香港，2025年11月14日 —— 全球物流服务运营商极兔速递 (1519.HK) 宣布其双十一业务旺季的关键表 现。在"双十一"与"黑色星期五"等全球电商大促周期推动下，极兔全球订单包裹量增长迅猛。11月11日 当天，极兔速递全球包裹量再次突破亿件大关，创历史新高，同比增长9%。随着多个促销季的相继进 行，自11月1日至12日，极兔全球日均包裹量达9,459万件，同比增长15%，其中东南亚与新市场增长迅 速，分别实现78%和83%的强劲增长，充分展现了极兔在全球电商生态中不可或缺的战略地位和卓越的 服务韧性。 东南亚：业务旺季多维度保障 多个市场延续高增长 此次年末业务旺季期间，东南亚市场延续一贯活力。其中，菲律宾双十一期间日均包裹量对比平日增长 高达55%。新加坡、印尼与越南等多个东南亚市场在11月初的促销期中增长显著，其中越南市场呈爆发 式增长，在11月1日至11日期间累计包裹量同比劲增211%。 为应对年末业务旺季，极兔于泰国预先进行了18项产能拓展与升级项目，涵盖10个中心与8个集散点的 产能升级，并新增投入5套全自动化分拣设备，实现操作场地产能整体提升80%。在运力与人力保障方 面，业务旺季期间泰 ...

Core Viewpoint - Jitu Express has been recognized for its innovative breakthroughs and impressive performance in the global logistics sector, winning the "Overseas Innovation Golden Bull Award" at the 2025 Xiamen Industrial Development Conference [1] Group 1: Company Achievements - Jitu Express was awarded the "Overseas Innovation Golden Bull Award" for its global logistics service network and localized operational innovations, highlighting its sustainable growth and value in the capital market [1] - The company has established a differentiated development barrier through a "localization + technology empowerment" strategy since its inception in Indonesia in 2015 [1] - Jitu Express officially listed on the Hong Kong Stock Exchange on October 27, 2023, maintaining a market capitalization of around HKD 100 billion, setting records for the shortest establishment time and fastest listing in its industry [1] Group 2: Financial Performance - In 2024, Jitu Express achieved a revenue increase of 15.9% to USD 10.26 billion, with an adjusted net profit of USD 200 million, exceeding market expectations and marking its first comprehensive profitability [2] - The total package processing volume reached 24.65 billion items, with a gross margin increase from 5.3% to 10.5%, and operating cash flow grew by 136.1% to USD 807 million, validating its business model [2] - In the first half of 2025, the company reported total revenue of USD 5.5 billion, approximately CNY 39.218 billion, a year-on-year increase of 13.1%, and a net profit of USD 88.93 million, a 186.6% increase year-on-year [2] Group 3: Market Expansion - In the first half of 2025, Jitu Express saw a 57.9% year-on-year increase in package volume in Southeast Asia, reaching 3.23 billion items, with market share rising from 27.4% to 32.8% [3] - The company expanded its coverage in Southeast Asia through 121 transit centers, addressing service pain points and achieving a 29.6% revenue growth to USD 1.97 billion, with adjusted EBIT increasing by 74% [3] - Jitu Express is establishing close partnerships with several well-known international and local e-commerce platforms in new markets to enhance its reach to local merchants and consumers [3]

Core Viewpoint - Cainiao has undergone significant adjustments over the past year, focusing on globalization, technology, and marketization as it enters its 3.0 era, aiming to enhance its international logistics and technological capabilities [3][8]. Group 1: Global Supply Chain and Logistics - Cainiao is committed to strengthening its supply chain in China while also replicating its advanced supply chain experience overseas, particularly through the operation of overseas warehouses [4]. - The company operates over 40 overseas warehouses across 18 countries and regions, providing comprehensive supply chain management solutions [4]. - In cross-border logistics, Cainiao has accelerated its global network, enhancing air freight routes to key markets in Europe, Latin America, and Southeast Asia [5]. Group 2: Strategic Partnerships and Service Upgrades - Cainiao has announced a long-term strategic partnership with Qatar Airways Cargo, doubling the frequency of cargo flights on key routes from China to Europe [5]. - The "Global Five-Day Delivery" cross-border express service has been upgraded, with plans to expand to six additional core countries by the end of the year, ensuring faster delivery times [5][6]. - Since its launch, the "Global Five-Day Delivery" service has improved its delivery time from 7 days to 5 days, achieving an average delivery success rate of over 95% [5]. Group 3: Growth in Logistics Technology - Cainiao's logistics technology business has seen significant growth, with overseas sales increasing by over 150% year-on-year [7]. - The company is transitioning from focusing solely on Alibaba's platform to becoming an open logistics service provider for all clients and platforms [7][8]. Group 4: Market Outlook - Despite short-term challenges in the global e-commerce landscape, the long-term outlook remains positive, with expectations of continued growth as e-commerce penetration increases [9]. - The demand for more reliable logistics solutions is driving a shift towards a combination of cross-border direct mail, overseas warehouses, and local delivery services [10].

Core Insights - The company reported impressive mid-year results for 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and net profit soaring by 186.6% to $89.9 million [1] - Adjusted EBITDA also saw a significant rise of 24.2%, amounting to $440 million, indicating enhanced overall profitability [1] Southeast Asia Market - The Southeast Asia market, as the company's core business area, experienced a substantial package volume growth of 57.9% to 3.23 billion packages, with market share increasing by 5.4 percentage points to 32.8%, maintaining the industry leader position for six consecutive years [2] - The company achieved a 16.7% reduction in unit cost through effective resource integration and scale efficiency, leading to a significant profit margin increase, with adjusted EBIT rising by 74.0% to $230 million [2] China Market - In the Chinese market, despite facing pricing pressures, the company managed to reduce unit costs by 10.3%, effectively countering the profit pressure from declining unit revenue [3] - Revenue in China reached approximately $3.14 billion, a 4.6% year-on-year growth, with adjusted EBITDA at $160 million, and package volume increasing by 20% to 1.06 billion packages, raising market share to 11.1% [3] - The company is actively improving its customer structure by targeting high-quality clients, exemplified by a partnership with the "Gobi Challenge" event, enhancing brand influence and customer base [3] New Markets - The new market segment saw a pivotal shift, with revenue growing by 24.3% to $360 million, and adjusted EBITDA turning profitable at $1.57 million, marking a transition to sustainable growth [7] - Package volume in new markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, increased by 21.7% to 17 million packages, with strengthened partnerships with global and local e-commerce platforms [7] Overall Performance - The company's mid-year performance reflects strong growth across all segments, with a solidified leading position in Southeast Asia, resilience in the competitive Chinese market, and a profitable turnaround in new markets [7] - Analysts from multiple brokerages express optimism about the company's future, highlighting its competitive advantages and potential for significant growth in the Southeast Asian express delivery market [8] - The company has established a robust foundation for sustainable long-term development through its global operational capabilities and cost control [9]

Core Insights - The company reported impressive mid-year results for 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and net profit soaring by 186.6% to $88.9 million [1] - Adjusted EBITDA also grew by 24.2% to $440 million, indicating a significant enhancement in overall profitability [1] Southeast Asia Market - The Southeast Asia market, as the company's core business area, saw a substantial package volume increase of 57.9% to 3.23 billion pieces, with market share rising by 5.4 percentage points to 32.8%, maintaining the industry leader position for six consecutive years [2] - The company achieved a 16.7% reduction in single-package costs through effective resource integration and scale efficiency, leading to a 74.0% increase in adjusted EBIT to $230 million, making it a key profit source [2] China Market - In the Chinese market, despite facing pricing pressures, the company managed to reduce single-package costs by 10.3%, effectively countering the decline in single-package revenue [3] - Revenue in China reached approximately $3.14 billion, a 4.6% year-on-year growth, with adjusted EBITDA at $160 million; package volume increased by 20% to 10.6 billion pieces, raising market share to 11.1% [3] - The company is actively improving its customer structure by targeting high-quality clients, exemplified by its partnership with the "Gobi Challenge" event, enhancing brand influence and customer base [3] New Markets - The new market segment experienced a pivotal turning point, with revenue growing by 24.3% to $360 million and adjusted EBITDA turning profitable at $1.57 million, indicating a shift to sustainable growth [5] - Package volume in new markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, increased by 21.7% to 17 million pieces, with collaborations with major e-commerce platforms enhancing market penetration [5] Overall Performance - The company's mid-year performance reflects strong growth across all segments, with a solidified leading position in Southeast Asia, resilience in the competitive Chinese market, and a profitable turnaround in new markets [5] - Several brokerages have expressed optimistic forecasts for the company's future, highlighting its competitive advantages and potential for significant growth in the Southeast Asian express delivery market [6]

Core Insights - The Chinese logistics industry is accelerating its efforts to capture the global market, recognizing that overseas markets can provide new growth and higher profits as domestic competition intensifies [1] - The global cross-border logistics market is projected to grow from 13.3 trillion yuan in 2020 to 18.6 trillion yuan by 2024, with a compound annual growth rate of 8.75%, reaching nearly 20 trillion yuan by 2025 [1] Group 1: Market Dynamics - The competition in overseas markets is characterized by escalating challenges in timeliness and pricing, with increasing uncertainties such as tariffs impacting logistics operations [1][7] - The logistics network's globalization requires significant capital investment and long-term planning, with a focus on enhancing network density rather than merely entering new markets [2] Group 2: Service Evolution - The willingness of overseas consumers to pay for faster delivery is increasing, with the share of products offering 5 USD for 10-day delivery rising to 70%, while 10 USD for 5-day delivery accounts for 20-30% [3] - E-commerce remains a critical driver for logistics companies' globalization, with 70% of Cainiao's global business linked to e-commerce [3] Group 3: Operational Challenges - The logistics industry faces heightened uncertainty due to changing tariff policies, which are expected to impact cross-border logistics efficiency and increase costs [7] - The shift towards overseas warehouses and local delivery services is anticipated to raise the entry barriers for cross-border merchants, necessitating efficiency improvements in logistics networks [7] Group 4: Future Outlook - The growth potential for overseas e-commerce is significant, with current penetration rates in most countries ranging from 10% to 20%, indicating a clear trend towards higher penetration rates [8] - The establishment of logistics nodes in overseas markets may require a longer timeframe compared to domestic setups, emphasizing the need for early strategic investments [8]

Core Insights - Cainiao has established a cross-border logistics network among the six Gulf countries, enabling package delivery within three days, marking a significant breakthrough in its global logistics capabilities [3][4] - The company aims to reduce cross-border logistics costs through a centralized inventory and regional distribution model, offering a combination of air and land transport services [3][6] - The Gulf region is becoming a focal point for international logistics companies due to its high consumer spending and increasing e-commerce penetration [3][6] Group 1 - Cainiao is the first global logistics company to facilitate express delivery among the six Gulf countries, which include the UAE, Oman, Bahrain, Qatar, Kuwait, and Saudi Arabia [3] - The logistics services include fast air transport that can deliver within three days and economical land transport that takes 6-8 days, with an average cost savings of $1 per kilogram compared to market rates [3][6] - The establishment of this network is a key milestone in the globalization of Chinese logistics companies, with competitors like SF Express and JD also expanding into the region [3][6] Group 2 - Cainiao has been focusing on the Middle East as a crucial area for its global expansion strategy, as announced by Jack Ma in 2018 [4] - The company is building a global logistics backbone network to support both Alibaba's e-commerce and open markets, as stated by CEO Wan Lin [6] - Cainiao's global supply chain operates over 40 overseas warehouses in 18 countries and regions, including Europe, North America, and Asia-Pacific [7][8] Group 3 - The company has recently opened its second self-operated overseas warehouse in Canada, bringing the total to 13 across the US, Canada, and Mexico [8] - Cainiao's eHub super hubs in Belgium, Hong Kong, and Malaysia are operational, with plans for a second batch of eHubs to enhance global logistics efficiency [8][9] - The company is continuously enhancing its local express network in overseas markets to meet rising demands for cross-border logistics efficiency [9][10]

Group 1 - JD Logistics currently has a team of over a thousand people in Saudi Arabia, indicating significant operational presence in the region [2] - In June 2024, JD Group established a strategic partnership with Saudi Electricity Company (SEC) to automate and upgrade dozens of its warehouses, enhancing logistics efficiency in the Middle East and North Africa [3] - JD Logistics has built one of the largest automotive parts centers in Saudi Arabia, storing tens of thousands of auto parts, which supports its collaboration with major automotive brands [3] Group 2 - JD Logistics aims to seize opportunities from Saudi Arabia's economic transformation, accelerating the implementation of logistics supply chains and expanding its global integrated supply chain network [4] - For the full year of 2024, JD Group reported total revenue of 1,158.8 billion RMB, a year-on-year increase of 6.84%, with Q4 revenue reaching 347 billion RMB, up 13.4% year-on-year [3] - In Q1 2025, JD Logistics achieved total revenue of 46.967 billion RMB, reflecting a year-on-year growth of 11.46% [4]

Core Insights - Shenzhen Oriental Jiasheng Supply Chain Co., Ltd. reported a significant increase in revenue and profit for the year 2024, with total revenue reaching 3.552 billion yuan, a year-on-year growth of 31.97%, and net profit attributable to shareholders at 192 million yuan, up 20.50% [1] - The company announced a profit distribution plan, proposing a cash dividend of 0.75 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares [1] Revenue Breakdown - The cross-border e-commerce logistics segment saw remarkable growth, generating 1.698 billion yuan in revenue, a staggering increase of 1922.83%, becoming the largest growth driver for the company [1] - The consumer food segment achieved revenue of 370 million yuan, reflecting a year-on-year growth of 59.23%, solidifying the company's position as a leader in the imported alcoholic beverage supply chain [1] - The medical health segment reported revenue of 162 million yuan, with a growth of 16.34%, expanding its global center warehouse business in collaboration with leading medical testing companies [1] Strategic Focus for 2025 - The company plans to focus on "industry deepening" and "technology empowerment" as its two main strategic lines, aiming to enhance its competitive advantage in the supply chain service sector through digital upgrades and warehouse network expansion [2] - In the vertical industry segment, the company is exploring opportunities in the semiconductor supply chain, particularly in repair services and trade, leveraging its strategic investment capabilities [2] - The company aims to expand its international freight routes to Europe, the UK, and the US, while deepening its cross-border e-commerce business by utilizing its global overseas warehouse layout [2] Digital Transformation Initiatives - The company intends to integrate AI technology into its supply chain operations, aiming to automate customs documentation processing and improve accuracy to 99% [2] - A logistics warehouse cloud ecosystem is being developed to enhance digital capabilities, facilitating data communication across customs, warehousing, and transportation processes [2] - The company is collaborating with leading industry players to explore the construction of a logistics robot matrix, focusing on customized solutions for high-value goods to improve operational safety and efficiency [2] Warehouse Network Expansion - The company has completed the construction of warehouses in Chongqing and Kunming, with ongoing projects in Shenzhen, resulting in a total operational warehouse area exceeding 250,000 square meters [3] - This expansion is expected to significantly reduce external leasing costs and improve operational quality [3] - The company is also developing cross-border multimodal transport products to enhance transportation efficiency and optimize costs, aiming to build a rapid freight logistics network covering Europe, the US, and Southeast Asia [3]

Core Viewpoint - KuaYue Express is redefining high-end logistics service standards through its unique strategic layout and innovative capabilities, emphasizing a competitive stance of "having what others have, and being stronger in what others do not" [1] Group 1: Time Barriers - KuaYue Express has established a "limited-time express" service since its inception in 2007, creating four major air hubs that connect key economic regions, achieving "door-to-door delivery in as fast as 8 hours" across provinces [2] - The company's unique "dynamic routing" system utilizes big data and AI to optimize transport paths in real-time, saving 20% in space resources and enhancing cargo capacity by 30%, thus meeting B-end clients' demands for timeliness and stability [2] - In contrast, JD Logistics, while strong in warehousing and last-mile delivery, relies on external partnerships for trunk line timeliness and lacks the technical depth of KuaYue's "dynamic routing" [2] Group 2: Technological Foundation - KuaYue Express is defined as a "technology logistics company" by its founder, with significant investments in technology, including a "digital system" covering the entire logistics process, developed with an investment of several billion yuan in 2019 [4] - The company employs over 300,000 cameras and AI video monitoring for full visibility of goods throughout the logistics process, surpassing traditional logistics firms' information levels and complementing JD Logistics' strengths in supply chain forecasting and warehouse management [4] Group 3: B-end Services - KuaYue Express focuses on the enterprise market, providing customized solutions for high-demand industries such as 3C electronics, pharmaceuticals, and fresh produce, achieving a customer repurchase rate and satisfaction that have led the industry for three consecutive years [6] - The company reported a "less-than-truckload revenue of 18.47 billion yuan, with a compound growth rate exceeding 30%", demonstrating its strong influence in the B-end market [6] - JD Logistics, despite strengthening its express business through the acquisition of Debang, still primarily focuses on C-end e-commerce and integrated supply chain services [6] Group 4: Synergistic Effects - By 2025, the integration of strengths between KuaYue Express and JD Logistics will enter a new phase, with KuaYue gaining access to JD's warehousing network, last-mile delivery, and international business support [8] - The combination of JD's global "2-3 day delivery" time frame with KuaYue's air network will jointly expand the cross-border logistics market, while KuaYue's trunk resources will optimize JD's supply chain costs [9] - This "1+1>2" synergy allows KuaYue to maintain its core advantages in technology and timeliness while benefiting from JD's ecosystem, creating a comprehensive service system that is difficult for competitors to replicate [9] Group 5: Future Layout - KuaYue Express is advancing its W5000 large unmanned cargo aircraft project in collaboration with White Whale Airlines, aiming to extend its air network and expand its service range from domestic to Southeast Asia, the Middle East, and Europe [11] - Unlike traditional logistics companies that focus on single areas, KuaYue is leveraging a "unmanned + globalization" dual-engine strategy to continuously broaden its competitive boundaries [11] - In a critical period where the logistics industry shifts from scale competition to quality competition, KuaYue Express is building comprehensive logistics capabilities covering all scenarios and links, solidifying its leadership position in the high-end market [11]