具体业务维度，今年上半年，极兔总包裹量同比增长27.0%至139.9亿件，各市场规模持续扩张。其中， 东南亚市场包裹量同比飙升57.9%至32.3亿件，市场份额大幅增长至32.8%；中国市场包裹量同比增长 20%至106亿件；新市场（包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及）包裹量同比增长21.7%至 1.7亿件。 北京商报讯（记者 何倩）近日，极兔速递发布2025年中期业绩。数据显示，极兔上半年总收入达到55 亿美元，同比增长13.1%；经调整净利润为1.6亿美元，同比增长147.1%；核心业务快递服务收入为53.4 亿美元，同比增长12.7%。 ...

Core Insights - The company, J&T Express, reported a total revenue of $5.5 billion for the first half of 2025, marking a year-on-year increase of 13.1%, with a net profit of $89.9 million, a significant rise of 186.6% compared to the same period last year [1] - The core express service revenue reached $5.34 billion, reflecting a growth of 12.7% year-on-year [1] - The company operates approximately 19,200 outlets and 239 transit centers globally, with a logistics network covering 13 countries including China, Indonesia, Vietnam, Malaysia, the Philippines, and Thailand [1] Southeast Asia Market Growth - In Southeast Asia, the company achieved a remarkable 57.9% increase in parcel volume to 3.23 billion pieces, with market share rising by 5.4 percentage points to 32.8% [2] - Revenue from Southeast Asia grew by 29.6% to $1.97 billion [2] - The growth is attributed to the company's active expansion into local brands and non-platform parcel businesses, as well as the integration of multi-platform order resources to reduce operational costs, with a 16.7% decrease in cost per parcel [2] China Market Performance - In China, the company saw a revenue of approximately $3.14 billion, a year-on-year increase of 4.6%, with parcel volume growing by 20.0% to 10.6 billion pieces [3] - The market share in China increased to 11.1% based on parcel volume [3] - The company has optimized its customer structure by collaborating deeply with industrial clients and introducing high-quality brand customers, enhancing service quality and customer loyalty [3] New Market Expansion - In newly developed markets such as Saudi Arabia, UAE, Mexico, Brazil, and Egypt, the company reported a 21.7% increase in parcel volume to 17 million pieces, with revenue rising by 24.3% to $360 million [4] - The company is focusing on partnerships with global and local e-commerce platforms, including a collaboration with Mercado Libre in Mexico and Brazil [4] - Investments in technology such as smart sorting and unmanned vehicle delivery are ongoing, with 900 unmanned logistics vehicles deployed across various provinces [4]

Core Insights - The company reported impressive mid-year results for 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and net profit soaring by 186.6% to $89.9 million [1] - Adjusted EBITDA also saw a significant rise of 24.2%, amounting to $440 million, indicating enhanced overall profitability [1] Southeast Asia Market - The Southeast Asia market, as the company's core business area, experienced a substantial package volume growth of 57.9% to 3.23 billion packages, with market share increasing by 5.4 percentage points to 32.8%, maintaining the industry leader position for six consecutive years [2] - The company achieved a 16.7% reduction in unit cost through effective resource integration and scale efficiency, leading to a significant profit margin increase, with adjusted EBIT rising by 74.0% to $230 million [2] China Market - In the Chinese market, despite facing pricing pressures, the company managed to reduce unit costs by 10.3%, effectively countering the profit pressure from declining unit revenue [3] - Revenue in China reached approximately $3.14 billion, a 4.6% year-on-year growth, with adjusted EBITDA at $160 million, and package volume increasing by 20% to 1.06 billion packages, raising market share to 11.1% [3] - The company is actively improving its customer structure by targeting high-quality clients, exemplified by a partnership with the "Gobi Challenge" event, enhancing brand influence and customer base [3] New Markets - The new market segment saw a pivotal shift, with revenue growing by 24.3% to $360 million, and adjusted EBITDA turning profitable at $1.57 million, marking a transition to sustainable growth [7] - Package volume in new markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, increased by 21.7% to 17 million packages, with strengthened partnerships with global and local e-commerce platforms [7] Overall Performance - The company's mid-year performance reflects strong growth across all segments, with a solidified leading position in Southeast Asia, resilience in the competitive Chinese market, and a profitable turnaround in new markets [7] - Analysts from multiple brokerages express optimism about the company's future, highlighting its competitive advantages and potential for significant growth in the Southeast Asian express delivery market [8] - The company has established a robust foundation for sustainable long-term development through its global operational capabilities and cost control [9]

Core Insights - The company reported impressive mid-year results for 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and net profit soaring by 186.6% to $88.9 million [1] - Adjusted EBITDA also grew by 24.2% to $440 million, indicating a significant enhancement in overall profitability [1] Southeast Asia Market - The Southeast Asia market, as the company's core business area, saw a substantial package volume increase of 57.9% to 3.23 billion pieces, with market share rising by 5.4 percentage points to 32.8%, maintaining the industry leader position for six consecutive years [2] - The company achieved a 16.7% reduction in single-package costs through effective resource integration and scale efficiency, leading to a 74.0% increase in adjusted EBIT to $230 million, making it a key profit source [2] China Market - In the Chinese market, despite facing pricing pressures, the company managed to reduce single-package costs by 10.3%, effectively countering the decline in single-package revenue [3] - Revenue in China reached approximately $3.14 billion, a 4.6% year-on-year growth, with adjusted EBITDA at $160 million; package volume increased by 20% to 10.6 billion pieces, raising market share to 11.1% [3] - The company is actively improving its customer structure by targeting high-quality clients, exemplified by its partnership with the "Gobi Challenge" event, enhancing brand influence and customer base [3] New Markets - The new market segment experienced a pivotal turning point, with revenue growing by 24.3% to $360 million and adjusted EBITDA turning profitable at $1.57 million, indicating a shift to sustainable growth [5] - Package volume in new markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, increased by 21.7% to 17 million pieces, with collaborations with major e-commerce platforms enhancing market penetration [5] Overall Performance - The company's mid-year performance reflects strong growth across all segments, with a solidified leading position in Southeast Asia, resilience in the competitive Chinese market, and a profitable turnaround in new markets [5] - Several brokerages have expressed optimistic forecasts for the company's future, highlighting its competitive advantages and potential for significant growth in the Southeast Asian express delivery market [6]

本报讯(记者袁传玺)8月29日，全球物流服务运营商极兔速递环球有限公司(以下简称"极兔"或"公司")公 布2025年中期业绩。上半年，极兔凭借在各市场的强劲业务增长和运营的持续优化，实现稳健的财务表 现。随着业务量的强劲增长，东南亚和新市场的收入贡献持续提升，上半年公司总收入达到55.0亿美 元，同比增长13.1%。其中，核心业务快递服务收入为53.4亿美元，同比增长12.7%。 公司各项业务指标持续向好，实现净利润8893.2万美元，相较去年同期的3102.6万美元，同比大幅飙升 186.6%。经调整净利润为1.6亿美元，同比增长147.1%。经调整EBITDA达到4.4亿美元，同比增长 24.2%；经调整EBIT达到2.0亿美元，同比增长65.4%，展现出公司强劲且可持续的盈利能力。 上半年，极兔总包裹量同比增长27%至139.9亿件，各市场规模持续扩张。其中，东南亚市场包裹量同 比飙升57.9%至32.3亿件，市场份额大幅增长至32.8%；中国市场包裹量同比增长20.0%至106亿件；新市 场(包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及)包裹量同比增长21.7%至1.7亿件。 极兔首席财务官郑世强表示： ...

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

格隆汇8月29日｜极兔速递上半年总营收54.99亿美元，同比增加13.1%；毛利为5.39亿美元，同比增加 0.5%；经调整净利润1.56亿美元，同比增长147.1%。 ...

每经AI快讯，8月29日，极兔速递公告，上半年总营收54.99亿美元，同比增加13.1%；毛利为5.39亿美 元，同比增加0.5%；经调整净利润1.56亿美元，同比增长147.1%。 ...

Financial Data and Key Metrics Changes - The company's total revenue increased by 13.1% year on year, from $4.9 billion in 2024 to $5.5 billion in 2025 [21] - Adjusted net profit reached $156 million in 2025, representing a 147% increase from $63 million in the first half of last year [30] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the China market [21] Business Line Data and Key Metrics Changes - In Southeast Asia, revenue increased by 29.6% year on year, from $1.5 billion in 2024 to $2 billion in 2025 [22] - In China, revenue grew by 4.6% year on year to $3.1 billion, with revenue per parcel decreasing from $0.34 to $0.30 [25] - New markets achieved a revenue increase of 24.3% year on year, from $292 million in 2024 to $362 million in 2025 [28] Market Data and Key Metrics Changes - The parcel volume in Southeast Asia reached 3.23 billion parcels, a year on year increase of 58% [10] - In China, parcel volume reached 10.6 billion parcels, representing a year on year increase of 20% [13] - New markets saw parcel volume reach 170 million parcels, a year on year increase of 22% [15] Company Strategy and Development Direction - The company aims to focus on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [12] - The strategy includes leveraging automation and digitalization to improve operational efficiency and customer experience [17] - The company plans to maintain its strategic position as a third-party logistics provider in Latin America, capitalizing on the growth of e-commerce platforms [40] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenges posed by geopolitical conflicts and uncertainties in international trade policies [7] - There is optimism regarding the growth potential in Southeast Asia and new markets, with expectations for continued parcel volume growth [17] - The management noted that the anti-involution policy in China may lead to price recovery and improved earnings in the future [37] Other Important Information - The company achieved adjusted EBITDA breakeven in new markets for the first time, indicating improved operational efficiency [28] - The company has deployed over 900 autonomous delivery vehicles to enhance last-mile delivery efficiency [95] - The total cash balance as of June 30, 2025, was $1.7 billion, indicating strong cash generation capabilities [32] Q&A Session Summary Question: Thoughts on domestic policy and its impact on earnings - Management noted that price recovery has been observed in certain provinces due to anti-involution policies, which may lead to improved earnings [37] Question: Outlook for Latin American market performance - Management expressed optimism about the growth potential in Latin America, citing successful partnerships and a significant increase in parcel volume [40] Question: Update on non-ecommerce platform businesses in Southeast Asia - Management confirmed ongoing development of non-ecommerce customers, which, while growing slower than e-commerce parcels, contribute higher margins [45] Question: Capacity to handle strong volume growth in Southeast Asia - Management stated that current capacity can handle over 30 million parcels daily, with plans for continued upgrades to meet future demand [49] Question: Cost reduction and efficiency improvements - Management highlighted ongoing efforts to reduce costs through fleet expansion, automation, and network optimization [55] Question: Growth expectations and market expansion plans - Management indicated that the e-commerce market in Southeast Asia is expected to grow rapidly, and they are evaluating potential new markets for expansion [63] Question: Cooperation with MercadoLibre - Management shared that collaboration with MercadoLibre is progressing well, with significant potential for future growth [92] Question: Initiatives for embracing AI technologies - Management mentioned ongoing deployment of autonomous delivery vehicles and plans to localize automated sorting equipment in new markets [96]

Financial Data and Key Metrics Changes - The company's parcel volume reached 13.99 billion parcels, a year-on-year increase of 27% [8] - Revenue increased to $5.5 billion, representing a year-on-year growth of 13% [8] - Adjusted net profit rose to $160 million, a significant year-on-year increase of 147% [8][30] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the China market [21] Business Line Data and Key Metrics Changes - In Southeast Asia, parcel volume reached 3.23 billion parcels, a year-on-year increase of 58%, with market share rising to 32.8% [9] - Revenue in Southeast Asia increased by 29.6% year-on-year to $2 billion, with adjusted EBIT growing by 74% [22] - In China, parcel volume reached 10.6 billion parcels, a year-on-year increase of 20%, but revenue per parcel decreased to $0.30 [13][25] - New markets saw parcel volume increase to 170 million parcels, a year-on-year growth of 22%, achieving positive EBITDA for the first time [15][27] Market Data and Key Metrics Changes - Southeast Asia's market share increased by 5.4 percentage points year-on-year, solidifying the company's leadership position [9] - The new markets segment achieved a significant turnaround, with a market share increase of 6.2% [15] Company Strategy and Development Direction - The company focuses on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [11] - Plans to replicate China's cost reduction experience in Southeast Asia and new markets [16] - Emphasis on investing in network capacity and automation to improve operational efficiency [16][28] Management's Comments on Operating Environment and Future Outlook - The global economic environment remains volatile, with geopolitical conflicts and trade uncertainties posing challenges [7] - Management expressed confidence in future growth, particularly in Southeast Asia and Latin America, driven by strong local partnerships [16][39] - The company aims to maintain a long-term focus on value creation amidst competitive pressures [17] Other Important Information - The company achieved a strong cash flow, with net cash flow from operating activities amounting to $421 million, an increase of 21.8% [30][32] - Total cash and cash equivalents reached $1.7 billion as of June 30, 2025 [32] Q&A Session Summary Question: Impact of domestic policy on earnings and performance in Latin America - Management noted price recovery in certain provinces due to anti-involution policies, which may improve earnings [36] - The Latin American market is expected to grow further, supported by partnerships with platforms like TikTok and MercadoLibre [39] Question: Update on non-ecommerce platform businesses and operational capacity in Southeast Asia - Non-ecommerce business accounts for less than 10% of total parcels but contributes higher margins [44] - Current capacity in Southeast Asia can handle over 30 million parcels daily, with ongoing investments in capacity expansion [47] Question: Cost reduction potential and market share expansion plans - Transportation and sorting costs per parcel have decreased, with ongoing efforts to further reduce costs [51] - The company is evaluating potential new markets for expansion, with a focus on maintaining leadership in Southeast Asia [60] Question: Unit economics guidance and franchise model adoption - The company aims to balance parcel volume growth with ASP strategy, maintaining stable EBIT per parcel [72] - The network partner model is being implemented across Southeast Asia, with 30% of the network run by partners [77] Question: Cooperation with MercadoLibre and AI technology initiatives - Collaboration with MercadoLibre is progressing well, with significant potential for growth [90] - The company has deployed over 900 autonomous delivery vehicles in China, enhancing last-mile delivery efficiency [94]