Takeaways from TikTok shop logistics expert call Strong GMV momentum supports J&T, while SEA remains better suited to an asset-light model

研报英文原文证据摘录

Takeaways from TikTok shop logistics expert call Strong GMV momentum supports J&T, while SEA remains better suited to an asset-light model

Global Markets Research

6 July 2026China Internet & New Media

EQUITY: INTERNET & NEW MEDIA

Takeaways from TikTok shop logistics expert call Research Analysts

China Internet & New Media

Strong GMV momentum supports J&T, while SEA Rachel Guo - NIHK

rachel.guo@nomura.comremains better suited to an asset-light model

+852 2252 1400

Key highlights Jialong Shi - NIHK

The Nomura China Internet Team recently hosted a call with an expert from TikTok shop Jialong.shi@nomura.com

(TTS; owned by Bytedance) in charge of logistics solution provision in Southeast Asia +852 2252 1409

(SEA). The expert noted that TTS’s e-commerce growth remains robust, with 1H26 GMV

reaching ~USD35bn. Southeast Asia and the US remain the key contributors, with growth

around doubling in 1H26. For J&T (1519 HK, Buy), the near-term outlook remains

supported by its deep integration with TTS. J&T continues to handle a very high share of

TTS parcels across most Southeast Asian markets thanks to its strong fulfillment

capability, broad network coverage and cost advantages, according to the expert. In

Indonesia, regulatory scrutiny may push TTS to onboard more regional logistics providers,

but the expert believes that any near-term share loss risk for J&T is likely to be

manageable given its scale, service quality and cost competitiveness compared to

potential onboarding regional players. Besides, an asset-light third-party logistics and

local warehouse ecosystem remains more suitable for TTS in SEA than a capital-intensive

FBT-style model, especially given a relatively low AOV in this region, according to the

expert.

TTS’s GMV remains strong, with SEA and the U.S.