Core Viewpoint - The express delivery industry is experiencing a "volume increase and price decrease" situation, with companies shifting focus from price competition to quality and service improvement [1][2]. Group 1: Industry Performance - In July, major express delivery companies reported varying revenue growth, with Shentong Express seeing a 9.95% increase in revenue but a 1.50% decrease in revenue per package [1]. - YTO Express reported a 12.08% increase in revenue but a 7.20% decrease in revenue per package [1]. - Yunda Holdings experienced a 3.75% revenue growth with a 3.54% drop in revenue per package [1]. - SF Express's logistics and supply chain business saw a 9.95% revenue increase, while revenue per package fell by 14.02% [1]. Group 2: Strategic Shifts - Companies are moving away from the "price for volume" model to focus on quality and service upgrades, as stated by Shentong Express's management [2]. - The industry is expected to transition from "price wars" to "value wars," emphasizing service quality to gain market share [2]. - Experts predict that with ongoing anti-involution policies, leading companies will accelerate their shift towards service and efficiency competition, potentially improving industry profit margins within one to two years [2]. Group 3: Technological Advancements - The express delivery industry is increasingly adopting intelligent and digital applications to enhance operational efficiency, such as automated sorting and big data for route optimization [3]. - Digital management is improving supply chain transparency and customer experience [3]. - Long-term, technology-driven advancements are expected to accelerate industry consolidation, putting pressure on smaller logistics companies to transform, while leading firms with technological capabilities will dominate the market [3].

Investment Rating - The report maintains an "Overweight" rating for the express delivery industry, expecting the industry index to outperform the market index by over 10% in the next six months [7]. Core Insights - The express delivery volume continues to grow rapidly, with a cumulative completion of 1120.5 billion pieces from January to July 2025, representing a year-on-year increase of 18.7%. In July alone, the volume reached 164 billion pieces, up 15.1% year-on-year [2]. - The industry's revenue growth lags behind volume growth, with a cumulative revenue of 8394.2 billion yuan from January to July 2025, reflecting a year-on-year increase of 9.9%. The average revenue per piece in July was 7.36 yuan, down 5.33% year-on-year [2]. - Market concentration has slightly decreased, with the CR8 index at 86.9, down 0.1 from June. Major players like SF Express, Yunda, Shentong, and YTO have seen varying growth rates in volume and revenue per piece, indicating a temporary easing of competitive pressure [3]. - Regulatory measures against "involution" have led to price increases in key production areas, with minimum prices raised to 1.4 yuan per piece in Guangdong province starting August 4, 2025. This is expected to improve profitability in the industry [4]. Summary by Sections Industry Performance - The express delivery sector has shown robust growth in volume, but revenue growth remains slower, indicating a reliance on price reductions to drive volume [2]. Market Dynamics - The competitive landscape is stabilizing, with major companies experiencing seasonal volume declines and slight decreases in average revenue per piece. The market concentration has decreased slightly, suggesting a reduction in competitive intensity [3]. Regulatory Environment - Recent regulatory actions have aimed to curb excessive competition, leading to price adjustments that could enhance profitability for express delivery companies [4][5]. Investment Strategy - The report suggests a positive outlook for the express delivery industry under the new regulatory framework, recommending attention to leading companies such as SF Express, YTO Express, Shentong Express, and Yunda [5].

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Core Insights - In July, major A-share express delivery companies reported a general year-on-year increase in express business revenue, while the revenue per ticket continued to decline [1] Group 1: Company Performance - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95%, with a business volume of 2.181 billion tickets, up 11.92%, and a revenue per ticket of 1.97 yuan, down 1.50% [1] - YTO Express achieved a revenue of 5.371 billion yuan in July, a year-on-year increase of 12.08%, with a business volume of 2.583 billion tickets, up 20.79%, and a revenue per ticket of 2.08 yuan, down 7.20% [1] - Yunda Co., Ltd. reported a revenue of 4.120 billion yuan in July, a year-on-year increase of 3.75%, with a business volume of 2.162 billion tickets, up 7.56%, and a revenue per ticket of 1.91 yuan, down 3.54% [1] - SF Holding's total revenue from express logistics, supply chain, and international business was 24.847 billion yuan in July, a year-on-year increase of 9.95%, with express logistics revenue of 18.657 billion yuan, up 14.97%, and a business volume of 1.377 billion tickets, up 33.69%, with a revenue per ticket of 13.55 yuan, down 14.02% [1] Group 2: Industry Trends - The State Post Bureau reported that the postal industry revenue reached 144.98 billion yuan in July, a year-on-year increase of 8.6%, with express business revenue at 120.64 billion yuan, up 8.9% [2] - The postal industry has seen growth in revenue and volume from January to July, but the average ticket price has declined [2] - To prevent a "price war," the State Post Bureau has implemented measures to combat "below-cost" competition, prompting express companies to raise ticket prices and focus on technology development, service upgrades, process optimization, and brand building [2] - Various regions, including Beijing and Guangdong, have introduced "anti-involution" policies, with Guangdong raising the base price by 0.4 yuan per ticket, setting a minimum collection price of 1.4 yuan per ticket [3] - Shentong Express has committed to abandoning the "price for volume" model, focusing on quality upgrades and efficiency [3]

Core Viewpoint - In July, major A-share express delivery companies reported a year-on-year increase in express business revenue, while the average revenue per package continued to decline [1][2]. Group 1: Company Performance - Shentong Express reported express service revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95%, with a total business volume of 2.181 billion packages, up 11.92%, and an average revenue per package of 1.97 yuan, down 1.50% [1]. - YTO Express achieved express product revenue of 5.371 billion yuan in July, a year-on-year increase of 12.08%, with a business volume of 2.583 billion packages, up 20.79%, and an average revenue per package of 2.08 yuan, down 7.20% [1]. - Yunda Co., Ltd. reported express service revenue of 4.120 billion yuan in July, a year-on-year increase of 3.75%, with a business volume of 2.162 billion packages, up 7.56%, and an average revenue per package of 1.91 yuan, down 3.54% [1]. - SF Holding's total revenue from express logistics, supply chain, and international business reached 24.847 billion yuan in July, a year-on-year increase of 9.95%, with express logistics revenue of 18.657 billion yuan, up 14.97%, and a business volume of 1.377 billion packages, up 33.69%, while the average revenue per package was 13.55 yuan, down 14.02% [1][2]. Group 2: Industry Trends - The State Post Bureau reported that the postal industry generated a total revenue of 144.98 billion yuan in July, a year-on-year increase of 8.6%, with express business revenue reaching 120.64 billion yuan, up 8.9% [2]. - Despite the growth in revenue and business volume in the postal industry from January to July, the average price per package has declined [2]. - To prevent a "price war" that could harm industry development, the State Post Bureau has implemented measures to combat "below-cost" competition, prompting express companies to raise average package prices and focus on technology development, service upgrades, process optimization, and brand building [2][3]. - Various regions, including Beijing, Yiwu, and Guangdong, have introduced "anti-involution" policies, with Guangdong raising the base price for express services by 0.4 yuan per package, setting a minimum collection price of 1.4 yuan per package [3]. - Shentong Express has committed to abandoning the "price for volume" model, focusing on quality upgrades and efficiency improvements as part of its core strategy [3].

Core Viewpoint - The express delivery industry in China is experiencing revenue growth in July 2023, but the average revenue per package is declining, prompting regulatory actions to combat price wars and promote quality service [1][3][4]. Group 1: Company Performance - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95%, with a total volume of 2.181 billion packages, up 11.92%, but the average revenue per package decreased by 1.50% to 1.97 yuan [1]. - YTO Express achieved a revenue of 5.371 billion yuan, a 12.08% increase year-on-year, with a volume of 2.583 billion packages, up 20.79%, while the average revenue per package fell by 7.20% to 2.08 yuan [1]. - Yunda Express reported a revenue of 4.120 billion yuan, a 3.75% increase year-on-year, with a volume of 2.162 billion packages, up 7.56%, and an average revenue per package decline of 3.54% to 1.91 yuan [1]. - SF Holding's logistics and supply chain business generated a total revenue of 24.847 billion yuan, a 9.95% increase, with logistics revenue of 18.657 billion yuan, up 14.97%, and a significant drop in average revenue per package by 14.02% to 13.55 yuan [1][2]. Group 2: Industry Trends and Regulatory Actions - The State Post Bureau reported that the postal industry revenue reached 144.98 billion yuan in July, a year-on-year increase of 8.6%, with express delivery revenue at 120.64 billion yuan, up 8.9% [2]. - Despite revenue growth, the average price per package has been declining, leading to regulatory measures to prevent "price wars" and ensure sustainable development in the industry [3][4]. - The State Post Bureau has implemented strict measures against "below-cost" pricing practices and encouraged express companies to raise prices to protect profits and focus on service quality and technological advancements [3][4]. - Various regions, including Beijing and Guangdong, have introduced policies to combat "involution" in the industry, promoting price increases and encouraging differentiation in service offerings [4][5].

Core Insights - YTO Express reported its main operating data for July, indicating a positive growth trend in revenue and business volume while facing a decline in per-package revenue [1] Financial Performance - In July, YTO Express generated a revenue of 5.371 billion yuan, representing a year-on-year increase of 12.08% [1] - The total business volume reached 2.583 billion packages, showing a year-on-year growth of 20.79% [1] - The average revenue per package was 2.08 yuan, which reflects a year-on-year decrease of 7.20% [1]

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-055 圆通速递股份有限公司 2025 年 7 月快递业务主要经营数据公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司 2025 年 7 月快递业务主要经营数据如下： | 项目 | 2025 | 年 | 7 月 | | 同比变动 | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 53.71 | 12.08% | | 业务完成量（亿票） | | | | 25.83 | 20.79% | | 快递产品单票收入（元） | | | | 2.08 | -7.20% | 上述数据未经审计，敬请广大投资者注意投资风险。 特此公告。 圆通速递股份有限公司 董事局 2025 年 8 月 20 日 ...

Core Viewpoint - YTO Express (600233) reported significant growth in its express delivery business for July, indicating a positive trend in revenue and volume despite a decline in per-package income [1] Financial Performance - The express product revenue for July reached 5.371 billion yuan, representing a year-on-year increase of 12.08% [1] - The total business volume was 2.583 billion packages, showing a year-on-year growth of 20.79% [1] - The average revenue per package was 2.08 yuan, which reflects a year-on-year decrease of 7.20% [1]

Core Viewpoint - YTO Express announced that its express product revenue for July 2025 reached 5.371 billion yuan, representing a year-on-year growth of 12.08% [1] Financial Performance - The total business volume completed was 2.583 billion parcels, showing a year-on-year increase of 20.79% [1] - The revenue per parcel for express products was 2.08 yuan, which reflects a year-on-year decrease of 7.20% [1]