Core Insights - The company reported a revenue of $5.5 billion for H1 2025, reflecting a year-on-year increase of 13.1% [1] - Adjusted net profit reached $156 million, a significant increase of 147% year-on-year, with adjusted EBITDA at $440 million, up 24.2% [1] Financial Data - Revenue: $5.5 billion, up 13.1% year-on-year; Express service revenue: $5.3 billion, up 12.7% [1] - Adjusted net profit: $156 million, up 147% year-on-year; Adjusted EBITDA: $440 million, up 24.2%; Adjusted EBIT: $200 million, up 65.4% [1] Regional Performance - Southeast Asia: H1 volume reached 3.23 billion pieces, up 58% year-on-year, with a market share of 32.8%, up 5.4 percentage points [2] - China: H1 volume reached 10.6 billion pieces, up 20% year-on-year, with a market share of 11.1%, up 0.1 percentage points [2] - New Markets: H1 volume reached 170 million pieces, up 22% year-on-year, with a market share of 6.2%, up 0.1 percentage points [2] Profitability Metrics - Southeast Asia: Single ticket revenue at $0.61, down $0.13; Single ticket EBIT at $0.073, up $0.007 [2] - China: Single ticket revenue at $0.30, down $0.04; Single ticket EBIT at $0.001, down $0.006 [2] - New Markets: Single ticket revenue at $2.18, up $0.04; Single ticket EBIT at -$0.106, improved by $0.059 [2] Investment Recommendations - Profit Forecast: Adjusted net profit predictions for 2025-2027 are $330 million, $590 million, and $830 million respectively [3] - Valuation: Total target market capitalization is estimated at HKD 121 billion, with a target price of HKD 13.49, indicating a potential upside of 30% [3] - Market Outlook: Positive growth expected across all three markets, with Southeast Asia leading due to e-commerce growth, China benefiting from reduced competition, and new markets showing significant potential [3]

Core Viewpoint - J&T Express-W (01519) reported a 66% year-on-year increase in adjusted net profit for the first half of the year, primarily driven by reduced expenses and financial costs [1] Group 1: Financial Performance - The company's adjusted net profit increased by 66% year-on-year [1] - The target for annual package volume growth is 56% in Southeast Asia and 38% in new markets [1] - The EBIT per package is projected to be $0.07 and $0.09 for Southeast Asia and new markets, respectively [1] Group 2: Market Outlook - The target price for J&T Express has been raised from HKD 10 to HKD 13.4, maintaining a "Buy" rating [1] - The company is viewed positively due to its competitive advantages and market share growth potential in Southeast Asia [1] - There is significant potential for growth in new markets such as Brazil and the Middle East [1]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights a mixed performance in shipping rates, with a decline in European routes and a rebound in American routes. The overall trend in oil shipping rates has shown a recent correction [3][16] - EHang has deepened its cooperation with the Hefei government, and a significant order of 120 aircraft has been signed between Agricultural Bank of China Financial Leasing and Volant Aviation [3][17] - Yunda's revenue increased by 6.8% year-on-year in the first half of 2025, while J&T Express's market share in Southeast Asia rose to 32.8% [3][24] Summary by Sections Industry Hot Events - Oil shipping rates have corrected, with European routes declining and American routes rebounding. The China Import Oil Comprehensive Index (CTFI) was reported at 1273.82 points, up 10.3% from the previous week [3][15] - EHang signed an investment cooperation agreement with the Hefei government, establishing a headquarters for its VT35 eVTOL series in Hefei, with a total order value of 3 billion yuan for 120 aircraft [3][17][18] - Yunda's revenue reached 24.833 billion yuan in the first half of 2025, a 6.8% increase year-on-year, while J&T Express reported a total revenue of 5.5 billion USD, a 13.1% increase [3][24][26] Industry High-Frequency Data Tracking - In August 2025, the air cargo price index for routes from China to the Asia-Pacific region remained stable, with the Shanghai outbound air cargo price index at 4392.00 points, down 8.3% year-on-year [27][28] - The domestic freight volume for July 2025 increased by 15.04% year-on-year, with total express business volume reaching 164 billion pieces [54] - The shipping container index (SCFI) was reported at 1445.06 points, with a week-on-week increase of 2.10% but a year-on-year decrease of 51.24% [42] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in the low-altitude economy, public transportation, and express delivery sectors, recommending companies like SF Express, J&T Express, and Yunda [5]

Core Insights - J&T Express has shown strong growth in Southeast Asia, with total revenue reaching $5.5 billion in the first half of 2025, a year-on-year increase of 13.1% [1] - The company reported an adjusted net profit of $160 million, up 147.1% year-on-year, indicating robust financial performance despite challenges in the Chinese market [1] Southeast Asia Market Performance - In Southeast Asia, J&T Express processed 3.23 billion packages, a 57.9% increase from 2.04 billion packages in the same period last year [2] - The company's market share in Southeast Asia rose from 27.4% to 32.8%, marking a 5.4 percentage point increase and maintaining its position as the industry leader for six consecutive years [2] - Revenue in Southeast Asia grew by 29.6% to $1.97 billion, with adjusted EBITDA reaching $310 million, a 50.5% increase [2] - The average cost per package in Southeast Asia decreased from $0.60 to $0.50, a reduction of 16.7%, contributing to improved profitability [2] New Market Expansion - J&T Express has made significant strides in emerging markets such as Latin America and the Middle East, with package volume increasing by 21.7% to 17 million [3] - The adjusted EBITDA for this segment turned positive, recording a profit of $1.57 million compared to a loss of $7.84 million in the previous year [3] - Collaborations with major e-commerce platforms like Temu, Shein, TikTok, and Mercado Libre have been crucial for growth in these new markets [3] Challenges in the Chinese Market - In China, J&T Express processed 10.6 billion packages, a 20.0% increase, but revenue only grew by 4.6% to approximately $3.14 billion, highlighting the impact of price competition [4][5] - The average revenue per package in China fell from $0.34 to $0.30, reflecting a 7.7% decline in industry average prices [5] - The company's gross margin in China decreased from 7.1% to 4.5% due to intense price competition [5] - J&T Express has focused on cost optimization, reducing the average cost per package from $0.32 to $0.28, a 10.3% decrease, to maintain profitability [5][6]

Group 1 - The company Jitu Express-W (01519) announced the grant of a total of 12.843 million Class B shares as part of its 2024 share incentive plan [1] - The shares will be awarded to 82 employees of the group [1] - The effective date for the share grant is set for September 1, 2025 [1]

Core Viewpoint - J&T Express reported a strong performance in the first half of 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and adjusted net profit of $160 million, up 147.1% [1] Financial Performance - Total revenue for the first half of 2025 was $5.5 billion, reflecting a 13.1% year-on-year growth [1] - Adjusted net profit reached $160 million, marking a significant increase of 147.1% [1] - Total package volume reached 13.99 billion, up 27% year-on-year, with Southeast Asia showing a remarkable growth of 57.9% [1][7] - Market share in Southeast Asia increased by 5.4 percentage points to 32.8% [1][7] - In China, market share rose to 11.1%, with package volume growing by 20% to 10.6 billion [3] Market Dynamics - The company faced intense competition in the Chinese market, leading to a decline in single ticket revenue to $0.30, a drop of 13% year-on-year [1][3] - The management indicated that the overall price competition in the industry has been severe, prompting dynamic pricing adjustments to maintain competitiveness [1][3] - The company reported a decrease in single ticket costs, with transportation and sorting costs down by $0.1 and $0.13 respectively [3] Cost Management and Efficiency - Current single ticket transportation costs are approximately $0.4, with room for improvement compared to peers [4] - The company is focusing on enhancing the capabilities of franchisees and investing in digitalization and automation [4] - J&T Express has begun piloting unmanned vehicles, with over 900 units deployed in the Chinese market, aiming to reduce costs [4] Strategic Initiatives - The company is actively developing reverse logistics and single-item delivery services to mitigate the impact of fierce competition on single ticket revenue [5] - In Southeast Asia, J&T Express has seen a 29.6% increase in revenue to $1.97 billion, with adjusted EBITDA growing by 50.5% [7] - New markets, including Saudi Arabia and Mexico, generated $360 million in revenue, achieving a turnaround with a profit of $1.57 million [7] Expansion and Future Outlook - J&T Express is expanding its franchise model in overseas markets, with 30% of its Southeast Asian network operated by partners [8] - The company aims to leverage experiences from China to reduce costs in Southeast Asia and develop non-e-commerce client businesses for higher profit margins [8]

Group 1 - The company, J&T Express-W (01519.HK), announced the grant of a total of 12,843,251 Class B shares as part of its 2024 share incentive plan to 82 employees of the group [1]

Group 1 - The company Jitu Express-W (01519) announced the issuance and allocation of 8.6324 million Class B shares as part of the 2024 share incentive plan adopted on June 18, 2024, effective from September 1, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 呈交日期： 2025年9月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | 股份類別 B | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01519 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 ( ...

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） 根 據2024年股份激勵計劃授出獎勵 茲提述於公告及通函中披露的2024年 股 份 激 勵 計 劃。本 公 告 乃 由 本 公 司 根 據 上 市規則第17.06A、17.06B及17.06C條 而 作 出。 董 事 會 欣 然 宣 佈，於2025年9月1日，本 公 司 根 據2024年股份激勵計劃向82名 身 為本集團僱員的承授人授出合共12,843,251股B類 股 份 的 相 關 獎 勵。 授出獎勵詳情 股份於授出日期的 收 市 價： 每 股10.09港 元 J&T Global Express Limited 極兔速遞環球有限公司 – 1 – 授 出 日 期： 2025年9月1日 獎勵所涉B類 股 份 總 數： ...