Core Viewpoint - The company maintains a "buy" rating for Jitu Express (01519), highlighting its rapid growth 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 0.13 billion 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 expected to accelerate growth in these markets, 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 and Experience Transfer - 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, with the company leading in cost and service competitiveness [3] - The 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 [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]