Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first half of 2025, the company's revenue reached $5.5 billion, representing a year-on-year growth of 13.1%. Adjusted net profit was $160 million, a significant increase of 147.1% [2][5]. - The Southeast Asian market benefited from the expansion of e-commerce platforms led by TikTok, driving rapid growth in business volume and profits. The new markets achieved a positive EBITDA for the first time [2][10]. - The Chinese market faced price competition, leading to pressure on single-package profits, but there are signs of profit recovery in the second half of the year [2][10]. Summary by Sections Southeast Asia Market - The company saw a 57.9% year-on-year increase in business volume to 3.23 billion packages, with market share rising by 5.4 percentage points to 32.8%. The average revenue per package decreased by $0.13 to $0.61, while the average cost per package fell by $0.10 to $0.50 [10]. - The adjusted EBIT per package increased by $0.007 to $0.073, with adjusted EBIT growing by 74.0% to $160 million [10]. China Market - In the first half of 2025, the company’s package volume in China grew by 20.0% to 10.6 billion packages, with market share increasing by 0.1 percentage points to 11.1%. However, the average revenue and cost per package both decreased by $0.04 [10]. - The adjusted EBIT per package fell by $0.006 to $0.001, resulting in a 78.3% decline in adjusted EBIT to $10 million due to intensified competition [10]. New Markets - The new markets experienced a 21.7% year-on-year growth in package volume to 1.7 billion packages, with market share increasing by 0.1 percentage points to 6.2%. The average revenue per package rose by $0.04 to $2.18, while the average cost per package also increased by $0.04 to $1.92 [10]. - The adjusted EBIT per package improved by $0.059 to -$0.106, leading to a positive EBITDA of $2 million [10]. Future Outlook - The company is expected to benefit from the expansion of e-commerce platforms and the "anti-involution" trend in the Chinese market, which may drive profit recovery in the second half of the year. The adjusted net profit forecasts for 2025, 2026, and 2027 are $340 million, $550 million, and $860 million, respectively, with corresponding P/E ratios of 34.8, 21.8, and 13.9 [10][11].