Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

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

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

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

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

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<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


Cainiao Smart Logistics Network (1437124D HK)

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