1. 目 的 1.1. 委 員 會 旨 在 物 色、考 慮 及 向 董 事 會 推 薦 合 適 人 選 出 任 本 公 司 董 事、監 管 評 估 董 事 會 表 現 的 程 序、制 定 及 向 董 事 會 建 議 符 合 任 何 適 用 法 律、法 規 及 上 市 標 準 的 提 名 指 引。 2. 組 成 2.1. 委 員 會 成 員 須 由 董 事 會 不 時 委 任，並 須 包 括 至 少 一 名 不 同 性 別 的 董 事 並 由 大 多 數 獨 立 非 執 行 董 事 組 成，彼 等 須 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券上市規則（「上市規則」）（經 不 時 修 訂）不 時 訂 明 的 獨 立 性 規 定。 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 （股 份 代 號：1519） 提名委員會職權範圍 （於2023年10月採納及於2025年12月 修 訂） 極兔速遞環球有限公司（「本公司」）根據本公司董事會（「董事會」）於2023年10月11 日通過的 ...

J&T Global Express Limited 極兔速遞環球有限公司 開 曼 群 島 註 冊 成 立 以 不 同 投 票 權 控 制 的 有 限 責 任 （股 份 代 號：1519） 董事名單與其角色和職能 極兔速遞環球有限公司（「本公司」）董事會（「董事會」）成 員 載 列 如 下。 獨立非執行董事 劉二飛先生 沈鵬先生 執行董事 李傑先生 （主 席 兼 首 席 執 行 官） 非執行董事 鄭玉芬女士 廖清華女士 張源先生 董 事 會 設 立 四 個 委 員 會。下 表 提 供 該 等 委 員 會 的 成 員 資 料。 | | | | | 企業管治 | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 委員會 | | 李傑先生 | | 成員 | 成員 | | | 鄭玉芬女士 | 成員 | | | | | 廖清華女士 | | | 成員 | | | 張源先生 | | | | | | 劉二飛先生 | 成員 | 主席 | 主席 | 成員 | | 沈鵬先生 | | 成員 | 成員 | 主席 | | 賴學明先生 | 主席 | | 成員 | ...

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。 J&T Global Express Limited 極兔速遞環球有限公司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈，本 公 司 非 執 行董事廖清華女士及本公司獨立非執行董事賴學明先生已獲委任為本公司提 名委員會（「提名委員會」）成 員，自2025年12月16日 起 生 效。 於 上 述 委 任 後，提 名 委 員 會 由 一 名 執 行 董 事（即 李 傑 先 生）、一 名 非 執 行 董 事（即 廖 清 華 女 士）及三名獨立非執行董事（即 劉 二 飛 先 生、沈 鵬 先 生 及 賴 學 明 先 生） 組 成。劉 二 飛 先 生 為 提 名 委 員 會 主 席。 上述變動乃應香港聯合交易所有限公司證券上市規則（「上市規則」）及上市規則 附 錄C1所 載 之 企 業 管 治 守 則 的 修 訂 而 作 出，該 等 修 訂 已 於2 ...

Core Viewpoint - The report from Guotai Junan Securities initiates coverage of Jitu Express-W (01519) with a target price of HKD 12.60 and an "Accumulate" rating, highlighting the company's rapid expansion from Southeast Asia to a global logistics operator through a highly flexible regional agency system [1] Group 1: Expansion Strategy - The company has rapidly risen to become a leader in the Southeast Asian market since its establishment in Indonesia in 2015, utilizing a unique regional agency model [1] - Jitu Express entered the Chinese express market in 2020 through acquisitions of Longbang Express, Best Group's China operations, and SF Express's Fengwang, significantly enhancing its network capabilities and market share [1] - The company has expanded into new markets in the Middle East and Latin America, forming a global network covering 13 countries [1] Group 2: Southeast Asia Market Dynamics - The macroeconomic upturn and the booming e-commerce market have accelerated the growth of express delivery volumes in Southeast Asia, with the distribution mechanism of designated logistics service providers leading to an oligopolistic competition structure [2] - The impact of e-commerce self-built logistics on the company's performance is nearing its end, with the rise of TikTok significantly boosting the company's business volume, maintaining its industry-leading market share [2] Group 3: China Market Performance - The company has quickly improved its market share in China, currently ranking fifth in the industry, through mergers and the benefits of social e-commerce [3] - With market share stabilizing, the company is actively optimizing its customer and product structure, leading to noticeable improvements in profitability [3] - Revenue growth has returned to around 10%, with market share and gross profit remaining stable and improving [3] Group 4: New Market Growth - The company is actively expanding partnerships with leading e-commerce platforms, solidifying its market share in new markets [4] - As the network capacity in new markets strengthens and economies of scale become apparent, the company is experiencing a continuous release of cost pressures, which is expected to create a second growth curve in profits [4]

Core Viewpoint - Cathay Securities initiates coverage on J&T Express-W (01519) with a target price of HKD 12.60 and a "Buy" rating, highlighting the company's rapid expansion from Southeast Asia to a global logistics operator through a flexible regional agency system [1] Group 1: Southeast Asia Market - The company has established itself as a leader in the Southeast Asian market since its inception in Indonesia in 2015, leveraging a unique regional agency model for rapid growth [1] - The macroeconomic upturn and booming e-commerce market in Southeast Asia have accelerated the growth of the express delivery business, with the company maintaining its market leadership and benefiting from the rise of platforms like TikTok [2] Group 2: China Market - The company has quickly increased its market share in China, currently ranking fifth in the industry, through mergers and the social e-commerce boom [3] - With market share stabilizing, the company is optimizing its customer and product structure, leading to significant improvements in profitability [3] Group 3: New Markets - The company is actively expanding into new markets, strengthening partnerships with leading e-commerce platforms, which has resulted in rapid growth in business volume [4] - As the network capacity in new markets improves and economies of scale are realized, the company is experiencing a release of cost pressures, potentially creating a second growth curve for profits [4]

Core Insights - J&T Express successfully held an investor open day in Bangkok, Thailand, attracting a record attendance of over 180 participants, indicating strong market interest in its Southeast Asia strategy and operational results [1] Group 1: Company Performance - J&T Express Thailand's CEO Winsome Huo highlighted that the company ranked first in Thailand's public market in terms of business volume for the first half of the year, and has received the highest service satisfaction rating for three consecutive years [2] - The company has achieved profitability in a competitive market, validating its business model in mature overseas markets [2] Group 2: Operational Excellence - J&T Express is the only courier company in Thailand with full automation coverage in all transfer centers, significantly enhancing efficiency and reducing costs [4] - The company has a peak daily processing capacity of over 5 million parcels at its largest sorting center, which recently underwent expansion [4] Group 3: Localization Strategy - J&T Express employs over 60,000 staff in Thailand, with only about 60 being non-Thai nationals, fostering a deep localization that reduces management costs and enhances community acceptance [6] Group 4: Cost Management - The company has maintained a cost reduction of over 10% per parcel for several years, optimizing costs faster than market price declines, ensuring sustained profitability [8] - J&T Express is expanding its business boundaries beyond e-commerce, launching services like "J&T Super" to attract high-end clients such as Apple and Adidas [8] Group 5: Future Growth Drivers - The company sees significant potential in Thailand's e-commerce penetration and per capita parcel volume, with plans to diversify its business structure [9] - J&T Express aims to leverage its successful experiences in Thailand to create long-term value for global customers and investors [10]

Investment Rating - The report assigns a "Buy" rating to J&T Express with a target price of HKD 12.60, corresponding to a 27x P/E for 2026 [5][10][22]. Core Insights - J&T Express has achieved rapid expansion from Southeast Asia to a global logistics operator covering 13 countries, driven by a highly flexible regional agency model [2][10]. - The company is expected to see significant revenue growth, with projected revenues of USD 12.1 billion in 2025, USD 14.3 billion in 2026, and USD 17.4 billion in 2027, reflecting year-on-year growth rates of 18%, 18%, and 22% respectively [4][20]. - The net profit attributable to the parent company is forecasted to improve significantly, reaching USD 3.82 billion in 2025, USD 5.24 billion in 2026, and USD 8.64 billion in 2027, with year-on-year growth rates of 280%, 37%, and 65% respectively [4][20]. Financial Summary - Total revenue is projected to grow from USD 8.849 billion in 2023 to USD 17.405 billion in 2027, with a compound annual growth rate (CAGR) of approximately 22% [4][20]. - Gross profit is expected to increase from USD 473 million in 2023 to USD 1.923 billion in 2027, indicating a strong improvement in profitability [4]. - The company is anticipated to achieve a positive net profit margin by 2024, with a return on equity (ROE) projected to reach 18.75% by 2027 [4][21]. Business Overview - J&T Express was founded in 2015 and has rapidly become a leading logistics service provider in Southeast Asia, with a market share of 32.8% as of mid-2025 [24][25]. - The company has expanded its operations into China and several emerging markets, including the Middle East and Latin America, establishing a comprehensive logistics network [24][25]. - The strategic acquisitions of logistics companies in China have significantly enhanced J&T's market presence and operational capabilities [25][26]. Market Analysis - The Southeast Asian e-commerce market is experiencing robust growth, which is expected to drive an increase in parcel volumes for J&T Express [15][16]. - In China, the company is focusing on optimizing its revenue structure and improving profitability as the market stabilizes [16][20]. - New market expansions are projected to yield substantial growth, with expected parcel volumes increasing significantly in the coming years [17][20].

Core Viewpoint - J&T Express (1519.HK) shares rose by 8.23% to HKD 10.91, reaching a new high since August 27, with a year-to-date increase of approximately 78% [1] Group 1: Company Performance - J&T Express's stock price has achieved a significant increase, reflecting strong market performance and investor confidence [1] - The company has received a "Buy" rating from Daiwa, with the target price raised from HKD 11 to HKD 12.5, indicating positive growth expectations in Southeast Asia and new markets [1] Group 2: Market Potential - Management anticipates that the parcel volume growth potential in Thailand has a fivefold upside compared to the current market size [1] - The company believes it can surpass the average industry growth rate in Thailand due to several competitive advantages, including the highest density of delivery personnel coverage, automation of equipment, growth in non-e-commerce parcel volume, high alignment of employee interests, and a diversified global business layout [1]

Core Viewpoint - Daiwa has reiterated a "Buy" rating for J&T Express-W (01519), raising the target price from HKD 11 to HKD 12.5 to reflect growth potential in Southeast Asia and new markets [1] Group 1: Market Potential - The Thai market is experiencing consolidation after years of intense competition, and management is optimistic about the business outlook in Thailand, aiming to increase market share [1] - Management anticipates that the growth potential for parcel volume in Thailand has five times the upside compared to the current market size [1] Group 2: Competitive Advantages - The company believes it can surpass the average industry growth rate in Thailand due to several competitive advantages, including the highest density of delivery personnel coverage, degree of equipment automation, growth in non-e-commerce parcel volume, high alignment of employee interests, and a diversified global business layout [1]

Core Viewpoint - Daiwa has reiterated a "Buy" rating for J&T Express-W (01519), raising the target price from HKD 11 to HKD 12.5 to reflect growth potential in Southeast Asia and new markets [1] Group 1: Market Outlook - The Thai market has undergone years of intense competition and is now trending towards consolidation, with management optimistic about the business outlook in Thailand and aiming to increase market share [1] - Management anticipates that the growth potential for parcel volume in Thailand has five times the upside compared to the current market size [1] Group 2: Competitive Advantages - J&T Express possesses several competitive advantages that are expected to allow the company to exceed the average growth rate of the Thai industry, including: - Highest density of delivery personnel coverage - Level of equipment automation - Growth in non-e-commerce parcel volume - High alignment of employee interests - Diversified global business layout [1]