Just a few observations from $BABA $JD 1Q23 results:

In logistics, JD's rev growth of 35% was nearly double that of Cainiao's 18%. While Cainiao's growth was attributable to growth in international retail biz, JD Logistics' growth also partly attributable to acquisition of $Deppon Logistics (603056.SH)$ Deppon Group which accounted for 40% of rev from other customers. Without acquisition, JD Logistics' rev would have grown about 8% YoY. Important to note that Cainiao was able to significantly narrow operating loss margins from -7.9% to -2.3%. JD Logistics operating loss margins expanded due to Deppon acquisition.