J&T Global Express (1519) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 parcel volume reached 7,676.7 million, up 23.1% year-over-year, with nine-month volume at 21,667.7 million, up 25.6%.

• Group revenue for 1H2025 was $5.5 billion, up 13% year-over-year; adjusted net profit was $156 million, up 147%.

• SEA led growth with Q3 parcel volume up 78.7% and nine-month growth at 65.3%; China Q3 volume up 10.4%, nine-month up 16.5%.

• E-commerce platforms like TikTok, Temu, and Shein drove volume growth through investment and promotions.

• New Markets segment turned adjusted EBITDA positive for the first time, reflecting improved operational efficiency.

Segment performance

• SEA: Q3 parcel volume up 78.7% year-over-year to 1,996.8 million; nine-month growth at 65.3%.

• China: Q3 parcel volume 5,575.8 million, up 10.4% year-over-year; nine-month growth at 16.5%.

• New Markets: Q3 parcel volume up 47.9% to 104.2 million; nine-month growth at 30.6%.

• SEA segment maintained 32.8% market share and stable adjusted EBIT per parcel.

• Non-platform shipments contributed less than 10% of total volume.

Outlook and guidance

• SEA and New Markets expected to maintain or exceed guidance, with SEA H2 growth projected above 55%.

• New Markets guidance maintained at 40% growth for H2; Brazil to offset Mexico tariff challenges.

• China market growth expected to slow in Q4 due to industry-wide price increases; profitability per parcel may improve.

• Focus remains on consolidating market position in SEA and China, while increasing share in New Markets.

• Plans to leverage e-commerce growth globally and continue cost optimization.