CN¥0.021 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -CN¥0.029 to -CN¥0.021 per share. Revenue forecast unchanged from CN¥171.4b at last update. Logistics industry in Hong Kong expected to see average net income growth of 11% next year. Consensus price target down from HK$21.76 to HK$21.08. Share price fell 2.6% to HK$12.70 over the past week. Breakeven Date Change • Mar 13
Forecast breakeven date pushed back to 2024 The 17 analysts covering JD Logistics previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 94% to 2023. The company is expected to make a profit of CN¥1.07b in 2024. Average annual earnings growth of 100% is required to achieve expected profit on schedule. Reported Earnings • Mar 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: CN¥0.23 loss per share (improved from CN¥3.19 loss in FY 2021). Revenue: CN¥137.4b (up 31% from FY 2021). Net loss: CN¥1.40b (loss narrowed 91% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Major Estimate Revision • Mar 10
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥0.08 to CN¥0.062 per share. Revenue forecast steady at CN¥178.9b. Net income forecast to grow 80% next year vs 11% growth forecast for Logistics industry in Hong Kong. Consensus price target down from HK$23.20 to HK$22.41. Share price fell 14% to HK$12.72 over the past week. Breakeven Date Change • Nov 21
Forecast breakeven date moved forward to 2023 The 15 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 92% to 2022. The company is expected to make a profit of CN¥311.8m in 2023. Average annual earnings growth of 66% is required to achieve expected profit on schedule. Breakeven Date Change • Nov 20
Forecast breakeven date moved forward to 2023 The 13 analysts covering JD Logistics previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 94% to 2022. The company is expected to make a profit of CN¥66.9m in 2023. Average annual earnings growth of 71% is required to achieve expected profit on schedule. 
