Hello, everyone. This is Haibin.

It's very glad for us to give you announcement of our performance in 2025 Q4. The parcel volume reached 8.46 billion pieces, representing year-on-year growth of 14.5%.

Total parcel volume for the entire year amounted to 30.13 billion, year-on-year increase of 22%. The growth mainly driven by Southeast Asia, China, and new markets.

The Southeast Asia. In Q4, the parcel volume reached 2.44 billion pieces, with increase of 73.6%.

The full-year performance amounted to 7.66 pieces billion pieces, showing year-on-year increase of 67%. The key drivers behind are as follows.

The e-commerce platforms have increased their investment. Through promotional activities and the continuous enrichment of product categories, we have driven the rapid growth of the business volume.

Also, in 2025 Q4, we've been seeing a very good maintenance of the growth of major clients of e-commerce. Non-platform parcels have also reached a very good growth, marking significant contribution to the total parcel volume.

Also, at the same time, we've been seeing a higher requirements of the logistics service, and widening the gap with our competitors by the virtue of our cost and the price advantages, as well as the solid network capabilities. Next, let's talk about the China.

In Q4, the parcel volume in China reached 5.8 billion pieces, with year-on-year performance of a flat performance. The total full-year volume reached 22.07 billion, showing year-on-year increase of 11.4%.

The business development of China region in Q4 was categorized by following aspects. The industry growth has slowed down.

In October and November, industry grew by 8% and 5% respectively. It is expected the industry growth in December may slow down further compared with November.

Also, we have proactively adjusted our strategies, strengthen the foundation of our network, and pursue high-quality growth. The company ranked high in logistic index for franchise system and maintain on the mainstream e-commerce platforms.

The brand image has been considerably improved in the minds of high-quality clients, and this has brought us in more high-quality parcel volume. Now, the emerging markets.

In Q4, the parcel volume in new markets reached 130 million pieces, with year-on-year increase of 79.7%. And 2025 volume was 400 million pieces, with year-on-year increase of 43%.

The following reasons contribute to that. The e-commerce penetration rate in new markets is still low.

Per capita parcel volume is much lower than that of China and Southeast Asia, giving room for further development. Next, we have continuously improved the express delivery network, enhancing operational efficiency and service quality.

We can see that we do have very good growth in Mexico and Brazil, and the e-commerce ecosystem in Brazilian market is more mature. Within the entire new clients, the company has achieved a very favorable growth.

This is the operating performance of our markets in Q4. Understood that you're very concerned about financial performance in Q4 2025.

Regarding financial figures, the company currently only discloses the semi-annual and annual financial data. Therefore, company generally does not update the performance guidance on the quarterly basis, and specific guidance for 2026 will be released simultaneously after the annual results announcement in March.

This concludes the announcement, and now we're going to open up the questions to the floor, and welcome everyone to ask question.

All right. Thank you very much for this particular question.

Just now, you have asked the reason that so we have actually a different trend for the number of franchisees and the number of the point of service. In Southeast Asia market, right?

Yes. Okay.

Thank you for the clarification. In Southeast Asia market, we have lower number of franchisees, around 300, but we have 1,000 point of service.

The reason is that we have very strong growth in Southeast Asia market. With this very strong growth, we have to further increase the density, increasing efficiency and productivity.

This is number of reason for us to increase the point service. For the franchisees, we're doing integration of franchisees further.

We know that we are promoting the particular kind of transformation from self-operating to franchisee model, we are increasing efficiency and quality of our service provision. This is the reason for us to have divergence trend between these two.

Thank you. Thank you very much, Haibin.

The second question is around the China market. We know that in the second half of the year, we had a lot of changes happening to the logistic and quick express market in China.

We would like to ask you that on this current backdrop, how do you think about the 2026 strategies and your key indicators of performance? Also, could you share with us about your overall outlook of the overall pricing war happening probably in 2026 first half?

Right. Indeed.

We know that in China market in 2025, throughout the whole year, we had fluctuations a lot, and probably have experienced that in the beginning of the year, we had the pricing war. During the middle of 2025, the government had anti-involution policies, which lasted for about half a year.

Then as for the anti-involution policy, we have maintained our unanimous attitude, which is precautiously positive. In terms of the duration and the strength and depth of anti-involution policies, we cannot control these factors.

Our strategies will be adjusted dynamically according to the situation. As for China market, we always believe that we have to be steady and with a very good growth against stability.

In that whole process, we are going to also increase the quality of the parcel delivery, not only focusing on quantity. Also in China, for the high-priced parcel and the reverse parcel and individual parcel numbers will be increasing.

As for our investment in China, our position is a follower. As for 2026, we are continuously having the same strategies, which is maintaining our positioning and focusing on quality, finding good strategic opportunities, and realize our growth in China.

Another point, which has always been set by us, is that in China market, this is actually a very good fundamental for us to expand in the rest of the global markets. In emerging markets, in terms of technologies, human resources, and resources are distributed by China.

We are exporting those things to or from China and bringing our very robust and healthy growth in the rest of the markets in the world. Thank you very much, it's very clear.

Thank you, Dylan and Haibin, this is the end of my question.

Yes, no problem for that. Good morning, everyone.

You can see that in Q4 of 2025, you have maintained a very robust growth, and this is pretty good. You can see that the Southeast Asia market is pretty good, and the investors are actually caring about the notion that how do you think about the overall growth expectation of 2026?

This is the only question that I have, especially for overseas markets. For instance, the Latin America and the other foreign markets, e-commerce growth and the other industrial growth, any new guidance that you're able to provide to us?

Thank you.

Very quickly recap. Just now, you asked us about the expectation of 2026.

This year, we're announcing the 2025 figures, we would like to actually reiterate that taking a look back at the performance of the last year interim results and to expect the new growth. We actually expect to have 74% of the growth.

Several reasons. First is that for the major e-commerce clients, especially TikTok, Meituan, and Shein, have invested heavily, and also increasing the number of categories, and further penetrate in the Southeast Asia market.

At the same time, under the heavy competition of the e-commerce platforms, this also promoted the development of the express industry. Also, the logistics cost is increasing at the same time.

For Q4, you can see that for some of our third-party logistics companies cannot satisfy the needs and demands of the e-commerce platforms, and quit the market due to certain reasons. We have a very good cost advantage.

We are also increasing our competitive advantages on the platforms. You can see that we have increased non-platform parcels, but this is not that contributive to the overall revenue, because it's accounting for less than 10% of total.

Another question is about the outlook of Southeast Asia market in 2026. Overall speaking, we are quite positive to the growth further in 2026, because for these e-commerce customers, we could see that they have a very good customer conversion, and in 2026, this momentum will be continued, which is something that we firmly believe.

Of course, if we have 70% of the growth in Southeast Asia market in 2026, this is pretty much confident for us to actually maintain that. This is pretty much about the Southeast Asia market.

Another foreign market is the other emerging markets. As what we have discussed in last quarter, while in 2025, we have collaborated with MercadoLibre and TikTok in Latin America, we have been actually increasing that collaboration.

At current stage, we have a very good diversity of the customer base. In the emerging markets in 2026, overall speaking, we have some of the figures showing the penetration still, which is quite potential for us.

These figures are way lower than the Southeast Asia market and China. From our standpoint, there's a huge potential for further growth in the emerging markets.

In emerging markets, we're going to perfect our network connection, and increase our quality of service, and increasing the investment to improve the productivity. Overall speaking, the emerging markets are still at early stage, and there's a huge room for further growth.

Last year, in 2025 first half, we had a low base in this market, and because of the low base number, we believe that we're going to have a very good growth in 2026 first half. In the second half of 2026, we have to actually take a look at the performance from those platform and non-platform businesses.

Still, overall speaking, we're quite optimistic. The penetration and number of parcels in the emerging markets are way lower than that of China and Southeast Asia market.

We would like to actually regard the emerging market as the third country for growth. Right, thank you very much, Dylan, for this answer.

Very clear answer. No further question from myself.

Thank you.

Thank you very much management. This is Liu Gangxian from CICC.

I have also two minor questions. The first one is that with regards to the emerging markets, we know that we have been investing and investigating in Southeast Asia market, and we know a lot about this.

For Mexico and Brazil, we are quite estranged to that. Would you like to comment on the e-commerce and the logistics?

What is about the overall landscape, as well as the ecosystem, as well as the models? Could you have more details?

For instance, e-commerce, what are the differences and commons versus China and Southeast Asia market? What about the difficulties, and also the competitive edges that you have in terms of logistics service?

This is my first question. Second question is about the China.

We know that in China, we have industrial reasons and also we have our active adjustments as for happening in China. Against that backdrop, how do we think about the economy of scale, because you had a quick growth in the previous years, and now you're slowing down in China.

Probably you're going to be exiting in terms of the resources and the human resources as well. If we're not considering price, if we only consider about cost, how do you think about the competitive landscape here in China?

Let me answer this question, and Haibin will be introducing China. Just now you have asked about the Mexico and Brazil, right?

Latin America. I would like to say that in Latin America, we are still at the first cycle of our development.

With our key accounts in e-commerce, we actually are planning to expand according to the volumes that they have. This is the first stage of the development.

Now you can see that the Southeast Asia market is more mature than the Latin America from this standpoint. In Southeast Asia market, we have been actually growing a lot in a year.

In terms of the brand image and in terms of the adoption and the mindset of our customers, in Latin America, this is actually growing and rising a lot. Still, there is a very huge room for further improvement in Latin America.

Our concern is that we have to provide a very good quality of service to e-commerce customers, because there is actually huge demand of e-commerce platforms in Latin America, and locally, some of the local players, in terms of the service, is not that good. Giving you a simple example.

Say 365 by 24, this is not actually going to be the case. There is no such kind of a service model happening through from the other express delivery platforms.

Next is about the express delivery. We know that for e-commerce platform customers, they choose the express delivery to enter the market.

Now we are at a very high growth from this standpoint. Those players are setting up the warehouses, and delivering their goods, and importing the products from Asia and other markets to Latin America.

Be it the cross-border or local-to-local service, we are very clear about the business models, right? Be it which model that we're talking about, as long as this model need the delivery, our global network coverage and national coverage could have a very good service quality met.

We are also going to provide a lot of differentiation strategies locally. Of course, not only in terms of these factors, if you're taking a look at the trajectory of our development in Southeast Asia and also in China, do a lot of mergers and acquisitions, we believe that we have advantage as well in Latin America.

For instance, together with our e-commerce customers, we're going to establish the warehouses, or we're going to take the parcels from the local warehouse, or we could collaborate with the merchants and also penetrate our service into theirs. We do have a lot of APIs available for that from a systems standpoint.

This is going to be really good. You can see that we are able to compete in a very highly efficient way.

At the same time, we are always investing in the emerging markets. You can see that in Latin America, be it the fleet investment and the equipment, we are increasing those investments at the same time.

These are going to be the backdrop for our further growth. In terms of the differentiation, I think that as we have already introduced, that we do have the experience from China, and we are going to have a systematic copy and paste to the local market in Latin America.

The other competitors do not have the capabilities like we do.

Right, thank you very much.

Then this is Haibin, and let me answer the question about the China market. Actually, for China market, as we can see that after years of the growth, this is a huge market.

In around 2020, we actually entered the China market. In 5 years, now we are having such a market share as of Q4 of 2025.

This particular 5 years of development equals to 20 years of the development of our competitors and rivals. As for us, we have a very good strategies.

Of course, at the same time, we have a very good internal capabilities that we could deliver. In 2025 October, we have actually announced a new transportation center in Guangzhou, and this is actually going to be the biggest center here in China or even the biggest in Asia or in the world.

This is actually showing that we are actually dedicated to further increase our penetration in China market. We believe that in China, even if actually the particular kind of growth has been slowing down, but overall speaking, the potential is pretty good.

You can see that China is a huge market. This is definitely going to be a very, very important especially strategic market for us, and we're going to increase our efficiency of operation, lowering down the cost, and this is going to be our focus here in China.

Right. Thank you very much, Dylan and Haibin.

If possible, I can have a follow-up question on the tariff issue in Mexico. This is already taking into effect.

We'd like to understand that in Q4, whether or not you had certain issues before the tariff adding and after the tariff adding, what is the particular competitiveness of those e-commerce customers in Latin America?

Right. Thank you very much for this question.

I think that in short period of time, the tariff is actually having some impacts on the e-commerce customers. Also, you know that we have the local-to-local service model.

This is actually going to enhance because of the tariff. Of course, we have a lot of sellers, right?

If we cannot have the cross-border business done in a very cost-efficient way, we are able to do the other business models. In a short period of time, the penetration of e-commerce of customers will be actually hindered by the tariff policy.

Still, you can see that we are going to have a very good growth on local-to-local business, which is going to be offsetting the impact from tariff in the policies. In Q4, the performance is actually lower than our expectation, but still, we had a growth, right, in Q4 in the Latin America.

In the long run, if we have those platform business and the local-to-local, we are actually more advantageous even than the other rivals. Sometimes you know that this is quite easy business model, because it's happening in the port and airport.

While we have actually a very good local-to-local business, this requires a lot of the network coverage, which is something that we already had.

Right. Understood.

Indeed, local-to-local is very good, positive news to J&T Express. Still, the particular delivery upon arrival is going to be quite challenging, but local-to-local business is pretty advantageous to us.

No problem for myself, and this is the end of my questions.

Right, this is a very big question. Let me try to answer this question properly.

Of course, I may have quite subjective answer to this. In terms of the priority ranking, first one is that the changes of the offline retail changes.

This is actually growing a lot in Southeast Asia market. Last quarter, you could see the changes in Thailand and Vietnam.

Now, the free delivery threshold has always been lowering continuously. The VIP service of e-commerce platforms, we are going to actually make sure that more buyers are able to actually enjoy cheaper price of the logistics and some of the other benefits of buying goods online.

Online-to-offline, this is actually accelerating in terms of the overall trend. That is to say that the offline retailing is actually developing quite fast.

This is actually quite obvious trend. Second point is and this is actually something quite dependent on our investment to the e-commerce customers.

From those e-commerce customers, you could see that in Southeast Asia market, the e-commerce customers are increasing their investments a lot, right? The third point I would like to illustrate, if you're talking about the ranking, first trend is that increasing online-to-offline, and the second is investments increasing by e-commerce customers.

Third industrial factor would be the increasing of our penetration rate and market share and exiting of the medium- and small-sized players. These three changes are quite core to us.

The second question is about the continuability and the sustainability. I think that the first and second factors are going to be still playing their roles.

We know that for e-commerce customers, they are actually trying to cultivate the habits of those buyers buying from online. This is not going to be the strategy that they want to bring the profit for only a year, but they're having a very long-term strategy in place.

As we have already mentioned that the first trend, the online-to-offline, and second is that more investments from e-commerce customers, these two trends are going to be really continuous in the 2026. The marginal effects are going to show gradually.

There is a fourth factor, which is the acquisition of the non-platform parcels. In 2024, we started to actually have those non-platform parcels and starting to build a brand image and started to have our designated local business development team and trying to find the new mechanisms of operation.

The reason is that we want to actually acquire more platform parcels, because you know that we have a very good mature network, and we will be actually trying to actually collect the parcels as well upon doorstep. If you place the order, our delivery guys will pick up.

It should have been the case long ago. In Southeast Asia market, before we did, it was already like this, but the other players did not have this particular kind of a network density to actually realize the efficiency of picking up the parcels within 1 to 3 hours.

In most of the cases, they just deliver upon the other sites. We do also have another factor, which is really, really important for us.

The second question is actually more financial related. I think that this also includes China and Southeast Asia market.

We know that in 2025, you have been increasing a lot of investments to buy the automation equipments, and the seaborne transportation was one of the highlights. If you buy more automated equipments, you are going to actually lower down the amortized cost.

In 2026, as for China business, is it also visibility for us to have prediction that the overall operational cost will be lowered further in China? In Southeast Asia market, we have actually paying attention to the average price of the industry, and the ASP has been reducing in Southeast Asia market.

Whether or not the average weight will be also reducing at the same time? Also, if you take a look at China, if the average weight has been lowering, the overall operational cost will be performed better.

Whether in Southeast Asia market you're going to see the similar trend? Thank you.

This is pretty much financial-related questions.

Thank you very much for this question. The operational cost, we know that we are keeping investing in China market.

As we have already mentioned, the CapEx, it is very strong in China. It's not quite long for us to enter the China market, but be it from the logistics architecture standpoint or the kind of investment, we are a very strong player in China.

The purpose of having those investments is to actually further support our further and sustainable growth. We are really confident on the China market performance.

We will be further laser-focusing on our enhancement of our management experience and cost-reduction methodologies. You can see that the common of operation enhancement and the optimization will be really important for us.

Also, just now we have mentioned the industrial differentiation. This is going to increase to a certain extent, but overall speaking, we are able to actually cover the overall growth of our operation.

Overall speaking, we are quite positive to the future. As for Southeast Asia market, probably you have noticed that in Southeast Asia market, in terms of ASP and cost per parcel, they have been enhancing and optimizing.

While we are optimizing the overall cost, which is going to be taking gradual step, we are going to have a much better-off situation in future. A number of franchisees has been decreasing as we have already illustrated, and the investment on buying the automated equipments, these are all the strategies that we focus on Southeast Asia market.

In the future, we're going to have more equipments bought, and we are very much confident that in the near future, we are going to actually maintain a 5% to 10% of the growth on the annual basis in the next several years in Southeast Asia market. Thank you very much.

It's very clear. No further question from myself.

Right. Let me answer the first question, which is the mix of platform parcel versus non-platform parcels.

Now you can see that this is a single digit for the non-platform business. In the Southeast Asia market, this is actually the case.

For the e-commerce growth, this is pretty good, we have to increase a lot of the e-commerce business in Southeast Asia market in specifics. In the long run, we are aiming to have more high-value customers acquired, and also increasing the profitability of our franchisees.

We have a lot of business to do in Southeast Asia market. First is that expanding our network coverage, and increasing our investment on the e-commerce platforms, and acquiring non-e-commerce businesses, and also giving benefits back more to the franchisees.

As for franchise model, they're actually going to help us to acquire new customers, and helping us to service in a much better way. In the long run, this is actually going to be a healthier business model.

This is something that we are actively doing right now. Second one is about the equities.

Thank you for this question. In the new markets, we always tell through the announcement that at current stage, we're doing some of the share buybacks, and first of all, thank you for asking this question.

Still, we are going to have all kinds of different supports in different markets. In emerging markets, we are meeting our expectation.

We are very grateful to our investors on this. We are going to further having this equity manipulations.

Also, at the same time, we are pretty much showcasing our confidence in the new markets, and we are very grateful to the supports from our investors. This is going to be really important to us.

Also, at the same time, we're going to give good benefits back to our investors. While we are going to further explore the new markets, we are going to have a very mature market performance as well and business model.

At the same time, in Indonesia, for instance, we want to further increase the non-parcel volume. At the same time, we also wish that we could have more regions helping us to achieve that, so that we're going to have a true global coverage and also further enhancing our competitive advantages.

All right. Thank you very much, the management from J&T.

No further question from myself.

Right. It would be the listed co that doing the business development in the new markets.

Let me give you the backdrop why we actually used the previous way, because while we are preparing for new markets, in China market, we were still in loss-making situation. We used our subsidiary to do that business.

In 2021, at the same time, e-commerce cross-border business was just developing, but it wasn't that clear. As for investment from a company or investors, they were actually really looking forward to our future capabilities and wished to collaborate with us.

In the overall sense, I believe that this is the reason that they actually trusted us. This happened in 2021, and when that's over, we were listed in 2023, and now our global businesses are all profit-making.

I think that overall speaking, we don't need the subsidiary anymore to do that business. Right, thank you very much, Dylan.

The second question is that know that in 2020, you have achieved the parcel pick up of 1.1 billion. What we would like to know that in new markets, you can see that TK has been increasing their guidance on the Latin America on GMV.

We would like to know that the new markets in 2026 or 2027, which year is going to be the year that you are going to be hitting the number of 1.4 1.1 billion? We would like to know that in emerging markets, when that you are going to reach the total volume of 1.1 billion a year?

Right. I didn't know that whether or not the guidance was official or not.

We had some information online that probably from our customers, we cannot answer the questions on behalf of our customers, or we cannot validate the data and figures from a third party. Timetable-wise, to be honest, we don't have a clear answer, but we know that the trend is quite obvious.

We do have several. First is that the particular base number of new markets is no lower than that of the Southeast Asia market.

If you're taking a look at the potential of the parcel market, and Colombia, Chile, Argentina, and Peru, if you added all the markets in Latin America, the number of population is around 600 million. It's quite potential.

Also, the average GDP, right, per capita GDP, this is actually also higher than that of the Southeast Asia market. The market potential is really huge.

At the same time, the kind of penetration of the e-commerce is really low in those markets. Of course, the kind of habit of purchasing is just not there.

In the long run, the Latin America will be as mature as that of the Southeast Asia market. In which year, it is very difficult for me to predict.

At current stage, we believe that this is not going to be happening naturally. We need to invest.

At current stage, the positive thing is that South America is more positive than we thought. At current stage, Shopee is doing a lot of investments in the Southeast Asia market, but in Latin America, we had TikTok investing a lot, but Shein and Temu already invested in the Latin America market, and Kuaishou is also increasing their investment as well.

This is actually a very good thing. Another very good thing is that we have collaborated with MercadoLibre, which is a local company in Latin America.

With this help of the e-commerce platforms from China and MercadoLibre, we will be increasing our business of e-commerce platform in Latin America. Right, thank you very much, Dylan.

Let me have the very last question, not necessarily [laughter?] , you know that in US is actually having the geographic attention raised because of this attack to Venezuela.

Whether or not this is impacting your exploration in South America market? Geopolitical reasons?

Yes, this is quite impactful, and we know that we are the company that explore the markets in the world. Say Middle East, right?

Last year, we also had some of the wars happening in Middle East. Still, we overcome the difficulties.

We actively that in Latin America, what we are doing is for the well-beings of the public and citizens. I don't think that this will be impacted that much, and in the future, of course, that we are going to actually further pay attention to this, and further enhancing and optimizing our network coverage and the infrastructure, further making Latin America as the next Southeast Asia market for us.

Right. I think that this is going to be something beneficial to you, because when you have that, you have to increase the investment on infrastructure of livelihood issues.

Definitely speaking, we are going to be quite precautious in dealing with those impacts because of geopolitical tensions. We are not alone, I believe.

We do have some of the enterprises that are collaborating with us in local markets. Right, thank you.

Thank you.

That MercadoLibre is the biggest company in Latin America, and at current stage, we are now further focusing on the development. At the same time, in MercadoLibre, this is actually the biggest company in Latin America before we enter into the market.

While we actually further increase our investment there in Latin America, this is actually bringing up a lot of other sellers to sell their products in Latin America. You can see that there are more merchants that are operating on MercadoLibre, which is going to be a very good thing driven by our performance.

For instance, the automotives in China, some of the like phone case players are performing quite well. When they actually enter the Southeast Asia market, they're going to be working with MercadoLibre.

At current stage, this is already the case. Next, MercadoLibre is now increasing their investments in China.

In December, I think that they have opened the designated accounts in China to sell some products to China market. With that particular strength, we are seeing a very good performance, and at the same time, I think that they have a very big room for further improvement.

We always believe that in the future, MercadoLibre will be bringing with us more contributions from the increase of the number of parcels in Latin America. Thank you very much, it's very clear.

No further question.

Thank you very much, all the analysts and dear investors, for your answers. This is the end of this performance announcement call.