Core Viewpoint - The report from Caitong Securities maintains a "Buy" rating for Jitu Express-W (01519), highlighting the company's rapid growth phase and high growth potential, with a projected business volume of 8.46 billion packages in Q4 2025, representing a year-on-year increase of 14.5% [1] Group 1: Recent Events - On January 7, 2026, Jitu Express disclosed its Q4 2025 operational data, achieving a business volume of 8.46 billion packages, with 2.44 billion from Southeast Asia, 5.89 billion from China, and 130 million from new markets [1] Group 2: Overseas Market Growth and Domestic Quality Development - In Southeast Asia, the company experienced a year-on-year package volume growth of 73.6% in Q4 2025, maintaining high growth despite a high base [2] - New markets show significant potential with low e-commerce penetration rates, and the company is accelerating growth in these areas, with a 31.8 percentage point increase in year-on-year growth rate from Q3 2025 [2] - In the Chinese market, the growth rate of package volume is gradually slowing, prompting the company to adjust its strategy to focus on quality growth and enhance network construction [2] Group 3: Growth Potential in Overseas Markets and Experience Transfer from China - Southeast Asia has a 4.9 times higher potential for per capita package volume compared to China, indicating it is still in the early stages of development. The company leads in cost and service competitiveness, which supports incremental platform business growth and creates a virtuous cycle of cost reduction through scale effects [3] - New markets still have low penetration rates compared to China, and with increased investment in network service quality, the company is expected to enter a fast growth phase in these markets [3] - The Chinese market serves as the foundation for the company's global expansion, allowing the transfer of mature domestic express delivery experience to enhance operational efficiency in overseas markets [3]