--- title: "J&T Express, which is under investigation by the State Post Bureau, has \"fallen\" again" type: "News" locale: "en" url: "https://longbridge.com/en/news/289668242.md" description: "Due to the frequent production safety accidents and existing safety hazards this year, the State Post Bureau initiated an investigation into J&T EXPRESS on June 11. J&T responded that it sincerely accepts and fully cooperates, and has established a special working group to carry out hazard investigation and rectification. Previous data showed that J&T ranked fifth in terms of business volume in China in 2025. Although facing performance pressure, it benefited from the performance in the Southeast Asian market, achieving growth in both annual revenue and net profit" datetime: "2026-06-13T14:13:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289668242.md) - [en](https://longbridge.com/en/news/289668242.md) - [zh-HK](https://longbridge.com/zh-HK/news/289668242.md) --- # J&T Express, which is under investigation by the State Post Bureau, has "fallen" again The dark horse of the express delivery industry, J&T Express, faces a "major test" in safety production management. On June 11, due to multiple production safety accidents involving enterprises using the "J&T Express" trademark, name, and express waybills this year, and repeated inspections revealing safety hazards at their locations, the State Post Bureau announced an investigation into J&T. In response, J&T stated that J&T China attaches great importance to this matter, sincerely accepts it, and will fully cooperate with the investigation. J&T China has promptly established a special task force to carry out safety production hazard investigations and rectifications. Looking back at J&T's growth journey, under the leadership of former OPPO executive Li Jie, it took only 8 years from its establishment in Indonesia to "return" to the domestic market and then go public in Hong Kong, setting a new industry record. Data shows that by 2025, J&T's annual business volume in China is expected to reach 22.1 billion parcels, with a market share of 11.1%, ranking fifth in the industry, behind "S.F. Express, YTO Express, ZTO Express, and Yunda Express." It is worth mentioning that amid fierce competition in the express delivery industry, J&T is facing significant performance pressure in the Chinese market: in 2025, J&T is expected to achieve revenue of $6.71 billion in China, a slight year-on-year increase of 5%; however, adjusted EBITDA is projected to be $363 million, a year-on-year decrease of 15%. Nevertheless, thanks to the outstanding performance of the Southeast Asian market, which is the company's "lifeline," and new markets, J&T still delivered an impressive annual report: revenue grew by 18.51% year-on-year to $12.158 billion; recorded a net profit attributable to the parent company of $198 million, a substantial year-on-year increase of 97.31%. **Lack of Safety Production Management, J&T Investigated** On June 11, the official website of the State Post Bureau announced that it has launched an investigation into J&T Express Co., Ltd. (hereinafter referred to as "J&T"). The announcement pointed out that this year, enterprises using the "J&T Express" trademark, name, and express waybills have frequently experienced production safety accidents, and repeated inspections have revealed safety hazards at their locations. The State Post Bureau believes that J&T has a lack of safety production management related to J&T Express and has not implemented unified safety management as required, thus legally initiating an investigation against it. Regarding the investigation initiated by the State Post Bureau, J&T responded on June 11, stating that J&T Express China attaches great importance to this matter, sincerely accepts it, and will fully cooperate with the competent authorities in conducting all investigations in accordance with the law and regulations J&T EXPRESS stated that the company has promptly established a special task force led by the safety officer to carry out safety production hazard investigation and rectification work. At the same time, it promised to strengthen unified management responsibilities, focus on key areas for closed-loop rectification, and continuously enhance safety assurance for frontline employees. Radar Finance found that prior to being investigated by the State Post Bureau, J&T EXPRESS had already been interviewed or penalized multiple times by local postal departments due to production safety or management issues. According to the official website of the State Post Bureau, in December 2025, the Changsha Postal Administration legally initiated an investigation against Hunan J&T EXPRESS Co., Ltd., ordering the company to correct illegal behaviors and imposing an administrative penalty of 100,000 yuan. The notice indicated that at that time, J&T brand express services experienced service network interruptions in certain areas of Hunan Province, resulting in package backlogs and delays, severely affecting the quality of express services and harming user rights. Hunan J&T EXPRESS Co., Ltd. was found to have deficiencies in the stable operation of the service network and service quality management, failing to implement unified management responsibilities as required. In April of this year, the Henan Postal Administration interviewed J&T Express Henan Company (Henan J&T Ultimate Supply Chain Co., Ltd.), pointing out issues with the implementation of unified management responsibilities in network security stability, service quality improvement, and the protection of the legal rights of couriers, and proposed rectification requirements. In response, J&T Express Henan Company stated that it would further strengthen the implementation of relevant management responsibilities, carefully investigate and rectify problems and deficiencies, fulfill regulatory requirements, and operate in accordance with laws and regulations. In June, the Zunyi Postal Administration again interviewed the provincial headquarters of Yunda and J&T brands, pointing out that both companies had issues with the inadequate implementation of unified management responsibilities, delayed handling of conflicts and disputes, untimely business risk warnings, and a weak awareness of compliant operations, and issued clear rectification requirements. Additionally, according to financial media citing public information from Credit China, on March 30 of this year, J&T Henan Company was fined 50,000 yuan by the Nanyang Postal Administration for "failing to implement unified management as required"; on April 9, it was fined 20,000 yuan by the Zhengzhou Postal Administration for "failing to take measures to eliminate accident hazards." Some analysts pointed out that the frequent management issues at J&T may be related to its management model of "headquarters unified standards and high regional autonomy." Under this model, J&T requires franchisees to have a registered capital of no less than 1 million yuan, and outlets must pay cooperation operating fees, performance bonds, and other costs to J&T. In other words, the relationship between J&T headquarters and franchisees is essentially a commercial cooperation relationship rather than an administrative subordination relationship. As the price war in the express delivery industry intensifies, franchisees may reduce investments in safety equipment and personnel safety training for "cost-cutting" considerations, thus leaving hidden dangers. **"A surprising dark horse" in the industry** According to Tianyancha information, J&T Express Co., Ltd. (referred to as "J&T") is a private global comprehensive logistics service operator, with its core business focusing on express delivery and international logistics. As a dark horse in the express delivery industry, J&T has developed rapidly in recent years. According to public information, J&T was established in 2015. At that time, Li Jie, who was the head of OPPO's Southeast Asia market, discovered a huge logistics opportunity while expanding into the Indonesian market. Thus, Li Jie, along with Tony Chen, the former president of Microsoft Indonesia, and the Nanjing OPPO agent Baisheng, jointly invested 400 billion Indonesian rupiah (approximately 112.4 million RMB) to establish J&T Express in Indonesia. Leveraging the OPPO system in Indonesia, J&T quickly grew to become the second-largest express delivery company in the region. By September 2017, it had established 100 distribution centers, 4,000 sites, and employed 30,000 staff in Indonesia. Subsequently, J&T gradually expanded its market footprint to neighboring countries: J&T Vietnam officially commenced operations in July 2018; the following month, J&T Malaysia began operations. In 2019, J&T entered the markets of the Philippines, Thailand, Cambodia, and rose to become the largest express delivery company in Indonesia and the second-largest in Southeast Asia. After gaining fame in Southeast Asia, J&T chose to "return home." In 2019, J&T acquired Shanghai Longbang Express, successfully obtaining express delivery operating qualifications in China. In March 2020, J&T China officially began operations. To compete for market share, J&T engaged in price wars with SF Express, JD.com, and "Four Links and One Reach" (ZTO, YTO, STO, Best Express, and Yunda). It is worth mentioning that during this process, J&T was warned by the Yiwu Postal Administration in April 2021 for "low-price dumping" and was ordered to suspend operations at some of its distribution centers for rectification. However, this "minor episode" did not hinder J&T's expansion pace. By the end of 2021, J&T invested 6.8 billion RMB to complete the acquisition of the established express delivery company Best Express, expanding its e-commerce package interfaces from only Pinduoduo to include Taobao interfaces. In May 2023, J&T invested 1.183 billion RMB to acquire 100% equity of SF Express's economy express business sub-brand, further expanding its market share in e-commerce parcels. In October of the same year, J&T was listed on the Hong Kong Stock Exchange. On its first day of trading, the company's market value exceeded 100 billion HKD. From its inception to entering the capital market, J&T took only 8 years, setting a new record in the express delivery industry. According to J&T's financial report, in 2023, the company handled 15.341 billion parcels in China, a year-on-year increase of 27.6%, with its market share rising from 10.9% in 2022 to 11.6%. Additionally, according to Huachuang Securities, by 2025, J&T's annual business volume (domestic) is expected to reach 22.1 billion parcels, with a market share of 11.1%, ranking fifth in the industry, behind "Three Links and One Reach." With the continuous development and growth of the company, the wealth of J&T Express founder Li Jie has also risen significantly. In the "2026 Hurun Global Rich List" released in March this year, Li Jie ranked 2816th with a net worth of 11 billion yuan. **Southeast Asia performs well, while performance in the Chinese market is under pressure** Despite frequent regulatory scrutiny, J&T Express still delivered a remarkable annual performance last year. According to Tonghuashun iFinD data, in 2025, J&T Express achieved a total revenue of 12.158 billion USD, a year-on-year increase of 18.51%; it recorded a net profit attributable to the parent company of 198 million USD, a substantial increase of 97.31% compared to the previous year. By region, the Southeast Asian market remains the "lifeline" of J&T Express. In 2025, J&T Express processed a total of 7.66 billion packages in the Southeast Asian market, a year-on-year increase of 67.8%, with a market share of 34.4%, ranking first among express operators in Southeast Asia for six consecutive years. Thanks to the increase in package volume and the expansion of scale effects, in 2025, the Southeast Asian region contributed 4.502 billion USD in revenue to J&T Express, a year-on-year increase of 39.8%; adjusted EBITDA was 706 million USD, a year-on-year increase of 54.8%. However, to maintain an advantage in the fiercely competitive Southeast Asian market, J&T Express made strategic adjustments to its express delivery prices. In 2025, the company's revenue per package in the Southeast Asian market decreased by 0.12 USD to 0.59 USD year-on-year. During the same period, new market regions achieved a total revenue of 870 million USD, a year-on-year increase of 51.2%; adjusted EBITDA reached 48 million USD, successfully turning a profit year-on-year; revenue per package increased from 2.05 USD to 2.15 USD. In contrast, J&T Express's performance in the Chinese market last year was less than satisfactory. The financial report shows that in 2025, J&T Express achieved a revenue of 6.71 billion USD in the Chinese market, a slight year-on-year increase of 5%; adjusted EBITDA was 363 million USD, a year-on-year decrease of 15%. In this regard, J&T Express stated that the growth in revenue in China was mainly due to the increase in package volume. In 2025, J&T Express processed 22.066 billion packages in China, an increase of 11.4% from 19.801 billion packages in 2024. The decline in adjusted EBITDA was attributed to intense market competition. By the end of 2025, J&T Express had approximately 5,200 network partners and 6,500 operational outlets in China. However, both numbers had decreased compared to the same period in 2024 In terms of single ticket economic benefits, in 2025, J&T Express's single ticket revenue in China will be $0.3, a year-on-year decrease of 6.25%. Although the company has reduced the single ticket cost from $0.3 in 2024 to $0.28 through meticulous management and operational optimization, the Chinese market still faces pressure from the profit side: in 2025, the adjusted EBITDA margin in China will drop from 6.7% the previous year to 5.4%. In the face of fierce competition in the domestic express delivery industry and the rise in overall business volume, J&T Express stated in its financial report that it is fully promoting the widespread application of automated equipment at its service points to comprehensively enhance network operational efficiency and reduce the overall operating costs for the company and its franchisees. In addition, J&T Express will continue to advance the deep construction of its intelligent logistics system and increase the application of unmanned logistics vehicles. According to the financial report, as of December 31, 2025, J&T Express has invested over 1,000 unmanned logistics vehicles across its network, and the overall scale is still in a rapid expansion phase. 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