Core Insights - The company reported a significant increase in revenue and adjusted net profit for the first half of 2025, indicating strong growth in the Southeast Asian market and challenges in the Chinese market [1][2][3] Group 1: Financial Performance - In H1 2025, the company's revenue reached $5.5 billion, a year-on-year increase of 13.1% [1] - Adjusted EBITDA for H1 2025 was $440 million, reflecting a 24.2% year-on-year growth [1] - Adjusted net profit for H1 2025 was $160 million, showing a substantial increase of 147.1% year-on-year [1] Group 2: Southeast Asia Market - The company's business volume in Southeast Asia grew by 57.9% year-on-year to 3.23 billion pieces, with market share increasing by 5.4 percentage points to 32.8% [1] - The average revenue per piece and cost per piece were $0.61 and $0.50 respectively, down by $0.13 and $0.10 year-on-year [1] - Adjusted EBIT per piece increased by $0.007 to $0.073, with adjusted EBIT growing by 74.0% to $160 million [1] Group 3: China Market - In H1 2025, the company’s volume in China increased by 20.0% to 10.6 billion pieces, with market share rising by 0.1 percentage points to 11.1% [1] - Average revenue per piece and cost per piece in China were $0.30 and $0.28 respectively, both down by $0.04 year-on-year [1] - Adjusted EBIT per piece decreased by $0.006 to $0.001, with adjusted EBIT declining by 78.3% to $10 million due to intensified competition [1] Group 4: New Markets - The company’s volume in new markets grew by 21.7% year-on-year to 17 million pieces, with market share increasing by 0.1 percentage points to 6.2% [2] - Average revenue per piece and cost per piece in new markets were $2.18 and $1.92 respectively, both up by $0.04 year-on-year [2] - Adjusted EBIT per piece improved by $0.059 to -$0.106, leading to a positive EBITDA of $2 million [2] Group 5: Strategic Outlook - The company is well-positioned to capitalize on the expansion of Chinese cross-border e-commerce platforms, particularly in Southeast Asia [3] - The management model is effective in driving volume growth through high cost-performance services [3] - There is potential for recovery in the Chinese market as pricing stabilizes in key regions [3] - The company anticipates adjusted net profits of $340 million, $550 million, and $860 million for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34.8, 21.8, and 13.9 [3]

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立以不同投票權控制的有限責任公司 ) Stock Code 股份代號：1519 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 6 | 管理層討論與分析 | | 31 | 其他資料 | | 41 | 中期財務資料的審閱報告 | | 42 | 中期簡明合併損益表 | | 43 | 中期簡明合併全面收益表 | | 44 | 中期簡明合併資產負債表 | | 46 | 中期簡明合併權益變動表 | | 48 | 中期簡明合併現金流量表 | | 49 | 中期財務資料附註 | | 94 | 釋義 | 2025 Interim Report 中期報告 極兔速遞 2025 中期報告 J&T Express 2025 Interim Report 公司資料 董事會 執行董事 李傑（主席兼首席執行官） 非執行董事 鄭玉芬 廖清華 張源 獨立 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first half of 2025, the company's revenue reached $5.5 billion, representing a year-on-year growth of 13.1%. Adjusted net profit was $160 million, a significant increase of 147.1% [2][5]. - The Southeast Asian market benefited from the expansion of e-commerce platforms led by TikTok, driving rapid growth in business volume and profits. The new markets achieved a positive EBITDA for the first time [2][10]. - The Chinese market faced price competition, leading to pressure on single-package profits, but there are signs of profit recovery in the second half of the year [2][10]. Summary by Sections Southeast Asia Market - The company saw a 57.9% year-on-year increase in business volume to 3.23 billion packages, with market share rising by 5.4 percentage points to 32.8%. The average revenue per package decreased by $0.13 to $0.61, while the average cost per package fell by $0.10 to $0.50 [10]. - The adjusted EBIT per package increased by $0.007 to $0.073, with adjusted EBIT growing by 74.0% to $160 million [10]. China Market - In the first half of 2025, the company’s package volume in China grew by 20.0% to 10.6 billion packages, with market share increasing by 0.1 percentage points to 11.1%. However, the average revenue and cost per package both decreased by $0.04 [10]. - The adjusted EBIT per package fell by $0.006 to $0.001, resulting in a 78.3% decline in adjusted EBIT to $10 million due to intensified competition [10]. New Markets - The new markets experienced a 21.7% year-on-year growth in package volume to 1.7 billion packages, with market share increasing by 0.1 percentage points to 6.2%. The average revenue per package rose by $0.04 to $2.18, while the average cost per package also increased by $0.04 to $1.92 [10]. - The adjusted EBIT per package improved by $0.059 to -$0.106, leading to a positive EBITDA of $2 million [10]. Future Outlook - The company is expected to benefit from the expansion of e-commerce platforms and the "anti-involution" trend in the Chinese market, which may drive profit recovery in the second half of the year. The adjusted net profit forecasts for 2025, 2026, and 2027 are $340 million, $550 million, and $860 million, respectively, with corresponding P/E ratios of 34.8, 21.8, and 13.9 [10][11].

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: 2025年8月31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: 2025年9月4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 | | 0.000002 USD | | 1,958 ...

Core Viewpoint - The express delivery industry in China is experiencing significant growth, with a notable increase in parcel volume and a trend towards "anti-involution" in pricing competition, which is expected to stabilize the market in the medium to long term [1][4]. Group 1: Industry Performance - In July 2025, the national express delivery volume reached 16.4 billion parcels, a year-on-year increase of 15.1%, while the volume for January to July 2025 totaled 112.05 billion parcels, up 18.7% year-on-year [1][2]. - The express delivery industry's revenue in July 2025 increased by 8.9% year-on-year, while the average revenue per parcel decreased by 5.3%. For the first seven months of 2025, revenue grew by 9.9%, with a 7.4% decline in average revenue per parcel [4]. Group 2: Company Performance - SF Express reported a remarkable business volume growth of 33.7% year-on-year in July 2025, leading the industry, with a 26.9% increase for the first seven months [2]. - Other major express companies such as YTO, Yunda, and Shentong also showed positive growth in July 2025, with year-on-year increases of 20.8%, 7.6%, and 11.9% respectively [2]. Group 3: Market Concentration - The market concentration in the express delivery sector is increasing, with the CR8 (concentration ratio of the top 8 companies) reaching 86.9% for January to July 2025, reflecting a 1.7% year-on-year increase [3]. - In Q2 2025, the market shares of leading companies such as Zhongtong, YTO, Yunda, Shentong, and Jitu increased compared to Q1, indicating a trend towards greater market concentration [3]. Group 4: Pricing and Competition - The decline in average revenue per parcel is narrowing, indicating a reduction in price competition due to the "anti-involution" measures being implemented. This trend is expected to ease competitive pressures in the short term while promoting healthy competition in the long term [4]. - The National Postal Administration has emphasized the need to combat "involution-style" competition, with recent meetings aimed at ensuring stable operations and pricing in the express delivery sector [4]. Group 5: Investment Recommendations - The "anti-involution" measures are anticipated to alleviate competitive pressures, with expectations for profitability recovery in the e-commerce express sector in the latter half of the year. The sustainability of price increases will be crucial for future profitability [5]. - Companies such as SF Express, YTO Express, Zhongtong Express, Jitu Express, and Yunda are highlighted as key investment opportunities due to their strong performance and potential for profit recovery [5].

2025年8月29日，极兔速递(1519.HK)交出了自己的上半年成绩单。 光看财报上几个核心数字，这是一份足够提振市场信心的财报，上半年总收入55亿美元，同比增长13.1%；经调整利润净额达到1.56亿美元，这个数字比去 年同期翻了一倍还多，同比增幅高达147.1%。 这组数字，大概会让任何一个熟悉中国快递行业的人感到一丝费解。 毕竟，快递公司在国内做的是不贵的、民众都用得起的生意。 按逻辑，快递公司能维持盈利已属不易，利润翻倍式增长听上去更像是另一个世界的故事。 那么极兔速递的利润为何能逆势飞涨？ 答案或许藏在财报的收入构成里，极兔速递这份中报真正值得看的地方，在于它揭示了一个许多人可能没注意到的事实——极兔的增长引擎和利润重心，其 实并不在中国这个最喧嚣、最引人注目的主战场。 答案的第一部分，指向海外。 首先是东南亚，根据财报数据，上半年整个东南亚快递市场的包裹量同比增长了32.2%，这是一个不错的行业增速。 但极兔在同期处理的包裹量达到了32.3亿件，同比增速是57.9%。用超过行业增速近一倍的速度奔跑，结果就是市场份额的变化，一年时间，极兔在东南亚 的市场占有率从27.4%提升至32.8%，净增5. ...

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

1）东南亚市场：H1 件量达到32.3 亿件，同比+58%，市占率32.8%，同比+5.4pct；单票收入0.61 美元， 同比-0.13 美元，单票成本0.50 美元，同比-0.10美元，其中单票运输成本0.12 美元，同比-0.04 美元，单 票分拣成本0.04 美元，同比-0.02 美元。单票EBIT 0.073 美元，同比+0.007 美元。公司在东南亚抓住电 商高增长机遇，并将中国经验赋能东南亚，进一步巩固在东南亚的竞争优势。 2）中国市场：H1 件量达到106 亿件，同比+20%，市占率11.1%，同比+0.1pct；单票收入0.30 美元，同 比-0.04 美元，单票成本0.28 美元，同比-0.04 美元，其中单票运输成本0.05 美元，同比-0.02 美元，单票 分拣成本0.04 美元，同比-0.01 美元。单票EBIT 0.001 美元，同比-0.006 美元。 3）新市场：H1 件量达到1.7 亿件，同比+22%，市占率6.2%，同比+0.1pct；单票收入2.18 美元，同比 +0.04 美元，单票成本1.92 美元，同比+0.04 美元，其中单票运输成本0.25 美元，同比-0.07 ...

招银国际发布研报称，极兔速递-W(01519)上半年经调整净利润同比升66%，主要是受到开支和财务费 用减少所带动。公司目标是全年包裹量分别在东南亚及新市场增长56%和38%，每个包裹的EBIT分别为 0.07美元和0.09美元。该行将极兔速递2025至27年的盈测微调，目标价由10港元上调至13.4港元，维 持"买入"评级。该行继续看好公司，认为其在东南亚拥有竞争优势和市场份额增长潜力，且在巴西和中 东等新市场同样拥有巨大潜力。 ...

交通运输 | 证券研究报告 — 行业周报 2025 年 9 月 2 日 航运方面，原油运价回调，欧线美线集运运价分化，欧线下跌美线反弹。航 空方面，亿航智能深化合肥政府合作，农银金租与沃兰特航空签署 120 架天 行采购订单。物流与交通新业态方面，韵达股份上半年营收同比增长 6.8%，极兔速递上半年东南亚市占率提升至 32.8%。 强于大市 交通运输行业周报 沃兰特获农银金租 120 架天行采购订单，极兔 速递上半年东南亚市占率提升至 32.8% 核心观点 原油运价回调，欧线美线集运运价分化，欧线下跌美线反弹。8 月 28 日， 上海航运交易所发布的中国进口原油综合指数（CTFI）报 1273.82 点，较 8 月 21 日上涨 10.3%。本周 VLCC 市场先涨后跌，周平均水平上移。周初， 中东航线货量保持稳中有增态势，成交运价跳涨，带动大西洋航线运价跟 涨。下半周，手握正常装期货盘的租家抓住船东倾向寻找中东航线这样的 短航程货盘的心理，逐步占据议价主动权，成交运价小幅回调。美湾航线 受 TCE 收益较中东航线价差较大的影响，加之船东不愿较低价格接货，可 用运力收紧，临近周末运价逆势上涨。欧线方面，本周运 ...