极兔去年第四季的海外业务增长动力强劲，东南亚及新兴市场表现均超出预期，其中东南亚/新兴市场 分别增长73.6%/增79.7%。主要驱动力来自TikTok Shop加大投资及极兔市占率进一步提升。新兴市场 79.7%的年增长率表现强劲，主要受益于与TikTok Shop及拉美电商平台MELI合作带来的强劲动能。 花旗发布研报称，将极兔速递-W(01519)2025至27年各年盈利预测分别上调2%、5%及3%，并基于海外 动能加速，将估值倍数从先前预测今年市盈率25倍提升至30倍。目标价由12港元上调至15港元，评 级"买入"，维持行业首选股之列。 ...

极兔速递在去年第四季度录得强劲包裹量增长，尤其在东南亚及新市场表现突出。数据显示，东南亚每 日平均包裹量达2650万件，同比增长73.6%，新市场包裹量增长79.7%至每日145万件，两者均超出预 期。 美银在报告中指出，东南亚市场的强劲增长来自于电商渗透率提升及公司持续进行的产能扩张，包括新 增1000个营业点及新增3套自动化分拣系统，预计这将支持每年5至10%单位成本下降的目标。而在新兴 市场方面，巴西成为增长的主要驱动力，墨西哥包裹量虽受关税影响，但仍保持正增长，本地化物流模 式转型和半托管电子商务模式，对拥有全国性物流网络布局的公司如极兔有望带来利好。 尽管中国市场整体增长放缓，但极兔速递通过聚焦高价值业务及逆向物流，维持了盈利能力。美银认 为，核心客户如Temu、SHEIN及TikTok持续带来订单增长，而美客多（Mercado Libre）的需求扩大也 为新市场注入新动力。展望2026年，美银预测东南亚和新市场包裹量将分别增长43%与49%。 智通财经APP获悉，美银证券发布研报称，极兔速递-W(01519)第四季度表现超出预期，将极兔速递 2025至2027财年的non-IFRS盈利预测上调2至 ...

新浪科技讯 1月7日上午消息，极兔速递公布2025年第四季度及全年主要经营数据。2025年第四季度， 公司总体实现包裹量84.6亿件，同比增长14.5%，日均包裹量9,200万件。2025年全年，公司总体包裹量 首次突破300亿件大关，达301.3亿件，同比增长22.2%，日均包裹量8,250万件，同比增长22.6%。期 内，极兔整体实现稳健增长，主要得益于东南亚和新市场强劲的业务表现，以及中国市场的稳定贡献。 第四季度，极兔在东南亚与新市场的业务持续增长，主要受惠于电商传统旺季及其稳健的业务策略。在 东南亚，极兔2025年第四季度实现包裹量24.4亿件，同比增长73.6%，全年实现包裹量76.6亿件，同比 增长67.8%。在新市场（包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及），极兔继续维持了自上个季 度以来的强劲增速，2025年第四季度实现包裹量破亿，达1.3亿件，同比升79.7%；全年实现包裹量4.0 亿件，同比升43.6%。中国市场实现有质量的增长，2025年第四季度实现包裹量58.9亿件；全年实现包 裹量220.7亿件，同比升11.4%。截至2025年底，公司拥有19,300个网点和246个转运中心； ...

转自：新华财经 数字赋能，为物流效率插上"翅膀"。在物流体系建设中，青龙县坚持硬件建设与软件升级同步推进，创 新植入AI智能识别以及数字聚合信息回传系统，实现进港快递包裹全自动分拣，让物流配送告别"粗放 散乱"，迈向"精准高效"。数据是最有力的证明：通过数字化改造，青龙县快递投递成本降低25%，农 产品上行资费大幅下降64%，人工作业强度降低47.3%，快递派送时效提升51.6%，客户满意度达97%以 上，物流服务质效跻身全省前列。数字技术的深度应用，不仅降低了物流成本，更缩短了农特产品从田 间到餐桌的距离，为农产品上行打通了"快速通道"。 因地制宜，优化邮路组网破解山区难题。针对青龙县山区村落分散、地形复杂的实际情况，邮政部门联 合相关单位对原有邮路进行系统性优化，变"分散组网"为"系统组网"。对县城西部村落相对集中的10个 乡镇，采用"县级物流中心+村级基层站点"的直投模式，减少中转环节，提升配送效率。与此同时，专 门构建2条惠民电商邮路，为县域内重点企业、专业合作社等电商大户提供全天候上门取件服务，既打 通了物流服务的"最后一公里"，也畅通了农产品上行的"最初一公里"。 多元协同，让物流体系释放乘数效应 ...

Core Viewpoint - J&T Express (极兔速递-W) has seen a significant increase in its stock price, rising over 4% due to strong order growth in the Brazilian market during the 2025 Black Friday period [1] Group 1: Company Performance - As of the latest report, J&T Express's stock price increased by 4.07%, reaching HKD 10.5, with a trading volume of HKD 72.48 million [1] - In Brazil, non-platform customer order volume increased by nearly 40% month-on-month compared to October, while platform customer order volume rose approximately 25% [1] - The average daily volume of platform orders surged by 80% compared to the third quarter, setting a new record for daily collection during the peak season [1] Group 2: Market Insights - According to CITIC Securities, J&T Express maintains a strong market share in Southeast Asia, holding 32.8% of the parcel volume in the first half of 2025, marking six consecutive years at the top [1] - The Latin American market has emerged as the strongest growth engine for the company, with a nearly 50% year-on-year increase in parcel volume in Q3 2025 [1] - Brazil and Mexico account for 80% of the orders in Latin America, and future partnerships with leading e-commerce platforms like MELI and TTS are expected to double order growth, replicating the company's expansion strategy in Southeast Asia [1] Group 3: Business Strategy - The company's strategy involves deep integration of business flows, effectively addressing local logistics challenges, and a profit-sharing model with agents, which supports its low-cost and rapid market penetration [1]

Core Viewpoint - J&T Express-W (01519) has seen a significant increase in stock price, rising over 4% to HKD 10.5, with a trading volume of HKD 72.48 million, driven by strong order growth in the Brazilian market during the 2025 Black Friday period [1] Group 1: Order Growth - In Brazil, J&T Express experienced a remarkable breakthrough in order scale, with non-platform customer order volume increasing nearly 40% month-on-month compared to October [1] - Platform customer order volume rose approximately 25% month-on-month, and compared to the average daily level in Q3, platform orders surged by 80%, setting a new record for daily collection volume during the peak season [1] Group 2: Market Position and Growth Drivers - According to CITIC Securities, J&T Express maintains a strong market presence in Southeast Asia with a 32.8% market share in package volume for the first half of 2025, holding the top position for six consecutive years [1] - The company is shifting towards net profit improvement in the Chinese market, while the Latin American market has emerged as the strongest growth engine, with package volume in Q3 2025 increasing nearly 50% year-on-year [1] - Brazil and Mexico account for 80% of orders in Latin America, and future partnerships with leading e-commerce platforms like MELI and TTS are expected to double order growth, replicating the expansion strategy seen in Southeast Asia [1] - The company's model of deep business integration, precise solutions to local logistics challenges, and profit-sharing with agents supports its low-cost, rapid market penetration strategy [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603813 证券简称：*ST原尚 公告编号：2025-089 广东原尚物流股份有限公司关于对公司2025年三季度报告的信息披露监管问询函的回复公告 ■ 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 广东原尚物流股份有限公司（以下简称"公司"）于2025年11月7日收到上海证券交易所下发的《关于广 东原尚物流股份有限公司2025年三季度报告的信息披露监管问询函》（上证公函〔2025〕3865号，以下 简称"问询函"），公司就问询函中所提及的问题逐项进行了认真分析，现将相关问题回复如下： 1.关于经营业绩。三季报显示，公司前三季度实现营业收入3.35亿元，同比增长 38.57%；其中第三季度 实现营业收入1.47亿元，同比增长87.82%，占前三季度营业收入的43.88%，主要是开拓新业务增长。而 公司前三季度归母净利润为-0.41亿元，亏损幅度同比扩大40.75%，经营活动产生的现金流净额为 0.21 亿元，同比下降77.64%，与营业收入变动趋势相反。请公司 ...

Investment Rating - The report assigns a positive investment rating to J&T Express, indicating significant growth potential in the Latin American e-commerce market and overall business expansion [2]. Core Insights - J&T Express is capitalizing on the booming e-commerce sector across 13 countries, with a strong foothold in Southeast Asia and emerging markets in Latin America, where package volume surged nearly 50% year-on-year in Q3 2025 [2][20]. - The company has successfully implemented a low-cost, rapid market penetration strategy by addressing local logistics challenges and forming deep partnerships with leading e-commerce platforms [2][3]. - Financially, J&T Express is expected to achieve steady revenue growth, with projected revenues of $10.26 billion in 2024, up from $8.85 billion in 2023, driven by the expansion of its logistics network and e-commerce partnerships [2][3]. Summary by Sections 1. J&T Express's Global Strategy - The company's growth strategy is based on a model that combines e-commerce partnerships, local logistics solutions, and profit-sharing with regional agents, enabling efficient market entry and expansion [3][41]. - J&T Express has established a strong presence in Southeast Asia, maintaining a market share of 32.8% in H1 2025, while also achieving a stable 11.1% market share in China [2][27][34]. 2. Latin America as a Growth Engine - The Latin American market is projected to be a key growth driver for J&T Express, with e-commerce sales expected to grow at a rate of 12.2% in 2025, significantly higher than the global average [2][20]. - Brazil and Mexico are identified as core markets, contributing 80% of the orders in Latin America, with J&T Express positioned as a primary logistics partner for major e-commerce platforms like SHEIN and TEMU [2][38]. 3. Financial Performance and Projections - The report forecasts that J&T Express will handle 30.6 billion packages in 2025, with adjusted net profits of $313 million, reflecting a year-on-year growth rate of 56% [3][2]. - The company's valuation is expected to increase, with an estimated equity value of $13-16 billion by 2026, based on an EV/EBITDA multiple of 18-20 times for high-growth markets [3][2]. 4. Competitive Landscape - J&T Express is navigating a competitive landscape in Latin America, where it faces challenges from both local players and international giants like FedEx and DHL, but its cost-effective service model positions it favorably [2][38]. - The report highlights the increasing concentration of the e-commerce market in Brazil, with the top five players expected to control approximately 85.1% of the market by 2025 [2][60].

Core Insights - J&T Express reported significant growth in global package volume during the Double 11 shopping festival, with over 100 million packages processed on November 11, marking a 9% year-on-year increase [1] - The average daily package volume from November 1 to 12 reached 94.59 million, reflecting a 15% year-on-year growth, particularly strong in Southeast Asia and new markets with growth rates of 78% and 83% respectively [1] Group 1: Market Performance - The Southeast Asian market showed robust growth, with the Philippines experiencing a 55% increase in average daily package volume during Double 11 compared to regular days [2] - Vietnam saw explosive growth, with a 211% year-on-year increase in total package volume from November 1 to 11 [2] Group 2: Capacity Expansion - To meet the demands of the peak season, J&T Express implemented 18 capacity expansion and upgrade projects in Thailand, enhancing operations across 10 centers and 8 distribution points, resulting in an overall capacity increase of 80% [2] - The company deployed over 300 temporary trucks daily and arranged for more than 9,000 personnel at end-point locations during the peak season [2] Group 3: Support for SMEs - In China, J&T Express became a preferred logistics partner for major e-commerce platforms, achieving a 15% year-on-year increase in average daily package volume in the Zhangzhou Longhai area during Double 11 [3] - The company optimized fulfillment processes and innovated return handling mechanisms to enhance customer experience, particularly for small and medium-sized enterprises [3] Group 4: Regional Growth - J&T Express demonstrated strong growth potential in emerging markets, with over 1 million packages processed in Brazil from November 11 to 12 due to proactive capacity expansion [4] - In Egypt, collaboration with local e-commerce platforms like noon resulted in a 41% year-on-year increase in package volume from November 1 to 12 [4] - The company continues to invest in advanced technologies such as AI sorting and automated transfer centers to enhance global logistics capabilities [4]

Core Insights - J&T Express (1519.HK) reported significant growth in global package volume during the "Double Eleven" shopping festival, with a record-breaking daily package volume exceeding 100 million on November 11, marking a 9% year-on-year increase [1] - From November 1 to 12, the average daily package volume reached 94.59 million, reflecting a 15% year-on-year growth, particularly strong in Southeast Asia and new markets with growth rates of 78% and 83% respectively [1] Southeast Asia: Sustained High Growth - The Philippines experienced a 55% increase in average daily package volume during Double Eleven compared to regular days [3] - Vietnam saw explosive growth with a 211% year-on-year increase in package volume from November 1 to 11 [3] - J&T Express implemented 18 capacity expansion and upgrade projects in Thailand, enhancing overall operational capacity by 80% through the addition of five automated sorting machines [3] China: Differentiated Services for Steady Growth - J&T Express became a preferred logistics partner for major e-commerce platforms in China, achieving a 15% year-on-year increase in average daily package volume in the Zhangzhou Longhai area during Double Eleven [5] - The company optimized fulfillment processes and innovated return handling mechanisms to enhance customer experience, particularly for live-streaming e-commerce [5] - J&T Express upgraded 57 transit centers and over 1,000 end-point delivery locations in China, ensuring efficient logistics operations [5] New Markets: Strengthening Global Presence - In Brazil, J&T Express expanded trunk capacity ahead of the shopping festival, surpassing one million packages from November 11 to 12 [7] - In Egypt, collaboration with local e-commerce platforms like noon resulted in a 41% year-on-year increase in package volume from November 1 to 12 [7] - The company continues to invest in AI sorting and automated transit centers to enhance global logistics capabilities and support the growth of global e-commerce [7]