J&T Global Express Limited 極兔速遞環球有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：1519） | 與本代表委任表格有 | A類股份 | | --- | --- | | 1 關的股份數目 | B類股份 | 將 於2026年4月21日（星期二）舉行的 股東特別大會或其任何續會適用的代表委任表格 本人╱吾等 2 （姓名） 地址為 （地址） 為極兔速遞環球有限公司（「本公司」）已發行股本中 股股份的登記持有人 3 ，茲委任 4 本公司股東特別大會（「股東特別大會」）主席（「主席」）或 （姓名） 地址為 （地址） 電郵地址為 （電郵地址） 為本人╱吾等的代表，代表本人╱吾等出席本公司謹訂於2026年4月21日（星期二）上午九時三十分透過電子會議系統以虛 擬會議形式舉行的股東特別大會（及其任何續會），並依照下列指示代表本人╱吾等投票，以考慮及酌情通過股東特別大 會通告所載的決議案，並於股東特別大會（或其任何續會）上代表本人╱吾等按照以下指示就該等決議案投票，或如無指示， 則本人╱吾等的受委任代表可自行酌情投票。 請在適當空欄內填上（「✔」）號，以表示 閣下的投票 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 J&T Global Express Limited 極兔速遞環球有限公司 （於 開 曼 群 島 註 冊 成 立 以 不 同 投 票 權 控 制 的 有 限 責 任 公 司） （股 份 代 號：1519） 「動 議 特別決議案 2. 以 特 別 決 議 案 方 式 考 慮 並 酌 情 通 過 下 列 決 議 案： 「動 議 茲批准及採納本公司第八次經修訂及重述的組織章程大綱及細則（「新 組 織章程細則」）（其 副 本 已 呈 交 至 本 次 會 議，並 標 示 為「A」並由本次會議主席 – 1 – (a) 特 此 確 認、批 准 及 追 認 本 公 司 與 順 豐 控 股 股 份 有 限 公 司 於2026年1月 15日訂立的股份認購協議（「股份認購協議」）及 其 項 下 擬 進 行 的 收 購； 及 (b) 授 權 本 公 司 任 何 一 名 董 ...

此乃要件 請即處理 閣下如 對本通函之任何方面或應採取之行動 有任何疑問，應諮詢股票經紀或其他註冊證 券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓 名下所有 極兔速遞環球有限公司 股份，應立即將本通函連同隨附代 表委任表格，送交買家或承讓人，或經手買賣之銀行、股票經紀或其他代理商，以便轉交 買家或承讓人。 本通函僅供參考，並不構成收購、購買或認購本公司股份或其他證券的邀請或要約。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 函 全 部 或 任 何 部 分 內 容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 J&T Global Express Limited 極兔速遞環球有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：1519） (1)有關建議認購順豐控股H股 及 根據一般授權擬向順豐控股發行B類股份的主要交易； (2)建議修訂組織章程細則及採納第八次經修訂及 重述的組織章程大綱及細則； 及 (3)股東特別大會通 ...

将投中网设为"星标⭐"，第一时间收获最新推送 早早走到大势前独自等待。 本文字数12697 手搓量丨10 0% AI含量丨0% 屈田是一个难以定义的投资人。 作为投资人，他当然有漂亮的代表作。比如他在阿里领投了美团B轮，还撮合干嘉伟投身王兴麾下。2017年，屈田自立门户，成立ATM Capital，在没 有任何出海经验的情况下，一出手就在印尼投到了极兔。 在出海的话题里，极兔可能是最具传奇色彩的公司之一。 这家公司不仅像TikTok、希音、传音那样在海外市场迅速成长，成为中国经济崛起后的文化输出代表作，更重要的是，极兔的诞生充满了意外。以 TikTok、希音、传音为例，它们的诞生对于中国创投行业来说，虽然也是开创性的，但是TikTok本质上是移动互联网时代的社交产品，希音是移动支 付繁荣下的跨境电商，传音就是手机制造商——骨子里，他们都来自中国的传统优势项目，乃至在2019年的时候，我们的社交网络还骄傲地把这一系列 行业称为"新四大发明"。 但极兔是一家快递公司，是一个物流行业的公司——这是一个在人们印象里谈不上模式创新的行业。 就是这样一家看上去不够"性感"的公司，最终长成了千亿巨头。屈田甚至笃定极兔十年之 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （於 開 曼 群 島 註 冊 成 立 以 不 同 投 票 權 控 制 的 有 限 責 任 公 司） （股 份 代 號：1519） 董事會會議日期 極兔速遞環球有限公司（「本公司」，連 同 其 附 屬 公 司 及 關 聯 併 表 實 體「本集團」） 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 將 於2026年3月30日（星 期 一）舉行董 事 會 會 議，藉 以（其 中 包 括）考慮及批准本集團截至2025年12月31日止的年度業 績 及 其 刊 發，及 考 慮 建 議 派 發 末 期 股 息（如 有）。 本公司的管理團隊將於2026年3月30日（星 期 一）下午五時三十分（北 京╱香 港 時 間）舉 行 業 績 電 話 會 議。擬 接 入 電 話 會 議 的 與 會 者 須 通 過 以 下 鏈 接 進 行 註 冊 方 能 參 與 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the logistics and transportation sectors, including SF Holding, Jitu Express, and ZTO Express [7]. Core Insights - The report highlights a trend of price increases in the express delivery sector, driven by regulatory measures aimed at reducing unhealthy competition and improving profit margins for delivery personnel [4][15]. - The logistics sector is expected to benefit from the ongoing "anti-involution" measures, with a focus on stabilizing operations and income for delivery staff [4][16]. - The airline industry is projected to see a recovery in passenger demand, with expectations of rising ticket prices due to high load factors and a recovering economy [12][3]. Summary by Sections Transportation Sector Overview - The transportation sector index fell by 1.21% in the week of March 9-13, 2026, underperforming the Shanghai Composite Index by 0.51 percentage points [17]. - The best-performing sub-sectors included express delivery (up 3.16%), railway transport (up 1.67%), and highways (up 1.09%) [17]. Shipping and Ports - The report notes disruptions in the Strait of Hormuz affecting oil shipping rates, with a potential positive scenario for oil transport if current inventory reductions are followed by replenishment [2][13]. - The report indicates that shipping companies are implementing emergency fuel surcharges in response to rising fuel prices [2][14]. Logistics - The express delivery sector is experiencing a shift towards price increases, with Guangdong extending its "lock period" to prevent price wars, and companies like Tongda Rabbit raising prices in specific regions [4][15]. - The report identifies two main investment themes: international expansion driven by the growth of overseas e-commerce and the ongoing "anti-involution" efforts within the domestic market [4][16]. Airline Industry - The airline sector is witnessing a significant increase in passenger volume during the Spring Festival, with a record of nearly 95 million travelers, reflecting a 4.7% year-on-year increase [11][12]. - The report suggests that the airline industry will benefit from a combination of low supply growth and recovering demand, leading to improved profitability for airlines [12]. Key Companies to Watch - Recommended companies include Jitu Express, ZTO Express, and SF Holding in the logistics sector, and major airlines such as China Southern Airlines and China Eastern Airlines in the aviation sector [4][12][16].

Investment Rating - The report provides a "Buy" rating for several companies in the logistics and transportation sectors, including SF Holding, Jitu Express, and ZTO Express [7]. Core Insights - The report highlights a trend of price increases in the express delivery sector, driven by regulatory measures to combat excessive competition and improve profit margins for delivery personnel [4][15]. - The aviation sector is expected to benefit from a recovery in demand and rising ticket prices, with a focus on domestic and international travel resuming post-pandemic [12][3]. - The shipping industry is facing challenges due to geopolitical tensions affecting oil transport routes, but there is potential for recovery as supply chains stabilize [13][14]. Summary by Sections Transportation Sector Overview - The transportation sector index fell by 1.21% in the week of March 9-13, 2026, underperforming the Shanghai Composite Index by 0.51 percentage points [17]. - The best-performing sub-sectors included express delivery, railway transport, and highways, with increases of 3.16%, 1.67%, and 1.09% respectively [17]. Aviation - The report notes a significant increase in passenger volume during the Spring Festival, with nearly 95 million travelers, marking a 4.7% year-on-year increase [11]. - Airlines are adjusting fuel surcharges in response to rising oil prices, which could impact ticket pricing strategies [11][12]. Shipping and Ports - The report discusses the impact of the geopolitical situation in the Hormuz Strait on oil shipping rates, with a potential for recovery if supply chains normalize [13][14]. - The report mentions that shipping companies are implementing fuel surcharges to cope with rising fuel costs, affecting both domestic and international shipping rates [14]. Logistics - The express delivery sector is undergoing a transformation with regulatory measures aimed at stabilizing prices and improving profitability for delivery personnel [4][15]. - The report identifies two main investment themes: international expansion driven by e-commerce growth and the ongoing "anti-involution" trend in the domestic market [16].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 9.84 HKD and a target value of 13.74 HKD [4]. Core Insights - The company is replicating its successful operational model in Latin America, with significant growth potential as the e-commerce penetration rate continues to rise in the region. The new market operations have shown an 80% year-on-year growth in Q4 2025 [11]. - Latin America presents a favorable environment for e-commerce growth, with increasing GDP per capita and a high proportion of consumer spending relative to GDP, indicating strong online consumption potential [20][24]. - The logistics landscape in Latin America is transitioning from traditional postal services to efficient private logistics, with the company leveraging its cost-effective logistics solutions to gain market share [11][83]. - The company is expected to achieve rapid growth in market share and profitability, with projected EPS of 0.06 USD per share in 2026, supported by a PE valuation of 30x, leading to a target price of 13.74 HKD [11]. Demand Insights - E-commerce penetration in Latin America is low, with significant growth potential as the region's GDP per capita approaches that of China. The average consumer spending in Brazil, Mexico, and Argentina is notably high, providing a robust foundation for retail growth [20][24]. - The e-commerce market is evolving with the entry of new platforms, enhancing competition and driving growth. The report highlights that the e-commerce market in Latin America is expected to grow at a CAGR of 17%-35% from 2023 to 2026 [32][39]. Supply Insights - The logistics performance in Latin America is relatively weak compared to China and Southeast Asia, creating opportunities for companies to differentiate their services. The report emphasizes that the low expectations of consumers allow experienced logistics companies to gain market share [76]. - The logistics market is characterized by a mix of self-built and third-party logistics, with the company positioned to benefit from the rapid growth of e-commerce and the shift towards private logistics solutions [83]. Profitability Forecast and Investment Recommendations - The report projects significant revenue growth for the company, with expected revenues of 14.85 billion USD in 2026, reflecting a growth rate of 22.2% [2]. - The company is anticipated to achieve a positive net profit of 525 million USD by 2026, with a notable increase in EPS and ROE, indicating strong financial performance [2].

Investment Rating - The report assigns a "Buy" rating for J&T Express (1519.HK) as a global growth-oriented logistics company [4][6]. Core Insights - J&T Express is positioned as a leading global logistics service provider, benefiting from the growth of e-commerce in Southeast Asia and the expansion of Chinese e-commerce platforms [1][4]. - The company has established a comprehensive logistics network across 13 countries and regions, with significant market shares in Southeast Asia (28.6%) and China (11.3%) [1][4]. - The report highlights the company's strong growth trajectory, with adjusted net profits projected to reach $412 million, $654 million, and $867 million from 2025 to 2027, reflecting year-on-year growth rates of 106%, 58.8%, and 32.4% respectively [4][5]. Summary by Sections Company Overview - J&T Express was founded in 2015 and has rapidly expanded its logistics network, becoming a key partner for major e-commerce platforms like TikTok Shop and Pinduoduo [1][16]. - The company has a stable and concentrated ownership structure, with a management team experienced in international operations and local market execution [19][20]. Southeast Asia Market - The Southeast Asian e-commerce market is experiencing high growth, with a projected total parcel volume of 15.98 billion pieces in 2024, a year-on-year increase of 25.2% [2][55]. - J&T Express has maintained its leading position in the Southeast Asian logistics market, with a parcel volume growth of 57.9% year-on-year in the first half of 2025 [2][4]. New Markets - J&T Express is focusing on expanding into Latin America, particularly Brazil and Mexico, where e-commerce penetration is still low [3][4]. - The company expects to achieve profitability in new markets by the second half of 2025, with adjusted EBIT projected to turn positive [3][4]. Financial Performance - The company is forecasted to achieve significant revenue growth, with total revenue expected to reach $10.26 billion in 2024, a 15.9% increase from the previous year [5][44]. - J&T Express achieved its first annual adjusted net profit in 2024, amounting to approximately $200 million, with a substantial improvement in gross margins [4][45].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 極兔速遞環球有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 979,333,410 | USD | | 0.000002 | USD | | 1,958.67 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 979,333,410 | USD | | 0.0000 ...