JD Logistics booked H1 2026 revenue of RMB 124.7bn (+26.5% YoY) with external customer revenue of RMB 85.4bn growing faster than the group; other-customer revenue (express, freight, instant delivery) overtook the integrated supply chain segment in Q2 — the in-house logistics unit's merchant era enters its second half.
Background
JD Logistics released its 2026 interim results on August 13: H1 total revenue reached RMB 124.7bn (1,247 亿元), up 26.5% year on year, with external customer revenue of RMB 85.4bn (854 亿元), up 29.3%. H1 profit was RMB 3.3bn (33 亿), up 10.5%, and non-IFRS profit RMB 3.7bn (37 亿), up 10.7%, on gross profit of RMB 11.1bn (111 亿), up 24.8%. In the second quarter alone, total revenue was RMB 64.10bn (641.0 亿元), up 24.3%, with non-IFRS net profit of RMB 2.64bn (26.4 亿元) at a 4.1% margin and non-IFRS operating profit of RMB 2.34bn (23.4 亿元), up 11.6%.
The growth-rate spread between business lines is the structural signal of this interim report. In Q2, integrated supply chain client revenue was RMB 30.17bn (301.7 亿元), up 12.1% — RMB 19.88bn (198.8 亿元) from JD Group (+11.9%) and RMB 10.29bn (102.9 亿元) from external clients (+12.5%) — while other-customer revenue, spanning express, freight and instant delivery, reached RMB 33.93bn (339.3 亿元), up 37.6%. Other customers out-earned the integrated supply chain segment in a single quarter for the first time. The quarter before had set the pace: Q1 2026 total revenue was RMB 60.58bn (605.8 亿元), up 29.0%, with non-IFRS net profit of RMB 1.05bn (10.5 亿元), up 40.1% — the best first quarter since listing.
Analysis
Stretch the timeline to the full year and the engine switch has a clear trajectory. In FY2025, JD Logistics booked total revenue of RMB 217.15bn (2,171.5 亿元), up 18.8%, with IFRS net profit of RMB 6.89bn (68.9 亿元) at a 3.2% margin and non-IFRS net profit of RMB 7.71bn (77.1 亿元) at 3.6%. By segment, integrated supply chain client revenue was RMB 116.22bn (1,162.2 亿元), 53.5% of the total, up 33.0%, while other-customer revenue was RMB 100.92bn (1,009.2 亿元), 46.5% of the total, up 5.7% — the FY2025 surge came mainly from the consolidation of Miaosong (the instant-delivery subsidiary acquired from JD Group in October 2025) and external ISC client growth; by Q2 2026, freight volume-price gains and the externalisation of instant delivery had taken over as the fastest-growing line.
The external ISC base keeps widening: external integrated supply chain clients numbered 91,161 (up 13.0%), with average revenue per client of RMB 394,000 (39.4 万元). More clients at slightly lower average spend means the merchant-style business is reaching smaller accounts — marginal efficiency is diluting while coverage broadens. International is the second narrative: as of June 30, 2026, overseas warehouses spanned 26 countries and regions with 200+ warehouses and over 2 million square meters; Joybuy and the own-brand JoyExpress launched in Europe, pioneering “211” time-definite delivery. Self-operated overseas warehouse gross floor area doubled in 2025, with new openings in the United States, the United Kingdom, France, Poland, South Korea, Vietnam and Saudi Arabia. JD Airlines operated 13 freighters as of March 2026, including its first A330 wide-body, with routes to Bangkok, Yangon, Wuhan-Dhaka and Chengdu-Delhi.
The capital turn is equally notable: in May 2026 the board approved the company’s first-ever buyback of up to USD 1.2bn (12 亿美元) over four years, alongside a trust to buy existing shares for incentives; Deppon, the LTL subsidiary, announced in January 2026 a voluntary delisting from A-shares. The asset-heavy base has not changed: 1,600+ self-operated warehouses and over 34 million square meters (3,400 万平方米) at end-2025, roughly 660,000 operational staff, and human-resource spending of RMB 110.2bn (1,102 亿元) in FY2025 including outsourced personnel.
Implications
For supply chain leaders at brands and retailers, two signals belong in procurement strategy. First, the combination of 91,161 external ISC clients and ARPC of RMB 394,000 (39.4 万元) says warehousing-first fulfilment is being productised for smaller accounts — negotiate by category rather than accepting bundled pricing. Second, with Miaosong consolidated, instant delivery and warehousing can now be quoted together — one negotiation can cover multi-tier fulfilment from forward warehouses to on-demand delivery.
For cross-border sellers, 200+ overseas warehouses across 26 countries and JoyExpress’s “211” replication in Europe mean last-mile infrastructure density in Europe is rising fast — new-entrant quotes from JD Logistics make a useful hedge against incumbent fulfilment contracts. For investors, H2 comes down to two tests: whether automation (the LangzuTech robots and Metabrain LLM) keeps converting the RMB 110.2bn labour base into margin — non-IFRS net margin was 4.1% in Q2 — and the pace of the USD 1.2bn buyback against Deppon privatisation costs. Together they will decide the next chapter of the asset-heavy story.
Source: JD Logistics 2026 interim results and Q2 2026 earnings call (Aug 13, 2026); JD Logistics FY2025 results announcement (Mar 5, 2026); Q1 2026 results materials (May 12, 2026)
