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： ...

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。 ...

Core Insights - The logistics industry is experiencing both opportunities and challenges, with rising operational costs and unstable market demand due to global trade fluctuations and geopolitical uncertainties, while the booming e-commerce sector presents significant growth prospects for logistics companies [1] - J&T Express has demonstrated strong performance in the first half of the year, showcasing its "value" and "growth" attributes, making it a noteworthy case study in the industry [1] Group 1: Financial Performance - In the first half of the year, J&T Express achieved a total package volume of 13.99 billion, a year-on-year increase of 27.0%, reflecting its strong market competitiveness [4] - The company's total revenue reached $5.5 billion, a 13.1% increase year-on-year, with core express service revenue at $5.34 billion, up 12.7% [4][6] - J&T Express reported a net profit of $88.93 million, a significant increase of 186.6% year-on-year, with adjusted net profit at $160 million, up 147.1% [5][6] Group 2: Growth Strategy - J&T Express is expanding globally, with a focus on building a comprehensive and efficient logistics network to enhance its competitiveness in international markets [9] - In Southeast Asia, the company saw a package volume increase of 57.9%, capturing a market share of 32.8%, and revenue growth of 29.6% to $1.97 billion [10][16] - The company also reported a 20.0% increase in package volume in China, reaching 10.6 billion, with a market share growth to 11.1% [11][16] Group 3: Technological Innovation - J&T Express is heavily investing in technology innovation, focusing on logistics network construction, smart sorting, unmanned vehicle delivery, and cloud warehouse services to enhance operational efficiency and service quality [17][18] - The company has deployed 600 unmanned delivery vehicles across multiple provinces, significantly improving delivery efficiency and accuracy [20] - J&T Express has established a cloud warehouse network in 12 countries, covering over 670,000 square meters, enhancing its service capabilities and supporting its core express business [21][23] Group 4: Industry Positioning - The logistics industry is shifting from scale competition to value competition, with J&T Express exemplifying a successful transition by combining growth and value attributes [25] - The company's profitable scale growth, rhythmic global expansion, and technological innovation position it as a leading player in the evolving global logistics market [25]

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]