Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

Monthly Chinese Express Tracker | March, Q125 Growth Solid | But Shares Lag Alibaba (April 2025)

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Trump Admin's Tariff Headlines Obscure Suspension Of "De Minimis" Rule | Big Impact on SHEIN, Temu

CaiNiao Q2FY: Pressure on Profitability Has Intensified | X-Border Competition the Likely Culprit

Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

SHEIN and Temu: Higher Tariffs Under 2nd Trump Admin an Additional Threat Beyond "De Minimis" Reform

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

Cainiao Smart Logistics Network / Equity Bottom-Up

Cainiao Smart Logistics Network (1437124D HK)

<ul>
<li>In the December quarter, CaiNiao's revenue declined -1% Y/Y; EBITA margin fell, too</li>
<li>CaiNiao's revenue growth has de-coupled from the growth of Alibaba's international segment</li>
<li>We believe price pressure on Chinese X-border logistics exceeds pressure within X-border retail
</li>
</ul>


In the December quarter, CaiNiao's revenue declined -1% Y/Y; EBITA margin fell, too
CaiNiao's revenue growth has de-coupled from the growth of Alibaba's international segment
We believe price pressure on Chinese X-border logistics exceeds pressure within X-border retail



CaiNiao Q3FY: Revenue Declines Y/Y, Margins, Too | X-Border Logistics Pricing Under Intense Pressure