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].
深度*公司*极兔速递-W(1519.HK)：东南亚和中国区域单票成本继续下降 东南亚市场市占率大幅提升