Investment Rating - The report maintains a "Recommendation" rating for Jitu Express (01519.HK) [1] Core Views - The company reported an adjusted net profit of $156 million for H1 2025, representing a year-on-year increase of 147%, indicating strong financial performance and growth potential in three key markets [1] - The revenue for H1 2025 reached $5.5 billion, a 13.1% increase year-on-year, with express service revenue contributing $5.3 billion, up 12.7% [1] - The report highlights the company's strategic focus on leveraging its experience in China to enhance its competitive advantage in Southeast Asia, where it achieved a 58% year-on-year increase in parcel volume [2][3] Financial Performance Summary - **Overall Financial Data**: - H1 2025 revenue: $5.5 billion, up 13.1% YoY - Adjusted net profit: $156 million, up 147% YoY - Adjusted EBITDA: $440 million, up 24.2% YoY - Adjusted EBIT: $200 million, up 65.4% YoY [1] - **Regional Performance**: - **Southeast Asia**: - Parcel volume: 3.23 billion, up 58% YoY - Market share: 32.8%, up 5.4 percentage points - Single ticket revenue: $0.61, down $0.13 - Single ticket cost: $0.50, down $0.10 [2] - **China**: - Parcel volume: 10.6 billion, up 20% YoY - Market share: 11.1%, up 0.1 percentage points - Single ticket revenue: $0.30, down $0.04 - Single ticket cost: $0.28, down $0.04 [2] - **New Markets**: - Parcel volume: 1.7 billion, up 22% YoY - Market share: 6.2%, up 0.1 percentage points - Single ticket revenue: $2.18, up $0.04 - Single ticket cost: $1.92, up $0.04 [3] Financial Forecasts - **Revenue Projections**: - 2024A: $10.26 billion - 2025E: $12.18 billion - 2026E: $14.34 billion - 2027E: $16.64 billion [4] - **Net Profit Projections**: - 2024A: $101 million - 2025E: $330 million - 2026E: $586 million - 2027E: $830 million [4] - **Earnings Per Share (EPS)**: - 2024A: $0.01 - 2025E: $0.04 - 2026E: $0.07 - 2027E: $0.09 [4] Valuation - The target price is set at HKD 13.49, with a current price of HKD 10.40, indicating a potential upside of 30% [4]

美银证券发布研报称，极兔速递-W(01519)上半年经调整净利润达1.56亿美元，同比增长147%，大致符 合该行预期。管理层预期下半年东南亚市场包裹量同比增长55%，新市场包裹量增速则加快至同比升 40%。该行重申"买入"评级。因应反内卷措施后市场增长放缓，该行调整2025至27年经调整净利润预 测，目标价由10.7港元升至11.5港元。 ...

美银证券发布研报称，极兔速递-W(01519)上半年经调整净利润达1.56亿美元，同比增长147%，大致符 合该行预期。管理层预期下半年东南亚市场包裹量同比增长55%，新市场包裹量增速则加快至同比升 40%。该行重申"买入"评级。因应反内卷措施后市场增长放缓，该行调整2025至27年经调整净利润预 测，目标价由10.7港元升至11.5港元。 ...

美银证券发表研究报告指，极兔速递上半年经调整净利润达1.56亿美元，按年增长147%，大致符合该 行预期。管理层预期下半年东南亚市场包裹量按年增长55%，新市场包裹量增速则加快至按年升40%。 该行重申对其"买入"评级，目标价由10.7港元上调至11.5港元。 ...

一方面，全球贸易的波动、地缘政治的不确定性等因素，使得物流企业的运营成本上升、市场需求存在不 稳定性；另一方面，伴随全球电商的蓬勃发展、消费者对物流时效性和服务质量要求的不断提高，为物流 企业带来了巨大的增长远景。 在这样的行业大背景下，极兔速递凭借其独特的战略眼光和良好的运营能力，在今年上半年继续交出了一 份超预期的成绩单。 而透过这份成绩单也可以看到公司所具备的"价值"+"成长"的两大属性已经愈发清晰。眼下，在行业"反内 卷"的趋势下，极兔的独特经营策略和全球化布局，也为行业带来了一个值得反复研究的样本标杆。 环视当前的物流行业，可谓机遇与挑战并存。 01 有利润的规模增长，持续夯实价值底座 上半年，极兔的业务保持强劲增长，公司总包裹量同比增长27.0%至139.9亿件，这一显著的增速水平不仅 体现了极兔在市场中的强大竞争力，也为其营收规模的扩张奠定了坚实基础。 反映到收入端，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%。此外，在现金流层面，上半年，极兔经营活动所得现金流量净额达到42.11亿美 元，同比增长21.8%。 业务规模 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

Core Insights - 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% [1][2] - The adjusted net profit reached $156.3 million, a significant rise of 147.1% compared to the previous year [1][2] - The total parcel volume for the first half was 13.99 billion, reflecting a growth of 27%, with Southeast Asia showing a remarkable increase of 57.9% [1][2] Financial Performance - Revenue for the first half of 2025 was $5,498.7 million, up from $4,861.7 million in 2024, representing a 13.1% increase [2] - Express service revenue was $5,341.4 million, a 12.7% increase year-on-year [2] - Adjusted EBITDA was $435.6 million, showing a 24.2% growth compared to the previous year [2] Market Dynamics - In the Chinese market, J&T Express's market share increased to 11.1%, with parcel volume growing by 20% to 10.6 billion [4][6] - The average revenue per parcel in China decreased by 13% to $0.30 due to intense market competition [3][4] - The company is dynamically adjusting pricing strategies to maintain market share amid ongoing price declines in the industry [3][4] Cost Management - The company reported a decrease in single parcel costs, with transportation and sorting costs down by $0.1 and $0.13 respectively [6] - Management indicated that there is still room for improvement in cost efficiency, particularly in transportation and sorting costs compared to competitors [6] Strategic Initiatives - J&T Express has invested over 900 unmanned delivery vehicles in the Chinese market, aiming to enhance operational efficiency [4][6] - The company is focusing on developing reverse logistics and single-item delivery services to mitigate the impact of competitive pricing [7] - In Southeast Asia, J&T Express's market share rose to 32.8%, with a revenue increase of 29.6% to $1.97 billion [8][9] International Expansion - The new markets (Saudi Arabia, UAE, Mexico, Brazil, and Egypt) generated $362.4 million in revenue, a 24.3% increase year-on-year [9][10] - The company is adopting a franchise model in overseas markets, with 30% of the Southeast Asia network operated by partners [10] - Future strategies include leveraging automation and digital management experiences from China to reduce costs in Southeast Asia [10]

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]