Food Delivery Business Is Not Earnings Accretive to JD Logistics

JD Logistics, or JDL, differentiates itself through the insight acquired from years of providing integrated supply chain and logistics services to its parent JD.com, which owned 64% of JDL as of June 3, 2025. JDL assists its customers with omnichannel supply chain integration and all-scenario operations. Its understanding of various industries—especially those with meaningful e-commerce adoption—allows it to effectively match customer inventory with demand at the nearest JDL warehouses. This optimization improves the in-stock rate and fulfillment efficiency. As of March 31, 2025, JDL operated over 1,600 warehouses and had over 2,000 third-party warehouse owner-operated cloud warehouses, which leverage JDL’s cloud-based warehousing technologies, standards, and brand name, covering nearly all counties and districts in China. Such industry know-how enables JDL to increase its customers’ operational efficiency by ensuring timely and accurate supply of materials for production.