J&T EXPRESS-W (01519) Q2 2026 Earnings Call Transcript

大家好,欢迎参加极图书第2026年中期业绩电话会 我需要提醒各位,在会议进行期间,在座各位的电话将被设置于经营状态 会议结束前将会有问答环节,如果到时你想提问,可以按新11 在这里提醒大家,今天的会议将会被录音 下面将以下的时间交给会议管理层,有请各位领导 thank you operator hello everyone welcome to gnt express 2026 interview results conference call i'm having chen director of strategic investment and capital market of gnt express

the company's results and investor relation presentation was released earlier today and i'm available on the company's ir website at ir.gtexpress.com before we start the call we would like to remind you that the call may include forward-looking statements which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of GNT. This presentation also contains an audited, non-IFRS financial measures that should be considered in addition to, but not as substitutes for the company's financials prepared in accordance with IFRS. I have with me G&T Executive President Steven Dunn, Vice President Charles Hall, and CFO Stephen Tay. Our management will share strategies, operating highlights, and financial performance for the first half of 2016. This will be followed by a Q&A session. Please note that we have live slides showing through webcast this time. With that, let me turn the call over to Steven. Steven will read through his prepared remarks in Chinese before I translate it for him in English.

OK,各位好,欢迎各位参加今天的业绩发布会。 我仅代表公司重新感谢大家长期以来的关注与支持, 并非常荣幸地向大家汇报 本集团过去半年的经营和财务表现 2026年上半年 公司的全局化快递物流网络 实现了两项里程碑式的突破 其一 公司于第二季度首次实现 季度日均包裹量突破1亿件 成为全球范围内 极少数具有常态化处理 一级包裹能力的快递运营商 其二 公司中国之外的市场收入 占比首次提升至50% 标志着公司的发展前景 成为全球最优秀的快递企业之一 迈入了新的发展阶段 2026年上半年 公司以高质量的坚定增长 交出了优质的成长打卷 公司共处理了175亿个包裹 同比增长25. 1% 公司整体收入达到了76. 7亿美元 同比增长39. 5% 公司全球综合盈利持续增强 经调整净利润3. 5亿美元 同比增长120. 3% 随着中国之外的市场包裹量占比提升 公司实现单票金调整Ebit 2. 5美分 经营性现金流6. 4亿美元 红米增长50. 9% 我们观察到 2026年上半年 全球电商和快递市场依旧充满机遇 在公司目前进入的市场中 拉宾美洲的年人均报告量为18件 东南亚为48件 对比中国的159件仍有很可观的增长空间 为抓住商流和物流的全体化机遇 2020年上半年 公司加速将中国的先进物流经验向全球市场赋能 通过设备出海 模式赋能 人才输送和AI降本等多个维度 持续拓展并优化公司高效稳定的全球旅游网络 下面我将分板块介绍各区的业务发展情况 首先是东南亚 2026年上半年 公司在东南亚共处理了55. 2亿个包裹 同比增长71. 2% 取得了令人振奋的一级增长 市场份额进一步提升至38. 1% 同比提升5. 3个百分点 维持领先的市场地位 公司持续成为Titalk 拉格达 特朗普和Sharing 跟多家主流电商平台的核心物流伙伴 深度把握电商的增长红利 公司推进东南亚服务体系进一步升级 以积极拓产云仓业务 为客户提供针对不同行业特点的 供应商供应链解析方案 以此增强平台与商家的粘性 推动民电形象升级 推广快递员的新级评价制度 提升非平台键的客户激励体验 三 转营中心和网点同步动画升级 更好地满足客户对产能 领约效率和稳定性的需求 其次是中国 2020年上半年 公司在中国 共处理了116. 2亿个包裹 同比增长9. 6% 在复杂的市场环境下 收获了高于行业平均的增长 市场氛围提升至11. 6 同比提升了0. 5个百分点 公司通过经济化运营 推动在中国实现有质量的增长 航式网络底盘 派助专业团队深化参与末端网络的经营管理流程 提升网络综合服务水平 深入产业链提供专业解决方案 更好地匹配行业和商家 品牌客户的发护需求 提升科技要素在生产经营中的占比 公司全网投入了无人车数表结的大幅提升 智能客户等AA应用全面升级 最后是其他市场 2020年上半年 公司在其他市场 共处理了3. 6亿个包裹 同意增长119. 9% 市场份额提升至8. 9% 同意提升2. 7个百分年 公司同步深化于T-talk Sharing Term Carway 和Ali Express等全球电商 和美科的Libro等本土电商的合作 公司推进拓展在其他网络的网络覆盖 一方面积极投入停车产能 满足旺盛的快递诉求 另一方面通过经营模式输出 与本土创形象结合 探索并接待适合不同市场 和邻国末端旅游合作体系 实现管理效能与区域适配能力的协同提升 今天是公司11周年的生日 回收过往 公司以稳健的高质量增长 兑现成长承诺 展望未来 我们将持续加强全球化网络基建 深化中国经验对全球业务的赋能 不断优化全链路运营效率与客户体验 我们相信只有坚持做男人正确的事 坚持在每一寸覆盖的土地扎根深耕,才能是极图成为一家健康长久的企业,回报各位投资人长期以来的支持。谢谢大家。 接下来有请您。 rest of 2016, Welcome to today's results from leaving.

On behalf of the company, I would like to express our sincere gratitude for your longst Ram attention and support. I am honored to report on the group's operational and financial performance over the past six months. In the first half of 2016, the company achieved two milestone breakthroughs in its Global Express Logistic Networks. 首先,在第二季2026年, 公司得到每一公司的公司超過100公司 在一整個公司的公司, 在第一次的公司的公司, 在第一次公司的公司是一種公司的公司。 第二次,公司的公司從中國的公司 增加了50%的公司, making that the company's vision of becoming one of the world's best enterprise enterprises has entered a new stage of development in the first half of 2016 the company delivered an outstanding growth performance with sustained and high quality growth the company possessed a total of 17. 5 billion puzzles representing the year-on-year increase of 25. 1 percent The company's total revenue reaches $7. 67 billion, representing a year-on-year increase of 35. 5%. The company's global consolidated profitability continues to strengthen with the adjusted net profit of U.S.$350 million, representing a year-on-year increase of 124. 3%. As the proportion of parcel volumes on non-China markets increased, the company achieved an adjusted EBIT for parcel of US$0. 25. The operating cash flow reached US$640 million, representing a year-on-year increase of 15. 9%. We observed that in the first half of 2026, the global e-commerce and express market continue to present abundant opportunities. In the markets where the company currently operates, annual parcel volume per capita in Latin America is 18 parcels, and 48 parcels in Southeast Asia compared with 139 parcels in China, indicating considerable growth headroom. to capture the opportunities arising from the globalization of commerce and logistics in the first half of 2006the company accelerated the transfer of china's advanced logistics experience to global markets through multiple dimensions including global equipment deployment model enablement talent proposition and ai enabled cost efficiency and cost and efficiency continuously expanding and optimizing its efficient and stable global fulfillment network now i will present the development of each regional business segment first southeast asia in the first half of 2006 the company possessed a total of 5. 52 billion puzzles in southeast asia representing a year-on-year increase of 21. 2 percent achieving the company is further upgrading its service systems across Southeast Asia. Firstly, actively expanding its fulfillment of warehouse services to provide customers with supply chain solutions tailored to different industry characteristics, thereby enhancing the stickiness between platforms and merchants. Secondly, driving brand image upgrading and rolling out a star rating system for carriers to improve the shipping experience for non-platform customers. 第三次,是新移軟性的商量是改善的技術 在商品专业的利益 是更多技術的利益 能力,能力、能力、能力及成功 第二次,是中国 第一半半的2026年 公司 прим了1. 62億億美元的市场 在中国,亚亚亚亚亚亚亚亚亚的9. 6% Achieving growth above the 採算的设计率 In a complex market environment With market share increasing to 11. 6% Representing a year-on-year increase of 0. 5% The company drives quality growth in China Through refined operations Franketing the network foundation By dispatching professional teams In to separate in operational management process Of last meal networks Those to enhance the overall network service level, extending deeper into industrial chains to provide specialized solutions that better match the shipping needs of industry merchants and brand customers. Increasing the proportion of technology elements in production and operations, with the number of unmanned delivery vehicles deployed across the network significantly increased, and AI applications such as AI customer service, comprehensively upgraded. Finally, other markets. In the first half of 2016, the company possessed 360 million parcels in other markets, representing a year-on-year increase of 119. 9%, with market share 优优优独播剧场上升至8. 9% represent a young increase of 2. 7% the companies simultaneously different cooperation with global E-commerce platforms such as Tech Cloud, Shein, Temu, Quiet and AliExpress as there are local E-commerce platforms such as MercadoLibre the company is advancing the expansion of network coverage in other markets on the other hand, activate investing to boost capacity to meet strong express demand on the other hand combining export of proven models with localized innovations to explore and iterate a flexible last mile fulfillment collaboration system suitable for different markets achieving synergistic improvement in management efficiency and regional adaptability today marks the company's 11th anniversary Looking back, the company has delivered on its growth promise with sustained high-quality growth. Looking forward, we remain committed to reinforcing our global network infrastructure, further leveraging China's proven experience to empower our worldwide aspirations and continuously optimizing our end-to-end operational efficiency and customer experience. We believe that only by persisting in doing the difficult but right things and by taking root and cultivating deep play in our market we serve can J&T grow into a healthy and loss-lasting enterprise and reward the continuous support of our investors Thank you Next, I would like to invite Seattle Dillon to present the financial data for these interim results Thank you, Hai Bing.

Thank you, Steven Thank you all for joining today's conference call Next, I would like to present the key financial highlights of the group 本日是由于换项目,每个月份的公司就会在美国然后一次性的公司是在美国亿的公司 而是我的公司的公司就会表现了一些公司的公司 公司的公司,公司的公司,公司的公司是一代公司的公司 公司公司的公司,公司的公司它们就会谈到公司的公司的公司 1. 5 billion U.S. dollar in the same period of 2025 to 7. 7 billion U.S. this year representing a year-on-year increase of 39. 5%. CoreExpress delivery revenue increased from 5. 3 billion $7. 5 billion, representing a year-on-year increase of 39. 6%. The core driver of the growth was a rapid growth in the passive volume from non-China markets, driving the related revenue contribution of 43% in the first half of 2005 to 50% in the first half of 2006, representing a year-on-year increase of 7 percentage points. This is the first time that our non-China markets revenue filled with historical high of 50%. In terms of region, the China revenue from the China segment in the first half of 2026 increased from $3. 1 billion in the same period of 2025 to $3. 8 billion this year, representing a year-on-year increase of 22. 4%. Revenue from Southeast Asia segments in the first half of 2026 increased 2 billion last year to 3 billion this year, representing a year-on-year increase of 53. 8%. Revenue from other market segments in the first half of 2026 increased from 0. 36 billion to 0. 72 billion this year, representing a year-on-year increase of 99. 3%. Next, turning into our profitability, the group continues to advance its strategic upgrade. where we continue to empower our regional business development and centrally coordinate resource allocation and implement centralized management and resource sharing with the aim to unlock economies of scale and enhance across regional synergies. So accordingly, profitability-related metrics have been adjusted to be disclosed at a group level to objectively reflect the overall competitiveness of the group's resources. Profitability continued to strengthen dolphin ima 的初半期 Мне 現代 did this gross profit was $1. 01 billiongh Bahn 現代只剩 warming of 88. 4 per cent with the gross margin rrom 9. 8h percent to 13. 2 representing a yea on your increase of three point four percentage points next an adjusted EBIT our adjusted EBIT which is $40 pt representing a year-on-year increase of 121. 7% with adjusted EBIT margin of 5. 7% which is representing a year-on-year increase of 2. 1 percentage points compared to last year. Finally our adjusted net profit. Our adjusted net profit was $350 million for the first half of this year which represents a year-on-year increase of 124. 3% with adjusted net profit margin of 4. 6 percent representing a year-on-year increase of 1. 7 percent percentage points next turning into our UE in the first half of 2026 our group's revenue per parcel was 0. 44 dollars I did 44 cents dollars representing a year-on-year increase of 11. 5 percent our adjusted EBIT task per parcel was 2. 5 cents US 代表月-on-year increase of 1. 1 cents or 77. 2%. The China market saw more rational competition under the anti-involution policy, while the rapid growth in the parcel volume from our non-China regions with higher profitability contributed to the continued improvement in the groups per parcel profitability in the first half of 2026. Turning into our balance sheet, In the first half of 2026, our net cash flows from operating activities was $640 million, which represented a year-on-year increase of 50. 9%, compared to $420 million in the same period of 2025. This reflects our significant improvement in our cash generation capability. As of June 30,2026, the Group maintained a strong cash position with our cash and cash equivalent, restricted cash and bank wealth management products total $2. 91 billion. This represents a year-on-year increase of 64. 2% from $1. 77 billion in the same period 今年也包括$1. 25 billion Bank Wealth Management Products I would like to turn our commitment to Shareholders Return The company has always placed great emphasis on Shareholders Return In the first half of 2026, we completed repurchase of 99. 32 million shares And we cancelled 115 million shares on August 12, 2026 On June 25th of this year, we also announced that the board has approved new share buyback, increasing our net, increasing our repurchase amount to 2 billion HKD. We continue to deliver shareholder returns at the back of our strong financial performance. All in all, the above are some of the key financial highlights of the group for the period. Thank you for your attention. I turn my time back to Hybin.

Okay, now we can open the question to the end of this.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask the questions on the phone, please press star 11 and wait for our name to be announced. One moment for our first question.

Our first question comes from the line of Lu Shijia of Changjiang Zhengjun. 请提问 Please ask your question 谢谢operator 那个Steven Charles Dillon还有海滨 这个网上好 我是来自长江证券的鲁斯嘉 感谢给我第一个提问的机会 我的问题主要还是关注在东南亚这边 也恭喜公司上半年 取得一个非常亮的成绩 无论是东南亚 欧美 这个拉美地区 甚至包括中国 都取得了一个非常不错的成绩 那么上半年我们看到东南亚 整体上依然保持了一个非常快速的增长 那么目前资本市场 对于我们在东南亚包裹的这个量分 其实也非常关注 那么相信管理层能否帮我们对 东南亚未来的增长趋势 做一个大概的指引 Let me translate myself Hi, Dylan, Charles, Dylan and Hybin Thank you for taking my question and congratulations on very strong performance in the first part.

My question is from Southeast Asia. We continue to see very strong touch of volume growth in the first part and the market is quite focused on the sustainability on this growth. How should we think about the touch of volume growth trajectory in the Southeast Asia going forward?

Thank you. 思佳 谢谢啊 我是Chall 感谢对公司的关注和第一个提问 对于我们东南亚市场的期待 我们仍然认为东南亚电商和快递行业 还是处在一个快速发展的轨道之上 也根据一些外部的行业顾问的议策数据 在2026年 东南亚的电商和快币行业 大家都有预测接近35%的增速 在未来的五年 它的年复合增长率 也都预计将维持高双位数的增长 作为公司而言 我们有信心会比行业的平均增速 更快 更快 在电商平台的业务 重播发展的 这个过程当中 它对物流服务的 质量 时效 约效率 产能 稳定性的需求 它是不断地在提高的 我们公司凭借 扎实的 不断在 提升的网络的能力 一方面 享受着电商行业发展的同利 另外一方面 也助力所有的电商客户 不断的拓展地域和客户的覆盖 助力电商客户的消费 使整个快递行业 助力于电商行业的健康和可持续的发展 在发展电商业务的同时 公司如大家所知道的 我们还不断的在继续拓展 非电商平台的业务 在东南亚非电商平台业务的 发展还处于早期 我们预期在未来 将成为我们渐量的增长 以及是经营结果 正向拉动的有效的补充 谢谢 I'll translate for Charles.

Thank you, Shijia. Your question is about Southeast Asia's future growth potential. So, Charles was saying that we continue to believe that the e-commerce and express delivery industry in Southeast Asia will continue to remain in the very rapid growth trajectory. Ecommerce platforms continue to invest actively in the region According to the industry consultant data Bode the social Ecommerce and the express delivery industryin Southeast Asia would be expected to grow at approximately 35 per cent in 2026 and also projected to maintain a high double-digit CAGR over the next five years so from the company perspective we are very confident that we will grow faster than this in the than the average industry growth we have also observed that alongside the booming and development of the e-commerce platform the demands of the logistics service quality the logistics efficiency the network stability the capacity all these expectations and the demand is also 在與與 您的為保持收集群網絡資源 我們繼續有盡量的產品 在利益公司的一方面 還有其他讓我們希望的財產和財產總共 擁有盡量的盡量 而在燈利益的資源 並且達成為生產品移成的安全 並且為整理和食品的產品 對於 South Asia Of course, Charles also emphasized that other than e-commerce, we will continue to actively expand our non-e-commerce, or we call it the non-platform parcels. So the demand exploration for non-platform parcels in the region is still at a very early stage, and will serve as an effective supplement to our passive volume growth over the long term into the future. So that's Charles' response.

Thank you. Thank you, Guan Li-Chan. I don't know if I have any other questions. Thank you.

Thank you, Guan Li-Chan. Questions? One moment for our next question. The next question will come from the line of Juan Qianli of Morgan Stanley. Please ask your question.

Thank you, Guan Li-Chan. 管理层下午好 感谢给我提问的机会 也恭喜公司取得了非常强劲的业绩增长 我有一个小问题是关于 未来的资本开支的投入 今年以及未来几年的展望 可不可以帮我们按照不同的区域拆分一下 so let me translate for myself thank you management for taking my question and congratulations to the very strong profit growth. So my question is about the CapEx outlook for this year and next few years.

Specifically, can you please break down by region when guiding about outlook? 好,千磊,谢谢,那这个是财务的问题,我自己来回答哈。 So I will use English to respond to your questions. iya the capex we have seen the investment capex increase in the first half of the year in response to intend them with our expansion and also the high volume growth across our regions so our capex as everyone know is primarily allocated to automate automated sorting machines equipment 馆别人的죠 工匯去转发型,低热工一个化学厚的投入 By regions Obviously, we start with Southeast Asia In Southeast Asia, we continue to see strong demand In our business there And we have allocated capital expenditure To commensurate with the high growth in this business So in terms of In terms of the geographies that we spend more In Southeast Asia, it will be Thailand and Vietnam Where our parcel volume has grown rapidly Over the last few quarters 第4个市场,我们也看到了很多企业的企业, 就像是什么提升了, 在其他市场的企业,尤其是在其他市场的企业, 尤其在在LATEM上是很低, 所以我们继续投入我们的企业, 而在其他市场的企业, 我们在加上的企业,是在BREZIL, 我们的企业,也有企业的企业, in the last few quarters so that's one area in terms of our demand so adding ون to that just to maybe add more colors as well for Southeast Asia other than the sorting centers and the vehicles we also have continued to build out our last mile automation capabilities in our Southeast Asia which we which we now have 38 plus market share so we are deploying more automated equipment 其他准备的是汇总统的设置 经纪性的食品和管理工程 而当我们的10800海轮轮的内心 现在几个多年前的內心 超级机器 floating在中国 几个多年前的内心 而可现实力的变化 他们会有更多多年的输入 在中国接近 onu接受的 next few years next moving on into China which is an another big area where we spend our capex we are focusing on our investments on more advanced sorting centers to drive upgrades and and also to to refine the density of our network in first half of this year we continue to advance the construction of our new EU Zhejiang sorting centers we have benchmarked to our domestic peers in terms of efficiency and service quality and we continue to upgrade at the critical the critical geographies or hubs in China in building our own sorting centers and EU is one of them so finally I think for for the new markets I think we have mentioned before that we will use the asset like operating the newly entered countries to manage our return on investment of our investment deck at this moment our pro is actually quite low in proportion in terms of the investment at this phase so overall our capex spend uh we are expecting this year we will spend about 800 to 900 million of capex all in all slightly higher than what we have guided early on this year

下面 谢谢 谢谢非常强劲的业界 也谢谢接受我的提问 我的提问是有关于新市场 尤其是拉美地区 看到我们的收入尽量增速都非常强劲 也看到我们在开拓这些新市场的商业模式 包括播端旅游网络等等有一些创新的举措 那想请教一下管理层我们在新市场的这种博士和东南亚 中国的模式有点一些区别 然后目前有点一些进展 Good afternoon management and thanks and congrats on the very strong results My question is on your other markets, especially Latin America So understand that your revenue and shape of volume growth remain robust and some innovative initiatives in your business model, such as the last-minute fulfillment networks in these markets. So, can management please explain how this model differs from the approaches that we use in Southeast Asia as well as China, and provide an update on our current business progress?

Thank you, Steve. This question is from the approaches that we use in Southeast Asia as well as China, 现在看到这欧美市场还是有 机遇还是非常明确的 全球化的电商平台在当地 处于快速发展阶段 也就是我们带来了明确 并且还是相当庞大的诉求 同时呢 欧美是全球消费水平最高的区域 电商物流在当地是 具有一定的盈利空间 我们在东南亚 这些海外 包括拉美的探索中 将现在的模式经验输出 与本土化的创新向结合 迭代出了轻资产运营方式 公司在进入市场的初期 与具备本地资源和运营积累的市场主体展开合作 这些合作伙伴 他们比较熟悉当年的市场环境和区域特征 有之于我们公司在新的环境中快速提高进行效率 并实现更为稳健的投入产出节奏 我们会将其应用于欧美等新国家的拓展中 我们现在已经组建了核心团队 推进在欧美开展运营的前期准备 进入欧洲类似 进入欧洲类似我们当初像进入拉美一样 我们会以英法德义西等大国为切入点 后期在进行逐步的拓展覆盖 预计还需要一到两年可以看到一些成绩 后期有进展的话会及时和大家更新 谢谢 谢谢 我转发给Steven的问题 所以我认为Steven说 我们看到一个很明显的机会 在美国和美国市场 where the global e-commerce platform

they are also expanding rapidly into the region and they bring us very clear and also substantial demand for our services so at the same time, Europe and America are also the regions with the highest consumption levels globally the e-commerce logistics there offers a very high profit potential for the future so through our through our experience in Southeast Asia and LATEM in recent years we have combined basically you know to combine our model business model as well as experience with the localization and we have came up with this new asset like operating model as we expand our footprint so what he meant is in the 在这个 early stage of entering, when we enter into this market, we will choose to cooperate with the market players who possess local resources and also operational experience. These partners are familiar with the local market environment and they know the region well and they can help, they help us and help to rapidly improve our operation efficiency in the new market environment so that we can achieve a better input and output rhythm as we expand so we continue to explore whether this model can help our expansion into these new countries such as Europe or maybe even America so in terms of where we are the status we have already began assembling core teams and advancing preparation work or market feasibility studies for operations in Europe and America and entering Europe will be similar to our initial entry Latin America in terms of the geographies so Steven mentioned that we will start with the countries such as UK France Germany Italy and Spain and then gradually expand the coverage from the other Europe regions however it's going it's not going to be a fast process he also added that we expect this to take probably another one to two years before we can see some results and and we will provide handy updates to all of you as we make progress. Steve, hope you answered your question. Thank you.

Thank you for the questions.

Our next questions will come from the line of Liu Gongxian of CICC. Please cast your question,请提问. 包括电量增速以及客户的一些情况 另外的话想问一下 就是我们目前怎么看待这一块业务 比如说存量的市场有多大 未来的话随着消费者的这个习惯培养之后 我们对于潜在的这个空间是怎么看的 Thank you management for taking my question Again congrats on the good results I'd like to follow up on our progress for non-com non-platform parcels 中南亚的那小时来回答一下这个

谢谢钢钱 关注我们在东南亚的非平台界的发展情况 我是夏老师 刚才第一个问题的时候提到了 我们在东南亚除了电商业务之外 我们也要开展非电商平台界 实际上非电商平台界的业务 是我们全球所有国家 在发展的过程当中 都在开始关注的这个领域 当然在东南亚就走得比较早一些 大家都知道非平台间的业务和电商业务之间 有相当的差异 是我们公司在业务开展过程当中 现在一个很重要的战略之一 它对我们长期的这个品牌的价值 以及是长期的这个综合盈利能力的提升 都是有帮助的 跟大家分享汇报一下 在2026年我们在系统性的推进非平台键 这个领域的一些工作的开展 首先第一个是我们在产品和服务方面 我们将不同时效的这个快递产品 比如说刚热达、自打 进一步推广和应用到非平台业务当中去 在这个基础之上 我们也提供给我们的这些客户 更多的一些真子服务 例如说保驾 第二个是在如何更好的服务 一些上门技术的客户的体验优惑 我们对我们所有的网点的 品牌形象的建设 我们对网点内的 寄件区域的布局 以及是寄件流程的优化 希望是能够提升 上门寄件客户的便捷度 以及是满意度 第三个部分是针对 对个人或者说是一些商家的 我们上门揽收能力上面的提升 我们并不仅仅是关注于这个揽收的效率 同时呢我们是从订单生成开始 订单的自动和及时的调度 揽收的及时性 包括上门缆收时候的客户体验 包括个人客户收款流程的简化等等 也包含对我们提供缆收服务的 快递员的激励机制的不断的迭代优化 使我们的快递员愿意 去服务于我们的一些非电商平台的客户 并且能够提供他们所希望要有的服务 第四个方面是对于非电商平台业务里面 很重要的一个比如说是越界客户 也是我们大家可能比较通常称之为B类客户 我们在这些B类客户的从建立合作关系 我们简化签约流程 简化我们的结算流程 我们做好 应收账款的管理 包括如果它是COD的话 我们再推广 T加1的 COD款项的回款 希望助力于 那些月节客户的 业务的开展 快递服务永远都不只是说 我们仅仅是一个 物品的基地的活动 我们是希望通过我们的服务 能够使这个贸易、这个商流

使我们跟每一个客户都能够满意 谢谢方谢 OK I'll translate for Charles So Charles was saying that As mentioned in question one We continue to develop The non-e-commerce Or we call it the non-platform parcels In the region And But he also added that It's not just in Southeast Asia 而在全国内的国内,我们也开始在这些地方, 在南部的西部的西部是更加强烈的, 在这种地步的发展。 我认为,这就是我们的一个领导的方式, 我们将来往往的长期的方式进行的方式, 我们将来长期的总体进行的方式进行的方式。 所以,这就是一个方式的方式, 我们将来继续进行的方式进行的方式。 rules Biets, in 2006 WirING, We have worked systematically م to advance the improvement of the quality service of this, each of us support our growth in the non-platform parcels, so, there are four areas, in areas of product planning We have further extended our time-detotal 铺肉券 do the same day delivery for the next day delivery to non-platform parcels and we have also developed customized products such as 包价 Price Guarantee Services to enhance our service offering. 第二 第二, we'll continue to optimize our in-store parcel sending experience 所以在这一开始加强调, 我们最强炎的每个月 使用我们的支持利用 我们所在建设的一个主观 我们继续延运的 customers'感受 阻止他们的坐购房更容易在这些市场 这要是好像 Row doubts。这也是去能够收拾的整个货满。 大批多大批课。 第三个是技术特链执。 所以我们把我们的过程浏当,来 démun. 更继续尽回轨势应该满收入。 所以我说祥们说,这是很重要的地点, 你们的ؤ选,我们是我们的支持剧、 to develop this non-platform business as well as delivering this business with high quality and services because they are very essential part of our network so last but not least number four is because a type B or in China we got type B but outside maybe we can call it monthly monthly settled or periodic settled or key accounts those key accounts we in the first hour this year we have also continued to improve their experience with us in the starting from contract signing onboarding the onboarding experience and also the account receivable how do we shorten the account receivable cycle such as COD so how do we have some fastest remittance of COD into their hands because as Charles mentioned logistics service is not just about providing logistics but also to enhance quicker trade flows so in the first half of this year we spent a lot 我们有很多 effort across our geography to strengthen our overall onboarding and the customer experience there and we hope to improve the speed and efficiency of the trade port therefore we can generate more logistics services and also gain more customers better customer experience with us so that's the overall reply to your question Kang Hsien 非常舒服,很舒服。 谢谢,Charles McCann. 我的问题是关于中国市场这边。

我们看到极图上半年中国的业务增长很强劲 增速很明显地跑营业行业 我想请教一下管理层应该如何看待 在中国市场反对卷的背景之下 下半年以及明年整个行业和公司增长的趋势呢 I will translate for myself Thank you management for taking my question My question is regarding the China market D&G's first half world in China outperformed the overall industry So against the backdrop of NG evolution policy How shall we think about the volume growth for J&T as well as the overall industry?

And if possible, can management share the outlook for the second half in this year and maybe next year? 我觉得中国的快电商业 它的这个节奏就更趋稳健 商业里的所有的公司 大家都围绕着如何能够优化质量 如何降本行销 如何来改善客户的体验的这个主旋律 希望大家都是获得是 甚至为有质量的增长 我们简单的跟大家分享 然后汇报一下我们公司在中国市场上 目前我们在推进的一些工作事项 我们在这个阶段里面 我们中国区的总部关注于对网络末端的赋能 我们总部也好 代理系也好 都组织了相关的专题的团队 深入到网络的末端 参与到提升末端的这个经营管理的流程 我们期望在我们的支持和赋能下 公司的加盟商能够持续夯视他们的经营底盘 有更好的经营底盘 只有更好的网络的运营质量 才能使我们的客户满意度提升 才能保有我们现在的客户 才能够获取更多的我们新的客户和优量 另外一个是在这个对网络莫达赋能的同时 我们也有专属的团队在研究不同的行业 对于快递服务的需求 我们期望是建立提高 我们对不同的行业的针对性的解决方案 不管它是厨师 美妆3C 每一个行业都是它自己的特征 我们希望是在提供普遍的电商快递服务的同时 也能够针对不同行业的特点 能够产生一些定制化的 或者说是有针对性的服务 就像我们一直在专注的 在农特产品等方面的一些 取得的经验一样 在不同的行业 起工不同的几个方案 另外一个就是客户的多样化 不仅仅是电商的客户 我们也有针对推荐 我们针对个人的展单等等 也是做了很多的关注和工作的开展 我们也看到了相应的成效 直接的体验 就是我们深化了 和那些著名的品牌 也包括个人客户 这个相互之间的合作 这也是 是我们取得了 今年上半年在中国市场上 业务的增长 高与行业平均增速的 几个主要的方面和原因 谢谢莫凡 我的指標,詞 Кто佐尊先生。 Thanksв auch完党。 so,under the advocacy of anti-immoluyage policy in China, the growth pace of the China Express industry has become more and more healthy and steady.

so,with all the industry players, including company, we continue to center our core development team in terms of quality optimization, cost reduction, efficiency improvement, continuously to enhance service quality. All these are centered around the theme of quality growth. So what we are doing specifically for our China headquarter, our China country team, along with the regional sponsors across our China region, we continue to empower the last mile network build up, and our teams deeply engaged in the entire process of this management and working very closely with our franchisees to strengthen their operational foundation. As everybody knows, it's very important that we have strong franchisees base. So overall, all this stronger network Lifted our digital quality can help us to ring new customers in the first half reduce our customer churn and also increase our customer satisfaction. This is the collaborative efforts between our China country team as well as regional sponsors as well as our franchisees in China. So other than that он mentioned that we continue to strengthen our presence in certain industry focus with the recent industry focus in addition to general services we also have targeted certain industries with unique customer needs and we have tweaked our service delivery model to cater for their needs to make sure we provide solutions which are appropriate and which are also demanded according to their business circumstances so industries such as beauty and personal care and 3C are some of the the examples of our key focus in the first half this year all these are built on our experience in some of the other industries such as agricultural specialty products which we have experienced significant growth in the previous years as well so last but not least we have also so Charles also added that on the ongoing customer on the customer diversification so other than obviously working on franchisees and also working with the industry groups industry focus we also continue to work on higher our returns the business on returns as well as individual parcels we continue to work with this group and continue to deepen our service offerings and our reach and our operating capabilities in this area including our brand customers and individual parcels All this in combined has helped us to deliver a stronger hit first half against the overall industry growth. As you can see, our market share continues to increase in China as well. So, Muban, hopefully we have answered the questions.

Very clear. Thank you. Chai Zhang Zhe.

Thank you for the questions. We will now take the last question from Zhu Yibo of Chaitong Zhengjuan.

Please ask your question. 请提问 好的 Chel, Dylan,海兵好 感谢给这个提问机会 我看我们那个集团的单票 EBIT比年初进行的其实要更好 就请问集团的这个单票EBIT 未来的这个趋势该如何展望 OK, let me quickly translate that for you Our growth EBIT proposal will come in better than the guidance given at the start of year How should we view the future trend 是什么意义的和因为 谢谢 这是个投资350人的问题

我发现了 这就是一个投资的东西 我再次发现了 我们继续的经验 有关于所作的经验 我们继续增加历史 和机会订阅 在中国的确计 我们继续增加历史 我们继续增加工作 和成功产生 across all our regions and enhancing our group's overall resources, allocations, cost control and network economy of scale. So in the first half of 2026, as you can see, our parcel volume in Southeast Asia in other markets have grew rapidly. We've increased the proportion of the total parcel volume and this drives our group's EBIT parcel to increase 77% year-on-year to 2. 5 2. 5 US cents yeah so this is really a change of the mix so also that as we continue to and our non-China parcel volume increase our overall EBIT parcel will continue to increase as you can see from growth rate as well our Southeast Asia growth rate as well as other markets growth rates a lot higher compared to our China growth rate so going forward we expect our group's comprehensive profitability will continue to increase and that you and 2.

5 也会会增加在未来的会议会增加。 好的,好的,谢谢。感谢Daylon。 Thank you, we have no more questions from the line, I would like to hand the call back to management for closing. 非常感谢大家参加今天的这个技术书记半年报告会, 那我们今天报告会到此结束,谢谢大家。 是的 That does conclude today's conference call.

Thank you for your participation. You may now disconnect your lines.