Core Insights - J&T Express has shown strong growth in Southeast Asia, with total revenue reaching $5.5 billion in the first half of 2025, a year-on-year increase of 13.1% [1] - The company reported an adjusted net profit of $160 million, up 147.1% year-on-year, indicating robust financial performance despite challenges in the Chinese market [1] Southeast Asia Market Performance - In Southeast Asia, J&T Express processed 3.23 billion packages, a 57.9% increase from 2.04 billion packages in the same period last year [2] - The company's market share in Southeast Asia rose from 27.4% to 32.8%, marking a 5.4 percentage point increase and maintaining its position as the industry leader for six consecutive years [2] - Revenue in Southeast Asia grew by 29.6% to $1.97 billion, with adjusted EBITDA reaching $310 million, a 50.5% increase [2] - The average cost per package in Southeast Asia decreased from $0.60 to $0.50, a reduction of 16.7%, contributing to improved profitability [2] New Market Expansion - J&T Express has made significant strides in emerging markets such as Latin America and the Middle East, with package volume increasing by 21.7% to 17 million [3] - The adjusted EBITDA for this segment turned positive, recording a profit of $1.57 million compared to a loss of $7.84 million in the previous year [3] - Collaborations with major e-commerce platforms like Temu, Shein, TikTok, and Mercado Libre have been crucial for growth in these new markets [3] Challenges in the Chinese Market - In China, J&T Express processed 10.6 billion packages, a 20.0% increase, but revenue only grew by 4.6% to approximately $3.14 billion, highlighting the impact of price competition [4][5] - The average revenue per package in China fell from $0.34 to $0.30, reflecting a 7.7% decline in industry average prices [5] - The company's gross margin in China decreased from 7.1% to 4.5% due to intense price competition [5] - J&T Express has focused on cost optimization, reducing the average cost per package from $0.32 to $0.28, a 10.3% decrease, to maintain profitability [5][6]
极兔上半年净利翻番，东南亚高增长，中国市场仍面临价格战