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Logistics and supply-chain arm of JD.com, running warehousing, last-mile delivery and fulfillment for e-commerce.
Logistics and supply-chain arm of JD.com, running warehousing, last-mile delivery and fulfillment for e-commerce.
Charges fees for storage, packing and delivery, mainly under contracts for integrated supply-chain services where it runs a client's stock end to end. JD.com is both the controlling shareholder and its largest customer. Owning warehouses and couriers, rather than subcontracting, is what allows fast delivery.
In one line: A Chinese Amazon Logistics spun out as its own company.
Moat: narrow (scale, installed base). Large owned warehouse/delivery network built for JD gives scale, though it depends heavily on its parent.
Headquarters: Beijing, China · Founded: 2007 · Employees: 682,705
Size Jd Logistics (2618.HK) is a Hong Kong Industrials company (Air Freight/Couriers) with a market value of $9.10B, the 171st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.76 on 6 Nov 2026.
Performance Over six months the shares fell 28.7%, against +0.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 29.2% over the last twelve months (peer median +9.1%); the operating margin is 2.5% (peer median 5.2%).
Valuation It trades at 6.9× forward earnings against a peer median of 15.5× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (9.2% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$272B | HK$236B | HK$198B | HK$184B | HK$160B |
| Revenue growth | — | +19% | +8% | +15% | — |
| Gross profit | HK$24.6B | HK$21.4B | HK$20.3B | HK$14.0B | HK$11.7B |
| EBITDA | HK$22.1B | HK$19.7B | HK$20.3B | HK$14.2B | HK$11.0B |
| Net income | HK$8.21B | HK$7.21B | HK$6.72B | HK$681M | -HK$1.62B |
| Free cash flow | HK$11.0B | HK$11.2B | HK$15.4B | HK$10.9B | HK$8.66B |
| Capital expenditure | HK$8.91B | HK$8.29B | HK$6.09B | HK$6.06B | HK$5.82B |
| Total debt | n/a | HK$25.0B | HK$24.7B | HK$30.6B | HK$26.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jd Logistics 2618.HK | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% |
| S.F 6936.HK | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% |
| Zto Express-w 2057.HK | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% |
| J&T Global Express 1519.HK | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% |
| YTO Express 600233.SS | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% |
| STO Express 002468.SZ | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% |
| Yunda 002120.SZ | $2.74B | -20% | +7% | 4% | 9.7× | -13.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2618.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | +5.2% | 6th highest of 21 |
| 6-month return | -28.7% | +0.5% | 3rd lowest of 20 |
| Distance from 52-week high | -35.8% | -15.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +29.2% | +9.1% | 3rd highest of 21 |
| Operating margin | 2.5% | 5.2% | 8th lowest of 21 |
| Forward P/E | 6.9× | 15.5× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -0.4% | 4.3% | 9th least demanding of 18 |
| Growth delivered (Del g) | +23.4% | +8.3% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | -23.8 pp | -0.7 pp | 5th least demanding of 18 |
| ROIC minus cost of capital | -1.1 pp | +1.2 pp | 9th lowest of 21 |
| EV / EBITDA | 3.4× | 8.6× | cheapest of 11 |
| Net debt / EBITDA | 0.1× | 1.9× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jd Logistics 2618.HK | Hong Kong | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% | +23.4% |
| YTO Express 600233.SS | China | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% | +16.6% |
| Nippon Express Hldgs 9147.T | Japan | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% | +4.4% |
| Ryder System R | United States | $10.2B | +11% | +3% | 8% | 15.2× | 7.9% | +8.5% |
| Hyundaiglovis 086280.KS | South Korea | $10.9B | -13% | +12% | 6% | 8.7× | -10.8% | +12.3% |
| Yunnan Yuntianhua 600096.SS | China | $7.17B | -28% | -19% | 11% | 9.3× | -1.7% | -1.5% |
| J&T Global Express 1519.HK | Hong Kong | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% | +51.4% |
| Sinotrans 601598.SS | China | $6.74B | +18% | -1% | 0% | 14.8× | 4.3% | +2.7% |
| Delivery Hero DHER.DE | Germany | $12.9B | +31% | +11% | 0% | n/a | n/a | n/a |
| Delivery Hero SE TEMP DHE1.DE | Germany | $12.9B | n/a | +11% | 0% | n/a | n/a | n/a |
| GXO Logistics GXO | United States | $6.33B | +7% | +7% | 3% | 16.0× | 20.2% | +16.3% |
| Grab GRAB | United States | $13.9B | -8% | +23% | 11% | 23.3× | 17.8% | +48.4% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Swiggy SWIGGY.NS | India | $5.61B | -32% | +42% | -15% | n/a | n/a | n/a |
| SG Holdings Co., Ltd. 9143.T | Japan | $5.56B | +1% | +14% | 5% | 14.0× | -2.6% | +4.6% |
| Logista Integral LOG.MC | Spain | $5.42B | +15% | +4% | 2% | 15.8× | -5.9% | +5.4% |
| Zto Express-w 2057.HK | Hong Kong | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% | +13.5% |
| Yamato 9064.T | Japan | $4.83B | +26% | +2% | 2% | 34.5× | 8.9% | +1.9% |
| Compagnie de l'Odet ODET.PA | France | $4.74B | -30% | -83% | -8% | n/a | 24.3% | -29.4% |
| Eastern Air Logistics 601156.SS | China | $4.70B | +23% | +20% | 14% | 10.9× | -16.0% | +9.9% |
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |