[Today's focus]

Jitu Express - W (01519.HK) announced interim results, adjusted profit of 63.25 million dollars, rapid increase in gross margin

Jitu Express - W (01519.HK) announced results for the six months ended June 30, 2024. The company's revenue increased 20.6% from 4,030.4 million US dollars in the first half of 2023 to 4,861.7 million US dollars in the first half of 2024, mainly due to the increase in express delivery service revenue in 13 countries. The adjusted profit for the period was $63.25 million, and the loss for the same period last year was $0.264 billion. The company's overall adjusted EBITDA increased 795.6% from $39.2 million in the first half of 2023 to $350.8 million in the first half of 2024.

The company's gross margin increased from 4.8% in the first half of 2023 to 11.0% in the first half of 2024. Among them, Southeast Asia: gross margin increased from 17.7% in the first half of 2023 to 18.9% in the first half of 2024. China: Gross margin increased from a loss of 0.8% in the first half of 2023 to a profit of 7.1% in the first half of 2024. New market: The gross margin increased from a loss of 17.7% in the first half of 2023 to a profit of 12.0% in the first half of 2024.

In the first half of 2024, the adjusted EBITDA of the Chinese business was 198.9 million US dollars, and the adjusted EBITDA rate was 6.6%. In the first half of 2023, the adjusted EBITDA rate lost 2.0%, further improving profitability. Meanwhile, the adjusted EBIT for the first half of 2024 was $59.6 million, while the adjusted EBIT loss for the first half of 2023 was $183.1 million. The adjusted EBIT turned a loss into a profit.

In the first half of 2024, the company handled a total of 11.01 billion packages, an increase of 38.3% over 7.97 billion parcels in the first half of 2023. The company's market share continues to increase.

In the first half of 2024, the company's market share in Southeast Asia was 27.4%, up 2.0 percentage points from 25.4% in 2023; the market share in China was 11.0%, up 1.1 percentage points from 9.9% in the first half of 2023 on a comparable scale; and the market share in the new market was 6.1%, up 0.1 percentage points from the 6.0% market share in 2023.

At present, the company's network has fully covered seven Southeast Asian countries, with a county-level coverage rate of over 99% in China, and has also quickly achieved over 95% coverage in new markets. As of June 30, 2024, the company has about 8,000 network partners and about 19,900 outlets, operates 237 transit centers, is equipped with 254 automated sorting lines, and operates more than 4,100 trunk lines and more than 9,900 trunk line vehicles, including more than 5,700 of its own trunk line vehicles.

Looking forward to the future, the company will actively seize the major historical opportunity of e-commerce express delivery development, and formulate targeted market strategies based on the needs and characteristics of each market and the company's position in each market. The company will further increase its market share and consolidate its market position; deepen partnerships with all e-commerce platforms and continue to expand new customers; further strengthen infrastructure construction to continuously improve network quality and capabilities; strengthen refined management, improve operational efficiency, and empower China's experience to Southeast Asia and new markets. At the same time, the company will keep a close eye on other markets and carefully choose when and how to enter to achieve sustainable growth worldwide.

[Financial results]

Bank of Tianjin (01578.HK)'s net profit for the first half of the year increased 136.36% year-on-year to 1.976 billion yuan

Profit attributable to the mid-term owners of Yuanda Pharmaceuticals (00512.HK) was HK$1.558 billion, up about 51.4% year over year

Power Development (01277.HK)'s mid-term net profit of about 1.085 billion yuan increased 90.7% year over year

Giant Biotech (02367.HK)'s mid-term net profit of 0.98 billion yuan increased 47.2% year-on-year

Profit attributable to mid-term owners of Poly Property (06049.HK) was about 0.846 billion yuan, an increase of about 10.8% year-on-year

Yunxiang Technology (02131.HK): Adjusted net profit of 42.94 million yuan in the first half of the year increased 5.56% year-on-year

Tengsheng Pharmaceutical-B (02137.HK)'s medium-term loss increased to 0.283 billion yuan

Yingtai Medical (01501.HK)'s mid-term profit of about 99.18 million yuan increased by about 23.19% year-on-year

China Antibody-B (03681.HK) medium term loss reduced to 90.6 million yuan

Tongguan Gold (00340.HK) Yingxi: Net profit is expected to increase by about 469% year-on-year in the first half of the year

Sunac Services (01516.HK) Profit Alert: Expected medium-term net loss of no more than 0.5 billion yuan

Pelipo Holdings (00617.HK) Profit Alert: Expected medium-term net loss of HK$0.676 billion

[Operational data]

Electricity sales of power plants affiliated to China Resources Electric Power (00836.HK) increased by 5.2% in the first seven months

[Pharmaceutical Innovation]

Collombotai Bio-B (06990.HK): The new drug application for the core product Lucan Satuzumab (SAC-TMT) was accepted by the State Drug Administration

Hanson Pharmaceuticals (03692.HK): The fourth marketing license application for amelox (ametinib mesylate tablets) was accepted by the China Drug Administration

[Acquisition and sale]

China Intelligent Transportation (01900.HK) plans to acquire 5.02% of Hengtuo Open Source Information Technology's shares for 56.259 million yuan

[Equity Incentives]

Chuangke Industrial (00669.HK) grants a total of 0.4 million share options

Kingsley Biotech (01548.HK) grants a total of 0.244 million restricted shares

HSBC Holdings (00005.HK) grants conditional rewards to subscribe for a total of 1.7238 million shares

[Repurchase Cancellation]

Tencent Holdings (00700.HK) spent HK$1.001 billion to buy back 2.68 million shares on August 19

HSBC Holdings (00005.HK) spent HK$0.203 billion to buy back 3.0768 million shares on August 16

Eneng Logistics (09956.HK): Plans to repurchase the company's shares for no more than HK$0.15 billion

Standard Chartered Group (02888.HK) spent £9.29 million to buy back 1.214 million shares on August 16

AIA (01299.HK) spent HK$62.3758 million to buy back 1.1978 million shares on August 19

Kuaishou-W (01024.HK) spent HK$50 million to buy back 1.126 million shares on August 19

Samsonite (01910.HK) spent HK$20.977 million to buy back 1.055 million shares on August 19

Hang Seng Bank (00011.HK) spent HK$20.934 million to repurchase 0.228 million shares on August 19

Tenjuchuang (02498.HK) spent HK$19.888 million to buy back 1.252 million shares on August 19

Prudential (02378.HK) spent £1.941 million to buy back 0.295 million shares on August 16

Make a Friend Holdings (01450.HK) cancelled 3.638 million shares and bought back shares on August 19

Jiumaojiu (09922.HK) cancelled 3.27 million shares and bought back shares on August 19