"福布斯中国最佳雇主"评选已连续举办五年，是中国职场领域最具公信力和影响力的奖项之一。本次评 选通过科学的评估框架，以及多个维度对企业进行综合考察。极兔速递凭借其在数智化招聘、智能人才 管理、员工关怀与成长机制等方面的系统化实践，从数百家参选企业中脱颖而出。 本次评选采用雇主问卷(40%)、雇员投票(40%)、舆情与企业资质审核(20%) 三者结合的评估体系，确保 结果的客观性与全面性。评选维度覆盖战略与组织能力、数智化与创新能力、员工发展、企业社会责任 等六大方面。极兔速递在全球范围内收集了超过300份雇员调研问卷，员工们对公司数智化工具的应用 体验、培训发展体系、工作环境给予了高度评价，这些积极反馈为极兔最终获奖奠定了坚实基础。 极兔速递始终将"人"视为企业最宝贵的资产，在员工权益、多元包容、职业发展、健康安全等方面进行 了系统化实践。在员工发展与培训方面，极兔建立了覆盖全球13国的绩效管理体系，根据PDCA(Plan- Do-Check-Act)循环管理原则，通过明确员工的努力方向，实现员工的成长。截至2024年，极兔开展培 训超1,089,974人次，覆盖全球77.65%的员工。公司还推出了"五星收派 ...

"福布斯中国最佳雇主"评选已连续举办五年，是中国职场领域最具公信力和影响力的奖项之一。本次评 选通过科学的评估框架，以及多个维度对企业进行综合考察。极兔速递凭借其在数智化招聘、智能人才 管理、员工关怀与成长机制等方面的系统化实践，从数百家参选企业中脱颖而出。 本次评选采用雇主问卷(40%)、雇员投票(40%)、舆情与企业资质审核(20%) 三者结合的评估体系，确保 结果的客观性与全面性。评选维度覆盖战略与组织能力、数智化与创新能力、员工发展、企业社会责任 等六大方面。极兔速递在全球范围内收集了超过300份雇员调研问卷，员工们对公司数智化工具的应用 体验、培训发展体系、工作环境给予了高度评价，这些积极反馈为极兔最终获奖奠定了坚实基础。 极兔速递始终将"人"视为企业最宝贵的资产，在员工权益、多元包容、职业发展、健康安全等方面进行 了系统化实践。在员工发展与培训方面，极兔建立了覆盖全球13国的绩效管理体系，根据PDCA(Plan- Do-Check-Act)循环管理原则，通过明确员工的努力方向，实现员工的成长。截至2024年，极兔开展培 训超1,089,974人次，覆盖全球77.65%的员工。公司还推出了"五星收派 ...

中信里昂发布研报称，极兔速递(01519)管理层认为，集团东南亚业务应能保持稳定的每单0.07美元的单 位EBIT，并通过规模效应及非Shopee平台的快速增长，持续扩大市场份额。在中国市场，极兔速递管 理层的目标是在激烈的市场竞争中保持相对稳定的市场份额。该行预计，自8月以来，随着大多数省份 逐步提高价格，将有助于缓解集团中国的盈利压力。中信里昂表示，看好极兔速递的海外扩展以及其中 国业务可能的触底反弹。故重申"跑赢大市"评级。 ...

Core Viewpoint - The logistics industry is experiencing a price increase trend since July and August, with approximately 80% of the national market share in provinces that have announced price hikes, indicating a potential recovery in performance for franchisees and listed companies [1][3][4]. Group 1: Price Adjustment Trends - Starting from August 4, Guangdong initiated collective price hikes, with the price for a 0.1kg special item rising to over 1.4 yuan per ticket, aiming to stabilize market shares [2]. - By August 11, Zhejiang and Jiangsu began adjusting prices, with increases of 0.3 yuan per ticket in Zhejiang and 0.4 yuan in Jiangsu, contributing to 16.9% and 7.9% of the national express delivery volume respectively [2]. - On August 20, Fujian issued price increase notices, setting a minimum price of 1.5 yuan for packages under 0.3kg, with a total volume of 32.6 billion items in the first half of 2025, accounting for 3.4% of the national total [2]. Group 2: Regional Price Adjustments - By September 4, regions including Beijing-Tianjin-Hebei and Henan began to follow suit with price increases, with Henan raising all outbound express prices by 0.2 yuan per ticket [3]. - The Hebei and Henan provinces are significant players in the express delivery market, contributing 6.0% and 5.7% to the national volume respectively [3]. - Shandong's YTO Express updated its pricing parameters, automatically increasing all outbound express prices by 0.2 yuan, reflecting the importance of price adjustments in the northern e-commerce market [3]. Group 3: Industry Outlook and Performance Recovery - The ongoing price adjustments are seen as a response to cost pressures and a step towards establishing a long-term mechanism against "involution" in the industry [3]. - Based on the price increase trend, the industry is expected to continue raising prices, leading to potential performance recovery for franchisees and listed companies as the peak season in September approaches [4]. - According to estimates, a price increase of 0.1 yuan could lead to an increase in net profit per ticket for listed companies, with varying price elasticity among major players like Zhongtong, YTO, and Shentong [4]. Group 4: Investment Recommendations - In the context of the "anti-involution" policy, despite the overall pressure on the express delivery sector in the first half of 2025, there is optimism for performance recovery in the short term due to price stabilization and improved competitive dynamics [5]. - Companies such as Jitu Express, Shentong Express, YTO Express, and Zhongtong Express are recommended for investment, with expectations of performance recovery driven by price adjustments and market share growth [5].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with total revenue reaching $5.499 billion, a year-on-year increase of 13.1%, driven by significant growth in the Southeast Asian market and improvements in operational efficiency in China [1][3]. Revenue Performance - The company achieved total revenue of $5.499 billion in the first half of 2025, reflecting a 13.1% year-on-year growth [1]. - Revenue from the Southeast Asian market reached $1.970 billion, up 29.6% year-on-year, while the Chinese market generated $3.137 billion, growing 4.6% year-on-year [1][2]. - New market revenue was $362 million, marking a 24.3% increase year-on-year, with adjusted EBITDA turning positive for the first time at $1.57 million [1][2]. Market Share and Volume Growth - The Southeast Asian market saw a substantial increase in package volume, reaching 3.23 billion packages, a 57.9% year-on-year growth, with market share rising to 32.8% [2]. - The Chinese market's package volume reached 10.6 billion, growing 20% year-on-year, with market share at 11.1% [2]. - New market package volume was 170 million, up 21.7% year-on-year, with a market share of 6.2% [2]. Cost Management and Efficiency - The company is focusing on a virtuous cycle of cost optimization, price reduction, and business growth, particularly in the Southeast Asian market where single-package revenue decreased to $0.61 [3]. - In Southeast Asia, single-package costs fell from $0.60 to $0.50, while in China, single-package revenue decreased from $0.34 to $0.30, but costs were managed down from $0.32 to $0.28 [3]. - The company is leveraging its experience in China to expand its international market presence and enhance pricing flexibility through tiered discount schemes [3]. Future Outlook - The company anticipates continued growth driven by the e-commerce boom in Southeast Asia and operational efficiency improvements in China, projecting net profits of $2.389 billion, $4.129 billion, and $6.234 billion for 2025-2027, representing significant year-on-year growth [3].

交通运输 | 证券研究报告 — 调整盈利预测 2025 年 9 月 8 日 01519.HK 买入 原评级：买入 市场价格:港币 9.84 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 67.9 (4.4) 45.3 55.2 相对恒生指数 38.4 (6.4) 39.0 9.5 发行股数 (百万) 8,977.62 (20%) 1% 22% 44% 65% 86% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 极兔速递-W 恒生指数 | 流通股 (百万) | 8,006.23 | | --- | --- | | 总市值 (港币 百万) | 88,339.76 | | 3 个月日均交易额 (港币 百万) | 399.29 | | 主要股东 | | | Jumping Summit Limited | 10.92% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 5 日收市价为标准 相关研究报告 《极兔速递-W》202507 ...

Core Insights - The company reported a significant increase in revenue and adjusted net profit for the first half of 2025, indicating strong growth in the Southeast Asian market and challenges in the Chinese market [1][2][3] Group 1: Financial Performance - In H1 2025, the company's revenue reached $5.5 billion, a year-on-year increase of 13.1% [1] - Adjusted EBITDA for H1 2025 was $440 million, reflecting a 24.2% year-on-year growth [1] - Adjusted net profit for H1 2025 was $160 million, showing a substantial increase of 147.1% year-on-year [1] Group 2: Southeast Asia Market - The company's business volume in Southeast Asia grew by 57.9% year-on-year to 3.23 billion pieces, with market share increasing by 5.4 percentage points to 32.8% [1] - The average revenue per piece and cost per piece were $0.61 and $0.50 respectively, down by $0.13 and $0.10 year-on-year [1] - Adjusted EBIT per piece increased by $0.007 to $0.073, with adjusted EBIT growing by 74.0% to $160 million [1] Group 3: China Market - In H1 2025, the company’s volume in China increased by 20.0% to 10.6 billion pieces, with market share rising by 0.1 percentage points to 11.1% [1] - Average revenue per piece and cost per piece in China were $0.30 and $0.28 respectively, both down by $0.04 year-on-year [1] - Adjusted EBIT per piece decreased by $0.006 to $0.001, with adjusted EBIT declining by 78.3% to $10 million due to intensified competition [1] Group 4: New Markets - The company’s volume in new markets grew by 21.7% year-on-year to 17 million pieces, with market share increasing by 0.1 percentage points to 6.2% [2] - Average revenue per piece and cost per piece in new markets were $2.18 and $1.92 respectively, both up by $0.04 year-on-year [2] - Adjusted EBIT per piece improved by $0.059 to -$0.106, leading to a positive EBITDA of $2 million [2] Group 5: Strategic Outlook - The company is well-positioned to capitalize on the expansion of Chinese cross-border e-commerce platforms, particularly in Southeast Asia [3] - The management model is effective in driving volume growth through high cost-performance services [3] - There is potential for recovery in the Chinese market as pricing stabilizes in key regions [3] - The company anticipates adjusted net profits of $340 million, $550 million, and $860 million for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34.8, 21.8, and 13.9 [3]

[Company Information](index=3&type=section&id=Company%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises executive, non-executive, and independent non-executive directors, supported by various committees to ensure robust and efficient corporate governance - Board members include Li Jie (Chairman and CEO), Zheng Yufen, Liao Qinghua, Zhang Yuan (Non-executive Directors), Liu Erfei, Shen Peng, and Lai Xueming (Independent Non-executive Directors)[5](index=5&type=chunk) - Committees include the Audit Committee (Chairman: Lai Xueming), Remuneration Committee (Chairman: Liu Erfei), Nomination Committee (Chairman: Liu Erfei), and Corporate Governance Committee (Chairman: Shen Peng)[5](index=5&type=chunk) [Principal Offices and Advisors](index=3&type=section&id=Principal%20Offices%20and%20Advisors) The company is registered in the Cayman Islands with principal places of business in Shanghai, China, and Hong Kong, engaging legal advisors and PwC as its auditor - Cayman Islands registered office: Harneys Fiduciary (Cayman) Limited[5](index=5&type=chunk) - Principal place of business in China: Room 1001, Building A, No. 5, Hualong Road 1777, Huaxin Town, Qingpu District, Shanghai[5](index=5&type=chunk) - Principal place of business in Hong Kong: 40/F, Dah Sing Financial Centre, 248 Queen's Road East, Wanchai, Hong Kong[5](index=5&type=chunk) - Auditor: PricewaterhouseCoopers[5](index=5&type=chunk) [Listing Information](index=4&type=section&id=Listing%20Information) The company's shares, stock code 1519, were listed on the Hong Kong Stock Exchange on October 27, 2023, and it maintains an official website - Stock code: **1519**[6](index=6&type=chunk) - Listing date: **October 27, 2023**[6](index=6&type=chunk) - Company website: www.jtexpress.com[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) [Consolidated Financial Performance](index=5&type=section&id=Consolidated%20Financial%20Performance) For the six months ended June 30, 2025, the company's revenue grew by 13.1% to $5.499 billion, profit for the period surged by 186.6% to $88.932 million, and adjusted net profit increased by 147.1% to $156 million, demonstrating strong profitability improvement Six Months Ended June 30 Consolidated Financial Summary | Indicator | 2025 ($ thousand) | 2024 ($ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 5,498,732 | 4,861,696 | 13.1 | | Express delivery service revenue | 5,341,408 | 4,739,965 | 12.7 | | Gross profit | 538,604 | 535,732 | 0.5 | | Operating profit | 125,398 | 115,025 | 9.0 | | Profit for the period | 88,932 | 31,026 | 186.6 | | Adjusted net profit | 156,279 | 63,248 | 147.1 | | Adjusted EBITDA | 435,581 | 350,782 | 24.2 | | Adjusted EBIT | 195,616 | 118,243 | 65.4 | | Net cash flows from operating activities | 421,112 | 345,631 | 21.8 | [Segment Financial Performance](index=6&type=section&id=Segment%20Financial%20Performance) Southeast Asia market revenue and adjusted EBITDA both achieved significant growth, China market revenue slightly increased but adjusted EBITDA decreased, New Markets achieved positive adjusted EBITDA for the first time, and cross-border business turned profitable in both gross profit and adjusted EBITDA Six Months Ended June 30 Segment Financial Summary (2025 vs 2024) | Indicator | 2025 ($ thousand) | 2024 ($ thousand) | 2025 vs 2024 Change | | :--- | :--- | :--- | :--- | | **Segment Revenue** | | | | | Southeast Asia | 1,970,355 | 1,519,987 | Growth 29.6% | | China | 3,136,520 | 2,998,260 | Growth 4.6% | | New Markets | 362,374 | 291,592 | Growth 24.3% | | Cross-border | 29,483 | 51,857 | Decline 43.1% | | **Segment Gross Profit** | | | | | Southeast Asia | 350,972 | 287,285 | Growth 22.0% | | China | 139,619 | 213,889 | Decline 34.7% | | New Markets | 43,537 | 35,022 | Growth 24.3% | | Cross-border | 4,476 | (464) | Turned profitable | | **Adjusted EBITDA** | | | | | Southeast Asia | 312,796 | 207,770 | Growth 50.5% | | China | 155,052 | 198,926 | Decline 22.1% | | New Markets | 1,569 | (7,841) | Turned profitable | | Cross-border | 2,878 | (7,233) | Turned profitable | [Operating Data](index=6&type=section&id=Operating%20Data) The company achieved parcel volume growth across Southeast Asia, China, and New Markets, with Southeast Asia showing the fastest growth and expanding market share, while China's market share slightly increased Six Months Ended June 30 Operating Data (2025 vs 2024) | Region | 2025 Parcel Volume (million pieces) | 2024 Parcel Volume (million pieces) | YoY Change (%) | 2025 Market Share (%) | 2024 Market Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Southeast Asia | 3,226.2 | 2,042.9 | 57.9 | 32.8 | 27.4 | | China | 10,598.9 | 8,835.7 | 20.0 | 11.1 | 11.0 | | New Markets | 165.9 | 136.3 | 21.7 | 6.2 | 6.1 | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=7&type=section&id=Business%20Review) The company's parcel volume grew by 27.0% year-on-year in the first half, revenue increased by 13.1%, and adjusted net profit surged by 147.1%, with Southeast Asia achieving both volume and profitability growth, China maintaining resilience amidst fierce competition, and New Markets turning EBITDA positive for the first time - In the first half of 2025, the company processed **13.99 billion parcels**, a **27.0% year-on-year increase**[13](index=13&type=chunk)[14](index=14&type=chunk) - Revenue reached **$54.98 billion**, up **13.1% year-on-year**; adjusted net profit was **$156.3 million**, a **147.1% year-on-year increase**[14](index=14&type=chunk) - As of June 30, 2025, the company operated approximately **19,200 outlets**, **239 transit centers**, **337 automated sorting equipment sets**, and over **12,100 line-haul vehicles**[14](index=14&type=chunk) [Group Overview](index=7&type=section&id=Group%20Overview) The company's express delivery business spans 13 countries, including seven in Southeast Asia, China, and five new markets, achieving significant growth in parcel volume and revenue, with substantial improvement in adjusted net profit across all markets - The company's express delivery business operates across **13 countries**, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, UAE, Mexico, Brazil, and Egypt[13](index=13&type=chunk) 2025 H1 Parcel Volume and Market Share | Region | 2025 Parcel Volume (million pieces) | 2024 Parcel Volume (million pieces) | YoY Change (%) | 2025 Market Share (%) | 2024 Market Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Southeast Asia | 3,226.2 | 2,042.9 | 57.9 | 32.8 | 27.4 | | China | 10,598.9 | 8,835.7 | 20.0 | 11.1 | 11.0 | | New Markets | 165.9 | 136.3 | 21.7 | 6.2 | 6.1 | [Southeast Asia Market](index=8&type=section&id=Southeast%20Asia%20Market) Southeast Asia parcel volume grew by 57.9% year-on-year, expanding market share to 32.8% and maintaining the industry's top position for six consecutive years, with adjusted EBIT increasing by 74.0% and unit adjusted EBIT remaining at $0.07 - In the first half of 2025, Southeast Asia parcel volume reached **3.23 billion pieces**, a **57.9% year-on-year increase**, with market share expanding to **32.8%**, up **5.4 percentage points year-on-year**, maintaining the industry's top position for six consecutive years[15](index=15&type=chunk) - Adjusted EBIT reached **$234.6 million**, a **74.0% year-on-year increase**, with unit adjusted EBIT remaining at **$0.07**[15](index=15&type=chunk) - The Southeast Asia e-commerce retail market is projected to reach **$326.26 billion** in transaction value in 2025, a **28.5% year-on-year increase**, with e-commerce penetration rising to **24.9%**[18](index=18&type=chunk) - The company's unit cost in Southeast Asia decreased from **$0.60** in the first half of 2024 to **$0.50** in the first half of 2025, a significant **16.7% year-on-year decrease**[27](index=27&type=chunk) [Southeast Asia Macroeconomic Environment, E-commerce, and Express Delivery Market Growth](index=8&type=section&id=Southeast%20Asia%20Macroeconomic%20Environment%2C%20E-commerce%2C%20and%20Express%20Delivery%20Market%20Growth) Southeast Asia's macroeconomic environment is favorable, with increasing e-commerce penetration and social commerce driving market shifts; the express delivery market is rapidly growing, but average prices remain high, necessitating continued cost reduction for competitive advantage - Major Southeast Asian countries are expected to remain among the fastest-growing economies globally in 2025, with GDP growth rates exceeding the world average[17](index=17&type=chunk) - The Southeast Asia e-commerce retail market transaction value is projected to reach approximately **$326.26 billion** in 2025, a **28.5% year-on-year increase** from 2024, with e-commerce penetration further increasing to **24.9%**[18](index=18&type=chunk) - In the first half of 2025, Southeast Asia's express delivery market parcel volume reached **9.84 billion pieces**, a **32.2% year-on-year increase**[19](index=19&type=chunk) [Southeast Asia Express Delivery Industry Competitive Landscape](index=9&type=section&id=Southeast%20Asia%20Express%20Delivery%20Industry%20Competitive%20Landscape) The company leads the Southeast Asia market with a 32.8% share in the first half of 2025, consolidating its top position by integrating multi-platform order resources and leveraging Chinese operational expertise to reduce logistics costs and enhance e-commerce platform competitiveness - The company has been the top-ranked express delivery operator in the Southeast Asia market by parcel volume since 2020, holding a **32.8% market share** in the first half of 2025[20](index=20&type=chunk) 2025 H1 Top Five Express Delivery Operators in Southeast Asia (by parcel volume) | Rank | Express Service Provider | 2025 H1 Parcel Volume (billion pieces) | 2025 H1 Market Share | 2024 H1 Parcel Volume (billion pieces) | 2024 H1 Market Share | Market Share Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | J&T | 3.23 | 32.8% | 2.04 | 27.4% | +5.4% | | 2 | Company A | 2.72 | 27.7% | 1.81 | 24.3% | +3.4% | | 3 | Company B | 0.58 | 5.8% | 0.53 | 7.2% | -1.4% | | 4 | Company C | 0.54 | 5.5% | 0.50 | 6.7% | -1.2% | | 5 | Company D | 0.44 | 4.4% | 0.40 | 5.3% | -0.9% | [Parcel Volume Growth and Drivers](index=10&type=section&id=Parcel%20Volume%20Growth%20and%20Drivers) Southeast Asia parcel volume grew by 57.9% year-on-year, driven by capitalizing on e-commerce market growth, actively expanding non-platform clients, competitive pricing from continuous cost reductions, and consistently improving service quality - In the first half of 2025, the company processed **3.23 billion parcels** in Southeast Asia, a **57.9% year-on-year increase**[23](index=23&type=chunk) - The company continues to provide core infrastructure support for the e-commerce industry, deepening cooperation with existing e-commerce platforms, actively collaborating with new market entrants, and expanding to non-e-commerce clients such as social commerce sellers and online businesses of chain retailers[24](index=24&type=chunk) - In the first half of 2025, the unit cost in Southeast Asia significantly decreased by **16.7% year-on-year**, forming a virtuous cycle of "cost optimization – price reduction – business growth – further cost reduction"[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's average delivery time in Southeast Asia is less than 2 days, with continuously optimized loss and damage rates, and extensive cash-on-delivery services provided[26](index=26&type=chunk) [Continuous Operational Optimization Across All Segments](index=12&type=section&id=Continuous%20Operational%20Optimization%20Across%20All%20Segments) The company achieved a significant reduction in unit cost from $0.60 to $0.50 in Southeast Asia, driven by economies of scale from substantial parcel volume growth and the application of Chinese express delivery operational expertise, thereby enhancing operational efficiency - In the first half of 2025, Southeast Asia parcel volume increased by **57.9% year-on-year**, with average daily parcel volume reaching **17.8 million pieces**, improving infrastructure utilization efficiency[27](index=27&type=chunk) - The average unit cost in Southeast Asia decreased from **$0.60** in the first half of 2024 to **$0.50** in the first half of 2025[27](index=27&type=chunk) [Maintaining Healthy Profitability](index=12&type=section&id=Maintaining%20Healthy%20Profitability) The Southeast Asia market achieved both growth and profitability, with adjusted EBIT increasing by 74.0% to $234.6 million, an adjusted EBIT margin of 11.9%, and unit adjusted EBIT maintained at $0.07, indicating healthy and sustainable profitability - In the first half of 2025, Southeast Asia's adjusted EBIT was **$234.6 million**, a **74.0% year-on-year increase**[28](index=28&type=chunk) - Adjusted EBIT margin reached **11.9%**, an increase of **3.0 percentage points year-on-year**, with unit adjusted EBIT maintained at **$0.07**[28](index=28&type=chunk) - Adjusted EBITDA reached **$312.8 million**, a **50.5% year-on-year increase**[28](index=28&type=chunk) [China Market](index=12&type=section&id=China%20Market) China market parcel volume grew by 20.0% year-on-year, with market share increasing to 11.1% and ranking rising to 5th; despite intense price competition, the company maintained profit resilience through refined operational management and cost optimization, making progress in brand client development, network automation, unmanned logistics vehicles, and cloud warehouse services - In the first half of 2025, China's parcel volume reached **10.60 billion pieces**, a **20.0% year-on-year increase**, with market share expanding to **11.1%** and market ranking improving to **5th**[15](index=15&type=chunk)[31](index=31&type=chunk) - Adjusted EBIT was **$12.9 million**, with an adjusted EBIT margin of **0.4%**; adjusted EBITDA was **$155.1 million**, with an adjusted EBITDA margin of **4.9%**[36](index=36&type=chunk) - Unit express delivery cost decreased from **$0.32** in the first half of 2024 to **$0.28** in the first half of 2025, a **10.3% year-on-year decrease**[37](index=37&type=chunk) [China Macroeconomic Environment, E-commerce, and Express Delivery Market Growth](index=12&type=section&id=China%20Macroeconomic%20Environment%2C%20E-commerce%2C%20and%20Express%20Delivery%20Market%20Growth) China's economy maintained stable growth, with robust e-commerce consumption, projecting $2.2 trillion in e-commerce retail market transactions for 2025; the express delivery industry achieved rapid growth, with 95.64 billion parcels completed in the first half, a 19.3% year-on-year increase, and steady service quality improvement - In the first half of 2025, China's GDP grew by **5.3% year-on-year**, with overall stable economic performance[29](index=29&type=chunk) - The e-commerce retail market transaction value is projected to reach **$2.2 trillion** in 2025, a **7.4% year-on-year increase**[29](index=29&type=chunk) - In the first half of 2025, the express delivery industry completed a cumulative **95.64 billion parcels**, a **19.3% year-on-year increase**; express delivery business revenue reached a cumulative **RMB 718.78 billion**, a **10.1% year-on-year increase**[29](index=29&type=chunk) [China Express Delivery Industry Competitive Landscape](index=13&type=section&id=China%20Express%20Delivery%20Industry%20Competitive%20Landscape) In the first half of 2025, China's express delivery industry faced intense price competition, with average prices declining by 7.7% year-on-year; the company's market share continued to climb, rising to 5th place, and anticipates that the National Post Bureau's "anti-involution" policy will promote rational competition - In the first half of 2025, industry parcel volume grew by **19.3%**, but the industry's average price decreased by **7.7% year-on-year**, a significant decline[30](index=30&type=chunk) - The company's market share in China was **11.1%**, an increase of **0.1 percentage points year-on-year**, ranking **5th**[31](index=31&type=chunk) 2025 H1 Top Five Express Delivery Operators in China (by parcel volume) | Rank | Express Operator | 2025 H1 Parcel Volume (billion pieces) | 2025 H1 Market Share | 2024 H1 Parcel Volume (billion pieces) | 2024 H1 Market Share | Market Share Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Company E | 18.39 | 19.2% | 15.90 | 19.8% | -0.6% | | 2 | Company F | 14.86 | 15.5% | 12.20 | 15.2% | +0.3% | | 3 | Company G | 12.73 | 13.3% | 10.92 | 13.6% | -0.3% | | 4 | Company H | 12.35 | 12.9% | 10.23 | 12.8% | +0.1% | | 5 | J&T | 10.60 | 11.1% | 8.84 | 11.0% | +0.1% | [Parcel Volume Growth and Drivers](index=14&type=section&id=Parcel%20Volume%20Growth%20and%20Drivers) China's parcel volume grew by 20.0% year-on-year, exceeding the industry average, driven by seizing high-growth industry and social e-commerce opportunities, continuously improving service quality and customer acquisition capabilities, and expanding the depth and breadth of express delivery service coverage to support rural express development - In the first half of 2025, the company processed **10.60 billion parcels** in China, a **20.0% year-on-year increase**, exceeding the industry growth rate[32](index=32&type=chunk) - The company deepened cooperation with e-commerce clients across all platforms, targeted breakthroughs for underserved client types and products, and expanded cloud warehouse services to achieve synergy between warehousing and distribution[33](index=33&type=chunk) - The company continuously expanded the breadth and depth of its service coverage, collaborating with multiple e-commerce platforms to transport consolidated shipments to remote areas, and extending consolidated shipment services to Hong Kong and delivery services to rural areas[34](index=34&type=chunk) [Continuous Operational Optimization Across All Segments](index=14&type=section&id=Continuous%20Operational%20Optimization%20Across%20All%20Segments) Through refined management and operations in China, combined with economies of scale from business volume growth, the company reduced its unit cost from $0.32 to $0.28, achieving significant cost reduction - The company's unit cost decreased from **$0.32** in the first half of 2024 to **$0.28** in the first half of 2025, a **10.3% year-on-year decrease**[35](index=35&type=chunk) [Maintaining Profit Resilience Amidst Fierce Competition](index=15&type=section&id=Maintaining%20Profit%20Resilience%20Amidst%20Fierce%20Competition) Despite pressure on unit revenue in the China market due to intense competition, the company maintained profit resilience by continuously optimizing costs, which offset the downward pressure on revenue; the rapid decline in unit cost was primarily due to economies of scale and refined operational management - In the first half of 2025, the company's unit revenue was **$0.30**, a decrease from **$0.34** in the first half of 2024[36](index=36&type=chunk) - The company mitigated the impact of price competition on revenue by optimizing client structure, promoting network-wide sales capability building, improving cargo category structure, and developing reverse logistics and scattered orders[36](index=36&type=chunk) - Unit express delivery cost decreased from **$0.32** in the first half of 2024 to **$0.28** in the first half of 2025, a **10.3% year-on-year decrease**, primarily due to economies of scale from increased business volume and refined operational management[37](index=37&type=chunk) [Key Initiatives](index=15&type=section&id=Key%20Initiatives) The company actively developed brand clients in the China market to enhance brand value, promoted automation equipment investment in outlets to improve operational efficiency, encouraged the application of unmanned logistics vehicles for intelligent last-mile delivery, and expanded cloud warehouse services to increase client stickiness - In the first half of 2025, the company deepened cooperation with renowned brand clients such as Watsons, Mercury Home Textiles, Blue Moon, Zunshi Sports, Yili, Fuanna, Baicaowei, and Erke, with significant growth in both brand client numbers and parcel volume[38](index=38&type=chunk) - The number of automated equipment deployed in outlets increased by **25%** compared to the end of 2024, and the proportion of parcels handled by automated equipment at last-mile outlets significantly increased[38](index=38&type=chunk) - As of June 30, 2025, the company had deployed a total of **600 unmanned logistics vehicles** across its network, with rapid growth ongoing[39](index=39&type=chunk) - As of the end of June 2025, the company had established **179 warehouses** globally across 12 countries, totaling over **670,000 square meters**, with **152 warehouses** in China covering **490,000 square meters**[39](index=39&type=chunk) [New Markets](index=16&type=section&id=New%20Markets) New Markets experienced stable economic growth, with significant room for e-commerce penetration, and a rapidly growing but fragmented express delivery industry; the company's parcel volume grew by 21.7% year-on-year, market share increased to 6.2%, and adjusted EBITDA turned profitable for the first time - In the first half of 2025, New Markets parcel volume reached **170 million pieces**, a **21.7% year-on-year increase**, with market share expanding to **6.2%**[16](index=16&type=chunk)[42](index=42&type=chunk) - New Markets achieved positive adjusted EBITDA for the first time, with a significant reduction in adjusted EBIT losses[16](index=16&type=chunk) - The New Markets e-commerce retail market transaction value is projected to reach **$163.55 billion** in 2025, a **23.6% year-on-year increase**[40](index=40&type=chunk) - In the first half of 2025, New Markets express delivery industry parcel volume reached **2.65 billion pieces**, a **18.6% year-on-year increase**[41](index=41&type=chunk) [New Markets Macroeconomic Environment, E-commerce, and Express Delivery Market Growth](index=16&type=section&id=New%20Markets%20Macroeconomic%20Environment%2C%20E-commerce%2C%20and%20Express%20Delivery%20Market%20Growth) New Markets experienced stable economic growth, with increasing e-commerce penetration and active expansion by platforms like TikTok; the express delivery industry is growing rapidly but remains in early stages with a fragmented competitive landscape and significantly higher unit prices than China and Southeast Asia - New Markets GDP is projected to reach **$5.8 trillion** in 2025, with e-commerce retail market transaction value reaching **$163.55 billion**, a **23.6% year-on-year increase**[40](index=40&type=chunk) - TikTok successively entered the Mexican and Brazilian markets in the first half of 2025, driving the development of cross-border e-commerce in New Markets[40](index=40&type=chunk) - In the first half of 2025, New Markets express delivery industry parcel volume reached **2.65 billion pieces**, a **18.6% year-on-year increase**[41](index=41&type=chunk) [Parcel Volume Growth and Drivers](index=17&type=section&id=Parcel%20Volume%20Growth%20and%20Drivers) New Markets parcel volume growth was primarily driven by capitalizing on e-commerce industry growth, continuous investment in infrastructure, and deepening partnerships with cross-border e-commerce platforms (e.g., Temu, Shein, TikTok) and local e-commerce platforms (e.g., Mercado Libre) - In the first half of 2025, the company processed **165.9 million parcels** in New Markets, a **21.7% year-on-year increase**[42](index=42&type=chunk) - The company established close partnerships with international e-commerce platforms such as Temu, Shein, TikTok, AliExpress, Kwai, and Shopee in New Markets[43](index=43&type=chunk) - In 2025, the company partnered with Mercado Libre, the largest e-commerce platform in Latin America, in Mexico and Brazil[43](index=43&type=chunk) [Continued Investment in Infrastructure to Enhance Network Capacity](index=17&type=section&id=Continued%20Investment%20in%20Infrastructure%20to%20Enhance%20Network%20Capacity) As of June 30, 2025, the company in New Markets operated 35 transit centers, over 200 line-haul vehicles, and more than 2,000 outlets, adding 8 new automated sorting equipment sets to continuously enhance network coverage density and capacity - As of June 30, 2025, the company in New Markets had **35 transit centers**, operated over **200 line-haul vehicles** and numerous feeder vehicles, and had over **2,000 outlets**[44](index=44&type=chunk) - The company invested in **10 sets of automated sorting equipment** in transit centers, with **8 new sets** added in the first half of 2025[44](index=44&type=chunk) [Future Outlook](index=17&type=section&id=Future%20Outlook) The company will focus on solidifying its market position in Southeast Asia and China, steadily enhancing its presence in new markets, implementing refined management for continuous cost reduction, leveraging Chinese expertise overseas, seizing global e-commerce opportunities, strengthening its brand, and expanding non-platform parcels to improve profitability - Future strategies include focusing on Southeast Asia and China markets to solidify market positions[45](index=45&type=chunk) - Steadily enhancing market positions in New Markets, implementing refined management, continuously reducing costs, and leveraging Chinese experience overseas[45](index=45&type=chunk) - Capitalizing on new business flow changes brought by e-commerce globalization, strengthening the brand, continuously expanding non-platform parcels, and improving profitability[45](index=45&type=chunk) [Financial Performance Review](index=18&type=section&id=Financial%20Performance%20Review) The company's first-half revenue grew by 13.1% to $5.499 billion, with profit for the period surging by 186.6% to $88.932 million; Southeast Asia saw strong revenue and adjusted EBITDA growth, New Markets' adjusted EBITDA turned profitable, and China's unit revenue faced pressure but costs declined Six Months Ended June 30 Consolidated Statement of Profit or Loss Summary | Indicator | 2025 ($ thousand) | 2024 ($ thousand) | | :--- | :--- | :--- | | Revenue | 5,498,732 | 4,861,696 | | Operating costs | (4,960,128) | (4,325,964) | | Gross profit | 538,604 | 535,732 | | Operating profit | 125,398 | 115,025 | | Profit for the period | 88,932 | 31,026 | | Adjusted net profit | 156,279 | 63,248 | | Adjusted EBIT | 195,616 | 118,243 | | Adjusted EBITDA | 435,581 | 350,782 | [Revenue](index=20&type=section&id=Revenue) Total company revenue increased by 13.1% to $5.499 billion, primarily driven by a 12.7% growth in express delivery service revenue and a 27.0% increase in total parcel volume; Southeast Asia revenue grew by 29.6%, China revenue by 4.6%, New Markets revenue by 24.3%, while cross-border revenue decreased by 43.1% due to business transformation - Revenue increased by **13.1%** from **$4,861.7 million** in the first half of 2024 to **$5,498.7 million** in the first half of 2025[50](index=50&type=chunk) - Express delivery service revenue grew by **12.7%** to **$5,341.4 million**, primarily due to a **27.0% increase** in total parcel volume from **11.01 billion pieces** to **13.99 billion pieces**[51](index=51&type=chunk) Revenue by Geographical Segment (2025 vs 2024) | Region | 2025 ($ thousand) | Share (%) | 2024 ($ thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Southeast Asia | 1,970,355 | 35.8 | 1,519,987 | 31.3 | | China | 3,136,520 | 57.1 | 2,998,260 | 61.6 | | New Markets | 362,374 | 6.6 | 291,592 | 6.0 | | Cross-border | 29,483 | 0.5 | 51,857 | 1.1 | | Total | 5,498,732 | 100.0 | 4,861,696 | 100.0 | [Unit Economics](index=21&type=section&id=Unit%20Economics) Southeast Asia saw a decrease in unit revenue but a larger decrease in unit cost, indicating healthy profitability; China's unit revenue was pressured, but rapidly declining unit costs maintained profit resilience; New Markets experienced a slight increase in unit revenue, with unit costs decreasing due to economies of scale and operational optimization [Southeast Asia Unit Economics](index=21&type=section&id=Southeast%20Asia%20Unit%20Economics) Southeast Asia unit revenue decreased from $0.74 to $0.61, while unit cost decreased from $0.60 to $0.50; the larger cost reduction was primarily due to economies of scale from increased parcel volume and operational optimization enabled by Chinese expertise Southeast Asia Unit Economics (2025 vs 2024) | Indicator | 2025 (USD) | Share (%) | 2024 (USD) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Unit revenue | 0.61 | 100.0 | 0.74 | 100.0 | | Unit cost | 0.50 | 82.0 | 0.60 | 81.1 | | Of which: Pick-up and delivery costs | 0.32 | 52.5 | 0.37 | 50.0 | | Transportation costs | 0.12 | 19.7 | 0.16 | 21.6 | | Sorting costs | 0.05 | 8.2 | 0.06 | 8.1 | | Other costs | 0.01 | 1.6 | 0.01 | 1.4 | - The decrease in unit cost was primarily due to improved network facility utilization efficiency from a **57.9% year-on-year increase** in parcel volume, and the empowerment of Chinese express delivery operational experience[57](index=57&type=chunk) [China Unit Economics](index=22&type=section&id=China%20Unit%20Economics) China's unit revenue decreased from $0.34 to $0.30, and unit cost decreased from $0.32 to $0.28; the rapid decline in unit cost was mainly due to economies of scale from increased volume and refined operational management, including network integration, investment in automated equipment, and optimization of transportation links China Unit Economics (2025 vs 2024) | Indicator | 2025 (USD) | Share (%) | 2024 (USD) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Unit revenue | 0.30 | 100.0 | 0.34 | 100.0 | | Unit cost | 0.28 | 93.3 | 0.32 | 94.1 | | Of which: Pick-up and delivery costs | 0.18 | 60.0 | 0.20 | 58.8 | | Transportation costs | 0.06 | 20.0 | 0.07 | 20.6 | | Sorting costs | 0.04 | 13.3 | 0.05 | 14.7 | | Other costs | 0.00 | 0.0 | 0.00 | 0.0 | - The rapid decrease in unit cost was primarily due to economies of scale from rapid volume growth and refined operational management across all cost segments[61](index=61&type=chunk) - The company operates **270 sets of automated sorting equipment** in China, with **65 new sets** added compared to the same period in 2024, enhancing sorting efficiency[63](index=63&type=chunk) [New Markets Unit Economics](index=23&type=section&id=New%20Markets%20Unit%20Economics) New Markets unit revenue slightly increased from $2.14 to $2.18, and unit cost slightly increased from $1.88 to $1.92; the cost structure was influenced by changes in client mix across different countries, but economies of scale and operational optimization are expected to continuously reduce costs with increasing parcel volume New Markets Unit Economics (2025 vs 2024) | Indicator | 2025 (USD) | Share (%) | 2024 (USD) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Unit revenue | 2.18 | 100.0 | 2.14 | 100.0 | | Unit cost | 1.92 | 88.1 | 1.88 | 88.0 | | Of which: Pick-up and delivery costs | 1.35 | 62.0 | 1.02 | 47.7 | | Transportation costs | 0.25 | 11.5 | 0.32 | 15.0 | | Sorting costs | 0.28 | 12.8 | 0.32 | 15.0 | | Other costs | 0.04 | 1.8 | 0.22 | 10.3 | - New Markets unit revenue slightly increased, and unit cost fluctuated slightly due to changes in client structure across different countries, but economies of scale and operational optimization in various segments will continuously reduce costs with increasing parcel volume[65](index=65&type=chunk) [Operating Costs and Expenses](index=24&type=section&id=Operating%20Costs%20and%20Expenses) Total operating costs and expenses increased by 13.5% year-on-year to $5.370 billion, primarily due to a 14.4% increase in fulfillment costs driven by higher parcel volume; staff welfare expenses and other labor costs also significantly increased due to business volume growth and increased headcount - Total operating costs and expenses increased by **13.5%** from **$4,731.2 million** in the first half of 2024 to **$5,370.4 million** in the first half of 2025[66](index=66&type=chunk) - Fulfillment costs increased by **14.4%** to **$2,661.6 million**, accounting for **48.4%** of total operating revenue[67](index=67&type=chunk) - Staff welfare expenses increased by **19.0%** to **$792.3 million**, and other labor costs increased by **36.4%** to **$404.5 million**[67](index=67&type=chunk) [Costs and Expenses by Nature](index=24&type=section&id=Costs%20and%20Expenses%20by%20Nature) Fulfillment costs, line-haul costs, staff welfare expenses, and other labor costs are the primary components of operating costs and expenses, all increasing with business volume growth Six Months Ended June 30 Costs and Expenses by Nature ($ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Fulfillment costs | 2,661,639 | 2,326,470 | | Line-haul costs | 989,817 | 934,256 | | Staff welfare expenses | 792,285 | 665,685 | | Other labor costs | 404,541 | 296,691 | | Depreciation and amortization | 239,965 | 232,539 | | Materials | 60,689 | 58,318 | | Short-term leases | 67,995 | 79,834 | | Auditor's remuneration | 614 | 718 | | Advertising and marketing expenses | 4,834 | 6,215 | | Others | 147,978 | 130,463 | | Total | 5,370,357 | 4,731,189 | [Costs by Geographical Segment](index=25&type=section&id=Costs%20by%20Geographical%20Segment) Costs in Southeast Asia and China increased by 31.4% and 7.6% respectively, primarily due to increased parcel volume; New Markets costs grew by 24.3% due to business expansion, while cross-border costs decreased by 52.2% due to business transformation Six Months Ended June 30 Costs by Geographical Segment ($ thousand) | Region | 2025 | Share (%) | 2024 | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Southeast Asia | 1,619,383 | 32.7 | 1,232,702 | 28.5 | | China | 2,996,901 | 60.4 | 2,784,371 | 64.4 | | New Markets | 318,837 | 6.4 | 256,570 | 5.9 | | Cross-border | 25,007 | 0.5 | 52,321 | 1.2 | | Total | 4,960,128 | 100.0 | 4,325,964 | 100.0 | - Southeast Asia costs increased by **31.4%**, primarily due to a **57.9% increase** in parcel volume[68](index=68&type=chunk) - China costs increased by **7.6%**, primarily due to a **20.0% increase** in parcel volume[69](index=69&type=chunk) [Gross Profit and Gross Margin](index=26&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's overall gross margin decreased from 11.0% to 9.8%; gross margins in Southeast Asia and China both declined, New Markets' gross margin remained largely stable, while cross-border business's gross margin turned from loss to profit Six Months Ended June 30 Gross Profit and Gross Margin ($ thousand) | Region | 2025 Gross Profit | 2025 Gross Margin (%) | 2024 Gross Profit | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Southeast Asia | 350,972 | 17.8 | 287,285 | 18.9 | | China | 139,619 | 4.5 | 213,889 | 7.1 | | New Markets | 43,537 | 12.0 | 35,022 | 12.0 | | Cross-border | 4,476 | 15.2 | (464) | (0.9) | | Total | 538,604 | 9.8 | 535,732 | 11.0 | - The Group's overall gross margin decreased from **11.0%** in the first half of 2024 to **9.8%** in the first half of 2025[70](index=70&type=chunk) - Cross-border business gross margin turned from a **0.9% loss** in the first half of 2024 to a **15.2% profit** in the first half of 2025[74](index=74&type=chunk) [Selling, General and Administrative Expenses](index=26&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Selling, general and administrative expenses slightly increased by 0.4% year-on-year to $383.3 million, primarily due to a significant increase in share-based payments and expenses within staff welfare expenses Six Months Ended June 30 Selling, General and Administrative Expenses ($ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Staff welfare expenses | 301,112 | 267,137 | | Office-related expenses | 17,960 | 14,127 | | Professional service fees | 5,291 | 24,514 | | Promotion and marketing expenses | 4,723 | 6,210 | | Depreciation and amortization | 27,065 | 28,895 | | Others | 27,122 | 40,777 | | Total | 383,273 | 381,660 | - Selling, general and administrative expenses increased by **0.4%** from **$381.7 million** in the first half of 2024 to **$383.3 million** in the first half of 2025[76](index=76&type=chunk) - The primary increase came from share-based payments and expenses within staff welfare expenses, growing from **$32.2 million** to **$67.3 million**[76](index=76&type=chunk) [Adjusted EBITDA](index=27&type=section&id=Adjusted%20EBITDA) The company's overall adjusted EBITDA increased by 24.2% year-on-year to $435.6 million, with the adjusted EBITDA margin improving to 7.9%; adjusted EBITDA significantly improved in Southeast Asia and New Markets, decreased in China, and cross-border business turned profitable Six Months Ended June 30 Adjusted EBITDA ($ thousand) | Region | 2025 | 2025 EBITDA Margin (%) | 2024 | 2024 EBITDA Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Southeast Asia | 312,796 | 15.9 | 207,770 | 13.7 | | China | 155,052 | 4.9 | 198,926 | 6.6 | | New Markets | 1,569 | 0.4 | (7,841) | (2.7) | | Cross-border | 2,878 | 9.8 | (7,233) | (13.9) | | Unallocated | (36,714) | N/A | (40,840) | N/A | | Total | 435,581 | 7.9 | 350,782 | 7.2 | - The company's overall adjusted EBITDA increased by **24.2%** from **$350.8 million** in the first half of 2024 to **$435.6 million** in the first half of 2025[77](index=77&type=chunk) - New Markets' adjusted EBITDA turned profitable from a **$7.8 million loss** to a **$1.6 million profit**, with the adjusted EBITDA margin improving from a **2.7% loss** to a **0.4% profit**[79](index=79&type=chunk) [Finance Costs – Net](index=28&type=section&id=Finance%20Costs%20%E2%80%93%20Net) Net finance costs decreased by 13.5% year-on-year to $38.886 million, primarily due to an increase in interest income from bank deposits Six Months Ended June 30 Finance Costs – Net ($ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Interest income from bank deposits | 26,453 | 17,243 | | Interest expense on lease liabilities | (14,703) | (16,194) | | Interest expense on borrowings | (50,636) | (46,003) | | Total | (38,886) | (44,954) | - Net finance costs decreased by **13.5%** to **$38.9 million**, primarily due to an increase in interest income from bank deposits[81](index=81&type=chunk) [Other Income](index=28&type=section&id=Other%20Income) Other income, primarily comprising government grants and interest income from loans to third parties, increased from $3.148 million to $7.646 million Six Months Ended June 30 Other Income ($ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Government grants | 4,416 | 100 | | Interest income from loans to third parties | 3,230 | 3,048 | | Total | 7,646 | 3,148 | - Government grants significantly increased, primarily including logistics development grants and talent team grants[82](index=82&type=chunk) [Non-IFRS Measures](index=29&type=section&id=Non-IFRS%20Measures) The company uses non-IFRS measures such as adjusted net profit, adjusted EBITDA, and adjusted EBIT to provide a more comparable view of operating performance, emphasizing that these measures should not replace or be superior to IFRS reporting - Non-IFRS measures, by eliminating non-cash items, transactions, and IPO-related items, aid in comparing operating performance across different periods and companies[83](index=83&type=chunk) - These measures should not be viewed in isolation from, or as a substitute for, or superior to, operating performance or financial position reported under IFRS[83](index=83&type=chunk) [Liquidity and Financial Resources](index=29&type=section&id=Liquidity%20and%20Financial%20Resources) The company's net cash flow from operating activities increased to $421.1 million, with cash and cash equivalents totaling $1.6619 billion; the debt-to-asset ratio decreased to 64.3%, and unused credit facilities exceeded $300 million, indicating ample liquidity and a robust financial position - For the six months ended June 30, 2025, cash flow generated from operating activities was **$421.1 million**, a **21.8% year-on-year increase**[84](index=84&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents totaled **$1,661.9 million**[84](index=84&type=chunk) - The debt-to-asset ratio (total liabilities as a percentage of total assets) was **64.3%**, a decrease from **65.4%** as of December 31, 2024[85](index=85&type=chunk) - Unused credit facilities exceeded **$300 million**, indicating ample available funds for the Group[84](index=84&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=Foreign%20Exchange%20Risk) The company's subsidiaries primarily operate in China, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam, with transactions typically settled in local currencies; foreign exchange risk mainly arises from foreign currency assets and liabilities with overseas business partners, and the company will continue to monitor exchange rate fluctuations and take measures to mitigate their impact - Foreign exchange risk primarily arises from assets and liabilities recognized when the Group's subsidiaries in China, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, and other countries receive or will receive, or pay or will pay foreign currencies to or from overseas business partners[86](index=86&type=chunk) - The company will continue to monitor exchange rate fluctuations and take measures to mitigate the impact of exchange rate volatility when necessary[87](index=87&type=chunk) [Capital Expenditures and Commitments](index=29&type=section&id=Capital%20Expenditures%20and%20Commitments) For the six months ended June 30, 2025, total capital expenditures were $230.3 million, a year-on-year increase; capital commitments primarily focused on buildings and vehicles, totaling $109.5 million - For the six months ended June 30, 2025, total capital expenditures were **$230.3 million**, compared to **$165.2 million** for the same period in 2024[88](index=88&type=chunk) As of June 30, 2025 Capital Commitments ($ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Buildings | 85,557 | 52,469 | | Right-of-use assets | – | 4,039 | | Vehicles | 23,894 | 24,892 | | Total | 109,451 | 81,400 | [Significant Acquisitions and Disposals](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals) In the first half of 2025, the Group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - In the first half of 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[90](index=90&type=chunk) [Employees and Remuneration Policy](index=30&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 183,157 full-time employees; the company offers competitive remuneration packages, participates in social insurance contribution schemes, and regularly provides training in professional ethics, work procedures, management, and technical skills - As of June 30, 2025, the Group had **183,157 full-time employees**[91](index=91&type=chunk) - The company determines employee remuneration based on factors such as qualifications, expertise, and years of relevant experience, and participates in social insurance contribution schemes[91](index=91&type=chunk) - The company regularly provides employees with training in professional ethics, work procedures, internal policies, management, technical skills, and other areas[91](index=91&type=chunk) [Pledged Assets](index=30&type=section&id=Pledged%20Assets) As of June 30, 2025, the company pledged $27 million in restricted deposits and pledged certain equipment and land use rights to secure borrowings - As of June 30, 2025, the company pledged **$27 million** in restricted deposits (December 31, 2024: **$29.5 million**)[92](index=92&type=chunk) - The company also pledged certain equipment and land use rights to secure borrowings[92](index=92&type=chunk) [Significant Investments Held](index=31&type=section&id=Significant%20Investments%20Held) As of June 30, 2025, the company held convertible bonds issued by Yimi with a fair value of approximately $493.1 million, representing 6.6% of total assets; Yimi primarily engages in less-than-truckload freight business and is actively expanding into overseas markets - As of June 30, 2025, the Group held convertible bonds issued by Yimi with a fair value of approximately **$493.1 million**, accounting for **6.6%** of the Group's total assets[93](index=93&type=chunk) - Yimi Global Limited primarily engages in less-than-truckload freight business and has expanded operations to Vietnam and Mexico in the first half of 2025, in addition to its existing markets in Indonesia, Malaysia, and the Philippines[93](index=93&type=chunk) [Future Plans for Material Investments and Capital Assets](index=31&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no material investment or capital asset plans - As of June 30, 2025, the Group had no material investment or capital asset plans[95](index=95&type=chunk) [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[96](index=96&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) [Directors' and Chief Executive's Interests](index=32&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, Mr. Li Jie held 971 million Class A shares (10.83%) and 7.943 million Class B shares (0.09%), Ms. Zheng Yufen held 40.008 million Class B shares (0.45%), and Mr. Zhang Yuan held 331.831 million Class B shares (3.70%) As of June 30, 2025 Directors' and Chief Executive's Interests | Director Name | Number and Class of Securities | Approximate Percentage of Holdings in Relevant Class of Shares of the Company | Approximate Percentage of Issued Shares of the Company | | :--- | :--- | :--- | :--- | | Mr. Li Jie | 971,390,048 Class A Shares | 100.00% | 10.83% | | | 7,943,362 Class B Shares | 0.10% | 0.09% | | Ms. Zheng Yufen | 40,008,020 Class B Shares | 0.50% | 0.45% | | Mr. Zhang Yuan | 331,831,635 Class B Shares | 4.15% | 3.70% | [Substantial Shareholders' Interests](index=33&type=section&id=Substantial%20Shareholders%27%20Interests) As of June 30, 2025, Jumping Summit Limited, Exceeding Summit Holding Limited, Topping Summit Limited, and Vistra Trust (Singapore) Pte. Limited each held 10.83% of the company's Class A shares and 0.09% of Class B shares; Mr. Chen Mingyong and Ms. Liang Xiaojing held 7.81% of Class B shares, Tencent Holdings Limited held 5.95% of Class B shares, and Boyu Capital-related entities held 5.11% to 5.18% of Class B shares As of June 30, 2025 Substantial Shareholders' Interests | Shareholder Name/Entity | Number and Class of Securities | Approximate Percentage of Holdings in Relevant Class of Shares of the Company | Approximate Percentage of Issued Shares of the Company | | :--- | :--- | :--- | :--- | | Jumping Summit Limited | 971,390,048 Class A Shares | 100.00% | 10.83% | | | 7,943,362 Class B Shares | 0.10% | 0.09% | | Exceeding Summit Holding Limited | 971,390,048 Class A Shares | 100.00% | 10.83% | | | 7,943,362 Class B Shares | 0.10% | 0.09% | | Topping Summit Limited | 971,390,048 Class A Shares | 100.00% | 10.83% | | | 7,943,362 Class B Shares | 0.10% | 0.09% | | Vistra Trust (Singapore) Pte. Limited | 971,390,048 Class A Shares | 100.00% | 10.83% | | | 7,943,362 Class B Shares | 0.10% | 0.09% | | Mr. Chen Mingyong | 700,887,980 Class B Shares | 8.76% | 7.81% | | Ms. Liang Xiaojing | 700,887,980 Class B Shares | 8.76% | 7.81% | | Tencent Holdings Limited | 533,278,240 Class B Shares | 6.67% | 5.95% | | Boyu Capital Fund IV, L.P. | 458,112,913 Class B Shares | 5.73% | 5.11% | | Boyu Capital General Partner IV, Ltd | 458,112,913 Class B Shares | 5.73% | 5.11% | | Boyu Capital Group Holdings Ltd | 464,619,113 Class B Shares | 5.81% | 5.18% | | Boyu Group, LLC | 464,619,113 Class B Shares | 5.81% | 5.18% | | XYXY Holdings Ltd. | 464,619,113 Class B Shares | 5.81% | 5.18% | | Mr. Tong Xiaomeng | 464,619,113 Class B Shares | 5.81% | 5.18% | [Share Incentive Schemes](index=34&type=section&id=Share%20Incentive%20Schemes) The company has a Pre-IPO Share Incentive Scheme and a 2024 Share Incentive Scheme; in the first half of 2024, 85,994,057 Class B share-related awards were granted to employees under the 2024 scheme, and an additional 73,089,720 Class B share-related awards were granted on March 18, 2025 [Pre-IPO Share Incentive Scheme](index=34&type=section&id=Pre-IPO%20Share%20Incentive%20Scheme) This scheme aims to align the interests of network partners and regional agents with company shareholders, with a maximum issuance of 38,000,000 Class A ordinary shares; no further shares will be issued under this scheme after listing - The Pre-IPO Share Incentive Scheme was initially approved by shareholders on February 26, 2022, and amended on May 31, 2023[104](index=104&type=chunk) - The maximum number of shares issuable under the scheme is **38,000,000 Class A ordinary shares** (equivalent to **190,000,000 Class B shares**)[104](index=104&type=chunk) - The company will not issue further shares under the Pre-IPO Share Incentive Scheme after the listing date[104](index=104&type=chunk) [2024 Share Incentive Scheme](index=35&type=section&id=2024%20Share%20Incentive%20Scheme) The 2024 Share Incentive Scheme was approved on June 18, 2024, with a ten-year validity; as of June 30, 2025, the scheme's authorized limit allowed for the grant of 726 million Class B shares, and during the reporting period, the company granted a total of 159 million Class B share-related awards to employees - The 2024 Share Incentive Scheme was approved and adopted by shareholders on June 18, 2024, with a validity period of **ten years**[108](index=108&type=chunk) - As of June 30, 2025, the authorized limit under the 2024 Share Incentive Scheme allowed for the grant of **726,343,361 Class B shares**[108](index=108&type=chunk) - From the adoption date to June 30, 2025, the company granted a total of **85,994,057 Class B share-related awards** to 251 employees on August 20, 2024, and a total of **73,089,720 Class B share-related awards** to 668 employees on March 18, 2025, under the 2024 Share Incentive Scheme[108](index=108&type=chunk) [Weighted Voting Rights Structure](index=36&type=section&id=Weighted%20Voting%20Rights%20Structure) The company employs a weighted voting rights structure where Class A shareholders receive ten votes per share, and Class B shareholders receive one vote per share; Mr. Li Jie is the beneficiary of the weighted voting rights, holding approximately 55.12% of the total voting power as of June 30, 2025 - Class A shareholders are entitled to **ten votes per share**, while Class B shareholders are entitled to **one vote per share**, except for reserved matters[111](index=111&type=chunk) - As of June 30, 2025, Mr. Li Jie is the beneficiary of the weighted voting rights, holding approximately **55.12%** of the total voting power[112](index=112&type=chunk) - One Class A share can be converted into one Class B share at a 1:1 ratio[113](index=113&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance) The company is committed to high standards of corporate governance and complies with the Corporate Governance Code; despite the Chairman and CEO roles being held by Mr. Li Jie, the company believes this arrangement benefits strategic planning and decision execution and will be regularly reviewed - The company complied with all code provisions of the Corporate Governance Code during the reporting period, except for the roles of Chairman and Chief Executive Officer being combined and held by Mr. Li Jie[115](index=115&type=chunk) - The Board believes that Mr. Li Jie's dual role as Chairman and Chief Executive Officer ensures consistent leadership for the Group and facilitates more effective and efficient overall strategic planning[115](index=115&type=chunk) [Joint Company Secretaries](index=37&type=section&id=Joint%20Company%20Secretaries) During the reporting period, Ms. Shang Quanxi and Mr. Zheng Chengjie served as Joint Company Secretaries; Ms. Shang received a waiver from the Stock Exchange for her qualification, conditional on Mr. Zheng's assistance during the waiver period - Ms. Shang Quanxi and Mr. Zheng Chengjie served as the company's Joint Company Secretaries[117](index=117&type=chunk) - Ms. Shang was granted a three-year waiver by the Stock Exchange for her qualification as Joint Company Secretary, conditional on Mr. Zheng's assistance during the waiver period[117](index=117&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=37&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors confirmed strict compliance with relevant provisions during the reporting period - The Group has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[118](index=118&type=chunk) - All directors confirmed their strict compliance with the relevant provisions of the Model Code during the reporting period[118](index=118&type=chunk) [Use of Proceeds](index=38&type=section&id=Use%20of%20Proceeds) The company's global offering raised net proceeds of HKD 3.5535 billion, primarily allocated to expanding its logistics network, broadening service scope, R&D and technological innovation, and general corporate purposes and working capital needs; as of June 30, 2025, a portion of the funds has been utilized, with the remainder expected to be fully utilized by the end of 2027 - The net proceeds from the global offering amounted to **HKD 3,553.50 million** (approximately **$454.3 million**)[119](index=119&type=chunk)[120](index=120&type=chunk) As of June 30, 2025 Use of Net Proceeds from Global Offering ($ million) | Purpose | Percentage of Net Proceeds (%) | Net Proceeds | Amount Unused as of Jan 1 | Amount Utilized During Reporting Period | Amount Used as of June 30 | Amount Unused as of June 30 | Expected Timeline for Full Utilization of Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expand logistics network | 30 | 136.3 | 37.1 | 7.4 | 106.6 | 29.7 | By end of 2027 | | Expand company's service scope | 30 | 136.3 | 47.4 | 6.6 | 95.5 | 40.8 | By end of 2027 | | R&D and technological innovation | 30 | 136.3 | 84.0 | 10.6 | 62.9 | 73.4 | By end of 2027 | | General corporate purposes and working capital needs | 10 | 45.4 | 12.1 | 1.2 | 34.5 | 10.9 | By end of 2027 | | Total | 100 | 454.3 | 180.6 | 25.8 | 299.5 | 154.8 | | [Share Repurchases](index=39&type=section&id=Share%20Repurchases) During the reporting period, the company repurchased a total of 45,402,000 Class B shares on the Stock Exchange for a total consideration of HKD 269.2 million, aiming to enhance shareholder value in the long term; Mr. Li Jie, the beneficiary of weighted voting rights, proportionally converted Class A shares to Class B shares to maintain the weighted voting rights ratio - During the reporting period, the company repurchased a total of **45,402,000 Class B shares** on the Stock Exchange for a total consideration of **HKD 269,217,352.00**[122](index=122&type=chunk) - The repurchases aimed to enhance shareholder value in the long term[122](index=122&type=chunk) - Mr. Li Jie, the beneficiary of weighted voting rights, converted **6,369,192 Class A shares** into Class B shares on a one-to-one basis to prevent an increase in the proportion of shares with weighted voting rights[122](index=122&type=chunk) - As of June 30, 2025, a total of **72,472,600 repurchased shares** remained uncancelled and were held by the company as treasury shares[124](index=124&type=chunk) [Audit Committee and Other Board Committees](index=40&type=section&id=Audit%20Committee%20and%20Other%20Board%20Committees) The Audit Committee reviewed the interim financial statements and discussed accounting policies and risk management with management and the auditor; the company also established a Corporate Governance Committee, Nomination Committee, and Remuneration Committee to ensure comprehensive corporate governance - The Audit Committee comprises Ms. Zheng Yufen, Mr. Liu Erfei, and Mr. Lai Xueming, with Mr. Lai Xueming serving as Chairman[126](index=126&type=chunk) - The Audit Committee reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025[126](index=126&type=chunk) - The company also established a Corporate Governance Committee, a Nomination Committee, and a Remuneration Committee[127](index=127&type=chunk) [Interim Dividend](index=40&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[129](index=129&type=chunk) [Listing Rules Disclosure](index=41&type=section&id=Listing%20Rules%20Disclosure) The company disclosed terms related to financing agreements, stating that if controlling shareholder Mr. Li no longer exercises or controls the largest proportion of voting rights or is no longer entitled to issue instructions, the credit facility may be canceled, and all loans will become immediately due and payable - Pursuant to the financing agreements, if controlling shareholder Mr. Li no longer directly or indirectly exercises or controls the exercise of the single largest proportion of voting rights exercisable at the company's general meetings, or is no longer entitled to issue instructions regarding the company's operations, management, and financial policies, the credit facility will be immediately canceled, and all loans will become immediately due and payable[131](index=131&type=chunk) [Review Report on Interim Financial Information](index=42&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) PricewaterhouseCoopers reviewed the company's interim financial information for the six months ended June 30, 2025, and concluded, based on International Standard on Review Engagements 2410, that nothing indicated the interim financial information was not prepared in all material respects in accordance with International Accounting Standard 34 - PricewaterhouseCoopers reviewed the company's interim financial information for the six months ended June 30, 2025[134](index=134&type=chunk) - The scope of the review is substantially less than that of an audit conducted in accordance with International Standards on Auditing, and therefore no audit opinion is expressed[135](index=135&type=chunk) - The review concluded that nothing came to the auditor's attention that caused them to believe the interim financial information was not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting"[136](index=136&type=chunk) [Interim Condensed Consolidated Financial Statements](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of $5.499 billion, profit for the period of $88.932 million, basic earnings per share of 1.0 US cents, and diluted earnings per share of 0.9 US cents, all showing significant improvement from the prior year Six Months Ended June 30 Interim Condensed Consolidated Statement of Profit or Loss Summary ($ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 5,498,732 | 4,861,696 | | Operating costs | (4,960,128) | (4,325,964) | | Gross profit | 538,604 | 535,732 | | Operating profit | 125,398 | 115,025 | | Profit for the period | 88,932 | 31,026 | | Profit attributable to owners of the company | 86,365 | 27,589 | | Basic earnings per share (US cents) | 1.0 | 0.3 | | Diluted earnings per share (US cents) | 0.9 | 0.3 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income for the period was $101.2 million, a significant improvement from the prior year's loss of $40.635 million, primarily due to a turnaround from loss to gain in currency translation differences Six Months Ended June 30 Interim Condensed Consolidated Statement of Comprehensive Income Summary ($ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period | 88,932 | 31,026 | | Currency translation differences | 13,687 | (72,125) | | Other comprehensive income/(loss) for the period, net of tax | 12,292 | (71,661) | | Total comprehensive income/(loss) for the period | 101,224 | (40,635) | | Attributable to owners of the company | 102,045 | (44,049) | [Interim Condensed Consolidated Statement of Financial Position](index=45&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were $7.442 billion, total liabilities were $4.784 billion, and total equity was $2.658 billion; non-current assets primarily included property, plant and equipment, intangible assets, and financial assets at fair value through profit or loss As of June 30, 2025 Interim Condensed Consolidated Statement of Financial Position Summary ($ thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 3,845,011 | 3,681,814 | | Current assets | 3,597,207 | 3,612,692 | | **Total assets** | 7,442,218 | 7,294,506 | | **Equity** | | | | Equity attributable to owners of the company | 2,961,170 | 2,825,313 | | Non-controlling interests | (303,404) | (302,765) | | **Total equity** | 2,657,766 | 2,522,548 | | **Liabilities** | | | | Non-current liabilities | 2,333,065 | 2,354,059 | | Current liabilities | 2,451,387 | 2,417,899 | | **Total liabilities** | 4,784,452 | 4,771,958 | | **Total equity and liabilities** | 7,442,218 | 7,294,506 | [Interim Condensed Consolidated Statement of Changes in Equity](index=47&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the company was $2.961 billion, an increase from the beginning of the period, primarily due to profit for the period and an increase in share-based payment reserves, while also considering the impact of share repurchases Six Months Ended June 30, 2025 Interim Condensed Consolidated Statement of Changes in Equity Summary ($ thousand) | Indicator | Share Capital | Share Premium | Treasury Shares | Other Reserves | Accumulated Losses | Total Attributable to Owners of the Company | Non-controlling Interests | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of January 1, 2025 | 18 | 9,061,736 | (19,420) | (190,781) | (6,026,240) | 2,825,313 | (302,765) | 2,522,548 | | Profit for the period | – | – | – | – | 86,365 | 86,365 | 2,567 | 88,932 | | Currency translation differences | – | – | – | 17,075 | – | 17,075 | (3,388) | 13,687 | | Repurchase of shares | – | – | (36,202) | – | – | (36,202) | – | (36,202) | | Staff welfare expenses – Share-based payment expenses | – | – | – | 67,347 | – | 67,347 | – | 67,347 | | Balance as of June 30, 2025 | 18 | 9,061,736 | (55,622) | (105,087) | (5,939,875) | 2,961,170 | (303,404) | 2,657,766 | [Interim Condensed Consolidated Statement of Cash Flows](index=49&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow from operating activities was $421.1 million, net cash flow

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first half of 2025, the company's revenue reached $5.5 billion, representing a year-on-year growth of 13.1%. Adjusted net profit was $160 million, a significant increase of 147.1% [2][5]. - The Southeast Asian market benefited from the expansion of e-commerce platforms led by TikTok, driving rapid growth in business volume and profits. The new markets achieved a positive EBITDA for the first time [2][10]. - The Chinese market faced price competition, leading to pressure on single-package profits, but there are signs of profit recovery in the second half of the year [2][10]. Summary by Sections Southeast Asia Market - The company saw a 57.9% year-on-year increase in business volume to 3.23 billion packages, with market share rising by 5.4 percentage points to 32.8%. The average revenue per package decreased by $0.13 to $0.61, while the average cost per package fell by $0.10 to $0.50 [10]. - The adjusted EBIT per package increased by $0.007 to $0.073, with adjusted EBIT growing by 74.0% to $160 million [10]. China Market - In the first half of 2025, the company’s package volume in China grew by 20.0% to 10.6 billion packages, with market share increasing by 0.1 percentage points to 11.1%. However, the average revenue and cost per package both decreased by $0.04 [10]. - The adjusted EBIT per package fell by $0.006 to $0.001, resulting in a 78.3% decline in adjusted EBIT to $10 million due to intensified competition [10]. New Markets - The new markets experienced a 21.7% year-on-year growth in package volume to 1.7 billion packages, with market share increasing by 0.1 percentage points to 6.2%. The average revenue per package rose by $0.04 to $2.18, while the average cost per package also increased by $0.04 to $1.92 [10]. - The adjusted EBIT per package improved by $0.059 to -$0.106, leading to a positive EBITDA of $2 million [10]. Future Outlook - The company is expected to benefit from the expansion of e-commerce platforms and the "anti-involution" trend in the Chinese market, which may drive profit recovery in the second half of the year. The adjusted net profit forecasts for 2025, 2026, and 2027 are $340 million, $550 million, and $860 million, respectively, with corresponding P/E ratios of 34.8, 21.8, and 13.9 [10][11].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 979,333,410 | USD | | 0.000002 USD | | 1,958.67 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 979,333,410 | USD | | 0.000002 USD | | 1,958 ...