Core Viewpoint - The company Jitu Express (极兔速递-W) has had its profit forecast raised by Shenwan Hongyuan, maintaining an "overweight" rating due to better-than-expected growth in package volume in Southeast Asia and new markets in Q4 2025 [1] Group 1: Financial Forecast - The adjusted net profit forecasts for Jitu Express for 2025-2027 are now estimated at $3.87 billion, $6.02 billion, and $8.88 billion respectively, up from previous estimates of $3.68 billion, $5.92 billion, and $8.53 billion [1] - The year-on-year growth rates for the adjusted net profits are projected to be 93.01%, 55.69%, and 47.47% for 2025, 2026, and 2027 respectively [1] - Corresponding price-to-earnings (PE) ratios are expected to be 33x, 21x, and 15x for the years 2025, 2026, and 2027 [1] Group 2: Operational Performance - In Q4 2025, the total package volume reached 8.461 billion, a year-on-year increase of 14.5%, with Southeast Asia contributing 2.436 billion packages (up 73.6%) and China contributing 5.891 billion packages (down 0.4%) [2] - The new market package volume reached 134 million, reflecting a year-on-year growth of 79.7% [2] Group 3: Southeast Asia Growth - Jitu Express maintained a high growth rate in Southeast Asia, with Q4 2025 package volume growing by 73.6%, and an annual total of 7.66 billion packages, representing a 67.8% increase [3] - The growth is attributed to increased investments by e-commerce platforms in Southeast Asia, promotional activities, and the company's cost efficiency, which has enhanced its market share [3] Group 4: New Market Development - In Q4 2025, the new market business volume reached 13 million packages, a year-on-year increase of 79.7%, with an annual total of 40.4 million packages, up 43.6% [4] - The growth is driven by the gradual improvement of the company's express network, which can accommodate more business from e-commerce platforms [4] - In 2025, the company established 9 new transfer centers, added 80 self-owned trunk transport vehicles, and introduced 9 automated sorting lines to enhance operational efficiency and service quality in new markets [4]