香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦不發表任 何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Beijing Data Intelink Technology Co., Ltd. 北京數聚智連科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、獨家保薦人兼整體協調人、整體協調人、顧問 及承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登 記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，準投資者務請僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；有關文 本將於發售期內向 ...

Financial Data and Key Metrics Changes - In 2025, the company achieved total revenue of $12.2 billion, a year-on-year increase of 18.5% from $10.3 billion in 2024 [16] - Adjusted net profit reached $430 million, representing a significant year-on-year increase of 112.3% [5][23] - Total gross profit for the year was CNY 1.46 billion, reflecting a year-on-year increase of 35.7% [17] - Adjusted EBIT reached CNY 566 million, up 87.9% year-on-year [17] Business Line Data and Key Metrics Changes - Southeast Asia handled 7.7 billion parcels, a year-on-year increase of 67.8%, with revenue reaching $4.5 billion, up 39.8% [5][6] - In China, the company handled 22.1 billion parcels, representing an 11.4% year-on-year increase, with revenue growing by 5% to CNY 6.7 billion [9][19] - New markets saw parcel volume grow to 400 million, a year-on-year increase of 43.6%, with revenue growing by 51.2% to CNY 870 million [11][20] Market Data and Key Metrics Changes - The company's market share in Southeast Asia reached 34.4%, an increase of 5.8 percentage points year-on-year [6][30] - In China, market share reached 11.1% [9] - The Southeast Asia e-commerce market is projected to maintain a high CAGR of 15%-20% from 2026 to 2030 [28] Company Strategy and Development Direction - The company aims to strengthen investment in global network infrastructure and enhance customer experience while expanding into new markets [14] - Focus on high-quality growth and operational efficiency, transitioning from price-driven competition to value-based competition [9][54] - Plans to develop Latin America into a key market, similar to Southeast Asia, while exploring opportunities in Europe and North America [39] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum in Southeast Asia due to strong e-commerce demand and ongoing capacity investments [28][31] - The anti-involution policies in China are expected to support pricing stability and improve service quality, contributing to a healthier competitive landscape [54] - The company remains optimistic about the long-term growth potential in new markets, leveraging operational expertise from China and Southeast Asia [21][60] Other Important Information - The Guangzhou Huadu Sorting Center commenced operations in Q4 2025, enhancing sorting and transit efficiency [10] - The company recorded a net cash inflow from operating activities of CNY 1.09 billion, a 34.8% year-on-year increase [24] Q&A Session Summary Question: Can the accelerating trend of parcel volume growth in Southeast Asia be sustained into 2026? - Management believes the Southeast Asia e-commerce sector is in a rapid growth stage, with major platforms increasing investments, driving strong volume momentum [28][31] Question: What is the current status of non-platform business development in Southeast Asia? - Non-platform business is growing but at a slower rate than e-commerce; however, it commands higher margins and is a strategic focus for the company [32] Question: What is the company's global expansion strategy considering geopolitical tensions? - The company is closely monitoring markets and working with e-commerce platforms to enter high-growth potential markets at the right time [37] Question: What is the CapEx allocation plan for the next 2-3 years? - The company is planning capacity expansions in Southeast Asia and maintaining communication with customers for volume forecasts [40] Question: What is the company's approach to shareholder returns? - The company has a share repurchase program and will execute it when the market undervalues its intrinsic value [43] Question: How has the Southeast Asia market performed in terms of growth this year? - The company recorded strong growth in January and February, continuing to follow its 3PL strategy to strengthen its position in Southeast Asia [45][46] Question: How does the company assess the evolution of anti-involution policies? - Management believes these policies drive quality improvement and operational efficiency, shifting focus from price competition to service quality [53] Question: How is the company balancing volume growth and profitability improvement in China? - The company focuses on high-quality growth, enhancing collaboration with e-commerce customers, and refining its operational network [55][56]

Financial Data and Key Metrics Changes - In 2025, the company achieved total revenue of $12.2 billion, a year-on-year increase of 18.5% from $10.3 billion in 2024 [16] - Adjusted net profit reached $430 million, representing a significant year-on-year increase of 112.3% [5][23] - Total gross profit for the year was CNY 1.46 billion, reflecting a year-on-year increase of 35.7% [17] - Adjusted EBIT reached CNY 566 million, up 87.9% year-on-year [17] Business Line Data and Key Metrics Changes - Southeast Asia handled 7.7 billion parcels, a year-on-year increase of 67.8%, with revenue reaching $4.5 billion, up 39.8% [6][18] - In China, the company handled 22.1 billion parcels, representing an 11.4% year-on-year increase, with revenue growing by 5% to CNY 6.7 billion [9][19] - New markets handled 400 million parcels, a year-on-year increase of 43.6%, achieving positive Adjusted EBIT for the first time [11][20] Market Data and Key Metrics Changes - The company's market share in Southeast Asia reached 34.4%, an increase of 5.8 percentage points year-on-year [6][29] - In China, the market share reached 11.1% [9] - The Southeast Asia e-commerce market is projected to maintain a high CAGR of 15%-20% from 2026 to 2030 [28] Company Strategy and Development Direction - The company aims to strengthen investment in global network infrastructure and export China's mature operational system [14] - Focus on high-quality growth and enhancing customer experience through improved service quality and operational efficiency [52][54] - Plans to expand into additional Latin American markets such as Colombia and Peru, aiming to develop Latin America into a key growth region [37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of new markets, particularly in Latin America, due to high GDP and low e-commerce penetration [12][13] - The company is adapting to the evolving competitive landscape in China, focusing on service quality and operational efficiency rather than price competition [51] - Management believes that the anti-involution policies will continue to support pricing stability and improve service quality in the industry [52] Other Important Information - The Guangzhou Huadu Sorting Center commenced operations, enhancing sorting and transit efficiency [10] - The company recorded a net cash inflow from operating activities of CNY 1.09 billion, a 34.8% year-on-year increase [24] Q&A Session Summary Question: Can the accelerating trend of parcel volume growth in Southeast Asia be sustained into 2026? - Management believes the Southeast Asia e-commerce sector is in a rapid growth stage, with strong volume momentum expected to continue [28][30] Question: What is the current status of non-platform business development in Southeast Asia? - Non-platform business is growing but at a slower rate than e-commerce; however, it commands higher margins and is a strategic focus for the company [31][32] Question: What is the company's current global expansion strategy? - The company is closely monitoring global e-commerce trends and plans to expand into new markets, particularly in Latin America, while ensuring capacity aligns with customer needs [36][37] Question: What is the company's approach to shareholder returns? - The company has a share repurchase program and will execute it when the market undervalues its intrinsic value [42][43] Question: How does the company assess the impact of anti-involution policies on the competitive landscape? - Management sees these policies as beneficial for improving service quality and operational efficiency, shifting focus away from price competition [51][52]

Financial Data and Key Metrics Changes - In 2025, the company achieved total revenue of $12.2 billion, a year-on-year increase of 18.5% from $10.3 billion in 2024 [14] - Adjusted net profit reached $430 million, representing a significant year-on-year increase of 112.3% [5] - Total gross profit for the year was CNY 1.46 billion, reflecting a year-on-year increase of 35.7% [15] - Adjusted EBIT reached CNY 566 million, up 87.9% year-on-year [15] Business Line Data and Key Metrics Changes - Southeast Asia handled 7.7 billion parcels, a year-on-year increase of 67.8%, with revenue reaching $4.5 billion, up 39.8% [5][16] - In China, the company handled 22.1 billion parcels, representing an 11.4% year-on-year increase, with revenue growing by 5% to CNY 6.7 billion [7][18] - New markets saw parcel volume growth of 43.6%, handling 400 million parcels, with adjusted EBIT turning from a loss to a profit for the first time [10][19] Market Data and Key Metrics Changes - The company's market share in Southeast Asia increased to 34.4%, up 5.8 percentage points year-on-year [5][28] - In China, market share reached 11.1%, with a focus on improving service quality and transitioning to value-based competition [8][18] - The Latin American market is expected to maintain rapid expansion, driven by the growth of e-commerce platforms [11] Company Strategy and Development Direction - The company aims to strengthen investment in global network infrastructure and enhance customer experience while expanding in core and new markets [12] - The strategy includes leveraging China's operational expertise in new markets and focusing on high-quality growth rather than just volume [52] - The company is actively exploring opportunities in Latin America and beyond, including Europe and North America [36] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth in Southeast Asia, with the e-commerce market projected to maintain a high CAGR of 15%-20% from 2026 to 2030 [27] - The anti-involution policies in China are expected to support pricing stability and improve service quality across the industry [50] - The company remains optimistic about the long-term growth potential in new markets, aiming to replicate the success seen in Southeast Asia [21] Other Important Information - The Guangzhou Huadu Sorting Center commenced operations, enhancing sorting and transit efficiency in the Greater Bay Area [9] - The company recorded a net cash inflow from operating activities of CNY 1.09 billion, growing 34.8% year-on-year [22] - As of December 31, 2025, total cash and cash equivalents amounted to CNY 2.2 billion, up 31% from the previous year [23] Q&A Session Summary Question: Can the accelerating trend of parcel volume growth in Southeast Asia be sustained into 2026? - Management believes the Southeast Asia e-commerce sector is in a rapid growth stage, with major platforms increasing investments, driving strong volume momentum [27][29] Question: What is the current status of non-platform business development in Southeast Asia? - The company is actively developing non-platform customers, which are growing but at a slower rate than e-commerce volume, while contributing higher margins [30][31] Question: What is the company's current global expansion strategy considering geopolitical tensions? - The company is closely monitoring markets and working with e-commerce platforms to enter high-growth potential markets at the right time [35][36] Question: What is the strategy for shareholder returns going forward? - The company has a share repurchase program and will execute it when the market undervalues its intrinsic value, funded through operational cash and convertible bond proceeds [41][42] Question: How does the company assess the evolution of anti-involution policies in China? - Management believes these policies drive quality improvement and cost reduction, shifting focus from price competition to service quality [50]

Financial Data and Key Metrics Changes - In 2025, the company achieved total revenue of $12.2 billion, representing an 18.5% year-on-year increase from $10.3 billion in 2024 [16][17] - Adjusted net profit amounted to $430 million, reflecting a significant year-on-year increase of 112.3% [5][23] - Adjusted EBIT reached $566 million, up 87.9% year-on-year, indicating improved profitability [17][23] Business Line Data and Key Metrics Changes - Southeast Asia handled 7.7 billion parcels in 2025, a year-on-year increase of 67.8%, with revenue reaching $4.5 billion, up 39.8% [5][18] - In China, the company managed 22.1 billion parcels, representing an 11.4% year-on-year increase, with revenue growing by 5% to $6.7 billion [9][19] - New markets saw parcel volume growth of 43.6%, with revenue increasing by 51.2% year-on-year to $870 million [11][20] Market Data and Key Metrics Changes - The market share in Southeast Asia reached 34.4%, an increase of 5.8 percentage points year-on-year [5][29] - In China, the market share was reported at 11.1%, with a focus on improving service quality amid intense competition [9][19] - The company is expanding its presence in Latin America, targeting Colombia and Peru as new markets for growth [12][37] Company Strategy and Development Direction - The company aims to strengthen investment in global network infrastructure and enhance customer experience while expanding in core markets [13][14] - A focus on high-quality growth is emphasized, with efforts to deepen collaboration with e-commerce platforms and optimize operational efficiency [54][55] - The company plans to leverage its experience from China and Southeast Asia to capture growth in new markets, particularly in Latin America [12][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth in Southeast Asia, driven by the rapid penetration of e-commerce [28][30] - The anti-involution policies in China are seen as beneficial for improving service quality and operational efficiency [52][53] - The company remains optimistic about the long-term potential of new markets, with plans to invest in infrastructure to enhance local efficiency [60] Other Important Information - The company recorded a net cash inflow from operating activities of CNY 1.09 billion, a 34.8% increase year-on-year [24] - Free cash flow reached CNY 494 million, representing a 96.1% year-on-year increase, highlighting enhanced cash generation capabilities [24] Q&A Session Summary Question: Can the accelerating parcel volume growth in Southeast Asia be sustained into 2026? - Management believes the Southeast Asia e-commerce sector is in a rapid growth stage, with a projected CAGR of 15%-20% from 2026 to 2030, supporting continued volume momentum [28][29] Question: What is the current status of non-platform business development in Southeast Asia? - Non-platform business is growing but at a slower rate than e-commerce volume; however, it commands higher margins and is a strategic focus for the company [31][32] Question: What is the company's global expansion strategy considering geopolitical tensions? - The company is closely monitoring global e-commerce trends and plans to expand into new markets, particularly in Latin America, while assessing local conditions for optimal entry [37] Question: What is the approach to shareholder returns? - The company has completed share repurchases and plans to continue this strategy when the market undervalues its intrinsic value, funded by operational cash flow [44][45] Question: How has the Southeast Asia market performed so far this year? - The company reported strong growth in January and February, continuing to follow its strategy to be a leading third-party logistics provider in the region [46][48] Question: What specific cost reduction initiatives have been implemented in new markets? - Cost per parcel in new markets decreased due to economies of scale and operational improvements, including automation and optimized franchise models [58][60]

Core Insights - J&T Express aims to significantly expand its international operations, targeting a package volume of over 30 billion by 2025, with a daily processing capacity of 82.5 million packages [2] - The company has seen substantial growth in Southeast Asia and emerging markets, with package volume increases of 67.8% and 43.6% respectively, contributing to nearly 30% of its total volume [2][5] - J&T Express plans to make strategic acquisitions and investments in Latin America and the Middle East, viewing these regions as potential growth markets similar to Southeast Asia [2][11] Group 1: Financial Performance - As of mid-2025, J&T Express reported a net profit of $160 million, a 147.1% year-on-year increase, with Southeast Asia contributing two-thirds of this profit despite accounting for less than a quarter of total business volume [7] - The company's stock price has increased by 60% since 2025, with a market capitalization exceeding HKD 100 billion [2] - In the first half of 2025, J&T Express's revenue from Southeast Asia reached approximately $1.97 billion, with a gross profit of $350.97 million [19] Group 2: Market Strategy - J&T Express has expanded its operations to 13 countries globally, focusing on partnerships with major e-commerce platforms to grow alongside them [4][16] - The company is adapting its pricing strategies and increasing promotional efforts to maintain its market position amid rising competition from other Chinese logistics firms [17] - J&T Express is also diversifying its service offerings by targeting non-e-commerce packages, which are seen as a significant growth opportunity [21][22] Group 3: Future Outlook - Management is optimistic about maintaining high growth rates in emerging markets, particularly in South America, where local e-commerce platforms are increasing their investments [7] - The company is committed to achieving operational efficiency through automation and cost optimization, aiming for annual cost reductions of 5%-10% [20] - J&T Express anticipates that changes in external environments, such as new tariffs in Mexico, will have short-term impacts but believes that long-term trends will favor growth in direct shipping models [25]

Core Viewpoint - The article highlights the competitive advantages of Chinese e-commerce platforms, showcasing their ability to offer extremely low prices and innovative customer service strategies, which are reshaping the global e-commerce landscape [1][3][5]. Group 1: Pricing Strategy - A set of three sandpapers was sold for only 1.03 RMB, and after a reward for leaving a review, the effective cost could drop to 0.5 RMB [1][3]. - The seller compensates customers with additional products, such as a sponge sand block worth 10 RMB, to enhance customer satisfaction and encourage positive reviews [3][5]. - This pricing strategy aims to increase sales volume and build customer loyalty, ultimately leading to larger orders in the future [5]. Group 2: Market Dynamics - The article suggests that low prices allow sellers to negotiate better terms with suppliers and logistics companies, enhancing their competitive edge [5]. - It notes that the e-commerce market is becoming increasingly dominated by a few major players, leading to the gradual decline of small local businesses [5]. - The competitive landscape is expected to extend globally, with successful Chinese sellers likely to dominate international markets due to their experience in a highly competitive domestic environment [5]. Group 3: Comparison with U.S. E-commerce - The lowest price for sandpaper on U.S. platforms like eBay and Amazon is significantly higher, at 8.95 USD (approximately 63 RMB) and 7 USD (approximately 50 RMB) respectively, indicating a stark price difference [11][12]. - U.S. e-commerce platforms have higher operational costs, with fees for sellers ranging from 15% to 45% of sales, which contrasts with the lower costs faced by Chinese sellers [12][14]. - The dominance of Chinese sellers in the U.S. online grocery market is noted, with the article suggesting that they are capturing significant market share while U.S. small businesses struggle [12][19]. Group 4: Future Trends - The article discusses the emergence of Chinese e-commerce platforms like Temu, TikTok Shop, and Shein, which are reshaping global e-commerce dynamics and achieving significant growth in international markets [15][17]. - By 2025, Temu is projected to become the second-largest global e-commerce site, with a focus on improving delivery times through overseas warehouses [17]. - The integration of AI technology in Chinese e-commerce is highlighted as a key factor in enhancing customer service and operational efficiency, further solidifying their competitive advantage [18]. Group 5: Trade Surplus and Economic Impact - China's trade surplus is projected to reach approximately 1.15 trillion USD in 2025, a record high in human economic history, significantly surpassing previous peaks from Germany and Japan [19][22]. - The article emphasizes that China's manufacturing sector is not only robust but is also evolving to meet global demands, indicating a shift from merely producing low-cost goods to offering a comprehensive ecosystem of supply chain, logistics, and e-commerce [21].

Core Insights - The annual "Double Eleven" shopping festival is evolving from a Chinese consumer phenomenon into a global commercial event, with the 2025 event set to take place simultaneously in 20 countries, signaling a strategic shift of Chinese e-commerce giants towards international markets [1][3] Group 1: Global Expansion - The rapid development and maturity of the Chinese e-commerce market are driving this globalization trend, with local players accumulating strong competitive advantages in product innovation, creative marketing, efficient logistics, digital ecosystem construction, and AI applications [3][4] - Chinese e-commerce platforms have made significant progress in global expansion, particularly in Southeast Asia, where their GMV share in key markets like Indonesia, Thailand, and the Philippines has reached 50% [3][4] Group 2: Challenges in Globalization - As Chinese e-commerce giants enter international markets, they face three core challenges: stricter international regulations, intensified competition with entrenched local players, and the need to understand and adapt to cultural differences and consumer habits in various countries [5][6] - The upcoming "Double Eleven" event is seen as a critical test of the global innovation capabilities and localized execution results of Chinese e-commerce giants [6]

Core Insights - The article highlights the success story of Ugreen Technology, which has transformed from a data cable manufacturer to a publicly listed company with a market capitalization nearing 18.9 billion yuan, achieving a revenue of 4.803 billion yuan and a net profit of 388 million yuan in 2023 [2][29] Group 1: Company Background - Ugreen was founded in 2012 by Zhang Qingsen, who recognized the vulnerabilities of the OEM model prevalent in the Pearl River Delta, where manufacturers earned minimal profits while brand owners profited significantly [4] - The company initially adopted a dual strategy of continuing OEM orders for cash flow while developing its own brand, "uGreen" [4][6] Group 2: Key Growth Drivers - The first pivotal moment for Ugreen was the collective awakening of OEM companies in the Pearl River Delta, leading them to explore their own brands, which allowed Ugreen to use OEM profits as startup capital for its brand [6] - The second key moment was the global e-commerce boom in 2014, prompting Ugreen to expand its global footprint by entering platforms like Tmall, JD.com, Amazon, and AliExpress [6][8] Group 3: Financial Performance - In 2023, Ugreen's overseas revenue reached 2.42 billion yuan, accounting for 50.39% of total revenue, and in 2024, it further increased to 3.544 billion yuan, representing a year-on-year growth of 46.46% and 57.47% of total revenue [8] Group 4: Competitive Advantages - Ugreen's strategy focuses on solving user pain points rather than inventing new technologies, allowing it to create user-friendly products that meet market demands [10] - The company has invested significantly in R&D, with expenses reaching 304 million yuan in 2024, a 40.87% increase year-on-year, and has accumulated 1,821 patents, including 22 high-value invention patents [14] Group 5: Business Model and User Engagement - Ugreen employs a "growth flywheel" model, where cost reduction through scale leads to competitive pricing, user feedback informs product improvements, and trust fosters repeat purchases [16][18] - The company boasts a user repurchase rate of 32%, significantly higher than the industry average, indicating strong customer loyalty and the potential for expanding product categories [18] Group 6: Challenges Ahead - Ugreen faces challenges such as managing a vast product line with over ten thousand SKUs, which complicates inventory management and after-sales support [20] - The company is heavily reliant on e-commerce platforms for sales, which poses risks if platform rules change, prompting Ugreen to explore offline channels while balancing costs [22] - Transitioning from a focus on cost-effectiveness to brand premiumization is crucial for Ugreen's future growth, especially as it expands into new product lines like NAS devices [24] Group 7: Industry Insights - The article emphasizes that solving user problems is a significant competitive advantage in the chaotic consumer electronics accessories market, where compatibility and safety are paramount [26] - Ugreen's approach demonstrates that small manufacturers can grow into recognized brands by focusing on user needs, achieving scale, and maintaining efficiency [26] - The company's journey serves as a model for Chinese manufacturers, illustrating that with the right direction and persistent effort, it is possible to transition from "Made in China" to "Brand from China" [29]

Core Viewpoint - Liu Qiangdong is accelerating JD's international expansion through potential acquisitions, including Ceconomy and Hong Kong's Jia Bao supermarket, to tap into larger market opportunities as domestic e-commerce growth plateaus [1][16]. Group 1: Ceconomy Acquisition - Ceconomy, a leading European electronics retailer, is in talks with JD for a potential acquisition, with Liu proposing a price of €4.6 per share, representing a 22.7% premium over its recent closing price [1][3]. - Ceconomy has a market capitalization of €2 billion (approximately ¥170 billion) and operates over 1,000 stores across Europe, including brands like MediaMarkt and Saturn [3][12]. - The company reported a 4% year-on-year increase in sales revenue for the first half of 2024, totaling €12.8 billion, with an adjusted EBIT margin of 2.3% [6][8]. Group 2: Hong Kong Jia Bao Acquisition - JD is also set to acquire Hong Kong's Jia Bao supermarket, which has 90 stores and specializes in frozen poultry, seafood, and groceries [19][21]. - This acquisition is expected to leverage JD's supply chain advantages to enhance local operations and meet consumer demands more effectively [20][21]. - JD has previously invested significantly in the Hong Kong market, indicating a strategic focus on this region [23]. Group 3: International Expansion Strategy - Liu Qiangdong has shifted his perspective on internationalization, emphasizing its importance for JD's future and planning to build local teams in overseas markets [29][36]. - JD's international strategy focuses on leveraging its supply chain capabilities, with over 2,000 employees abroad and plans to introduce 1,000 Chinese brands to international markets [37][38]. - The company has established a logistics infrastructure in Europe, with over 100 warehouses and a management area exceeding 1 million square meters, aiming for operational readiness by the end of 2025 [37].