Hong Kong, 29 August 2025 - J&T Global Express Limited (“
J&T Express” or “
J&T” or “the Company”, stock code: 01519.HK), a global logistics service provider, announced its Interim Results 2025 (“1H2025” or “the Period”). In 1H2025, J&T achieved a robust financial performance, driven by strong business growth and continuous operational optimization across its markets. Propelled by strong parcel volume growth, the revenue contribution from Southeast Asia and New Markets saw a sustained uplift, bringing the Company’s total revenue to US$5.50 billion, a 13.1% increase year-on-year (“YoY”). Core express delivery services generated US$5.34 billion in revenue, representing a 12.7% YoY increase.
The Company's business indicators continued to improve, with net profit recorded at US$89 million, a significant YoY surge of 186.6% from US$31 million in the same period last year. Adjusted net profit reached US$156 million, a YoY increase of 147.1%. Adjusted EBITDA amounted to US$436 million, up 24.2% YoY, while Adjusted EBIT grew by 65.4% YoY to US$196 million, demonstrating the Company's strong and sustainable profitability.
In 1H2025, J&T's total parcel volume increased by 27.0% YoY to 13.99 billion, with continued market expansion across all regions. Specifically, parcel volume in Southeast Asia (“SEA”) surged by 57.9% YoY to 3.23 billion, with market share significantly increasing to 32.8%. In China, parcel volume grew by 20.0% YoY to 10.60 billion. New Markets (including Saudi Arabia, the UAE, Mexico, Brazil, and Egypt) saw parcel volume increase by 21.7% YoY to 170 million.
Dylan Tey, Chief Financial Officer of J&T Express, commented: “In the first half of 2025, the Company achieved solid performance growth despite a changing macroeconomic environment. Both our total revenue and profitability saw significant improvements, benefiting from parcel volume growth and refined operations across our 13 markets. Our market leadership in SEA has been further consolidated, with both revenue and profitability achieving high-speed growth. In China, despite intense price competition, we maintained steady parcel volume growth and business resilience through continuous cost optimization and service upgrades. Encouragingly, our New Markets successfully achieved a turnaround to positive Adjusted EBITDA, proving the effectiveness and sustainability of our globalization strategy.”
Significant market share increase in SEA; non-platform business drives profit margin improvement
Leveraging its comprehensive logistics network, cost-effective services, and leading market position in SEA, J&T's business in the region continued its high-speed growth. In 1H2025, the Company's parcel volume in SEA grew by 57.9% YoY, and its market share increased by 5.4 percentage points from 27.4% in the same period last year to 32.8%, solidifying its top position in the industry for the sixth consecutive year. The Company continues to seize growth opportunities in e-commerce and social e-commerce while actively implementing a long-term strategy to expand its local brand and non-platform business in SEA countries. During the Period, parcels from non-platform customers grew significantly, positively impacting the Company's profits.
As regional e-commerce competition intensifies, platforms increasingly demanded optimized fulfillment costs. As an independent e-commerce enabler, J&T integrates order resources from multiple platforms, leverages economies of scale, and replicates advanced experience from the China market to effectively reduce operational costs. The cost per parcel decreased by 16.7% YoY, enabling more competitive prices to customers and creating a virtuous cycle.
In 1H2025, J&T's revenue in SEA increased by 29.6% YoY to US$1.97 billion. Adjusted EBITDA was US$310 million, a YoY increase of 50.5%; Adjusted EBIT was US$230 million, a YoY increase of 74.0%, showing a significant enhancement in profitability.
Continued profitability in China market with improving customer structure
During the Period, J&T's market share in China steadily increased, with parcel volume growing by 20.0% YoY to 10.60 billion. By parcel volume, J&T's market share in China grew to 11.1%. The growth in parcel volume was mainly due to the Company deepening its cooperation with major e-commerce platforms, improving service quality to enhance customer stickiness, and actively exploring rural areas and agricultural support projects. The Company also collaborated with e-commerce platforms to provide parcel aggregation services in Hong Kong, efficiently helping e-commerce platforms sell goods directly to Hong Kong and expanding its business footprint.
In terms of customer structure, J&T actively cooperates with industrial clients, focusing on growing with high-quality customers. During the Period, the Company proactively replaced customers and introduced high-quality brand clients, resulting in a significant increase in parcel volume from brand clients. For example, J&T's Guangzhou cloud warehouse successfully provided professional warehousing and customized logistics solutions for a major beauty client, helping it to accurately react to market challenges and explore new opportunities.
Amidst intense competition in the industry, the Company achieved significant cost optimization in China through refined management in all operational links, enabling continued steady business growth. In 1H2025, the cost per parcel in the China market decreased by 10.3% YoY, further narrowing the gap with leading peers. Effective cost control offset some of the pressure on revenue per parcel from market competition, maintaining business resilience. During the Period, revenue from China was approximately US$3.14 billion, a YoY increase of 4.6%; Adjusted EBITDA was US$160 million.
New Markets gradually adopt mature operating models, achieving positive EBITDA for the first time
J&T continues to cultivate its New Markets, achieving breakthroughs in both business scale and profitability. In the Period, parcel volume in the New Markets grew by 21.7% YoY. The Company continues to cooperate closely with global cross-border e-commerce platforms while actively expanding cooperation with local platforms. For instance, in Mexico and Brazil, the Company established a cooperation with Mercado Libre, the largest e-commerce platform in Latin America, further broadening its business sources.
Benefiting from the operational experience accumulated in SEA and China, the New Markets have seen rapid parcel volume growth and improved operational efficiency, replicating and localizing refined management models. Revenue from New Markets in the 1H2025 reached US$360 million, a YoY increase of 24.3%. During the Period, Adjusted EBITDA turned positive for the first time, recording a profit of US$1.569 million, compared to a loss of US$7.841 million in the same period last year, marking a new stage of healthy development for the New Markets business.
Significant results from smart logistics deployment; increased investment in technology
J&T is committed to enhancing service experience and operational efficiency through technological innovation. As of 30 June 2025, the Company had approximately 19,200 outlets, operated 239 sorting centers with 337 sets of automated sorting machines globally.
In the China market, under the policy guidance of “anti-involution,” price competition in the industry is becoming more rational. At the same time, the Company is increasing its investment in technologies such as intelligent sorting and unmanned vehicles. The unmanned vehicle network has covered multiple provinces and cities in China, with a total of 900 unmanned vehicles deployed across the network, aiming to improve quality, increase efficiency, and reduce costs. It is expected that with the combined effect of these favorable factors, the Company will achieve steady growth in the second half of the year.
Charles Hou, Group Vice President of J&T Express, stated: “In the first half of 2025, we achieved good Interim Results, once again proving that the Company's globalization strategy is continuously deepening and strengthening, and the organization's execution capabilities have been fully demonstrated. Our leading position in Southeast Asia is more solid than ever, we have maintained growth and resilience amidst fierce competition in the China market, and our New Markets have reached a turning point towards profitability. Looking ahead, we will continue to cultivate our markets, deepen refined management, and continuously invest in technology and innovation to enhance service experience and operational efficiency, creating greater value for our global customers and achieving the Company's long-term, sustainable development.”
About J&T Express
J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.
