Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel 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

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

ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

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

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

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>February numbers noisy, so we look at combined January-February change in volume</li>
<li>In the first two months of 2026, four China-listed companies' parcel volume up &lt; 8%</li>
<li>Single-Digit growth makes cost cuts tough, puts ZTO's 10%+ growth target into context</li>
</ul>


February numbers noisy, so we look at combined January-February change in volume
In the first two months of 2026, four China-listed companies' parcel volume up &lt; 8%
Single-Digit growth makes cost cuts tough, puts ZTO's 10%+ growth target into context


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

S.F. Holding

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