Core Viewpoint - The company, established in 2015, has become the leading express delivery service provider in Southeast Asia, with a significant presence in China and emerging markets, achieving high revenue growth and profitability [3][8]. Group 1: Southeast Asia Business - The company holds the highest market share in Southeast Asia, with a revenue of $19.70 billion in H1 2025, reflecting a year-on-year growth of 32.8% and a package volume increase of 57.9% [4][30]. - The Southeast Asian e-commerce market is expected to grow significantly, with retail transaction value projected to rise from $292 billion in 2025 to $572 billion by 2029, driven by increasing e-commerce penetration and the rise of live-streaming e-commerce [4][42]. - The company benefits from partnerships with major platforms like TikTok, which is rapidly gaining market share in the region, with a projected GMV of $22.6 billion in 2024 [4][46]. Group 2: New Market Expansion - The company has successfully replicated its Southeast Asian model in new markets such as the Middle East and Latin America, achieving a revenue of $3.62 billion in H1 2025, a 24.3% increase year-on-year [5][74]. - E-commerce penetration in these new markets remains low, with only 4% in the Middle East and Africa and 10% in Latin America, indicating substantial growth potential [5][66]. - The company has established partnerships with various cross-border and local e-commerce platforms, enhancing its growth prospects in these regions [5][71]. Group 3: China Business - In China, the company generated $31.37 billion in revenue in H1 2025, a 4.6% increase year-on-year, with package volume growing by 20% [5][88]. - The company is focusing on stabilizing delivery prices amid competitive pressures and has invested in building its logistics infrastructure to improve cost efficiency [5][90]. - The company’s profitability in China is improving, with adjusted EBITDA reaching $4.27 billion in 2024, marking a significant recovery from previous losses [5][100].