YTO Express (International) Holdings Limited Overview
YTO International is the Hong Kong-listed international logistics platform of YTO Express Group, one of mainland China's largest express parcel carriers. Built on the 2017 acquisition of the Hong Kong freight forwarder On Time Logistics, it combines a legacy asset-light air and ocean forwarding franchise (historically a top Cathay Pacific Cargo agent) with a newer cross-border e-commerce parcel business and an emerging overseas warehousing and last-mile capability in Central Asia, Australia and other corridors. The company is small (FY2025 revenue HK$3.19 billion, ~1,150 staff) relative to peers, loss-making since FY2024, and heavily reliant on parent resources — notably YTO Airlines' freighter fleet and the parent's Jiaxing Global Air Logistics Hub. Management's stated ambition is to become a "comprehensive international express logistics and supply chain integrator" under a "1+7" global hub network. Its balance sheet is essentially net cash, and 1H2026 shows sharp volume recovery, but profitability has not yet returned.
Company's own description (latest filings)
In its FY2025 Final Results Announcement (26 March 2026) and 1H2026 Interim Results (18 August 2026), the company describes its core businesses as international express and parcel services, international freight forwarding (air and ocean), and logistics/international supply chain services. It characterises its strategy as following three outbound vectors — Chinese people and enterprises going global, cross-border e-commerce, and the Belt and Road Initiative — and as building a network under the banner "China Connects the World and the World Connects the World". As at 30 June 2026 the company states its international service network covers more than 150 countries and regions across six continents. The FY2025 announcement additionally discloses over 2,000 international air route products and nearly 200 self-operated stations and core agent coverage points.
The company's segment framework (unchanged in substance since FY2023) is: Air freight; Ocean freight; International express and parcel; Logistics (warehousing, distribution, customs clearance); and Others (combined shipments, trucking, rail freight, general sales agency, e-commerce, customs clearance services, hand-carry).
Business model and revenue model
The business is overwhelmingly service revenue — effectively 100% of revenue is transport and logistics service fees. There is no material product, subscription or licensing revenue. The model has three distinct economic engines:
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Freight forwarding (air and ocean) — ~77% of FY2025 revenue. An asset-light intermediary model: the company buys cargo capacity (airline space allocations, block-space agreements, charters, ocean container slots) and resells it bundled with documentation, consolidation, customs coordination and destination handling. Revenue is gross freight billing; gross margin is the spread between sell rates and buy rates. Margins are thin and highly sensitive to spot freight rates and capacity commitments (charter exposure turned the air segment loss-making in FY2025).
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International express and parcel — ~18% of FY2025 revenue (21.5% in 1H2026). Cross-border small-parcel delivery for e-commerce platforms and merchants via "dedicated line" (专线) products and standard express products, priced per parcel/weight. It is more vertically integrated — collection in China, linehaul (often via YTO Airlines freighters), customs clearance, and increasingly self-operated last-mile in Kazakhstan and Australia.
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Logistics / supply chain services — ~2% of revenue. Warehousing, pick-and-pack, distribution, overseas warehousing and integrated supply chain projects (e.g., Xiaomi spare parts and finished-goods logistics from 2025).
Value chain position
The company sits in the middle of the cross-border logistics value chain as a forwarder/integrator: upstream it relies on airlines (including sister company YTO Airlines), shipping lines (e.g., new cooperation with Emirates Shipping Line in 2025) and trucking/rail operators; downstream it serves shippers, consignees, e-commerce platforms and merchants. It is attempting to move "up" the value chain from pure transport brokerage toward end-to-end supply chain solutions with controlled infrastructure (hubs, bonded warehouses, last-mile fleets).
Customer types and end-markets
Per the FY2024 and 1H2026 filings, air freight customers come from garment, footwear and electronics industries, plus e-commerce small-parcel shippers. Company profiles (Yahoo Finance/Finnomena) also cite fashion and consumer goods, fresh and healthcare, electronics and technology, and aviation materials and parts. Strategic target verticals named for 2026 are electronics and electrical appliances, new-energy vehicles (NEVs), engineering/construction machinery and cross-border e-commerce. Named customers: Xiaomi Group (supply chain cooperation commenced 2025). Cross-border e-commerce platforms are described as key partners but are not named.
Independent characterisation
YTO International is best understood as a sub-scale, captive international arm of a domestic express giant. Its legacy freight forwarding book (the On Time franchise) provides the majority of revenue but earns thin, volatile margins; the e-commerce parcel business, which management positioned as a "second growth curve", collapsed from 140.7 million parcels in FY2023 to 26.3 million in FY2025 as the company deliberately exited low-margin volume and as US/European low-value import regimes tightened. The company's differentiation rests on parent-provided assets (freighters, domestic network, Jiaxing hub, technology via a Master IT Services Agreement) rather than on its own capital base. Strategic direction — corridor-based hubs in Central Asia, the Middle East, Eastern Europe and Southeast Asia — mirrors Chinese trade diversification away from the US, but the company is investing ahead of profitability.
Strategy
Stated strategic themes (FY2025 annual results and 1H2026 interim results)
Management articulates an "international development strategy" built on three outbound vectors (following Chinese people/enterprises, cross-border e-commerce and the Belt and Road), a network vision of "China Connects the World and the World Connects the World", and a goal of building a secure, efficient, independent and controllable global logistics and supply chain system. Its stated corporate vision (from earlier boilerplate) is "The World Is Within Your Reach". The six action areas set out in March 2026 and reaffirmed in August 2026 are:
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Global network and "1+7" hubs — the "1" is the Jiaxing Global Air Logistics Hub; the "7" are regional hubs in Central Asia, the Middle East, Africa, Europe, Southeast Asia, North America and South America; plus "Premium Routes". Objective: "one global network, one standard throughout the process".
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Product and service system upgrade — tiered customer management; project-based end-to-end solutions for electronics/appliances, NEVs, construction machinery and cross-border e-commerce; "express + freight" and "ocean + warehousing" bundles; standardised overseas warehousing products for SMEs; scaling multimodal (road-air, air-air, sea-air); overseas last-mile in Kazakhstan and Australia.
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Trunk transportation and warehousing — leverage YTO Airlines for Europe/North America/Asia air routes; ocean capacity pool covering all major ports; Global Truck-Liner Management HQ for Eurasian trucking; benchmark warehouses (automotive in Central Asia, electronics in Central & Eastern Europe, construction machinery in the Middle East).
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Technology and digital-intelligence — AI/big data applications; global address-parsing and route-planning models; integrated business/data/finance systems; reduced dependence on external systems; shift from "business-driven" to "technology-driven".
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Organisation and talent — differentiated regional management, localisation of overseas teams, contribution-based promotion.
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Domestic–international synergy — joint marketing with the parent's domestic network; replication of domestic operating standards; use of parent trunk capacity, aviation, warehousing and port customs resources.
Strategic initiatives in the last 24 months (Oct 2024 – Oct 2026)
| Date | Initiative | Type | Status |
|---|---|---|---|
| 31 Oct 2024 | Renewal of Master Service and Master Charter Agreements and new Master IT Services Agreement with YTO Express (2025–2027) | Parent resource access / technology | Approved by independent shareholders at EGM |
| 2024–2025 | Citynet Kazakhstan JV with KazPost; later QAZ Express subscription (33%) | Partnership / last-mile | Operating |
| 2,025 | Xiaomi Group one-stop supply chain cooperation | New business / key account | Operating |
| 2,025 | 45 temporary charter flights; new SEA air products; road-air and air-air multimodal products | Product | Launched; charter model "optimised" in 1H2026 |
| 2,025 | Emirates Shipping Line cooperation; expanded China–Australia ocean routes | Partnership | Operating |
| 3 Sep 2025 | Baiserke (Almaty) land for bonded warehouses | Infrastructure investment (US$6.13M) | Capex commitments HK$42.9M at end-FY2025 |
| May–Jun 2026 | Jiaxing hub international routes (Dhaka, Budapest) | Network | Launched |
| 2026 (planned) | Global Truck-Liner Management HQ | Organisation / trunk capacity | Planned |
| 2026 (planned) | Benchmark industry warehouses in three regions | Infrastructure | Planned |
Sustainability / ESG commitments
The company publishes an annual ESG report as required by HKEX; specific quantified emissions targets were not identified in the materials retrieved.
Cost programmes
No quantified cost-reduction programme has been announced. Qualitative measures cited: planned cost management tools at network inception, region-specific staffing and remuneration models, productivity reporting, automation, lean management, and charter optimisation (FY2025 and 1H2026).
Medium-term targets / guidance
No quantitative medium-term financial targets or guidance have been published. Management describes itself as "cautiously optimistic" (FY2025) and "prudently optimistic" (1H2026).
Products & Services
Pricing models are not publicly disclosed for any product; all are quoted per shipment/weight/volume on a contract or spot basis.
Air freight segment
| Offering | Description / capabilities | Target customer | Latest version/launch | Notes |
|---|---|---|---|---|
| General air freight forwarding | Booking, space procurement, documentation, customs coordination, destination handling | Garment, footwear, electronics shippers; e-commerce consolidators | Legacy (On Time, since 1990s) | 61.7% of FY2025 revenue |
| International air route products | Over 2,000 route products across Europe, Americas, Asia, Australia | Shippers on major lanes | FY2025 disclosure | Supported by YTO Airlines freighter capacity |
| Charter and customised capacity | Temporary and dedicated charters; ULD block-space; special cargo holds | High-value/time-critical shippers (servers, chips) | 45 temporary charters in FY2025; charter optimised 1H2026 | Charter cost overhang drove FY2025 loss |
| Southeast Asia air product lines | New dedicated product lines | SEA trade shippers | Added in FY2025 | — |
| China–Central Asia–Europe road-air intermodal | Truck linehaul to Central Asia + air onward to Europe | Europe-bound shippers seeking cost/time balance | Launched FY2025 | Multimodal |
| China–India–Europe air-air intermodal | Air connection via India to Europe | Europe-bound shippers | Launched FY2025 | Multimodal |
| Jiaxing hub international routes | Jiaxing–Dhaka (May 2026) and Jiaxing–Budapest (June 2026) | EU-bound and South Asian cargo | 2,026 | Budapest route serves wider EU distribution |
| Sea-air and air-to-air expansion | Planned new multimodal models | — | Planned 2026 | Per 1H2026 prospects |
Ocean freight segment
| Offering | Description | Target customer | Latest version | Notes |
|---|---|---|---|---|
| FCL/LCL ocean forwarding | Booking, transport coordination, customs, haulage, destination port handling | Exporters/importers on major trade lanes | Legacy | 15.4% of FY2025 revenue; highest segment margin |
| Direct-signed carrier routes | Supply resource pool covering major routes and key ports | Volume shippers | Expanded FY2025 | Includes new China–Australia lanes |
| Emirates Shipping Line cooperation | New carrier partnership for capacity guarantee | Middle East/related lanes | FY2025 | — |
| "Port-to-port / port-to-warehouse / door-to-door" | Tiered service levels | All | FY2025 framing | — |
| Ocean + warehousing bundle | Multi-product synergy | Supply chain clients | 2026 initiative | — |
International express and parcel segment
| Offering | Description | Target customer | Latest version | Notes |
|---|---|---|---|---|
| Cross-border dedicated-line products (专线) | End-to-end parcel delivery on fixed corridors | Cross-border e-commerce platforms and merchants | Ongoing | 19.4M parcels in 1H2026 |
| Standard express products | Standard international express | Merchants, consumers | Ongoing | — |
| Premium routes: China–Australia | Includes self-operated last-mile in Australia | E-commerce merchants | Since 2024 | Australia revenue ~HK$120M FY2025 (aggregator) |
| Premium routes: China–Kazakhstan / Central Asia | Full-chain express incl. self-operated last-mile; Citynet JV | Kazakh and Central Asian e-commerce | Since 2024; expanded 2026 | Kazakhstan revenue ~HK$86M FY2025 (aggregator) |
| Premium routes: China–Japan, China–South Korea | Refined high-quality express routes | E-commerce merchants | Since 2024 | — |
| Full-chain services to US, UK, Australia | Developed in FY2024 | E-commerce | 2,024 | US volumes affected by tariff/de minimis changes |
| Express + freight forwarding bundle | Multi-product synergy | SME and platform customers | 2026 initiative | — |
Logistics / international supply chain segment
| Offering | Description | Target customer | Latest version | Notes |
|---|---|---|---|---|
| Warehousing (export/import) | Pick-and-pack, labelling, QC, sorting, pick-up/delivery | Shippers | Legacy | IT platform with online inventory tracing |
| Overseas warehousing & distribution | Integrated overseas warehouse products; standardised product library | Chinese brands going global, SMEs | Expanding | Kazakhstan bonded warehouses planned on Baiserke land |
| Integrated supply chain projects | Spare parts logistics, finished goods transport, overseas fulfilment with special handling for high-value fragile goods | Leading enterprises (e.g., Xiaomi) | Xiaomi from 2025 | Project-based operating model for 2026 |
| Industry benchmark warehouses (planned) | Automotive (Central Asia), electronics/appliances (Central & Eastern Europe), construction machinery (Middle East) | Vertical leaders | Planned 2026 | Per FY2025 & 1H2026 prospects |
| Customs clearance network | Self-operated + cooperative + alliance customs model covering nearly 50 major Chinese ports and key overseas ports | All segments | Ongoing | — |
| Supply chain verticals | Biomedicine, consumer electronics, high-end manufacturing, apparel, automotive, semiconductors | Multinationals | Launched 2024 | — |
Others segment
| Offering | Description | Notes |
|---|---|---|
| Combined shipments | Consolidated multi-modal shipments | — |
| Trucking / land freight | Domestic and cross-border trucking | A "Global Truck-Liner Management Headquarters" is planned for Eurasian trunk capacity (2026) |
| Rail freight | Including China–Europe rail (legacy investment in Yiwu–Xinjiang–Europe route) | — |
| General sales agency (GSA) | Airline cargo GSA services | — |
| Hand-carry | On-board courier services for urgent items | — |
| E-commerce and customs clearance services | Ancillary | Gross margin fell from 14.8% (1H2025) to 2.1% (1H2026) |
Technology products (internal/customer-facing)
Disclosed systems include an online customer consultation platform, track-and-trace, data centres, electronic documentation, a global address database and intelligent delivery/address-parsing model (self-developed algorithms), route-planning system, business middle office, integrated business-finance systems, intelligent customer service knowledge base, automated customs processing system, and a global operation management platform with multi-language support (FY2025 and 1H2026 announcements). Software design, development and maintenance is partly procured from YTO Express under the Master IT Services Agreement (2025–2027).
Financial Narrative
Data provenance: FY2023–FY2025 figures are from audited results announcements (FY2024 and FY2025).
Income statement
EBITDA FY2023–25 = EBIT + depreciation of PP&E + depreciation of right-of-use assets + amortisation of intangibles (analyst calculation from Note 4 of the results announcements); FY2021–22 EBITDA per Yahoo Finance. FY2021 growth uses FY2020 revenue of HK$5,048.1M (Investing.com).
Five-year revenue CAGR (FY2021–FY2025): −19.4% per year (HK$7,556.4M → HK$3,190.9M). Three-year CAGR (FY2022–FY2025): −21.9%.
Margin profile (%)
Commentary. Three distinct phases are visible. (1) FY2021 super-cycle: pandemic-era air and ocean freight rates drove record revenue and a 10.5% gross margin. (2) FY2022–FY2023 normalisation: ocean revenue fell ~63% in FY2023 as container rates collapsed; profits fell but stayed positive, cushioned by a parcel boom. (3) FY2024–FY2025 strategic reset and losses: management deliberately exited "short-term value" parcel volume (parcels down from 140.7M to 26.3M), air freight margins compressed (FY2024) and then turned negative (FY2025) due to tariff-driven demand volatility and charter cost commitments, while administrative expenses were held at ~HK$370–385M as the company kept investing in hubs, talent and technology. Operating leverage worked brutally in reverse: admin costs rose from 7.2% to 11.5% of revenue in FY2025.
The FY2024 loss also included non-operating items: HK$24.5M impairment of associates/JVs and HK$13.5M share of JV losses on the exit from non-core JVs (FY2024 Final Results). FY2025 contained no such items; the loss was fully operational.
Interim and trailing data
1H figures from interim announcements; 2H2025 derived as FY2025 minus 1H2025 (analyst calculation). 1H2024 attributable profit per Investing.com.
Trailing twelve months to 30 June 2026: revenue ~HK$3,960.5M; attributable loss ~HK$146.9M; gross profit ~HK$257.6M (analyst calculation; TipRanks shows TTM revenue HK$3.96bn and gross profit HK$256.2M — consistent).
1H2026 commentary. Revenue grew 54.4% on volume recovery (air +61.5%, parcels +112.8%, parcel count 19.4M vs 11.1M), and gross profit rose 63.4%. However, administrative expenses rose 21.2% to HK$215.0M (employee costs HK$160.2M vs HK$128.3M), an income tax charge replaced a prior-year credit, and the attributable loss widened slightly to HK$61.7M. Depreciation of right-of-use assets jumped to HK$23.9M (1H2025: HK$14.2M), reflecting new leased facilities. The business is now growing revenue but not yet covering its expanded fixed-cost base.
Balance sheet
Source: FY2024 and FY2025 Final Results Announcements (Consolidated Statements of Financial Position). Net debt is analyst-calculated using bank balances and cash only (pledged/fixed deposits excluded).
Source: 1H2026 Interim Results Announcement.
Commentary. The balance sheet is conservative and liquidity-rich but eroding. Equity attributable fell ~HK$300M (−23%) between end-FY2023 and mid-2026, almost entirely from losses. Cash fell from HK$823M to HK$548M over the same period. Non-current assets more than doubled in FY2025 (to HK$240M) as right-of-use assets rose from HK$34.7M to HK$113.9M (new leased hubs/warehouses), PP&E rose to HK$41.8M (HK$89.8M by June 2026) and intangibles doubled to HK$29.4M (systems capitalisation). The company drew its first bank loan (HK$80.6M) in 1H2026 and disclosed HK$42.9M of capital commitments at end-FY2025 (FY2024: nil) — reflecting the Kazakhstan land/warehouse programme. Related-party balances are material: amounts due to fellow subsidiaries reached HK$207.3M at June 2026, reflecting purchases of capacity and services from the YTO Express group.
Cash flow
FY2023–FY2025 operating cash flow from results announcements (Liquidity sections); FY2021–22 OCF and all levered FCF from Investing.com (aggregator). Capex is not separately disclosed in the results announcements retrieved; the full cash flow statement is in the annual reports. Dividends paid in FY2024 = FY2023 final dividend of HK$9.664M (paid 8 Jul 2024).
Commentary. Operating cash flow is dominated by working-capital swings typical of forwarders: the FY2022 inflow (HK$698.6M) reflected receivables unwinding as freight rates fell; FY2023's outflow (−HK$245.9M) reflected the parcel boom's receivables build. FY2025 OCF was marginally positive despite the HK$150M loss because receivables were relatively stable and payables to fellow subsidiaries increased by ~HK$106M — i.e., the parent effectively financed part of the loss through trade credit. In 1H2026, OCF reverted to an outflow of HK$112.7M as receivables grew with revenue (trade receivables +HK$119.7M), prompting the bank drawdown.
Key ratios
All ratios are analyst calculations from filed figures. ROIC FY2023 uses a 20.6% effective tax rate; FY2024–25 ROIC uses pre-tax EBIT (tax credit/charge immaterial). "n/m" = not meaningful (negative EBITDA or near-zero denominator). Net debt/EBITDA FY2023 uses net cash of HK$822.2M.
Commentary. Returns have swung from respectable (ROIC ~19% in FY2023 on a small invested-capital base) to deeply negative. Two warning signals in working capital stand out: DSO rose from 50 to 92 days in FY2025 (receivables held up while revenue fell 40%), and the 181–365-day receivables bucket rose from HK$20.8M (Dec 2025) to HK$45.4M (June 2026). Combined with ECL impairment of HK$19.1M in FY2025 (FY2024: HK$12.9M), credit quality bears close monitoring. Interest coverage is irrelevant in a net-cash structure, but the trend toward borrowing is new.
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Segment Overview
| Segment | Contents | Key services |
|---|---|---|
Air freight | Air freight forwarding | Booking, space procurement from airlines (incl. YTO Airlines), charters, documentation, customs coordination, destination handling; road-air and air-air multimodal products |
Ocean freight | Ocean freight forwarding | Booking, shipment organisation, customs clearance, haulage, destination port handling; direct-signed carrier contracts |
International express and parcel | Cross-border small parcels | Dedicated-line and standard express products; premium routes China–Australia, Kazakhstan, Japan, South Korea; self-operated last-mile in Kazakhstan and Australia |
Logistics | Ancillary and contract logistics / international supply chain | Warehousing, pick-and-pack, labelling, QC, distribution, overseas warehousing, customs clearance, integrated supply chain projects |
Others | Miscellaneous | Combined shipments, trucking, rail freight, general sales agency (GSA), e-commerce business, customs clearance services, hand-carry |
Revenue by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Air freight revenue (HKD Mn) | 3,361.8 | 3,681.3 | 2,632.3 | 3,272.7 | 1,970.3 |
Ocean freight revenue (HKD Mn) | 2,004.2 | 1,735.6 | 647.6 | 834.8 | 492.9 |
International express and parcel revenue (HKD Mn) | 1,949.1 | 1,106.2 | 1,802.5 | 1,039.1 | 566.0 |
Logistics revenue (HKD Mn) | 67.2 | 67.2 | 70.2 | 81.0 | 69.9 |
Others revenue (HKD Mn, FY2021-22 derived as residual) | 174.1 | 116.2 | 139.0 | 94.9 | 91.8 |
Total revenue (HKD Mn) | 7,556.4 | 6,706.5 | 5,291.6 | 5,322.5 | 3,190.9 |
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View Subscription PlansResults by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Air freight result (HKD Mn) | 92.0 | 34.2 | -79.0 |
Ocean freight result (HKD Mn) | 21.0 | 33.9 | 25.6 |
International express and parcel result (HKD Mn) | 81.1 | 0.2 | -43.4 |
Logistics result (HKD Mn) | -1.9 | 2.0 | -4.4 |
Others result (HKD Mn) | 20.0 | 6.6 | 1.8 |
Total segment result (HKD Mn) | 214.2 | 76.8 | -99.5 |
Results by Segment — Air freight gross profit
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Air freight gross profit (HKD Mn) | 221.6 | 190.9 | 69.1 |
Ocean freight gross profit (HKD Mn) | 130.0 | 126.1 | 107.0 |
International express and parcel gross profit (HKD Mn) | 97.9 | 24.9 | 6.3 |
Others gross profit (HKD Mn) | 28.9 | 14.2 | — |
Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Air freight segment margin (%) | 3.5 | 1.0 | -4.0 |
Ocean freight segment margin (%) | 3.2 | 4.1 | 5.2 |
Int'l express & parcel segment margin (%) | 4.5 | 0.0 | -7.7 |
Logistics segment margin (%) | -2.7 | 2.5 | -6.3 |
Air freight revenue YoY (%) | -28.5 | 24.3 | -39.8 |
Ocean freight revenue YoY (%) | -62.7 | 28.9 | -41.0 |
Int'l express & parcel revenue YoY (%) | 62.9 | -42.4 | -45.5 |
Logistics revenue YoY (%) | 4.5 | 15.4 | -13.8 |
Air freight % of revenue | 49.7 | 61.5 | 61.7 |
Ocean freight % of revenue | 12.2 | 15.7 | 15.4 |
Int'l express & parcel % of revenue | 34.1 | 19.5 | 17.7 |
Logistics % of revenue | 1.3 | 1.5 | 2.2 |
Others % of revenue | 2.6 | 1.8 | 2.9 |
Revenue by Segment (1H2024–1H2026)
| Segment | 1H2024 | 1H2025 | 1H2026 |
|---|---|---|---|
Air freight revenue (HKD Mn) | 1,827.1 | 849.6 | 1,372.1 |
Ocean freight revenue (HKD Mn) | 379.8 | 268.6 | 253.2 |
Int'l express & parcel revenue (HKD Mn) | 682.0 | 220.3 | 468.9 |
Logistics revenue (HKD Mn) | 41.4 | 38.5 | 42.3 |
Total revenue (HKD Mn) | 2,975.1 | 1,414.4 | 2,184.0 |
Air freight result (HKD Mn) | 1.0 | -53.1 | -15.0 |
Ocean freight result (HKD Mn) | 24.2 | 9.3 | 11.5 |
Int'l express & parcel result (HKD Mn) | 9.9 | -8.6 | -26.0 |
Logistics result (HKD Mn) | — | 1.7 | -1.4 |
Others result (HKD Mn) | — | 3.1 | -2.8 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (HKD Mn) | 7,556.4 | 6,706.5 | 5,291.6 | 5,322.5 | 3,190.9 |
Revenue growth YoY (%) | 49.7 | -11.2 | -21.1 | 0.6 | -40.0 |
Cost of sales (HKD Mn) | 6,763.6 | 6,163.1 | 4,810.3 | 4,952.0 | 2,989.5 |
Gross profit (HKD Mn) | 792.8 | 543.3 | 481.3 | 370.5 | 201.4 |
Administrative expenses (HKD Mn) | — | — | 376.1 | 383.6 | 368.3 |
Operating income, aggregator definition (HKD Mn) | 332.6 | 116.6 | 102.2 | -26.1 | — |
EBIT = pre-tax profit + finance costs (HKD Mn) | — | — | 123.5 | -35.5 | -149.6 |
Depreciation & amortisation (HKD Mn) | — | — | 34.0 | 35.5 | 44.1 |
EBITDA (HKD Mn) | 382.6 | 189.3 | 157.5 | 0.0 | -105.5 |
Finance costs (HKD Mn) | — | — | 2.0 | 2.4 | 3.7 |
Pre-tax profit (HKD Mn) | — | — | 121.5 | -37.9 | -153.3 |
Income tax (charge negative, HKD Mn) | — | — | -25.0 | -4.0 | 3.2 |
Net profit, total (HKD Mn) | — | — | 96.5 | -42.0 | -150.1 |
Net profit attributable to shareholders (HKD Mn) | 273.4 | 136.7 | 96.8 | -40.8 | -145.6 |
EPS basic (HK cents) | — | — | 23.15 | -9.75 | -34.84 |
EPS diluted (HK cents) | — | — | 23.15 | -9.75 | -34.84 |
Dividend per share (HK cents) | 6.5 | — | 2.3 | 0 | 0 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 10.5 | 8.1 | 9.1 | 7.0 | 6.3 |
EBIT margin (%) | — | — | 2.3 | -0.7 | -4.7 |
EBITDA margin (%) | 5.1 | 2.8 | 3.0 | 0.0 | -3.3 |
Net margin, attributable (%) | 3.6 | 2.0 | 1.8 | -0.8 | -4.6 |
Admin expenses / revenue (%) | — | — | 7.1 | 7.2 | 11.5 |
Income Statement and Margin Analysis (%) (1H2024–1H2026)
| Metric | 1H2024 | 1H2025 | 2H2025 | 1H2026 |
|---|---|---|---|---|
Revenue (HKD Mn) | 2,975.1 | 1,414.4 | 1,776.5 | 2,184.0 |
Gross profit (HKD Mn) | — | 88.7 | 112.7 | 144.9 |
Gross margin (%) | — | 6.3 | 6.3 | 6.6 |
Administrative expenses (HKD Mn) | — | 177.4 | 190.9 | 215.0 |
Pre-tax profit (HKD Mn) | — | -70.8 | -82.5 | -58.0 |
Net profit attributable (HKD Mn) | 1.4 | -60.4 | -85.2 | -61.7 |
EPS basic (HK cents) | — | -14.46 | -20.38 | -14.76 |
Operating cash flow (HKD Mn) | — | 138.6 | -122.3 | -112.7 |
Balance Sheet
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (HKD Mn) | 2,186.6 | 1,765.9 | 1,827.0 |
Non-current assets (HKD Mn) | 140.1 | 104.8 | 240.1 |
Bank balances and cash (HKD Mn) | 823.0 | 672.2 | 608.2 |
Pledged and fixed deposits (HKD Mn) | 25.5 | 14.7 | 24.0 |
Trade receivables (HKD Mn) | 1,044.9 | 734.2 | 801.1 |
Bank borrowings, short-term (HKD Mn) | 0.8 | 0 | 0 |
Bank borrowings, long-term (HKD Mn) | 0 | 0 | 0 |
Lease liabilities, current (HKD Mn) | 20.7 | 18.7 | 46.6 |
Lease liabilities, non-current (HKD Mn) | 19.3 | 18.6 | 71.5 |
Net debt excl. leases (HKD Mn) | -822.2 | -672.2 | -608.2 |
Net debt incl. leases (HKD Mn) | -782.2 | -634.9 | -490.1 |
Goodwill and intangibles (HKD Mn) | 8.1 | 14.9 | 29.8 |
Trade and other payables, current (HKD Mn) | 713.0 | 388.7 | 446.2 |
Amounts due to fellow subsidiaries (HKD Mn) | 117.4 | 84.3 | 190.2 |
Total liabilities (HKD Mn) | 898.2 | 539.8 | 778.9 |
Equity attributable to shareholders (HKD Mn) | 1,282.3 | 1,221.1 | 1,043.7 |
Total equity (HKD Mn) | 1,288.4 | 1,226.0 | 1,048.1 |
Working capital / net current assets (HKD Mn) | 1,174.0 | 1,149.5 | 888.5 |
Financial Analysis
| Metric (30 June 2026) | Value |
|---|---|
Total assets (HKD Mn) | 2,001.8 |
Bank balances and cash (HKD Mn) | 547.5 |
Bank loan (HKD Mn) | 80.6 |
Lease liabilities, total (HKD Mn) | 109.1 |
Net cash excl. leases (HKD Mn) | 466.9 |
Equity attributable (HKD Mn) | 982.1 |
Net current assets (HKD Mn) | 779.4 |
Current ratio (x) | 1.83 |
Gearing (bank borrowings ÷ total equity, %) | 8.2 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (HKD Mn) | 152.5 | 698.6 | -245.9 | -72.8 | 16.3 |
Free cash flow, levered, aggregator (HKD Mn) | 53.1 | 566.6 | -216.9 | -129.8 | — |
Dividends paid (HKD Mn) | — | — | — | 9.7 | 0 |
Share buybacks (HKD Mn) | — | — | — | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROE, attributable, on average equity (%) | 7.5 | -3.3 | -12.9 |
ROA, total profit on average assets (%) | 4.4 | -2.1 | -8.4 |
ROIC, after-tax EBIT on (equity + leases + debt − cash) (%) | 19.0 | -6.4 | -26.8 |
Current ratio (x) | 2.35 | 3.25 | 2.27 |
Bank debt / equity (%) | 0.1 | 0 | 0 |
Net debt / EBITDA (x) | -5.2 | n/m | n/m |
Interest coverage, EBIT / finance costs (x) | 60.6 | -14.6 | -40.7 |
Asset turnover (x) | 2.42 | 2.69 | 1.78 |
Days sales outstanding (days) | 72.1 | 50.3 | 91.6 |
Days payables outstanding, trade payables / cost of sales (days) | 34.2 | 19.6 | 37.8 |
Cash conversion cycle (days, no inventory) | 37.9 | 30.7 | 53.8 |
Revenue by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Hong Kong (HKD Mn) | 4,205.0 | 3,862.9 | 3,549.6 | 3,288.9 | 1,474.4 |
Mainland China (HKD Mn) | 1,518.7 | 1,395.5 | 970.0 | 1,138.4 | 1,000.0 |
Other Asian regions (HKD Mn) | 930.0 | 830.0 | 480.0 | 550.0 | 230.0 |
United States (HKD Mn) | 590.0 | 500.0 | 150.0 | 170.0 | 130.0 |
Australia (HKD Mn) | 0 | 17.9 | 150.0 | 180.0 | 120.0 |
Vietnam (HKD Mn) | — | — | — | — | 89.5 |
Kazakhstan (HKD Mn) | — | — | — | — | 86.3 |
Malaysia (HKD Mn) | — | — | — | — | 62.1 |
Region Margins & Growth (%)
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Hong Kong YoY (%) | -8.1 | -7.3 | -55.2 |
Mainland China YoY (%) | -30.5 | 17.4 | -12.2 |
Other Asian regions YoY (%) | -42.2 | 14.6 | -58.2 |
United States YoY (%) | -70.0 | 13.3 | -23.5 |
Australia YoY (%) | 738.0 | 20.0 | -33.3 |
Data Point Details
| Data point | Value | Source |
|---|---|---|
Price, ~9 Mar 2026 | HK$1.34 | ET Net |
Price, ~22 Jul 2026 | HK$1.20 | ET Net |
Price, ~mid-Oct 2026 | HK$1.12 | HKEJ |
52-week range (as of mid-2026) | HK$0.98–1.60 | TipRanks |
Average trading volume | ~180,000–290,000 shares/day (2025) | TipRanks |
Valuation Snapshot
| Metric | Value | Basis |
|---|---|---|
Market capitalisation (HKD Mn) | ~471 | 420.19M shares |
Enterprise value (HKD Mn) | ~95 | Mkt cap + bank loan 80.6 + leases 109.1 − cash/deposits 565.2 |
P/E (TTM) | n/m (loss) | TTM attributable loss ~HK$146.9M |
EV/EBITDA | n/m (negative EBITDA) | — |
EV/Sales (TTM) | ~0.02x | TTM revenue ~HK$3,960M |
Price/Sales (TTM) | ~0.12x | — |
P/B | ~0.48x | Equity attributable HK$982.1M |
Net cash per share (excl. leases) | ~HK$1.11 | HK$466.9M ÷ 420.19M |
Per-Share Data
| Metric | FY2021 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Final dividend per share (HK cents) | 6.5 | 2.3 | 0 | 0 |
Interim dividend per share (HK cents) | — | — | 0 | 0 |
Capital Markets
| Item (30 Jun 2026) | Amount (HKD Mn) | Maturity |
|---|---|---|
Bank loan | 80.6 | Current (within 1 year) |
Lease liabilities — current | 40.6 | Within 1 year |
Lease liabilities — non-current | 68.5 | Beyond 1 year |
Bonds / notes | 0 | — |
Analyst Conclusions
Management guidance
No numerical guidance. Management is "prudently optimistic" (1H2026), citing record Chinese export volumes, high-tech freight demand and its six-point plan (network, products, trunk/warehousing, technology, organisation, domestic–international synergy). The FY2025 profit warning framed losses as a consequence of deliberate long-term investment and exit from low-margin business.
Consensus expectations
No published consensus. Implied market expectation (price near net cash and ~0.5x book) is for continued losses and/or limited value accrual to minority shareholders.
Bull case
-
Operating leverage on recovering volumes: 1H2026 revenue +54.4% and gross profit +63.4% while the loss was flat; if 2H2026 revenue sustains ~HK$2.2bn per half at a ~7% gross margin (~HK$155M gross profit) and admin costs stabilise near HK$215M per half, losses could narrow materially, with breakeven plausible on a further ~25–30% revenue uplift.
-
Mix upgrade in parcels and freight: revenue per parcel nearly doubled from ~HK$12.8 (FY2023) to ~HK$24.2 (1H2026); air freight gross profit nearly quadrupled in 1H2026 after charter optimisation — evidence the reset is improving unit economics.
-
Asset backing and parent optionality: net cash of ~HK$1.11 per share (excluding leases) roughly equals the share price; a far more profitable parent (1H2026 net profit RMB3.18bn) could inject business, capacity or capital — or eventually privatise at a premium to the current ~0.48x P/B.
Bear case
-
Structural loss-maker: four consecutive loss-making halves; admin expenses rising faster than gross profit (1H2026 admin +21.2%); the hub build-out (Kazakhstan, Jiaxing routes, truck-liner HQ) adds fixed costs before scale.
-
Cash and credit erosion: cash down ~HK$275M since end-2023; first bank loan; receivables ageing worsening; 1H2026 operating cash outflow of HK$112.7M — book value per share has fallen from ~HK$3.07 (end-2023) to ~HK$2.35 (June 2026).
-
Minority-unfriendly structure: 63.84% parent control, extensive connected transactions (capacity, IT, services) and no dividends mean value may accrue to the group rather than to minorities; trade policy shocks can again wipe out volumes, as in FY2025.
Key catalysts and monitorables (next 12 months)
| Monitorable | Why it matters | Timing |
|---|---|---|
| FY2026 results (expected late Mar 2027) and any profit warning (Feb 2027) | Test of whether 2H2026 narrows losses | Feb–Mar 2027 |
| 2H2026 admin expense trajectory | Determines operating leverage | FY2026 results |
| Receivables ageing and ECL charges | Credit quality | FY2026 results |
| Bank borrowings and cash | Liquidity runway | FY2026 results |
| Kazakhstan warehouse construction and Citynet performance | Proof of corridor strategy | Ongoing |
| Jiaxing hub route additions | Air network scaling | Ongoing |
| Board changes (Wang Lixiu status) | Governance/diversity compliance | Near term |
| Parent actions (capital support, asset injections, take-private) | Minority value realisation | Unpredictable |
| US/EU trade policy on low-value parcels and tariffs | Volume risk | Ongoing |
| Renewal of CCT caps beyond 2027 | Parent resource access | 2H2027 |
Analyst verdict
YTO International is a small, controlled, loss-making international logistics platform whose investment case rests less on its own earnings power than on its balance sheet and its parent. The FY2025 result — revenue down 40% to HK$3.19 billion and an attributable loss of HK$145.6 million — was the nadir of a reset that combined a deliberate exit from low-margin parcel volume, an ill-timed charter expansion amid tariff turbulence, and a fixed-cost base sized for a larger business. The first half of 2026 shows that the top line can recover quickly: revenue rose 54%, air freight gross profit nearly quadrupled, and parcel yields are markedly higher than in the volume-chasing FY2023 era. Yet the loss did not narrow, because administrative costs and new-facility depreciation rose in step, and cash flow turned negative again.
Strategically, the "1+7" hub plan and the Central Asia focus are coherent with China's trade diversification and with the parent's assets, and the company's access to YTO Airlines' freighters is a genuine differentiator at its size. But the company remains sub-scale against KLN, Sinotrans and the global majors, dependent on related-party arrangements, and exposed to platform-captive competition in parcels.
At roughly HK$1.12, the shares trade at about 0.48x book and close to net cash (excluding leases), implying the market ascribes little or no value to the operating business. That provides downside support only if losses are contained; at the current burn rate, book value is eroding by roughly HK$0.30–0.35 per share per year. We would characterise the stock as a speculative, catalyst-dependent situation. Absent evidence of narrowing losses in the FY2026 results, a cautious stance is warranted.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Tenure / background (as disclosed) | Born |
|---|---|---|---|
Yu Huijiao (喻會蛟) | Chairman, Non-executive Director; member, Remuneration Committee | Founder and chairman of YTO Express Group; chairman of the company since the 2017 acquisition | — |
Zhou Jian (周建) | Executive Director and Chief Executive Officer | Joined Jan 2024; CEO from Mar 2024; previously CEO of Shenzhen Fengwang Express; also reported prior role at Taisen Holding | 1978 (Yahoo Finance) |
Yang Xinwei (楊新偉) | Executive Director | Long-serving executive director (on board since at least 2023) | 1977 (Yahoo Finance) |
Pan Shuimiao (潘水苗) | Non-executive Director; Chair, Corporate Governance Committee; member, Nomination Committee | YTO Express group nominee; on board since at least 2022 | — |
Wang Lixiu (王麗秀) | Non-executive Director; member, Audit Committee | Appointed 31 Mar 2023; resigned as Vice President and CFO of parent YTO Express Group in Aug 2026 (personal reasons); remained on 6123 board as at 18 Aug 2026 | — |
Su Xiufeng (蘇秀鋒) | Non-executive Director | — | — |
Li Donghui, Daniel (李東輝) | Independent Non-executive Director; member, Audit, Nomination and Corporate Governance Committees | On board since at least 2022 | — |
Xu Junmin (徐駿民) | Independent Non-executive Director; Chair, Remuneration and Nomination Committees | On board since at least 2022 | — |
Chung Kwok Mo, John (鍾國武) | Independent Non-executive Director; Chair, Audit Committee | On board since at least 2022 | — |
Executive Leadership Team
| Name | Title | Notes | Born |
|---|---|---|---|
Zhou Jian | CEO | See above | 1,978 |
Huang Yifeng (黃逸峰) | President | Formerly an executive director (board member as at Feb 2023) | 1,983 |
Wong Pui Wah (黃珮華), FCCA | Chief Financial Officer and Company Secretary | Fellow of ACCA | 1,975 |
Directors' Remuneration
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total directors' emoluments (HKD Mn) | 6.2 | 5.2 | 4.7 |
Equity-settled share-based payment expense, group (HKD Mn) | 2.2 | 1.0 | 0.1 |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
8 Feb 2023 | Chen Dong resigned as NED | Personal commitments; Pan Shuimiao joined Audit Committee |
31 Mar 2023 | Wang Lixiu appointed NED and Audit Committee member | Parent CFO joins board |
Jan 2024 | Zhou Jian joined | Hired from Shenzhen Fengwang Express |
Mar 2024 | Sun Jian resigned as ED and CEO; Zhou Jian appointed CEO | Announced alongside weak FY2023 results; Zhou was the third CEO in four years (Yahoo HK/Bamboo Works) |
2024–2025 | Su Xiufeng added as NED; Huang Yifeng no longer on board (now President) | — |
Aug 2025 | Nomination/Audit Committee composition updates | Per TipRanks summaries of HKEX filings |
Aug 2026 | Wang Lixiu resigned as parent's VP and CFO (Chen Liyang appointed at parent) | Potential knock-on to 6123 board/audit committee — monitorable |
Major Shareholders
| Holder | Shares | % of issued | Source |
|---|---|---|---|
YTO Global Holdings Limited (YTO Express Group) | 268,229,408 | 63.84 | ET Net (as of 30 Jun 2025); EGM poll results (Nov 2022) |
Share award plan trustee (approx.) | ~2,200,000 | ~0.5 | Derived from issued vs weighted shares |
Public float (approx.) | ~149,760,000 | ~35.6 | Derived |
Competitive Landscape
Competitors by Segment
| Segment | Competitors | Notes |
|---|---|---|
Air & ocean freight forwarding (Asia-origin) | KLN Logistics Group (formerly Kerry Logistics Network, 0636.HK); Sinotrans (0598.HK / 601598.SH); DHL Global Forwarding; Kuehne+Nagel; DSV (incl. DB Schenker); Expeditors International; Dimerco; numerous HK/PRC independent forwarders | Global majors have far greater scale and buying power |
Cross-border e-commerce parcels | Cainiao (Alibaba); 4PX; Yanwen Logistics; J&T Global Express (1519.HK) international/cross-border; SF International / KEX; JD Logistics international; China Post/EMS; international arms of ZTO, Yunda, STO | Intense price competition; platform-captive logistics |
Central Asia last-mile/courier | KazPost-related networks; local couriers; Cainiao and other Chinese entrants | YTO partnered rather than competed with KazPost |
Air capacity-backed integrators | SF Airlines/SF International; China Eastern Logistics (Eastern Air Logistics); Cainiao-linked carriers | YTO International's advantage is access to YTO Airlines |
Peer Comparison FY2025
| Metric | YTO International (6123) | KLN Logistics (0636) | Sinotrans (0598) | J&T Global Express (1519) |
|---|---|---|---|---|
FY2025 revenue (reported currency) | HK$3,190.9M | HK$56,335.8M | RMB96.81bn | US$12,157.8M |
FY2025 revenue (approx. HKD Bn) | 3.2 | 56.3 | ~105 | ~95 |
Revenue growth FY2025 (%) | -40.0 | -3.3 | -8.3 | 18.5 |
Gross margin FY2025 (%) | 6.3 | — | — | 12.0 |
Net margin FY2025 (%) | -4.6 | 2.5 (core net) | 4.2 | 1.9 (reported); 3.5 (adjusted) |
Profit FY2025 | Loss HK$145.6M | Core net profit HK$1,396.4M | Net profit RMB4.02bn | Adjusted net profit US$425.4M |
