Group 1 - The core point of the announcement is that Jitu Express has entered into a conditional share subscription agreement with SF Holding, involving the subscription of approximately 226 million H shares at a price of HKD 36.74 per share and the issuance of approximately 822 million Class B shares at HKD 10.10 per share, resulting in Jitu Express holding about 4.29% of SF Holding's issued shares post-transaction [1][2] - The total consideration for the proposed subscription amounts to approximately HKD 8.299 billion, with the Class B shares representing about 9.15% of Jitu Express's issued share capital as of the announcement date and about 8.45% of the expanded issued share capital post-transaction [1] - Following the completion of the transaction, SF Holding will hold approximately 10.00% of Jitu Express's issued share capital, equating to about 5.26% of the voting rights [1] Group 2 - The transaction is strategically significant for the group, as it aims to establish a solid trust foundation with SF Holding, facilitating deeper cooperation and expanding service and network coverage to benefit customers [2] - In terms of international business, Jitu Express possesses strong last-mile delivery network capabilities and localized operational experience, which, combined with SF Holding's core resources in cross-border logistics, can enhance the competitiveness of end-to-end cross-border services [2] - Domestically, the collaboration is expected to leverage complementary strengths in network resources, differentiated product structures, and customer bases, aiding both companies in expanding their service boundaries and enhancing overall competitiveness in the global logistics market [2]

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之內容概不 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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 之 邀 請 或 要 約。 J&T Global Express Limited 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 責 任 公 司） （股 份 代 號：1519） 有關建議認購順豐控股H股 及 根據一般授權擬向順豐控股發行B類股份的主要交易 引 言 董 事 會 謹 此 宣 佈，於2026年1月15日（交 易 時 段 前），本 公 司 與 順 豐 控 股 訂 立 股 份 認 購 協 議，據 此(i)本 公 司 有 條 件 同 意 認 購，且 順 豐 控 股 有 條 件 同 意 發 行 225,877,669股順豐控股H股，認 購 價 為 每 股 順 豐 控 股H股36.74港 元；及(ii)本 ...

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。 J&T Global Express Limited 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.51(1) 條 作 出。 極兔速遞環球有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然建議(a)對本公 司第七次經修訂及重述的組織章程大綱及細則作出若干修訂（「建議修訂」），旨 在（其 中 包 括）(i)反 映 並 符 合 最 新 的 監 管 要 求，包 括 上 市 規 則 有 關 混 合 會 議、電 子 投 票 要 求 以 及 提 名 委 員 會 職 責 與 組 成 的 相 關 要 求；(ii)批准發行無投票權股 份 之 程 序；(iii)購 回 股 份 之 權 力；(iv)批 准 本 公 司 作 出 撥 備 以 配 發 及 發 行 股 份、 更 改 股 本 計 值 及 削 減 股 份 溢 價 賬 之 程 序； ...

Core Viewpoint - The express delivery industry is expected to maintain a single-digit growth rate, with a projected year-on-year increase of 5% in November 2025, reflecting a slowdown in growth compared to previous years [1][2]. Group 1: Industry Growth and Performance - The express delivery volume during the e-commerce Double Eleven shopping festival is expected to increase by 9% year-on-year, a significant decrease from the 21% growth rate observed in 2024 [1][2]. - The average daily volume during the shopping festival is 1.18 times that of regular days, with a peak daily volume increase of 6.6% year-on-year, indicating a diminishing marginal effect of the shopping festival on consumer spending [2][3]. Group 2: Revenue and Market Share - The implementation of anti-involution policies has effectively increased the revenue per package, with YTO, Yunda, and Shentong seeing revenue increases of 0.16, 0.25, and 0.44 yuan respectively from July to November [3]. - The market concentration in the express delivery sector has stabilized, with the CR8 index remaining at 86.9 in November, indicating a balanced market share among major players [3]. - The market shares for Zhongtong, YTO, Yunda, Shentong, and Jitu in Q3 2025 were 19.4%, 15.6%, 13.0%, 13.2%, and 11.3% respectively, showing slight fluctuations [3]. Group 3: Profitability Recovery - The anti-involution measures have contributed to a recovery in profitability, with Zhongtong, YTO, Yunda, and Shentong reporting net profit margin changes of -0.9%, +0.07%, -1.5%, and +0.5% year-on-year respectively [3]. - The trend of profitability recovery is expected to continue into Q4, contingent on the sustained implementation of anti-involution policies [3][4]. Group 4: Regulatory Environment and Competitive Strategies - The anti-involution policies initiated by the State Post Bureau have effectively countered "involution-style" competition, supported by local postal authorities through price and market share supervision [4]. - The positive effects of the anti-involution measures are anticipated to continue, promoting healthy competition and profitability within the industry [4]. Group 5: Investment Recommendations - The express delivery sector is viewed positively, with recommendations for leading companies such as Zhongtong Express and Jitu Express, which are expected to benefit from improved profitability and high growth in overseas volumes [5]. - SF Express is noted for its proactive market expansion strategy, which is expected to yield positive results as cost control measures are strengthened [5].

Summary of Key Points Core Viewpoint - As of January 9, a total of 73 stocks reached their 52-week highs, with notable performances from Lingxiong Technology (02436), Delai Construction (01546), and Zhipu (02513) showing significant growth rates of 104.99%, 38.89%, and 22.22% respectively [1]. 52-Week Highs - Lingxiong Technology (02436) closed at 11.760, with a peak price of 15.600, achieving a high rate of 104.99% [1]. - Delai Construction (01546) closed at 0.161, reaching a maximum of 0.250, with a high rate of 38.89% [1]. - Zhipu (02513) had a closing price of 158.600 and a peak of 165.000, resulting in a high rate of 22.22% [1]. - Other notable stocks include Asia Pacific Satellite (01045) with a high rate of 20.64% and Rongda Technology (09881) at 12.87% [1]. 52-Week Lows - The stocks reaching their 52-week lows include Lishi International (00842) with a closing price of 0.850, marking a decline of 39.29% [2]. - Bokan Vision Cloud - B (02592) closed at 2.930, with a decrease of 16.90% [2]. - Lingzai Technology Finance (00093) reached a low of 0.485, reflecting a drop of 14.77% [2].

Core Viewpoint - Citigroup has raised the profit forecasts for J&T Express-W (01519) for the years 2025 to 2027 by 2%, 5%, and 3% respectively, and increased the valuation multiple from a previously predicted price-to-earnings ratio of 25 times to 30 times based on accelerated overseas momentum [1] Group 1: Financial Projections - Profit forecasts for J&T Express-W for 2025, 2026, and 2027 have been adjusted upwards by 2%, 5%, and 3% respectively [1] - The target price has been raised from HKD 12 to HKD 15, maintaining a "Buy" rating and keeping it as an industry preferred stock [1] Group 2: Business Performance - J&T Express's overseas business showed strong growth in the fourth quarter of last year, with Southeast Asia and emerging markets exceeding expectations, growing by 73.6% and 79.7% respectively [1] - The main drivers of this growth include increased investment from TikTok Shop and a further rise in J&T's market share [1] - The impressive 79.7% annual growth rate in emerging markets is primarily attributed to strong momentum from partnerships with TikTok Shop and the Latin American e-commerce platform MELI [1]

Core Viewpoint - Citigroup has upgraded the earnings forecast for J&T Express-W (01519) for the years 2025 to 2027 by 2%, 5%, and 3% respectively, and increased the valuation multiple from a previously predicted price-to-earnings ratio of 25 times to 30 times based on accelerated overseas momentum [1] Group 1 - The target price for J&T Express has been raised from HKD 12 to HKD 15, maintaining a "Buy" rating and keeping it as an industry preferred stock [1] - J&T Express experienced strong growth in overseas business in the fourth quarter of last year, with Southeast Asia and emerging markets exceeding expectations, growing by 73.6% and 79.7% respectively [1] - The main drivers of this growth include increased investment from TikTok Shop and further market share gains for J&T Express [1] Group 2 - The impressive 79.7% annual growth rate in emerging markets is primarily attributed to strong momentum from collaborations with TikTok Shop and the Latin American e-commerce platform MELI [1]

Core Viewpoint - Citi's research report indicates that J&T Express experienced strong overseas business growth in Q4 last year, with Southeast Asia and emerging markets exceeding expectations, growing by 73.6% and 79.7% respectively, driven primarily by increased investment from TikTok Shop and further market share gains by J&T Express [1] Financial Performance - J&T Express's overseas business growth was significantly driven by TikTok Shop's increased investment and the company's rising market share [1] - The latest operational data led Citi to raise J&T Express's profit forecasts for 2025 to 2027 by 2%, 5%, and 3% respectively [1] Valuation and Target Price - Based on the accelerated overseas momentum, Citi increased the valuation multiple from a previously predicted price-to-earnings ratio of 25 times to 30 times for this year [1] - The target price for J&T Express was raised from HKD 12 to HKD 15, maintaining a "Buy" rating and keeping it as a preferred stock in the industry [1]

Core Viewpoint - The report from Caitong Securities maintains a "Buy" rating for Jitu Express-W (01519), highlighting the company's rapid growth phase and high growth potential, with a projected business volume of 8.46 billion packages in Q4 2025, representing a year-on-year increase of 14.5% [1] Group 1: Recent Events - On January 7, 2026, Jitu Express disclosed its Q4 2025 operational data, achieving a business volume of 8.46 billion packages, with 2.44 billion from Southeast Asia, 5.89 billion from China, and 130 million from new markets [1] Group 2: Overseas Market Growth and Domestic Quality Development - In Southeast Asia, the company experienced a year-on-year package volume growth of 73.6% in Q4 2025, maintaining high growth despite a high base [2] - New markets show significant potential with low e-commerce penetration rates, and the company is accelerating growth in these areas, with a 31.8 percentage point increase in year-on-year growth rate from Q3 2025 [2] - In the Chinese market, the growth rate of package volume is gradually slowing, prompting the company to adjust its strategy to focus on quality growth and enhance network construction [2] Group 3: Growth Potential in Overseas Markets and Experience Transfer from China - Southeast Asia has a 4.9 times higher potential for per capita package volume compared to China, indicating it is still in the early stages of development. The company leads in cost and service competitiveness, which supports incremental platform business growth and creates a virtuous cycle of cost reduction through scale effects [3] - New markets still have low penetration rates compared to China, and with increased investment in network service quality, the company is expected to enter a fast growth phase in these markets [3] - The Chinese market serves as the foundation for the company's global expansion, allowing the transfer of mature domestic express delivery experience to enhance operational efficiency in overseas markets [3]

Core Viewpoint - The company maintains a "buy" rating for Jitu Express (01519), highlighting its rapid growth and high growth potential, with a projected business volume of 8.46 billion packages in Q4 2025, representing a year-on-year increase of 14.5% [1] Group 1: Recent Events - On January 7, 2026, Jitu Express disclosed its Q4 2025 operational data, achieving a business volume of 8.46 billion packages, with 2.44 billion from Southeast Asia, 5.89 billion from China, and 0.13 billion from new markets [1] Group 2: Overseas Market Growth and Domestic Quality Development - In Southeast Asia, the company experienced a year-on-year package volume growth of 73.6% in Q4 2025, maintaining high growth despite a high base [2] - New markets show significant potential with low e-commerce penetration rates, and the company is expected to accelerate growth in these markets, with a 31.8 percentage point increase in year-on-year growth rate from Q3 2025 [2] - In the Chinese market, the growth rate of package volume is gradually slowing, prompting the company to adjust its strategy to focus on quality growth and enhance network construction [2] Group 3: Growth Potential and Experience Transfer - Southeast Asia has a 4.9 times higher potential for per capita package volume compared to China, indicating it is still in the early stages of development, with the company leading in cost and service competitiveness [3] - The new markets still have low penetration rates compared to China, and with increased investment in network service quality, the company is expected to enter a fast growth phase [3] - The Chinese market serves as the foundation for the company's global expansion, allowing the transfer of mature domestic express delivery experience to enhance operational efficiency in overseas markets [3]