JD Logistics' Operating Margin Expansion Should Continue as Utilization Increases in the Long Run

JD Logistics differentiates itself through insights gained from years of providing integrated supply chain and logistics services to its parent and controlling shareholder, JD.com, which owned 63% of JDL as of June 2026. JDL helps customers integrate omnichannel supply chains across online and offline channels. Its deep understanding of e-commerce-enabled industries allows it to match inventory with demand at the nearest JDL warehouse, improving in-stock rates and fulfillment efficiency. As of June 2026, JDL's network comprised over 1,800 self-operated warehouses and over 2,000 third-party cloud warehouses using JDL's systems, standards, and brand, covering nearly all counties and districts in China. Such industry know-how improves customer operational efficiency by ensuring the timely and accurate supply of production materials.