Quick Note - JD Logistics (2618 HK) (Buy) - 1Q26 results beat; 2Q earnings guidance missed on non-operating income

研报英文原文证据摘录

Quick Note - JD Logistics (2618 HK) (Buy) - 1Q26 results beat; 2Q earnings guidance missed on non-operating income

Global Markets Research

JD Logistics 2618.HK 2618 HK 12 May 2026

EQUITY: TRANSPORT/LOGISTICS

1Q26 results beat; 2Q earnings guidance missed on non-operating income Rating Remains Buy

Target price HKD 18.00 RemainsQuick Note

Closing price HKD 14.59 8 May 20261Q26 results beat

JD Logistics’ (JDL) total 1Q26 revenue rose 29% y-y, 4%/3% above both Street

consensus and our estimates mainly due to higher internal revenue (from JD Group). Non-

IFRS operating profit surged 6x y-y to CNY1bn with margin (OPM) up 1.4pp y-y to 1.7% in Research Analysts

1Q26, 80% beating our estimate of CNY566mn. The OPM improvement was driven by China Internet & New Media

gross profit margin (GPM) expansion and better opex control. However, due to lower non- Rachel Guo - NIHK

operating income (such as government grants, interest income, etc.), JDL’s non-IFRS net rachel.guo@nomura.com

profit (before NCI) rose 40% y-y to CNY1.1bn, 4%/2% above Street consensus/our +852 2252 1400

estimate. Jialong Shi - NIHK

Jialong.shi@nomura.comBy business line, internal ISC (integrated supply chain) business revenue rose 32% y-y in

+852 2252 1409

1Q26, beating our estimate by 25%, driven by the solid growth of JD Retail’s (unlisted)

general merchandise category as well as increasing logistics service provision in Europe

to support the operation of JD’s overseas retail business (JoyBuy) starting from 1Q26.

External ISC revenue growth accelerated to 15.5% y-y in 1Q26 from 3.2% y-y in 4Q25,

6% above our estimate and boosted by 8% growth of ISC customer numbers and a 7%

increase in average revenue per customer (ARPC). For the non-ISC business, revenue