JD Logistics (SEHK:2618) Revenue Jumps While Margin Pressure Clouds Value Case

Simply Wall St.08-14

JD Logistics went into this earnings season with a value label on it and a stock that had slipped over the past week and quarter, even as forecasts and a single digit P/E suggested a wide gap between ...

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Today's Q2 release put hard numbers behind that debate. Revenue reached RMB 64.10b and net income excluding extra items came in at RMB 2.41b, while management pointed to strengthening operating profit and cash generation as the headline for a business that is trying to prove...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BK1587":"次新股","02618":"京东物流","BK1151":"航空货运与物流","BK1502":"双十一","BK1541":"物流","BK1604":"节假日概念"},"translate_title":"京东物流（SEHK:2618）收入跃升，利润率压力给价值案例蒙上阴影","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02618":1.97},"content_text":"JD Logistics went into this earnings season with a value label on it and a stock that had slipped over the past week and quarter, even as forecasts and a single digit P/E suggested a wide gap between price and potential. Today's Q2 release put hard numbers behind that debate. Revenue reached RMB 64.10b and net income excluding extra items came in at RMB 2.41b, while management pointed to strengthening operating profit and cash generation as the headline for a business that is trying to prove those low expectations are too harsh. Is JD Logistics a genuine value opportunity at a single digit P/E, or is the market pricing in something this Q2 beat has not fully answered yet? Compare the current share price to our valuation analysis for JD Logistics AdvertisementQ2 2026 Earnings Summary  Revenue (Q2 2026 vs. Q2 2025): RMB 64,102.3m vs. RMB 51,564.7m (up 24.3%) Net Income Excluding Extra Items (Q2 2026 vs. Q2 2025): RMB 2,412.2m vs. RMB 2,128.7m (up 13.3%) Basic EPS, Trailing Twelve Months to Q2 2026 vs. TTM to Q2 2025: RMB 1.1693 vs. RMB 1.0429 (up 12.1%) Gross Margin (Q2 2026 vs. Q2 2025): 9.7% vs. 10.6% (down 0.9 percentage points)  Prefer clear charts instead of another wall of earnings tables and ratios? See JD Logistics' valuation, earnings mix, and business trends at a glance in our company report for JD Logistics. SEHK:2618 Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026 Stronger JD Logistics Revenue Backs Infrastructure Story For investors leaning bullish, JD Logistics is putting numbers behind the idea that it is core infrastructure for e commerce and supply chains. Total revenue grew 24.3% year on year to RMB 64.10b. External customer revenue rose even faster at 30.8% to RMB 44.23b, which points to greater diversification beyond JD Group. Non IFRS net profit reached RMB 2.64b with a 4.1% margin and H1 operating profit rose 39.9%. That combination of scale, expanding third party business and improving operating profit directionally supports the ecosystem and technology focused thesis. Margins And Costs Keep The Cautious View In Play Bears focused on margin pressure will find support in this quarter too. Gross margin moved to 9.7%, 0.9 percentage points lower year on year, with management linking this to Deppon integration and mix. Outsourcing costs climbed 40.5% to RMB 23.70b and employee costs rose 20.6% to RMB 21.94b, faster than revenue growth. Operating expenses were better controlled at 6.4% of revenue, down 0.5 percentage points. Yet the overall picture still shows JD Logistics working hard just to offset cost intensity and acquired business drag. Compare JD Logistics' revenue momentum and cost pressures with how the street is reacting to SEHK:2618 at HK$12.23. See the consensus price target analysis for JD Logistics to check whether analysts think this earnings beat really shifts the long term risk reward balance. Take Control Of Your Next Move If JD Logistics' Q2 beat and single digit P/E make you want to keep it on the radar, register for free with Simply Wall St and add it to a Watchlist to track the share price against fair value and watch how the thesis evolves. When you decide to build or adjust a position, use the Portfolio Command Center to cut through noise and focus on updates that matter for your holdings. For a wider lens on what other investors are seeing in JD Logistics and similar stocks, tap into the Community and compare different viewpoints. By surfacing potential catalysts and risks early, you give yourself an opportunity to react quickly and stay responsive to market developments. Curious About Alternatives Worth Exploring Fresh opportunities can move from quiet to breakout while attention stays locked on JD Logistics. Scan under the radar stocks before momentum is flying and the data feels stale. Act now.  Spot sturdy compounders with room to run by reviewing our curated list of solid balance sheet and fundamentals stocks (433 results) while it still highlights businesses the broader market has not fully caught up with yet. Hunt for under followed quality before momentum traders pile in by checking the hand picked 598 high quality undiscovered gems while these stories are still under the radar for now. Ride powerful income streams instead of chasing late cycle moves by scanning the carefully selected 445 dividend fortresses while payouts and fundamentals still look aligned.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n        and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n        financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n        Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n        Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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