Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Parcel volume growth in April slowed to just 2-3% for the four China-listed express firms</li>
<li>This is a noticeable softening of the pace of growth seen in March and Q126 (around 7%)</li>
<li>It suggests that mainstream Chinese e-Commerce activity in early Q226 has slowed</li>
</ul>


Parcel volume growth in April slowed to just 2-3% for the four China-listed express firms
This is a noticeable softening of the pace of growth seen in March and Q126 (around 7%)
It suggests that mainstream Chinese e-Commerce activity in early Q226 has slowed


Monthly Chinese Express Tracker | April Volume Growth Just 2-3% Vs 7% in March/Q126 | EComm Softer?

<ul>
<li>Lifted by strength in SE Asia and Others, total parcel volume growth in Q126 reached 26%</li>
<li>J &amp; T's China volume in Q126 grew by a modest 8% Y/Y -- a bit faster than the market</li>
<li>Chinese ground parcel fulfillment segment has slowed -- other modes are now rising</li>
</ul>


Lifted by strength in SE Asia and Others, total parcel volume growth in Q126 reached 26%
J &amp; T's China volume in Q126 grew by a modest 8% Y/Y -- a bit faster than the market
Chinese ground parcel fulfillment segment has slowed -- other modes are now rising


J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>J&amp;T and SF (6936 HK / 002352 CH, NR) announced a share-swap agreement this morning.</li><li>We believe it is an important strategic co-operation that allows both companies to leverage their valuable resources to achieve synergies.</li><li>Management arranged a conference call this morning. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&amp;T and SF (6936 HK / 002352 CH, NR) announced a share-swap agreement this morning.We believe it is an important strategic co-operation that allows both companies to leverage their valuable resources to achieve synergies.Management arranged a conference call this morning. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) - Share Swap with SF to Help Expand New Markets

<ul>
<li>In FY25, for the first time, all of J &amp; T's reporting segments were profitable (Adj EBITDA)</li>
<li>Revenue growth and margin expansion both accelerated in H225 vs H125</li>
<li>Margin expansion in most segments offset lower China margins in FY25</li>
</ul>


In FY25, for the first time, all of J &amp; T's reporting segments were profitable (Adj EBITDA)
Revenue growth and margin expansion both accelerated in H225 vs H125
Margin expansion in most segments offset lower China margins in FY25


Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

<ul><li>J&amp;T’s adjusted after tax profit (excluding fair value change of financial liabilities and share-based expense) surged 112% YoY to US$425mn in 2025, which is 22%/16% above our/Bloomberg consensus.</li><li>This implies adjusted profit of US$272mn in 2H25 (+151% YoY). It is worth noting that New market‘s adjusted EBIT turned positive in 2025.</li><li>The strong results enhanced our confidence in J&amp;T’s global growth story. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&amp;T’s adjusted after tax profit (excluding fair value change of financial liabilities and share-based expense) surged 112% YoY to US$425mn in 2025, which is 22%/16% above our/Bloomberg consensus.This implies adjusted profit of US$272mn in 2H25 (+151% YoY). It is worth noting that New market‘s adjusted EBIT turned positive in 2025.The strong results enhanced our confidence in J&amp;T’s global growth story. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) - 2025 earnings beat expectations; Market share further expanded

China

J&T Global Express is an investment holding company primarily engaged in providing integrated express delivery and global logistics services. The company offers parcel sorting, line-haul transportation, dispatching, cross-border services, and cash-on-delivery. It was founded in 2015 and is headquartered in Shanghai, China.

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J&T Global Express (1519 HK)

Monthly Chinese Express Tracker | April Volume Growth Just 2-3% Vs 7% in March/Q126 | EComm Softer?

In April, China-listed express companies reported slower parcel volume growth of just 2-3% versus the 7% pace of growth from March and Q126. This...

Tracking Traffic

J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

J & T Global Express reported Q126 parcel volumes that showed strong growth in SE Asia and developing markets outside of East Asia, but modest...

Tracking Traffic

Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

J & T Global Express reported a solid set of FY25 results earlier this week. We admit we were surprised to see New Markets and X-Border both turn...

Tracking Traffic

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