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]
极兔速递-W(1519.HK)：东南亚领先优势扩大 新市场EBITDA转正