J&T's performance is twofold: Southeast Asia holds one-third of the market, but the Chinese market's share is declining and reputation is under pressure

Ask AI · How can Southeast Asian market achieve the highest parcel volume growth in four years?

Text | Chen Zhaoyu

Editor | Liu Peng

On March 30, J&T Express Global Limited (referred to as “J&T Express,” stock code: 01519.HK) announced its full-year 2025 results. In 2025, the company’s total parcel volume first surpassed 30 billion pieces, reaching 30.13 billion, a year-on-year increase of 22.2%. Total annual revenue reached $12.16B, up 18.5% year-over-year. Adjusted net profit was $425 million, an increase of 112.3%. Free cash flow reached $490 million, a 96.1% increase compared to the previous year.

Looking at the market segments, J&T in China generated $6.7 billion in revenue, up about 5%. Gross profit was $450 million, up about 6%; in Southeast Asia, revenue was $4.5 billion, up about 40%. Gross profit was $860 million, up about 36%; in new markets, revenue was $870 million, with gross profit of $150 million; cross-border revenue was $76 million, with gross profit of $7 million.

Southeast Asia as the profit growth engine, leading for six consecutive years

In 2025, J&T’s growth in Southeast Asia was strong, further consolidating its leading position.

From operational data, the parcel volume in Southeast Asia reached 7.66 billion pieces, a year-on-year increase of 67.8%, hitting the highest growth rate in four years. Meanwhile, based on parcel volume, J&T’s market share in Southeast Asia further increased to 34.4%, and it has been the number one express operator in Southeast Asia for six consecutive years since 2020.

From revenue data, revenue grew 39.8% year-over-year to $4.5 billion; adjusted EBIT increased 77.5% to $540 million; the average cost per parcel decreased to $0.48.

Regarding the performance growth in Southeast Asia, the earnings report explains from three dimensions: First, the macro environment remains optimistic, with retail total sales growth accelerating; second, e-commerce platforms increased investments, driving faster business growth; third, the rapid development of the express industry and rising demand for high-quality delivery services. Additionally, policy environment also played a supportive role, as local governments “successively introduced a series of policies and guiding documents, establishing clear positioning and development directions for the industry, and providing supporting infrastructure.”

Management also stated during the earnings call that the company expects a 15-20% compound annual growth rate in Southeast Asia from 2026 to 2030. The logistics market in Southeast Asia currently benefits from high demand growth, ongoing platform subsidies, and the rapid rise of social e-commerce, while J&T, as an independent third-party logistics provider, benefits from industry expansion through its neutral positioning.

Moreover, it is worth noting that J&T’s layout in new markets (including Saudi Arabia, UAE, Mexico, Brazil, and Egypt) has achieved a turnaround in adjusted EBIT (earnings before interest and taxes). The earnings report shows that in 2025, parcel volume in new markets grew 43.6% year-over-year to 404 million pieces, revenue increased 51.2% to $870 million, and adjusted EBIT significantly improved to a profit of $3.78M compared to the same period last year. Meanwhile, the adjusted per-parcel EBIT in new markets turned positive for the first time in the second half of 2025, reaching $0.09.

China market share declines, last-mile service reputation under pressure

Contrasting sharply with the rapid growth in Southeast Asia, J&T’s growth in China has faced bottlenecks: slowing growth and slight market share decline.

In 2025, J&T’s parcel volume in China was 22.07 billion pieces, an 11.4% increase over 2024. Full-year revenue was $6.71 billion, up 5%. Although it still holds the majority of the total parcel volume, the growth rate is significantly weaker than in Southeast Asia; meanwhile, its market share in China slightly declined from 11.3% in 2024 to 11.1%.

Additionally, J&T reduced some of its network presence in China. The Q4 2025 quarterly report shows that in the fourth quarter, the company reduced 300 network partners, closed 500 outlets, decreased 2 transit centers, and cut 300 third-party carrier vehicles.

J&T explained that the reduction in network partners and outlets in China mainly results from optimizing the network structure and improving the operational capacity of individual partners and outlets. The decrease in third-party carrier linehaul vehicles is mainly due to the company’s increased investment in its own vehicles and higher utilization of high-capacity vehicles.

Despite advancing refined management, this has not quickly translated into improved reputation in the Chinese market.

Searching for “J&T Express” on social platforms like Xiaohongshu reveals numerous consumer complaints. These complaints are highly concentrated on “last-mile services,” such as “leaving parcels at stations or doorsteps without permission,” “delivery personnel with poor attitude,” “damaged or lost parcels,” “slow customer service,” and other issues.

Results of searching “J&T Express” keywords on a platform

Although reputation is under pressure, China remains the fundamental market for J&T’s business volume.

Earlier, on January 15, 2026, J&T reached an 8.3 billion HKD cross-shareholding agreement with SF Express. This move signals a “shift toward high-quality service” to consumers, aiming to enhance brand reputation and improve customer structure; simultaneously, leveraging SF Express’s linehaul transportation capacity and combining it with J&T’s extensive last-mile network covering 13 countries in Southeast Asia, the Middle East, and Latin America, to integrate overseas and cross-border logistics resources and expand global network coverage.