Core Insights - The company reported a revenue of $5.5 billion for H1 2025, reflecting a year-on-year increase of 13.1% [1] - Adjusted net profit reached $156 million, a significant increase of 147% year-on-year, with adjusted EBITDA at $440 million, up 24.2% [1] Financial Data - Revenue: $5.5 billion, up 13.1% year-on-year; Express service revenue: $5.3 billion, up 12.7% [1] - Adjusted net profit: $156 million, up 147% year-on-year; Adjusted EBITDA: $440 million, up 24.2%; Adjusted EBIT: $200 million, up 65.4% [1] Regional Performance - Southeast Asia: H1 volume reached 3.23 billion pieces, up 58% year-on-year, with a market share of 32.8%, up 5.4 percentage points [2] - China: H1 volume reached 10.6 billion pieces, up 20% year-on-year, with a market share of 11.1%, up 0.1 percentage points [2] - New Markets: H1 volume reached 170 million pieces, up 22% year-on-year, with a market share of 6.2%, up 0.1 percentage points [2] Profitability Metrics - Southeast Asia: Single ticket revenue at $0.61, down $0.13; Single ticket EBIT at $0.073, up $0.007 [2] - China: Single ticket revenue at $0.30, down $0.04; Single ticket EBIT at $0.001, down $0.006 [2] - New Markets: Single ticket revenue at $2.18, up $0.04; Single ticket EBIT at -$0.106, improved by $0.059 [2] Investment Recommendations - Profit Forecast: Adjusted net profit predictions for 2025-2027 are $330 million, $590 million, and $830 million respectively [3] - Valuation: Total target market capitalization is estimated at HKD 121 billion, with a target price of HKD 13.49, indicating a potential upside of 30% [3] - Market Outlook: Positive growth expected across all three markets, with Southeast Asia leading due to e-commerce growth, China benefiting from reduced competition, and new markets showing significant potential [3]

"预计下半年，行业发展动能将进一步释放，产业协同深化发展，服务供给日益丰富，发展态势将 持续向好。"朱丽说。 朱丽说，今年上半年，我国快递市场规模持续增长，充分满足直播带货、假日经济、消费品以旧换 新等寄递需求，深入挖掘文旅、赛事等场景潜在寄递需求，带动线上消费需求不断释放。假日、电商大 促扩量发展，春节、"五一"等节假日期间，快递业务量均比去年同期增长超20%，6月16日至22日日均 业务量超5.8亿件。跨区流动支撑有力，一季度异地快递业务量累计完成405亿件，同比增长23.5%，高 出行业增速1.9个百分点；二季度异地快递业务持续增加，对快递业务量增长的贡献接近95%。 新华社北京7月14日电（记者叶昊鸣）记者14日从国家邮政局举行的三季度例行发布会上获悉，今 年上半年快递业务收入有望超7000亿元，同比增长8.5%。行业发展稳中有进，市场规模保持高位。 朱丽表示，今年上半年，我国快递行业着力提升服务水平，增强保障能力，加快推动智能化、绿色 化、国际化发展，丰富"快递+"服务业态，高效支撑线上消费活力释放，在服务生产生活、畅通经济循 环等方面发挥了现代化先导性作用。 国家邮政局发展研究中心产业经济研究部副 ...

Core Insights - The postal and express delivery industry in China has shown robust growth in the first four months of the year, with a total delivery volume of 67.4 billion items, representing a year-on-year increase of 18.3% [1] - The express delivery volume reached 61.45 billion items, marking a 20.9% year-on-year growth [1] - In April alone, the express delivery volume was 16.32 billion items, with a year-on-year increase of 19.1% and an average daily volume of approximately 550 million items [1] Industry Performance - The postal industry's total revenue for the first four months was 569.12 billion yuan, reflecting an 8.1% year-on-year increase [1] - The express delivery revenue reached 466.91 billion yuan, showing a 10.9% year-on-year growth [1] Development Capacity - In April, express delivery companies accelerated the deployment of unmanned equipment and upgraded sorting automation in various locations, enhancing efficiency and reducing costs [2] - The international delivery market is expanding, with overseas warehouses established in cities like Madrid and Incheon [2] - The volume of same-city express deliveries was 4.96 billion items, up 4.4% year-on-year, while intercity deliveries reached 55.15 billion items, increasing by 22.6% [2] - International and Hong Kong/Macau/Taiwan express delivery volume totaled 1.35 billion items, reflecting a 25.4% year-on-year growth [2] Service Quality - Express delivery companies have collaborated with e-commerce platforms to innovate and promote consolidated shipping models, addressing delivery challenges in remote areas [2] - The proportion of express delivery volume from eastern, central, and western regions was 71.4%, 19.4%, and 9.2%, respectively, with increases in the central and western regions compared to the previous year [2]