J&T Express's net profit doubled last year, with slowed growth and declining market share in China.

Ask AI · How does J&T Express respond to the challenge of slowing growth in the China market?

On March 30, J&T Express (HK: 01519) released its full-year results for 2025. In 2025, for the first time, the company’s total parcel volume surpassed the 30 billion mark, reaching 30.13 billion parcels, up 22.2% year over year. Full-year total revenue reached $12.16 billion, up 18.5% year over year; adjusted net profit was $430 million, up 112.3% year over year. Among the 30+ billion parcels handled during the year, the China market accounted for more than 70% of the total volume, with a market share of 11.1%, but revenue and business volume growth slowed. In new markets, adjusted EBIT (earnings before interest and taxes) turned positive for the first time.

Affected by the “anti-overheating” (anti-“involution”) policy, growth in the China business slowed

J&T’s business covers 13 countries and, by region, is divided into three major segments: Southeast Asia, China, and new markets. According to the financial report, in 2025, J&T achieved year-over-year revenue growth of 5% to $6.71 billion in the China market, with parcels handled reaching 8B, up 11.4% year over year. Driven by the industry’s “anti-overheating” policy, growth in China’s revenue and parcel volume slowed compared with the previous year. China’s market share dipped slightly from 11.35% last year to 11.1%, ranking fifth. Through refined operations and pushing the widespread adoption of automated equipment at outlets, the company’s revenue per parcel fell 6.25% to $0.30, while the revenue per parcel cost decreased year over year to $0.28.

J&T’s financial report states that after intense price competition in the first half of 2025, the implementation of the “anti-overheating” policy helps promote healthy development in the industry. The focus of competition among companies is shifting toward service quality, network stability, and end-to-end cost optimization. The company dynamically adjusts regional strategies based on policy and changes in the competitive landscape, including developing hub-controlled delivery stations and various marketing activities to drive growth in return shipments and individual scattered orders, reducing the impact of industry competition on revenue per parcel; expanding cloud warehouse services to enable synergy between warehousing and delivery and lengthening the service chain; and deepening rural coverage of the express network, launching Hong Kong cross-docking (collection and forwarding) services to expand structured growth points.

According to the introduction, J&T launched its Hong Kong cross-docking business in 2025. Leveraging collection, cross-docking, and sorting capabilities across the Guangdong-Hong Kong-Macao Greater Bay Area, it extends to Hong Kong, and it has also built a range of last-mile facilities there, such as self-pickup points and self-pickup lockers. In addition, J&T is also promoting the deployment of driverless logistics vehicles; its current investment has exceeded 1,000 vehicles.

“We have maintained relatively steady market share in China in 2025.” J&T Express Group’s Deputy Chief Executive Officer (Vice President) Hou Junyi said during the earnings call. “The ‘anti-overheating’ policy has continuity. Next, we will make flexible strategic adjustments based on changes in the market.” Regarding how to drive growth in the company’s performance in the China market going forward, Hou Junyi emphasized that the company pursues “high-quality growth,” including deepening cooperation with all major e-commerce platforms, and creating dedicated improvement and resolution solutions for customers, industry categories, and product demand areas that have previously received insufficient attention and coverage, while optimizing the customer mix. No matter how the environment changes, the company will continue to strengthen the construction of its network’s core foundation and implement refined management to improve overall operating efficiency and competitiveness.

New markets such as the Middle East turned profitable, and Latin America has big growth potential

In 2025, in Southeast Asia, J&T’s parcel volume reached 7.66 billion, up 67.8% year over year, the highest growth rate in four years; revenue rose 39.8% year over year to $4.5 billion. Data from third-party institutions shows that measured by parcel volume, J&T’s market share in Southeast Asia further increased to 34.4%, making it the top express operator in Southeast Asia for six consecutive years since 2020.

The financial report notes that during the reporting period, with higher e-commerce penetration in Southeast Asia, competition among e-commerce platforms around e-commerce buyers, e-commerce merchants, and market share intensified. Major e-commerce platforms all launched user subsidies through different methods to attract users and stimulate spending, which in turn enabled both e-commerce customers’ sales and the company’s express parcel volume to grow rapidly in parallel. Next, it will adopt a dual-engine model of e-commerce express and non-platform parcels to consolidate its market position.

Meanwhile, J&T in new markets (including Saudi Arabia, the United Arab Emirates, Mexico, Brazil, and Egypt) successfully returned to profitability. Parcel volume grew 43.6% year over year to 404 million parcels, and revenue grew 51.2% year over year to $870 million. Adjusted EBIT improved significantly from the same period last year to profit of $30B. In addition, in the new markets, adjusted EBIT per parcel turned positive for the first time in the second half of 2025, reaching $0.09.

The financial report says that the growth benefited from the rapid expansion of e-commerce customers, the company’s continued investment in infrastructure, and, while revenue per parcel increased, the scale effect of business volume growth drove down the cost per parcel. According to statistics, by the end of 2025, J&T operated 246 transfer hubs globally. In new markets, the coverage rate of its service network in major local cities had reached 99%, basically achieving full coverage.

The financial report believes that global demand for e-commerce express services will remain strong over the long term. Third-party express companies, leveraging their ability to consolidate and integrate parcels across all platforms and their continued expansion of parcels through non-e-commerce platform channels, are more likely to achieve sustained growth in business scale, thereby building more pronounced technology barriers and cost advantages. At the same time, the company has formed a global expansion methodology centered on “exporting China’s experience + deep local adaptation + close cooperation with the e-commerce ecosystem.” It is systematically migrating and replicating this to Southeast Asia and emerging markets, and it has proven to be effective.

Regarding its plans for global expansion, J&T Express’s Chief Executive Officer Fan Suzhou discussed specifics during the earnings call: “Chinese e-commerce is accelerating globalization, and demand for high-quality last-mile delivery is rising quickly, bringing new opportunities to the e-commerce express market. We are also staying in communication to enter markets with high growth potential.” He said that for new markets the company has not yet entered, it will assess factors such as the local population base, GDP, e-commerce penetration rate, local business environment, and return on investment before entering. Now it will first do solid work in Latin America (Mexico, Brazil). After achieving rapid volume growth, it will then enter other Latin American countries such as Colombia and Peru. For the long term, the company plans to turn Latin America into the next Southeast Asia market, and it is also studying potential opportunities in Europe and North America.

Written by: Nandu N Video reporter Fu Xiaoling