J&T Express 2025 Annual Report: Southeast Asia Business Soars, New Markets Turn Profitable for the First Time, Global Logistics Map Enters the "Harvest Period"

Ask AI · What are the highlights of J&T Express’ localization strategy as it achieves its first profit in a new market?

On March 30, J&T Express (01519.HK) released its 2025 financial report. For the full year, it achieved operating revenue of $12.158 billion, an 18.5% increase year over year. Its courier service revenue was $11.8118 billion, up 18.3%. Profit for the year reached $225 million, a 98.2% increase compared to the previous year. Even more impressive, its adjusted net profit was $425 million, a 112.3% rise year over year, indicating a significant recovery in profitability. Meanwhile, its net operating cash flow reached $1.0888 billion, up 34.8%, providing strong financial support for future strategic development.

From the revenue structure perspective, as overseas operations continue to expand, their contribution has increased again, further solidifying J&T Express’ position as a global logistics company.

Southeast Asia parcel volume growth hits a four-year high; market share leads the industry

The Southeast Asian market remains J&T Express’ most robust growth engine. In 2025, the company processed 30.13 billion parcels, a 22.2% increase. Of these, 7.66 billion parcels were handled in Southeast Asia, up 67.8%, marking the highest growth rate in four years. Benefiting from this, J&T’s market share in Southeast Asia rose from 28.6% in 2024 to 34.4% in 2025, maintaining the top position in the regional express delivery industry for six consecutive years.

The rapid development of the Southeast Asian e-commerce market has provided strong growth momentum for J&T Express. According to Frost & Sullivan data, in 2025, e-commerce retail transaction volume in Southeast Asia grew 27.5% year over year to $303.85 billion, with an e-commerce penetration rate of 24.6%. Social commerce also experienced rapid growth, with transaction value reaching $151.73 billion, up 39.1%, accounting for 49.9% of total e-commerce scale. As an “independent e-commerce enabler,” J&T Express deeply integrates orders from all e-commerce platforms, successfully combining China’s advanced express logistics expertise with a localized network, achieving synergistic growth with leading platforms such as Shopee, Lazada, and TikTok.

The scale effect has significantly improved J&T’s profitability in Southeast Asia. In 2025, adjusted EBIT in the region reached $538 million, up 77.5% year over year. Its adjusted EBIT margin was 11.9%, an increase of 2.5 percentage points. The average cost per waybill in Southeast Asia dropped from $0.57 in 2024 to $0.48 in 2025, a 15.8% reduction. Cost optimization and business growth have created a positive “flywheel”: cost reduction—price decreases—business expansion—cost reduction again.

Additionally, J&T continues to invest heavily in infrastructure to support rapid growth. In 2025, it added 1,400 owned vehicles and 13 sets of automated sorting equipment in Southeast Asia, further enhancing transportation capacity and sorting efficiency. Its average parcel delivery confirmation time was shortened by 4.3% compared to 2024, with loss rates continuing to decline. High-quality service has become a key factor in maintaining its competitive edge.

Expanding brand customer base and innovating value-added services; non-platform business becomes a new growth driver

In a highly competitive market, J&T consolidates its position by expanding its customer base and improving service quality. Besides strengthening partnerships with major e-commerce platforms, J&T is actively developing the “non-platform parcel” market—an untapped blue ocean with higher profit margins. It has tailored solutions for brand clients and industry segments that were previously underserved, such as developing merchant-controlled depots and marketing campaigns to promote reverse logistics and individual parcel growth.

Notably, J&T has begun aggressively promoting its value-added services. For example, its cloud warehouse service enables seamless integration of storage and delivery, extending the service chain. This not only improves fulfillment speed but also greatly enhances customer loyalty. Additionally, in Hong Kong, it launched a consolidation (collection) service. Leveraging Mainland China’s efficient express network and its own global last-mile capabilities, it successfully entered the cross-border logistics market, meeting rising regional e-commerce demand and becoming a new structural growth point.

Despite industry competition putting pressure on revenue per parcel, J&T has maintained strong profit resilience by continuously optimizing operations, reducing cost per waybill from $0.30 to $0.28, partially offsetting revenue decline.

In terms of brand building, J&T received the “2025 Indonesia Customer Experience Award,” jointly issued by SWA and Business Digest, recognizing its high-quality service and further enhancing its brand image and market influence.

A historic breakthrough in a new market; adjusted EBIT turns positive for the full year for the first time

J&T’s performance in new markets is undoubtedly one of the biggest highlights of its 2025 financial report. After years of development, its new-market business achieved a leap from “quantitative change” to “qualitative change.”

In 2025, adjusted EBIT for its new-market operations was $3.8 million, compared to a loss of $76.5 million in 2024, successfully turning losses into profits. Adjusted EBITDA was $48.5 million, with an EBITDA margin of 5.6%, up 13 percentage points year over year. This milestone demonstrates that J&T’s global expansion model has been successfully validated in complex emerging markets.

This success is driven by J&T’s precise grasp of regional e-commerce opportunities. For example, in Latin America, the region is benefiting from rapid e-commerce growth. J&T has established deep partnerships with Mercado Libre in Mexico and Brazil, Latin America’s largest local e-commerce platform, showcasing its strong operational capabilities and service standards. It also maintains close cooperation with global cross-border platforms like SHEIN, Temu, and TikTok, integrating deeply into industry development.

In infrastructure, J&T continues to invest to meet fast-growing demand. By the end of 2025, it operated 44 transfer centers, with about 2,000 outlets and 413 automated sorting lines. Service network coverage in major cities reached 99%. In 2025, it added nine more automated sorting lines, further enhancing network capacity and efficiency.

The financials show that in 2025, parcel volume in the new markets reached 404 million, a 43.6% increase, with market share rising to 7.5%. According to Frost & Sullivan, Brazil and Mexico currently have only 10.8 and 15.9 parcels per capita, respectively, indicating significant growth potential despite the current gap compared to mature markets.

With successful operations across multiple regions, J&T has formed a “high-growth Southeast Asia + profitable new markets + steady China market” global pattern. Looking ahead, J&T plans to deepen cooperation with leading global e-commerce platforms, seize opportunities from emerging models like semi-managed logistics and door-to-door services, and continue reducing costs and improving efficiency through refined management. It also aims to explore new markets in Europe and North America. As its global network continues to improve and profitability increases, J&T’s international logistics story is entering a new chapter.