Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | Sluggish < 8% Volume Growth YTD from Four China-Listed Companies

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

Monthly Chinese Express Tracker | March and Q126 Data From Four China-Listed Firms? All Over the Map

ZTO Express Q3: Margins Plunge Vs Q2 | Abandons Pursuit of Share Gains | Is There a New Strategy?

SF Hldg and J&T Announce New Cross-Shareholding | Good Strategic Fit | Losers Are BABA, DHL, Flash

Monthly Chinese Express Tracker | Q425 Volume, ASP Data Show SF Holding Strength, ZTO Struggles

ZTO Express Q325 Results | Revenue, ASPs Both Up Y/Y | But Earnings, Margins Both Down | AVOID

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>In January, the four China-listed express companies reported volatile operating statistics</li>
<li>Total parcel volume grew by 19% Y/Y; price momentum ranged from +14% to -6%</li>
<li>We believe the market is unsettled following the formation of a SF Hldg - J&amp;T alliance</li>
</ul>


In January, the four China-listed express companies reported volatile operating statistics
Total parcel volume grew by 19% Y/Y; price momentum ranged from +14% to -6%
We believe the market is unsettled following the formation of a SF Hldg - J&amp;T alliance


Cainiao Smart Logistics Network (1437124D HK)

Monthly Chinese Express Tracker | Lots of Noise in January 2026 Numbers From Four China-Listed Firms