Core Viewpoint - The company maintains a "Buy" rating for Jitu Express-W (01519), citing its competitive advantage in the Southeast Asian market, growth in package volume, emerging market scale advantages, and ongoing collaborations with various e-commerce platforms in China [1] Group 1: Package Volume Performance - In Q4 2025, the company achieved a total package volume of 8.46 billion pieces, a year-on-year increase of 14.5%, with an average daily volume of 92 million pieces [2] - In Southeast Asia, Jitu achieved a package volume of 2.44 billion pieces in Q4 2025, representing a year-on-year growth of 73.6%, with a daily average of 26.5 million pieces [2] - The new markets (including Saudi Arabia, UAE, Mexico, Brazil, and Egypt) saw a package volume of 130 million pieces in Q4 2025, a year-on-year increase of 79.7%, with a daily average of 1.45 million pieces [2] - In China, the package volume reached 5.89 billion pieces in Q4 2025, with a daily average of 64 million pieces, aligning with expectations [2] Group 2: Annual Performance Overview - For the full year of 2025, the total package volume surpassed 30 billion pieces, reaching 30.13 billion pieces, a year-on-year increase of 22.2%, with an average daily volume of 82.5 million pieces [2] - In Southeast Asia, the annual package volume was 7.66 billion pieces, a year-on-year increase of 67.8%, with a daily average of 21 million pieces [2] - The new markets achieved an annual package volume of 400 million pieces, a year-on-year increase of 43.6%, with a daily average of 1.1 million pieces [3] - In China, the annual package volume was 22.07 billion pieces, a year-on-year increase of 11.4%, with a daily average of 60.5 million pieces [3] Group 3: Strategic Acquisitions - The company announced plans to acquire approximately 36.99% of Jet Global for $950 million, aiming for full ownership, and to acquire approximately 46.55% of JNTExpress KSA for $106 million, achieving full control of the Saudi entity [4] - Jet Global, covering markets like Brazil, Egypt, and Mexico, is expected to significantly reduce its pre-tax losses in 2024 compared to 2023, with total assets of $640 million and net liabilities of $590 million [4] - JNTExpress KSA is also projected to improve its pre-tax losses in 2024 compared to 2023, with total assets of $8.6 million and net assets of $3.7 million [4] - These acquisitions are part of the company's strategy to enhance control over key emerging markets and improve operational efficiency [4]