Core Viewpoint - J&T Express reported a strong performance in the first half of 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and adjusted net profit of $160 million, up 147.1% [1] Financial Performance - Total revenue for the first half of 2025 was $5.5 billion, reflecting a 13.1% year-on-year growth [1] - Adjusted net profit reached $160 million, marking a significant increase of 147.1% [1] - Total package volume reached 13.99 billion, up 27% year-on-year, with Southeast Asia showing a remarkable growth of 57.9% [1][7] - Market share in Southeast Asia increased by 5.4 percentage points to 32.8% [1][7] - In China, market share rose to 11.1%, with package volume growing by 20% to 10.6 billion [3] Market Dynamics - The company faced intense competition in the Chinese market, leading to a decline in single ticket revenue to $0.30, a drop of 13% year-on-year [1][3] - The management indicated that the overall price competition in the industry has been severe, prompting dynamic pricing adjustments to maintain competitiveness [1][3] - The company reported a decrease in single ticket costs, with transportation and sorting costs down by $0.1 and $0.13 respectively [3] Cost Management and Efficiency - Current single ticket transportation costs are approximately $0.4, with room for improvement compared to peers [4] - The company is focusing on enhancing the capabilities of franchisees and investing in digitalization and automation [4] - J&T Express has begun piloting unmanned vehicles, with over 900 units deployed in the Chinese market, aiming to reduce costs [4] Strategic Initiatives - The company is actively developing reverse logistics and single-item delivery services to mitigate the impact of fierce competition on single ticket revenue [5] - In Southeast Asia, J&T Express has seen a 29.6% increase in revenue to $1.97 billion, with adjusted EBITDA growing by 50.5% [7] - New markets, including Saudi Arabia and Mexico, generated $360 million in revenue, achieving a turnaround with a profit of $1.57 million [7] Expansion and Future Outlook - J&T Express is expanding its franchise model in overseas markets, with 30% of its Southeast Asian network operated by partners [8] - The company aims to leverage experiences from China to reduce costs in Southeast Asia and develop non-e-commerce client businesses for higher profit margins [8]
上半年中国市场单票收入承压 极兔速递管理层：反内卷是逐步推进、持续完善的过程