J&T Global Express (01519) Q2 2025 Earnings Call August 29, 2025 05:30 AM ET Company ParticipantsNone - ExecutiveSteven Fan - Executive PresidentDylan Say Keong Tey - CFOBrian Gong - Internet & Media ResearchGangxian Liu - AssociateConference Call ParticipantsFan Tso - Research AnalystNone - AnalystAaron Luo - Equity AnalystOperatorDay, and thank you for standing by. Welcome to the J and T Global Express First Half twenty twenty five Earnings Conference Call. At this time, all participants are in a listen o ...

Financial Data and Key Indicators Changes - The operating income for the first half of 2025 was CNY 1,000 billion, an increase of 2.95% compared to the previous year [4] - Net fee and commission income reached CNY 65.2 billion, up by 4% [82] - Net profit provisions increased to CNY 239.4 billion, reflecting a growth of 3.37% [5] - The gross loans to customers amounted to CNY 40 trillion, a rise of 6.2% [6] - The net interest margin (NIM) stood at 1.4%, with a return on assets (ROA) of 0.77% and return on equity (ROE) of 10.08% [6] - The capital adequacy ratio (CAR) was reported at 19.51% [6] Business Line Data and Key Indicators Changes - Loans to technology-related industries reached CNY 5 trillion, increasing by 16% [11] - The balance of inclusive loans to SMEs was CNY 3.74 trillion, up by 9.8% [14] - Personal consumption loans rose to CNY 614.2 billion, marking an increase of CNY 86 billion from the end of the previous year [17] - The balance of green finance reached CNY 5.72 trillion, an increase of 14.88% [12] Market Data and Key Indicators Changes - The loans to private enterprises totaled CNY 6.59 trillion, up by 9.92% [16] - The cross-border RMB settlement reached CNY 3 trillion, reflecting a growth of 23% [18] - The total asset of institutions in the RCEP region exceeded CNY 200 billion [19] Company Strategy and Development Direction - The company aims to focus on five priorities, including enhancing comprehensive financial services and supporting key infrastructure projects [24] - There is a commitment to high-quality development and optimizing operational strategies, particularly in asset and liability management [25] - The company plans to strengthen customer engagement and product portfolio to enhance market competitiveness [25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the stable economic progress and sound macroeconomic measures in the first half of 2025 [70] - The company will continue to monitor credit policies and enhance risk control capabilities to maintain stable asset quality [71] - The outlook for the second half of 2025 includes a focus on supporting the real economy and optimizing credit policies [71] Other Important Information - The company has maintained a leading position in the industry with a cost-to-income ratio of 23.72%, outperforming peers [9] - The non-performing loan (NPL) ratio was reported at 1.33%, down by one basis point from the previous year [21] - The provision coverage ratio increased by 5.8% to 239.4% [22] Q&A Session Summary Question: What are the drivers behind the improvement in revenue and the outlook for profits this year? - Management noted marginal improvements in all business and profit indicators, with operational income and profit before provision showing positive growth [28] - Measures taken include improved capability to balance volume and price, fostering new drivers for noninterest income, and enhancing cost management [29][32] Question: Can you discuss the NIM outlook given recent rate cuts? - The NIM was reported at 1.4%, with a narrowing decline compared to previous quarters, but still leading in the industry [35] - Management indicated that while there may be further pressure on NIM due to rate cuts, proactive management will help maintain industry-leading levels [40] Question: What are the key areas for loan issuance and infrastructure loans? - The company executed guidelines to support the real economy, with corporate loans increasing significantly [42] - Infrastructure loans remain a pillar for the company, with expectations for better results in the second half due to national projects [46] Question: How does the company plan to manage bond investments amid market fluctuations? - The company has increased its bond investment to CNY 11 trillion, focusing on national, local, and corporate bonds [52] - A proactive strategy is in place to optimize bond investment structure and maintain a leading position in the market [56] Question: What measures are being taken to increase deposits in a low-interest environment? - The company reported a deposit increase of CNY 760 billion, with a focus on expanding the customer base and innovative products [60] - Strategies include leveraging technology for customer engagement and adapting to market dynamics [64] Question: What is the outlook for asset quality in the second half? - The NPL ratio was stable at 1.33%, with management committed to enhancing risk control capabilities [68] - The company plans to implement measures to mitigate risks and maintain stable asset quality indicators [71] Question: What progress has been made in fintech and digital economy initiatives? - The company has strengthened its digital ecosystem and improved customer experience through enhanced mobile services [76] - Significant progress has been made in AI technology, improving operational efficiency and customer service capabilities [74]

Financial Data and Key Metrics Changes - The company's parcel volume reached 13.99 billion parcels, a year-on-year increase of 27% [8] - Revenue increased to $5.5 billion, representing a year-on-year growth of 13% [8] - Adjusted net profit rose to $160 million, a significant year-on-year increase of 147% [8][30] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the China market [21] Business Line Data and Key Metrics Changes - In Southeast Asia, parcel volume reached 3.23 billion parcels, a year-on-year increase of 58%, with market share rising to 32.8% [9] - Revenue in Southeast Asia increased by 29.6% year-on-year to $2 billion, with adjusted EBIT growing by 74% [22] - In China, parcel volume reached 10.6 billion parcels, a year-on-year increase of 20%, but revenue per parcel decreased to $0.30 [13][25] - New markets saw parcel volume increase to 170 million parcels, a year-on-year growth of 22%, achieving positive EBITDA for the first time [15][27] Market Data and Key Metrics Changes - Southeast Asia's market share increased by 5.4 percentage points year-on-year, solidifying the company's leadership position [9] - The new markets segment achieved a significant turnaround, with a market share increase of 6.2% [15] Company Strategy and Development Direction - The company focuses on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [11] - Plans to replicate China's cost reduction experience in Southeast Asia and new markets [16] - Emphasis on investing in network capacity and automation to improve operational efficiency [16][28] Management's Comments on Operating Environment and Future Outlook - The global economic environment remains volatile, with geopolitical conflicts and trade uncertainties posing challenges [7] - Management expressed confidence in future growth, particularly in Southeast Asia and Latin America, driven by strong local partnerships [16][39] - The company aims to maintain a long-term focus on value creation amidst competitive pressures [17] Other Important Information - The company achieved a strong cash flow, with net cash flow from operating activities amounting to $421 million, an increase of 21.8% [30][32] - Total cash and cash equivalents reached $1.7 billion as of June 30, 2025 [32] Q&A Session Summary Question: Impact of domestic policy on earnings and performance in Latin America - Management noted price recovery in certain provinces due to anti-involution policies, which may improve earnings [36] - The Latin American market is expected to grow further, supported by partnerships with platforms like TikTok and MercadoLibre [39] Question: Update on non-ecommerce platform businesses and operational capacity in Southeast Asia - Non-ecommerce business accounts for less than 10% of total parcels but contributes higher margins [44] - Current capacity in Southeast Asia can handle over 30 million parcels daily, with ongoing investments in capacity expansion [47] Question: Cost reduction potential and market share expansion plans - Transportation and sorting costs per parcel have decreased, with ongoing efforts to further reduce costs [51] - The company is evaluating potential new markets for expansion, with a focus on maintaining leadership in Southeast Asia [60] Question: Unit economics guidance and franchise model adoption - The company aims to balance parcel volume growth with ASP strategy, maintaining stable EBIT per parcel [72] - The network partner model is being implemented across Southeast Asia, with 30% of the network run by partners [77] Question: Cooperation with MercadoLibre and AI technology initiatives - Collaboration with MercadoLibre is progressing well, with significant potential for growth [90] - The company has deployed over 900 autonomous delivery vehicles in China, enhancing last-mile delivery efficiency [94]

Financial Data and Key Indicators Changes - The operating income for the first half of 2025 was CNY 1,000 billion, an increase of 2.95% compared to the previous year [4] - Net fee and commission income reached CNY 65.2 billion, up by 4% [5][86] - Net profit provisions increased by 3.37% [5] - Gross loans to customers amounted to CNY 40 trillion, reflecting a growth of 6.2% [6] - Financial investments stood at CNY 11.77 trillion, an increase of 10% [6] - The net interest margin (NIM) was 1.4%, with a return on assets (ROA) of 0.77% and return on equity (ROE) of 10.08% [6] - The capital adequacy ratio (CAR) was reported at 19.51% [6] Business Line Data and Key Indicators Changes - Loans to technology-related industries reached CNY 5 trillion, increasing by 16% [11] - The balance of inclusive loans to SMEs was CNY 3.74 trillion, up by 9.8% [14] - Personal consumption loans increased to CNY 614.2 billion, marking a significant growth [17] - Loans to private enterprises totaled CNY 6.59 trillion, reflecting a growth of 9.92% [16] Market Data and Key Indicators Changes - The balance of green finance reached CNY 5.72 trillion, an increase of 14.88% [12] - The cross-border RMB settlement volume was CNY 3 trillion, up by 23% [18] - The total asset of institutions in the RCEP region exceeded CNY 200 billion [19] Company Strategy and Development Direction - The company aims to focus on key areas of economic development and enhance financial services to the real economy [24] - There is a commitment to high-quality development and optimizing operational strategies [24][25] - The company plans to strengthen customer engagement and product portfolio to build market competitiveness [25] - Emphasis on risk prevention and building strong risk mitigation mechanisms [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic environment presents both opportunities and challenges, with a focus on maintaining stable profit growth [23][35] - The company will continue to optimize its asset-liability structure and enhance asset quality control [35] - There is confidence in maintaining industry-leading NIM levels despite external pressures [40] Other Important Information - The company has established a five-dimensional integrated service system to enhance customer service [10] - The digital finance sector has seen significant growth, with a monthly active user count of 243 million, up by 14.4% [15][80] - The company has been recognized as the best large-scale retail bank in China for five consecutive years [20] Q&A Session Summary Question: What are the drivers behind the improvement in revenue and the outlook for profits this year? - Management highlighted marginal improvements in all business and profit indicators, with operational income and profit before provision showing positive growth [28][29] Question: Can you discuss the NIM outlook given recent rate cuts? - Management acknowledged a narrowing decline in NIM but emphasized that it remains industry-leading, with proactive management expected to maintain this position [36][40] Question: What are the key areas for loan issuance and infrastructure loans? - The company reported balanced loan issuance, with corporate loans increasing significantly and a focus on personal consumption loans [43][44] Question: How has the company managed deposits in a low-interest environment? - Management noted a steady increase in deposits, with a focus on expanding the customer base and innovative products to enhance engagement [61][62] Question: What measures have been taken to ensure asset quality? - The company reported stable asset quality with a low NPL ratio and enhanced risk management systems [71][72] Question: What progress has been made in digital transformation and fintech? - Management outlined significant advancements in digital services and AI technology, enhancing operational efficiency and customer service [76][78]

Financial Data and Key Indicator Changes - The operating income for the first half of 2025 was CNY 1,000 billion, an increase of 2.95% compared to the previous year [4] - Net fee and commission income reached CNY 65.2 billion, up by 4% [86] - Net profit provisions increased by 3.37% [4] - Gross loans to customers amounted to CNY 40 trillion, reflecting a growth of 6.2% [6] - Financial investments stood at CNY 11.77 trillion, an increase of 10% [6] - The net interest margin (NIM) was 1.4%, with a return on assets (ROA) of 0.77% and return on equity (ROE) of 10.08% [6] - The capital adequacy ratio (CAR) was reported at 19.51% [6] Business Line Data and Key Indicator Changes - Loans to technology-related industries reached CNY 5 trillion, increasing by 16% [11] - The balance of inclusive loans to SMEs was CNY 3.74 trillion, up by 9.8% [14] - Personal consumption loans increased significantly, with a total of CNY 614.2 billion, marking a growth of CNY 86 billion from the previous year [17] - Loans to private enterprises totaled CNY 6.59 trillion, reflecting a growth of 9.92% [16] Market Data and Key Indicator Changes - The balance of green finance reached CNY 5.72 trillion, an increase of 14.88% [12] - The cross-border RMB settlement volume was CNY 3 trillion, up by 23% [18] - The total asset of institutions in the RCEP region exceeded CNY 200 billion [19] Company Strategy and Development Direction - The company aims to focus on five priorities, including enhancing financial services for the real economy and supporting infrastructure projects [24] - CCB plans to optimize its operational strategy, focusing on asset structure and customer engagement [25] - The bank is committed to high-quality development and aims to strengthen its risk control mechanisms [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable profit growth and optimizing asset-liability structures [35] - The company will continue to monitor economic trends and adjust its credit policies accordingly [75] - The outlook for asset quality remains stable, with a focus on risk control in key areas such as real estate and inclusive finance [72] Other Important Information - The NPL ratio was reported at 1.33%, down by 1 basis point from the previous year [9] - The provision coverage ratio increased to 239.4%, up by 5.8% [72] - The company has seen a significant increase in digital finance capabilities, with MAU of its mobile app reaching 243 million, a growth of 14.4% [80] Q&A Session Summary Question: What are the drivers behind the improvement in revenue and the outlook for profits this year? - Management noted marginal improvements in all business and profit indicators, with operational income and profit before provision seeing positive growth of 2.95% and 3.37% respectively [29] Question: Can you discuss the NIM outlook given recent rate cuts? - Management indicated that while NIM was 1.4%, the decline has narrowed, and they expect proactive management to maintain industry-leading levels [36][40] Question: What are the key areas for loan issuance and infrastructure loans? - The company reported a balanced loan issuance, with corporate loans increasing significantly and a focus on personal consumption loans [44][48] Question: How has the company managed its bond investments amid market fluctuations? - Management highlighted a proactive strategy in bond investments, with a total bond investment scale reaching CNY 11 trillion [56] Question: What measures are being taken to stabilize and increase deposits? - The company emphasized the importance of deposits and reported an increase of CNY 760 billion in deposits, with a focus on customer engagement and innovative products [62][66] Question: What is the outlook for asset quality in the second half? - Management expressed confidence in maintaining stable asset quality, with a focus on risk control and monitoring in key areas [72][75] Question: What progress has been made in digital transformation and fintech? - The company reported significant advancements in digital services, with a focus on enhancing customer experience and operational efficiency [78][80]

Financial Data and Key Metrics Changes - The company's parcel volume reached 13.99 billion parcels, a year-on-year increase of 27% [7] - Revenue increased to $5.5 billion, representing a year-on-year growth of 13% [19] - Adjusted net profit rose to $156 million, a significant year-on-year increase of 147% [27] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the Chinese market [19] Business Line Data and Key Metrics Changes - In Southeast Asia, parcel volume reached 3.23 billion parcels, a year-on-year increase of 58%, with revenue growing by 29.6% to $2 billion [8][20] - In China, parcel volume increased to 10.6 billion parcels, a year-on-year growth of 20%, but revenue per parcel decreased from $0.34 to $0.30 [11][23] - New markets saw parcel volume reach 170 million parcels, a year-on-year increase of 22%, achieving positive EBITDA for the first time [14][25] Market Data and Key Metrics Changes - Southeast Asia's market share increased to 32.8%, up by 5.4 percentage points year-on-year [8] - The Chinese market's share rose slightly to 11.1%, with revenue growing by 4.6% to $3.1 billion [11][23] - New markets accounted for a significant turnaround, with revenue increasing by 24.3% year-on-year [25] Company Strategy and Development Direction - The company focuses on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [9][11] - Plans to replicate cost reduction strategies from China to Southeast Asia and new markets [15] - Emphasis on investing in network capacity and automation to improve operational efficiency [25][92] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from geopolitical conflicts and trade uncertainties but highlighted resilience and growth in Southeast Asia [6] - The company is optimistic about future growth in Latin America, expecting it to become a key growth engine [15][36] - Management noted the importance of adapting to market conditions and maintaining competitive pricing strategies [34][50] Other Important Information - The company achieved a strong cash flow, with net cash flow from operating activities amounting to $421 million [28] - Total cash and cash equivalents reached $1.7 billion as of June 30, 2025 [29] Q&A Session Summary Question: Impact of domestic policy on earnings and performance in Latin America - Management noted price recovery in certain provinces due to anti-involution policies, which may improve earnings [33] - The Latin American market is expected to grow further, supported by partnerships with key players like TikTok and MercadoLibre [36] Question: Update on non-ecommerce platform businesses and operational capacity in Southeast Asia - Non-ecommerce business is growing but at a slower rate than ecommerce parcels; it currently accounts for less than 10% of total parcels [41] - Capacity in Southeast Asia is sufficient to handle current volume growth, with plans for continued investment in capacity [45] Question: Cost reduction potential and market share expansion in Southeast Asia - The company aims to reduce costs further and improve efficiencies through various strategies [50] - Southeast Asia's e-commerce market is expected to grow significantly, and the company plans to enhance its market share [57] Question: Unit economics guidance and franchise model adoption - The company maintains stable EBIT per parcel and aims to balance growth with pricing strategies [70] - The franchise model is being implemented across Southeast Asia, with 30% of the network run by partners [74] Question: Cooperation with MercadoLibre and AI technologies - Collaboration with MercadoLibre is progressing well, with significant potential for growth [88] - The company is piloting autonomous delivery vehicles and deploying automated sorting equipment to enhance efficiency [90][92]

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Financial Data and Key Indicators Changes - The group achieved operating income of RMB 1,000 billion, a year-on-year increase of 3.61%, with net fee income growing 9.17% year on year [6] - Post-tax profit reached RMB 126.1 billion, with post-tax profit attributable to the bank's shareholders at RMB 117.6 billion, remaining stable year on year [6] - The NIM stood at 1.26%, ROA was 0.7%, and ROE was 9.11% [6] - Total assets reached RMB 36.79 trillion, an increase of 4.93% from the end of last year [7] - Total liabilities amounted to RMB 33.66 trillion, an increase of 4.85% from the end of last year [7] - The NPL ratio was at 1.24, down by 0.01 percentage points from the end of last year [9] Business Line Data and Key Indicators Changes - The number of medium-sized corporate credit customers increased by 13.48% from the end of last year [9] - Loans directed to the manufacturing sector grew by 12.99% from the end of last year, and loans to strategic emerging industries increased by 22.92% [11] - Personal consumption loans grew by 15.42% [11] - The balance of inclusive loans for SMEs reached RMB 2.65 trillion, with the number of borrowing enterprises surpassing 1.72 million [14] Market Data and Key Indicators Changes - The volume of international settlement handled by domestic institutions exceeded $2.1 trillion, up 16.5% year on year [15] - The total transaction volume of cross-border e-commerce increased by 42.1% year on year [16] - The number of direct and indirect participants in cross-border interbank payment systems remained the highest among peers [16] Company Strategy and Development Direction - The company aims to optimize financial supply and improve its diverse product and service system while supporting domestic demand expansion and investment stabilization [21][22] - BOC will leverage its global presence to enhance international competitiveness and support key regions of Belt and Road cooperation [22] - The focus will be on risk prevention and control, enhancing asset quality management, and accelerating digital transformation [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a low-interest environment and emphasized the need to improve asset and liability structure while expanding non-interest income [36] - The company is confident in maintaining high-quality and stable development of assets in 2025, despite pressures from the real estate market and retail loans [77] - Management highlighted the importance of leveraging global advantages to offset risks from the external environment [39] Other Important Information - The bank completed the replenishment of RMB 165 billion in core Tier one capital, with the core Tier one CAR and CAR reaching 12.57% and 18.67%, respectively [10] - The interim dividend for 2025 was proposed at RMB 1.094 per 10 shares, totaling RMB 35.25 billion, maintaining a payout ratio of 30% [10] Q&A Session Summary Question: How does management evaluate performance in the first half of the year? - Management highlighted steady financial benefits, growth in assets and liabilities, and effective risk control as key areas of performance [29] Question: What are the core drivers of non-interest income growth in the first half of the year? - Non-interest income reached RMB 114.6 billion, driven by wealth management income, corporate settlement fees, and trading income [49][50] Question: What is the outlook for NIM in the second half of the year? - NIM is expected to face narrowing pressures due to the low-interest environment, but the bank will optimize its asset-liability structure to mitigate these effects [67] Question: What is the outlook for asset quality and credit strategy? - The NPL ratio remains stable, with management focusing on proactive credit risk management and supporting key industries while addressing structural conflicts [74][80] Question: Will BOC adjust its credit growth plan after the capital injection? - The bank plans to maintain steady credit growth while focusing on technology finance, infrastructure projects, and green finance [82][84]