评论 机构：中金公司 研究员：刘钢贤/杨鑫/蒋斯凡/冯启斌 公司近况 近期，公司披露3Q25 经营数据：东南亚业务量同比+79%至日均21.7 百万件，中国业务量同比+10%至 日均60.6 百万件，新市场业务量同比+48%至日均1.1 百万件。我们认为公司东南亚与新市场业务量超出 我们预期，看好公司国际份额的扩张进展。 我们认为拉美电商行业发展仍处于早期，极兔作为中国出海电商平台以及拉美本地电商平台美客多的第 三方物流供应商有望受益于电商渗透率提升，单量有望维持高增。 中国：短中期受制于价格战，下半 年或随"反内卷"有所缓解，观察成本优化进展。 东南亚：单量或随社交电商增长稳占市场份额第一，重申2025年快递格局优化有望迎来拐点，单票 EBIT或将维持稳定。我们认为东南亚电商零售市场仍处高速增长阶段，电商大盘层面，我们认为今年 东南亚电商快递包邮化的趋势有望进一步刺激消费者线上购物习惯的养成，因此在快递行业中份额第一 的极兔有望凭借着规模效应的成本优势，持续拉开与其他第三方物流商的份额差距。据公司公告 1H25 市场排名第四和第五的第三方物流商市场份额分别同比-1.2ppt至 5.5%、同比-0.9ppt至 ...

10月17日，极兔速递宣布其全资附属公司华星集团作为借款人，与公司及若干银行签署融资协议，获得最高100亿元人民币的定期贷款融资，贷款期限为36 个月。曾经凭借"八毛钱发全国"的价格战横扫中国快递市场的极兔，正在资本市场和新兴市场开启新的故事。 出品｜网经社 作者｜可乐 审稿｜云马 配图｜网经社图库 一、百亿融资背后的控制权绑定 10月17日，极兔速递（股票代码：01519.HK）宣布其全资附属公司华星集团作为借款人，与公司及若干银行签署融资协议，获得最高100亿元人民币的定期 贷款融资，贷款期限为36个月。此次融资将主要用于现有债务再融资、一般企业运营资金及优化资本结构。 网经社物流科技台获悉，根据融资协议条款，极兔速递创始人、董事会主席兼CEO李杰持有公司约55.09%的表决权，其对公司的控制权与融资协议深度绑 定。协议规定，若李杰不再拥有公司最大比例表决权或失去对公司政策的指示权，且多数贷款人提出要求，未使用的贷款额度可能被取消，已发放贷款或需 提前偿还。截至公告日，李杰实际持有9.71亿股A类股份（每股10票表决权）及794万股B类股份（每股1票表决权），其表决权比例远超其他股东。 从股权结构看，李杰 ...

Core Viewpoint - Jitu Express-W (01519.HK) has seen a significant increase in its stock price, rising over 5% and currently trading at 10.64 HKD with a transaction volume of 2.11 billion HKD [1] Company Summary - Jitu Express-W's stock price increased by 4.42% as of the latest report [1] - The trading volume reached 2.11 billion HKD, indicating strong market activity [1]

Core Viewpoint - J&T Express (极兔速递) has shown significant growth in its third-quarter operational data, with a notable increase in parcel volume and market performance, particularly in Southeast Asia [1] Company Summary - J&T Express reported a total parcel volume of approximately 7.68 billion pieces for the third quarter, with an average daily parcel volume rising to 83.4 million pieces, reflecting a year-on-year growth of 23.1% [1] - The Southeast Asian market accounted for 1.9968 billion parcels, marking a substantial year-on-year increase of 78.7% [1] - In the Chinese market, parcel volume reached 5.5758 billion pieces, showing a year-on-year growth of 10.4% [1] - New markets contributed 0.1042 billion parcels, with a year-on-year growth of 47.9% [1] Industry Summary - According to a report from Daiwa, the Southeast Asian express delivery market has entered a new development phase due to intensified platform competition and market share consolidation [1] - The report suggests that J&T Express's market positioning and competitive cost structure will provide an advantage in this new growth phase [1] - In the Chinese market, the industry is experiencing a push against "involution," leading to improved average prices quarter-on-quarter, although overall parcel volume growth is slowing, which has increased unit costs during the period [1] - Management maintains a neutral to slightly optimistic outlook for domestic business for the year, considering the ongoing optimization of domestic customer structure [1]

智通财经APP获悉，极兔速递-W(01519)再涨超5%，截至发稿，涨4.42%，报10.64港元，成交额2.11亿 港元。 消息面上，极兔速递近期发布三季度经营数据。总体实现包裹量约76.8亿件，日均包裹量攀升至8340万 件，同比增长23.1%。其中，东南亚市场包裹量达19.968亿件，同比激增78.7%；中国市场包裹量为 55.758亿件，同比增长10.4%；新市场三季度包裹量为1.042亿件，同比增长47.9%。 大和发布研报称，东南亚快递市场已进入新发展阶段，因平台竞争加剧，以及市占率整合。考虑到极兔 的市场定位及具竞争力的成本，相信公司可以在新增长阶段占有优势。中国市场方面，行业推动反内卷 下，第三季平均价格按季改善，但行业包裹量增长放缓，亦推高期内单位成本。因此，管理层对全年国 内业务维持中性至轻微乐观看法。考虑到极兔持续优化国内客户结构，该行对反内卷行动对盈利影响维 持审慎看法。 ...

根据极兔速递日前公告，华星集团有限公司（借款人，以下简称"华星集团"）与极兔速递（担保人）及 若干银行（原始贷款人）订立融资协议，原始贷款人同意向借款人提供最高100亿元的定期贷款融资， 期限自作出首笔贷款当日起计36个月。 《中国经营报》记者了解到，华星集团于2015年4月2日在中国香港注册成立，系极兔速递的全资附属公 司。根据融资协议，借款人获得的贷款应按照融资协议的条款及条件，用作其现有债务的再融资以及一 般企业及营运资金用途。 此外，根据融资协议，若极兔速递控股股东李杰不再直接或间接行使或控制行使于股东大会上可能行使 的单一最大比例表决权；或不再有权就极兔速递的运营、管理及财务政策发出指示，且绝大多数贷款人 要求并发出不少于20个营业日的通知，则贷款额度将被立即取消，所有未使用的贷款融资将终止，所有 贷款、应计利息及其他款项将立即到期应付。 李杰为极兔速递董事会主席、执行董事、首席执行官及控股股东。截至10月17日，李杰持有极兔速递 971390048股A类股份及7943362股B类股份，占极兔速递就与保留事项以外事项有关的股东决议案总表 决权的约55.09%。 中经记者 张家振 武汉报道 （极兔速递 ...

"双11"已经拉开帷幕，电商快递即将迎来全年大考之际，极兔速递宣布重磅消息：获得100亿定期贷款融资。 根据极兔速递最新公告，10月17日，华星（借款人）以及极兔（作为担保人）与（其中包括）若干银行订立融资协议。华星是一家于2015年4月2日在香 港注册成立的有限公司，为极兔速递的全资附属公司。 根据融资协议，原始贷款人同意向借款人提供最高人民币100亿元的人民币定期贷款融资，期限自作出首笔贷款当日起计36个月。该贷款将用于现有债 务的再融资以及一般企业及营运资金用途。 公告显示，根据融资协议，若本公司控股股东李杰不再直接或间接行使或控制行使于股东大会上可能行使的单一最大比例表决权；或不再有权就本公司 的运营、管理及财务政策发出指示，且绝大多数贷款人要求并发出不少于20个营业日的通知，则贷款额度将被立即取消，所有未使用的贷款融资将终止，所 有贷款、应计利息及其他款项将立即到期应付。 截至该公告日期，极兔速递董事会主席兼首席执行官李杰实益拥有971390048股A类股份及7943362股B类股份，占极兔就与保留事项以外事项有关的股 东决议案总表决权的约55.09%。 快递行业专家赵小敏表示，从快递业"反内卷"的 ...

Key Points - NIO-SW (09866) rose over 4% as CEO Li Bin emphasized the necessity of achieving profitability in Q4 during an internal meeting on October 17 [1] - COSCO Shipping Energy (01138) increased over 4% due to successful capital increase enhancing future shipping capacity and strategic value in international shipping competition [1] - Datang New Energy (01798) fell over 4% despite a more than 10% increase in power generation in the first nine months, influenced by adjustments in VAT policies for wind power [1] - Laopuhuang Gold (06181) dropped over 6%, although it still recorded a cumulative increase of over 10% this month, with a price adjustment announcement set for October 26 [1] - Jitu Express-W (01519) rose over 3% as Q3 parcel volume exceeded market expectations, with anti-involution policies likely to restore company profits [1] - JD Health (06618) increased over 4% as institutions expect enhanced drug sales to benefit overall gross margin [1] - Derin Holdings (01709) rose over 3% after announcing plans to acquire 2,995 BM mining machines from Bitmain, strengthening its Bitcoin mining business [1] - Sanhua Intelligent Control (02050) increased over 6% after announcing an increase in the share repurchase price limit, with recent catalysts in the robotics sector [1] - Bilibili-W (09626) rose over 3% as Q3 advertising performance is expected to continue, with a new card game set to contribute additional revenue early next year [1] - Alibaba-W (09988) rose over 4% after partnering with Ant Group to acquire a 13-story commercial building in Causeway Bay for HKD 7.2 billion [2] US Market Highlights - CSX Transportation (CSX.US) rose 1.69% as CEO Steve Angel indicated a focus on strategic opportunities and reevaluating aspects of railroad operations [3] - Novo Nordisk (NVO.US) fell 3.07% and Eli Lilly (LLY.US) dropped 2.02% following Trump's comments on potential price reductions for the weight loss drug Ozempic [3] - American Lithium (LAC.US) fell 8.12% after JPMorgan downgraded its rating from "neutral" to "underweight," citing overvaluation concerns [3] - Ford Motor Company (F.US) rose 1.53% as the NHTSA announced a recall of nearly 625,000 vehicles due to safety issues [3] - ASE Technology Holding (ASX.US) continued to rise 1.11% with the expansion of its K18B advanced packaging plant expected to commence production in Q1 2028 [3] - NetEase (NTES.US) fell 0.26% after announcing the discontinuation of its mobile game "The Lord of the Rings: Rise to War" [3] - Oracle (ORCL.US) fell 6.93% as it projected a 35% gross margin for its AI infrastructure plans during the Oracle AI World conference [4] - Hims & Hers Health (HIMS.US) dropped 15.84% after launching affordable treatment options for perimenopausal and menopausal individuals [4] - Gold stocks generally declined, with Harmony Gold (HMY.US) down 8.86% and Kinross Gold (KGC.US) down 8.99%, amid a significant drop in spot gold prices [4]

每经AI快讯，极兔速递-W(01519.HK)涨近4%，截至发稿，涨3.64%，报10.25港元，成交额3259.28万港 元。 ...

大和发布研报称，极兔第三季总包裹量同比增长23%至76.77亿件，其中东南亚包裹量表现突出，同比 增长78.7%至约20亿件，超出管理层及该行预期。该行认为东南亚快递市场已进入新发展阶段，因平台 竞争加剧，以及市占率整合。考虑到极兔的市场定位及具竞争力的成本，相信公司可以在新增长阶段占 有优势。 申万宏源指出，公司新市场件量高增，主要得益于公司的持续投入并日益深化和电商平台的合作。另一 方面，25Q3快递行业在反内卷政策推动下单价持续上行，公司三季度利润有望修复。8月以来快递反内 卷持续推进，产粮区快递价格持续提升，8月各快递公司经营月报显示通达系单价环比均有所提升，9月 全国各地均已陆续跟进涨价，看好行业单价继续提升带来的公司利润修复。 （原标题：港股异动 | 极兔速递-W(01519)涨近4% 三季度包裹量超市场预期 反内卷政策推动下公司利润 有望修复） 智通财经APP获悉，极兔速递-W(01519)涨近4%，截至发稿，涨3.64%，报10.25港元，成交额3259.28万 港元。 ...