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%。 ...

转自：新华财经 新华财经8月30日电（杨子华） 综合性物流服务运营商极兔速递环球有限公司（以下简称"极兔"）公布 2025年中期业绩。上半年，极兔总收入达到55.0亿美元，同比增长13.1%，净利润8893.2万美元，较去 年同期同比大增186.6%。其中，核心业务快递服务收入为53.4亿美元，同比增长12.7%。截至2025年6月 30日，极兔在全球共拥有约19200个网点，运营239个转运中心，配备337套自动化分拣线，快递网络覆 盖中国、印尼、越南、马来西亚、菲律宾、泰国等13个国家。 新开拓市场取得突破 在沙特阿拉伯、阿联酋、墨西哥、巴西及埃及等新开拓市场区域，极兔包裹量同比增长21.7%至1.7亿 件，收入同比增长24.3%至3.6亿美元，业务规模和盈利能力均取得突破。公司持续推进在相关区域与全 球跨境电商平台和本土电商平台紧密合作，例如在墨西哥和巴西，极兔今年与拉美最大的电商平台 Mercado Libre达成合作，进一步拓宽业务来源。 期内，极兔在中国的市场份额稳中有升，收入约31.4亿美元，同比增长4.6%；包裹量同比增长20.0%至 106.0亿件。按包裹量计，极兔在中国的市场占有率增长至1 ...

今日，极兔速递-W(01519)披露2025年中期业绩，交出一份令人瞩目的成绩单。报告期内，公司实现总收入55.0亿美元，较去年同期增长13.1%;净利润表现 尤为亮眼，同比大幅增长186.6%，达到8893.2万美元;经调整EBITDA亦同比增长24.2%，达到4.4亿美元，整体盈利能力显著增强。 业务方面，受益于东南亚核心市场的稳健贡献以及新兴市场的快速起量，上半年极兔总包裹量同比增长27.0%至139.9亿件，全球化优势不断巩固。截至2025 年6月30日，极兔已构建广泛的全球化物流网络，在全球布局约19,200个网点、239个转运中心，并投入337套自动化分拣设备，为其持续扩张提供了坚实的 运营支撑。 作为公司的核心业务领域，上半年东南亚市场表现持续亮眼：上半年包裹量同比大幅增长57.9%，达到32.3亿件;市场份额提升5.4个百分点至32.8%，连续六 年稳居行业首位，显示出极兔在该区域已建立起深厚的护城河优势。 通过有效整合多平台订单资源、充分发挥规模效应，极兔成功实现单票成本同比下降16.7%，运营效率显著提升。与此同时，非平台客户业务增长显著，进 一步优化了客户结构，带动利润率大幅提升：期内， ...

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]