A：In the second quarter of 2025, JD Logistics' total revenue was 51.56 billion yuan, with a year-on-year growth rate faster than the previous quarter, reaching 16.6%. In June 2025, JD Logistics launched its self-operated express brand joe best Price in Saudi Arabia, started local delivery services, and set up a professional local customer team to improve end-to-end fulfillment capabilities. At the same time, JD Logistics accelerated the implementation of its global network plan, establishing a global supply chain network centered around overseas warehouses to provide efficient and convenient integrated supply chain services to domestic and international customers. In the second quarter of 2025, the overseas warehouse network expanded further, with new overseas warehouses opened in countries such as the United States, France, South Korea, Vietnam, and Saudi Arabia.

A：In this quarter, the adjusted net profit reached 25.9 billion yuan, an increase of 5.4% year-on-year.

A：The revenue from integrated supply chain customers reached 26.91 billion yuan, an increase of 26.3% year-on-year.

A：The number of external integrated supply chain customers reached 65,854, a year-on-year increase of 13.8%.

A：The average revenue per customer of external integrated supply chain customers reached RMB 139,000, with a year-on-year growth rate turning positive to 3.5%. In the home appliance industry, we are promoting the full coverage of integrated supply chain products and services, deepening cooperation with well-known home appliance brands, extending services to include delivery and installation, improving customer operational efficiency and service experience; in the clothing industry, we are helping businesses reduce costs, increase efficiency, and upgrade their experience through the core services of 211 warehouse distribution, express warehouse distribution, and discount warehouse distribution; in the automotive industry, we are working with leading customers of new energy vehicles to jointly create pre-entry logistics solutions for just-in-time sequencing industrial models, improving customer warehouse efficiency and saving on capital expenditures.

A：In the second quarter of 2025, the express delivery industry focused on strengthening the efficiency and competitiveness of products, especially in addressing industry pain points such as the difficulty of preserving freshness at fresh product bases and slow delivery times. We launched a full-chain logistics service including pre-cooling at the origin, temperature control throughout the entire process, and multi-modal transportation. We integrated various transportation resources such as full cargo planes, feeder flights, high-speed trains, and short-distance cold chain vehicles, and implemented precise temperature control management to ensure efficient delivery of fresh products from the origin to major cities nationwide. This significantly improved service experience and fulfillment guarantee capabilities. At the same time, we continue to increase investment in collection and marketing, deepen penetration of product categories, expand customer coverage, and drive growth momentum for high-efficiency products.

A：In the second quarter of 2025, according to statistics from the State Post Bureau, JD Logistics' express delivery service customer satisfaction has been consistently ranked among the top in the industry. This is due to our consistent practice of door-to-door delivery, on-demand pickup and other professional services, as well as continuous improvement in the quality of express delivery services, which has won the favor of customers and consumers with professional and reliable services.

A：In the Hong Kong and Macao region, we continue to deepen our layout. The operation of the Hong Kong Island operation center in the first quarter of 2025 has significantly improved the sorting efficiency and delivery efficiency of the express delivery business in Hong Kong. At the same time, we actively expand cooperation boundaries, providing express delivery services to e-commerce platforms and brand merchants. For example, providing integrated services for international renowned consumer goods brands in the Greater Bay Area, helping the brand reduce logistics operation pressure and improve fulfillment efficiency through a full-chain operation mode.

A：In terms of express delivery services, including Deppon Express, the express delivery business ranks among the best in the country in terms of freight volume and revenue scale. We have formed a diversified product matrix based on the demands of segmented markets, meeting the needs of different customers and achieving business growth and market share expansion in various segmented markets. Our steady development is attributed to the solid network infrastructure and advanced technological support. The warehouse network now covers almost all districts and counties in the country, while constantly optimizing the layout of the warehouse network.

A：In terms of logistics network, since JD Air officially started operating in April 2025, it has significantly improved consumer experience and logistics efficiency. As of the end of June 2025, ten self-owned freight aircraft have been operating regularly, and multiple international freight routes have been opened, further expanding the global logistics network layout. In addition, over 2,000 freight air routes are covered through cooperation. In the field of unmanned vehicle applications, we focus on end delivery and short-distance support transport scenarios, empowering the transportation and distribution process through technological iterations, expanding pilot ranges, and optimizing operating systems to improve efficiency and reduce costs. As of June 30, 2025, hundreds of unmanned vehicles have been deployed in multiple provinces, achieving regularized operations between stations and pickups, effectively promoting the efficiency of collection and delivery personnel, timely collection rates, and delivery rates, and reducing operating costs for end-point facilities.

A：We continue to prioritize technological innovation, and through the implementation of cutting-edge technologies such as automation equipment and AI, we achieve deep integration of digital technology and logistics throughout the entire supply chain, driving cost reduction and efficiency improvement in the entire logistics process. Our self-developed intelligent interconnection solutions have extended from serving JD's own business to external clients, especially in the clothing industry in the Changxintang Phase III automated warehouse in Guangzhou, helping clients improve operational efficiency and cost optimization.

A：In the second quarter of 2025, JD Logistics' total revenue was 51.56 billion yuan, an increase of 16.6% year-on-year, with a net profit of 2.35 billion yuan, an increase of 4.6% year-on-year. The total revenue of integrated supply chain customers reached 26.91 billion yuan, an increase of 26.3% year-on-year, including 17.76 billion yuan from integrated supply chain revenue within JD Group, an increase of 31.2% year-on-year. At the same time, external integrated supply chain revenue was 9.15 billion yuan, an increase of 17.8% year-on-year. Other customer revenues, including express and freight, maintained steady growth, reaching 24.66 billion yuan, an increase of 7.6% year-on-year.

A：The significant growth in internal revenue is mainly attributable to the retail business and JD Group's major breakthroughs in overall operations direction, leading to overall category growth rather than single category growth. The impact of national stocks mentioned last year and the promotion of various category sales by the delivery business this year have both increased. Looking ahead to the second half of the year, excluding the newly acquired full-time delivery rider business, the internal revenue growth rate is expected to be consistent with the retail closure revenue growth rate, but not identical. The revenue from delivery riders' distribution part currently does not have specific numbers, as the business is still in its early stages of development, and we will continue to update based on the progress of the business. International investment is divided into two directions. First, we continue to open new warehouses in key overseas supply chain areas, and this year's warehouse opening plan is steadily being implemented, with expansion of overseas supply chain infrastructure construction actively progressing in major markets such as Europe, the US, the Middle East, and the Asia-Pacific region, with corresponding revenue growth and customer expansion as expected. Secondly, we have started working on the overseas express companies network project, especially achieving the first breakthrough in dry express delivery service in Saudi Arabia, and since May, the volume has already reached the expected growth target. We believe that in the near future, Saudi Arabia will become an important market for us to bring a high-quality experience to customers and promote business growth.

A：At the end of the third quarter to the fourth quarter, we will launch express delivery services in some countries in Europe, bringing growth to European customers. Currently, we already have a customer base in Europe and collaborate with local third-party companies for terminal delivery. Customers welcome our development plans in Europe and look forward to using our fully integrated supply chain services in the future.

A：After several years of exploration overseas, we have confirmed our strategic focus on developing overseas warehouses, and gradually promoting last-mile delivery services after accumulating customer base and team capability. Currently, both the growth expectation and business capability, especially team capability, have reached the direction initially planned, so we will continue to steadfastly move forward according to this strategic direction.

A：This year, we will double the size of our self-operated overseas warehouses throughout the year, improve the coverage density and operational efficiency of our global warehousing network, and serve domestic and foreign customers. At the same time, our team's overseas experience has significantly improved our international perspective, adaptability, and ability to manage overseas teams, which will be an important cornerstone for us to achieve greater breakthroughs in the international market.

A：Currently, our new delivery service has started recruiting and managing personnel since the end of Q2, relying on the management capabilities of the ground forces of JD Logistics. Riders and couriers utilize their spare time to collaborate, effectively supplementing flexible transportation resources, improving efficiency. For example, riders deliver packages during non-meal times, while couriers deliver takeout when there is a low volume of packages. In addition, there are opportunities for mutual supplementation between different peak seasons, such as during major promotions. However, the challenge lies in algorithms, tools, employee motivation, etc., and we are gradually piloting and solving these issues.

A：In the second half of the year, the integrated supply chain business is expected to grow at a positive rate, benefiting from high-cost-effective services (such as separate warehouses, advance delivery, etc.) and deep integration with industries such as home appliances, clothing, and automobiles. With the deepening of capabilities and the sharing of resources, we are confident in the growth rate of the integrated industrial sector in the second half of the year, believing that it will maintain a relatively good trend.

A：In the second quarter, both customer unit revenue and the number of customers increased, especially single revenue growth achieved after the turning point in customer unit revenue. This is due to our continuous investment in product competitiveness and customer experience. The full-channel one-plate model has driven simultaneous revenue growth in the C2B field, bringing opportunities for cross-selling of products. In the long run, with revenue growth and profit improvement, there is room for an increase in gross profit margin. Although in the short term, factors such as resource pre-deployment and investment in staff numbers may put pressure on profits, we hope to transform resource investment into growth results through internal optimization of resource utilization and combining it with sustained growth in order volume. This will lead to a qualitative change in the overall network capabilities, allowing us to become a leader in the industry of fast delivery and quality logistics.