J&T Global Express (1519) Q4 2024 TU earnings summary

Executive summary

• Q4 2024 parcel volume reached 7,392.0 million, up 32.5% year-over-year; full-year volume was 24,645.6 million, up 31.0%, led by Southeast Asia and China.

• Southeast Asia Q4 volume was 1,403.1 million, up 62.5% year-over-year; full year 4,563.2 million, up 40.8%, driven by peak season growth and major clients.

• China Q4 volume was 5,914.5 million, up 27.4% year-over-year; full year 19,801.2 million, up 29.1%, supported by high industry growth and strong platform performance.

• New markets saw marginal Q4 growth (0.1%) but full-year volume rose 22.1%, with challenges from fee shifts, logistics, and policy changes.

• Expanded customer base with major retail and e-commerce brands, and improved service quality, especially in China.

Segment performance

• Southeast Asia growth was driven by recovery from disruptions, robust peak season promotions, and expansion into social media and key account shipments.

• China achieved best-in-class complaint rates (0.5 per million orders) and high complaint handling index (99.43), with daily average reverse parcels in Q4 up 34% to 3.9 million.

• New markets experienced rapid client acquisition in Brazil and Mexico, with high service standards for high-value customers.

• Average daily parcel volume in Q4: Southeast Asia 15.3 million, China 64.3 million, New Markets 0.81 million.

• Company growth rates in all regions exceeded industry averages for 2024.

Financial highlights and key metrics

• Number of network partners in Southeast Asia decreased by 800 and in China by 500, reflecting network optimization.

• Number of automated sorting machines increased to 279 sets, up from 234 last year.

• Self-owned line-haul vehicles increased in both Southeast Asia and China, while third-party vehicles in China decreased.

• Non-branded parcels represent a single-digit percentage of total mix, with significant room for growth.

• Average parcel weight is over 0.9 kg, attributed to customer structure.