J&T Express leans on Southeast Asia as China parcel growth cools

J&T Global Express reported strong financial results in the first half of 2026, with revenue increasing by 39.5 percent year-on-year to US$7.67 billion. The company's adjusted net profit more than doubled to US$350.6 million, and adjusted EBIT rose 121.7 percent to US$433.6 million. J&T's market capitalization enabled it to join the Hang Seng Index in June 2026.

The logistics company has grown significantly in Southeast Asia, where it holds the largest express delivery market share for six consecutive years. However, its growth is no longer driven by China, its largest market by parcel volume. China's parcel volume grew only 9.6 percent year-on-year, while Southeast Asia's grew by 71.2 percent.

The company's revenue per parcel increased due to a shift in geographic mix, rather than clear pricing power. J&T's share repurchase program increased to US$256.4 million, raising questions about balancing investor returns with long-term network investment. China remains the company's biggest market, contributing 11.62 billion parcels, or about two-thirds of total volume.

However, the single-digit growth in China suggests the company may be facing a tougher ceiling in its largest market.