Supply Chain · Profile from Supply Chain Research Companion

JD Logistics

The Beijing logistics arm of JD.com, born from Richard Liu's 2007 decision to stop relying on China's couriers and own the network — warehouses, sortation centres, trucks and a salaried delivery workforce — that became a Hong Kong-listed integrated logistics company (listed 28 May 2021, HK$40.36 a share, ~HK$24.6bn / ~US$3.2bn raised, reported) with RMB217.1bn of revenue in 2025 (+18.8%) and a net profit of ~RMB6.9bn (company results, 5 Mar 2026, reported). It is China's clearest case of the Amazon model: build for your own marketplace's density, then sell the network to everyone else. Its supply-chain story turns on reliability bought with fixed cost — a same-day and next-day promise ("211", 2010) that cheaper franchise couriers could not match — and on the question every owned network faces, whether outside customers will fill the capacity the parent cannot. From 2023 that question moved abroad: JD Logistics runs self-operated warehouses in the US (California, New Jersey and Georgia sites reported) and Europe, a network that served Chinese sellers forced into bulk imports and local fulfilment after the US de minimis exemption ended for China on 2 May 2025, and from February 2026 a European parcel brand, JoyExpress, for JD's new Joybuy shop.

At a glance

Founded: JD (then 360buy) founded by Richard Liu (Liu Qiangdong) in Beijing in 1998 as an electronics retailer, online from 2004 (company history, reported); the decision to build own logistics taken in 2007; JD Logistics group formed as a separate business in April 2017 (company, reported)
Headquarters: Beijing, China
Ownership / structure: Listed on the Main Board of the Hong Kong Stock Exchange (2618.HK) since 28 May 2021; JD.com (Nasdaq: JD; HKEX: 9618) the controlling shareholder (roughly three-fifths of the shares, reported, verify current stake); Richard Liu controls JD.com through weighted voting rights
Leadership (2026): Board and management under JD.com's control; Richard Liu chairman of JD.com; the JD Logistics CEO post changed hands in 2018 and 2022 (reported, verify current CEO); a new CFO was named in 2026 (filing summary, reported, verify name)
Businesses: Integrated supply-chain solutions (warehousing, inventory management and delivery for JD and outside brands); express and freight delivery (JD Express, Kuayue Express, Deppon); cold chain; bulky-goods logistics; international (bonded, direct-mail and overseas warehouses; the JoyLogistics and JoyExpress brands)
Scale: 2025 revenue RMB217.1bn (+18.8%), gross profit ~RMB19.8bn, profit ~RMB6.89bn (−2.8%), non-IFRS profit ~RMB7.7bn (3.6% margin) (company, 5 Mar 2026, reported). H1 2026 revenue ~RMB124.7bn (+26.5%), revenue from outside customers ~RMB85.4bn (+29.3%), profit ~RMB3.3bn (+10.5%) (interim results, 13 Aug 2026, reported)
Network: Over 1,600 warehouses at 31 Dec 2025 (company); nearly 200 bonded, international direct-mail and overseas warehouses with ~2m sq m of gross floor area at end-2025, and over 200 across 26 countries and regions by mid-2026 (company, reported); Asia No. 1 automated warehouses (from 2014); a cargo airline (Jingdong Airlines, licensed 2022, reported, verify)
Signature moves (incl. failures): Own logistics (2007); the "211" promise (2010); the logistics group spin-out and ~$2.5bn round (2017–18); control of Kuayue Express (2020); the Hong Kong IPO (2021); the 2021–22 loss years; Deppon (2022) and its 2026 delisting; US and overseas warehouses through the de minimis end (2023–26); JoyExpress in Europe (2026)

9 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

2007
Own Logistics Decision
Founding / network build (own warehouses and salaried delivery staff)
2010
211 Same and Next Day Promise
Pricing or service change (a published delivery-time promise)
2017
Logistics Group Spin Out and 2018 Funding
Spin-off (internal carve-out as a business unit open to outside customers) and financing
2020
Kuayue Express Control
Acquisition (controlling stake), followed by a buy-out of the minority (2024–25)
2021
Hong Kong IPO
IPO (Main Board, Hong Kong Stock Exchange, 2618.HK)
2021
Loss Years and Cost Reset
Restructuring (cost reset after loss-making expansion) — a failure-and-recovery case
2022
Deppon Acquisition and 2026 Delisting
Acquisition (control of a Shanghai-listed LTL freight and express company), with a partly failed tender offer and a 2026 take-private
2023
US Overseas Warehouses and De Minimis End
Network build (self-operated US warehouses for cross-border sellers and brands); regulatory change (US de minimis end)
2026
JoyExpress Europe and Joybuy
Network build (own last-mile delivery in Europe); strategy pivot (from serving Chinese exporters to delivering for JD's own European retail)

← Previous

Jabil

Kinaxis