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[According to data from the State Post Bureau of China, the express delivery industry's business volume in the first half of 2024 totaled 80.16 billion pieces, a year-on-year increase of 23.1%.]

On August 19, Jitu (01519.HK) released its first-half financial report showing that the company's revenue in the first half of 2024 was approximately US$4.86 billion, a year-on-year increase of 20.6%; adjusted net profit was approximately US$63.25 million, compared with a loss of US$264 million in the same period last year, turning losses into profits.

The turnaround was mainly due to the company's declining operating costs. Jitu said in its financial report that the cost per parcel in Southeast Asia fell by 15.5% year-on-year in the first half of 2024, and the cost per parcel in the Chinese market fell from US$0.34 in the first half of 2023 to US$0.32 in the first half of 2024. This was mainly due to the scale effect brought about by the company's business volume growth and the refined operation and management of various cost links.

In terms of business, Jitu Express's express service revenue increased by 33.7% from US$3.55 billion in the first half of 2023 to US$4.74 billion in the first half of 2024. The growth of this business was mainly due to the company's total parcel volume in Southeast Asia, China and new markets increasing by 38.3% from 7.97 billion pieces in the first half of 2023 to 11.01 billion pieces in the first half of 2024. The company's cross-border service revenue decreased by 88.4% from US$450 million in the first half of 2023 to US$51.9 million in the first half of 2024. This change was mainly due to the company's business transformation and adjustment, and the closure of its cross-border small parcel business.

The financial report shows that Jitu handled 8.84 billion parcels in the domestic market in the first half of 2024, a year-on-year increase of 37.1%, and its business volume accounted for 11% of China's express delivery market, an increase of 1.1%. Jitu said that this was due to the company's continued development of business in the sinking market, cooperating with multiple e-commerce platforms to carry out groupage business for remote areas. Its parcel volume in the Southeast Asian market was 2.04 billion pieces, a year-on-year increase of 42%.