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 公司名稱： 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公司) 呈交日期： 2026年1月29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 | | | | | ...

Core Viewpoint - The report from Credit Lyonnais indicates that improvements in debt structure and declining interest rates are expected to enhance the profitability of J&T Express-W (01519), while ongoing share buybacks are likely to further boost earnings per share, benefiting all shareholders despite potential dilution effects. The rating is maintained at "Outperform" with a target price of HKD 13.6 [1] Group 1 - J&T Express plans to issue HKD 46.5 billion in convertible bonds with a maturity of 7 years, offering a yield of 0.375% upon conversion [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debt, and expanding into new markets in the EU and the US [1] - Management has indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that improvements in debt structure and declining interest rates are expected to enhance the profitability of J&T Express-W (01519), while ongoing share buybacks are likely to further boost earnings per share, benefiting all shareholders despite potential dilution effects [1] Group 1 - J&T Express plans to issue HKD 4.65 billion in convertible bonds with a maturity of 7 years, offering a yield of 0.375% upon conversion [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debt, and expanding into new markets in the EU and the US [1] - Management has indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - Credit Lyonnais maintains a "Outperform" rating for J&T Express with a target price of HKD 13.6 [1]

Group 1 - The core viewpoint of the article is that Jitu Express plans to issue HKD 4.65 billion convertible bonds with a maturity of 7 years, aiming to improve its debt structure and expand into new markets in the EU and the US [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debts, and market expansion [1] - The management indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - The issuance is expected to enhance the company's profitability due to improved debt structure and declining interest rates [1] - Continuous share buybacks are anticipated to further increase earnings per share, benefiting all shareholders despite potential dilution effects [1] - The rating agency maintains an "outperform" rating with a target price of HKD 13.6 [1]

Group 1 - Citi maintains a "Buy" rating on J&T Express-W (01519), believing it has strong growth momentum in Southeast Asia and emerging markets [1] - The target price for J&T Express is set at HKD 15 [1] - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, which Citi considers reasonable due to the attractive conversion premium and high interest rates on existing debt [1]

Core Viewpoint - Citigroup maintains a "Buy" rating on J&T Express-W (01519), believing it has strong growth momentum in Southeast Asia and emerging markets [1] Group 1: Company Analysis - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds [1] - Citigroup considers the terms of the convertible bonds reasonable due to the attractive conversion premium, high interest rates on existing debt, and J&T's growth potential in global markets [1] Group 2: Market Outlook - The company is expected to leverage its development potential in Southeast Asia and emerging markets, which is viewed positively by analysts [1] - The target price for J&T Express is set at HKD 15 [1]

Core Viewpoint - Daiwa released a report stating that J&T Express-W (01519) plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, with an initial conversion price of HKD 14.55 per B share, representing a premium of approximately 30.85% over the closing price on January 22 [1] Group 1 - J&T Express's East Asia and new market business shows steady mid-term growth, and any stock price pullback may provide a better buying opportunity [1] - The issuance of convertible bonds is expected to create value for shareholders due to lower financing costs, ongoing share buybacks, and business growth potential [1] - Some investors may cash out due to concerns over additional financing needs after a strong rebound in stock prices [1]

Core Viewpoint - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, with an initial conversion price of HKD 14.55 per B share, representing a premium of approximately 30.85% over the closing price on January 22 [1] Group 1 - The issuance of convertible bonds is expected to create value for shareholders due to lower financing costs [1] - The company is actively conducting share buybacks and has growth potential in its business [1] - The mid-term growth in J&T's East Asia and new market operations is considered stable, and any stock price corrections may present better buying opportunities [1]

Core Insights - The event "New Opportunities for Apparel Export" and "Logistics Industry Inspection in Indonesia" was successfully held in January 2026, focusing on exploring efficient supply chain solutions for Chinese brands in Southeast Asia [1] - A delegation of over twenty logistics and supply chain leaders from domestic apparel and home textile companies conducted an in-depth investigation of J&T Express's localized logistics service system in Indonesia [1] Group 1: Logistics Infrastructure - J&T Express showcased its key operational nodes in Indonesia, including an automated sorting capacity exceeding one million packages daily, peaking at 2.5 million during high seasons [2] - The logistics network established by J&T Express covers over 17,000 islands in Indonesia, with more than 10,000 service points, 5,800 trunk vehicles, and 64 automated transfer centers [2] - This extensive infrastructure supports efficient circulation of e-commerce packages, particularly for light industrial products like apparel [2] Group 2: Digital Solutions - J&T Express presented systematic solutions to common cross-border logistics challenges such as customs efficiency, last-mile coverage, and reverse logistics [3] - The company has implemented a "warehouse and distribution integration" model, which has helped some apparel brands reduce inventory turnover costs by over 30% [3] - The logistics system developed by J&T Express enhances the predictability of cross-border fulfillment, achieving next-day delivery in Jakarta and stable delivery times of 2-3 days in core areas of Java Island [3] Group 3: Collaborative Ecosystem - The Secretary-General of the China Federation of Logistics and Purchasing's Apparel Logistics Branch highlighted the significant growth potential in the Indonesian market for logistics and e-commerce [4] - The inspection deepened the industry's understanding of the Southeast Asian market and laid a practical foundation for mutually beneficial cooperation [4] - J&T Express is positioned to evolve from a logistics service provider to a strategic partner for Chinese brands expanding into Southeast Asia, reinforcing its long-term competitive edge in cross-border logistics [4]

Core Insights - The "New Opportunities for Apparel Export" seminar and logistics industry inspection in Indonesia were successfully held, supported by J&T Express and organized by the China Federation of Logistics and Purchasing's Apparel Logistics Branch [1][2] - A delegation of logistics and supply chain leaders from over twenty domestic apparel and home textile companies, including Bosideng, Xtep, and Urban Beauty, conducted research on J&T Express's localized logistics service system in Jakarta and Surabaya [1][2] Company Overview - J&T Express entered the Indonesian market in 2015 and has established a logistics network covering over 17,000 islands nationwide, with more than 10,000 service points, 5,800 trunk vehicles, and 64 automated transfer centers [1][2] - The automated sorting capacity at J&T's transfer center in Jakarta exceeds one million packages daily, reaching a peak of 2.5 million packages [1][2] Logistics Capabilities - J&T Express has developed a cloud warehouse network in Indonesia, with Jakarta and Surabaya as core hubs, integrating first-mile transportation, customs clearance, warehousing management, and last-mile delivery [1][2] - The company achieves next-day delivery in Jakarta and stable delivery times of 2 to 3 days in key areas of Java Island, significantly enhancing the predictability of cross-border fulfillment [1][2]