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]

Summary of Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is currently facing challenges such as price wars and market share competition, exacerbated by new social security regulations that increase cost pressures [1][4] - The National Postal Administration emphasizes the need to regulate and rectify the industry's "involution" competition, with some regions implementing price increases, though the effectiveness varies by local government support [1][3] Key Points and Arguments - **Social Security Regulations**: The new social security regulations are expected to significantly impact the express delivery industry, with full compliance anticipated by September 2025, leading to an increase in costs of approximately 0.02 CNY per package [1][4][6] - **Price Increase Trends**: The Guangdong region has implemented a price increase of 0.4 to 0.5 CNY, while other areas like Hunan still experience price wars. The price increase is part of a broader strategy to stabilize the market and improve service quality [3][5] - **Market Dynamics**: The disparity in market share between leading companies and smaller firms is expected to widen, with smaller firms showing greater profit elasticity, particularly companies like Shentong, Yunda, and Jitu, which have profit elasticity ranging from 80% to 150% [1][5][6] - **Cost Sharing**: The burden of social security costs is likely to be shared across the entire supply chain, including listed companies, franchisees, and labor outsourcing companies, making it difficult to quantify the exact distribution of these costs [6][9] Additional Important Insights - **Future Market Expectations**: The implementation of anti-involution policies is expected to enhance service quality and market competition, leading to healthier industry development. However, the varying levels of government support for price increases will affect the overall effectiveness of these policies [5][8] - **Elasticity of Earnings**: The earnings elasticity for companies is projected to be significant, with even pessimistic scenarios showing close to 200% elasticity for smaller firms. The price-to-earnings (PE) ratios for these companies are currently low, making them attractive investment opportunities [7][9] - **Expansion of Anti-Involution Trends**: The anti-involution trend is expected to spread beyond major grain-producing areas to non-grain-producing regions, although this will take time. The overall trend indicates a likelihood of price increases during peak seasons [2][8] Conclusion - The express delivery industry is undergoing significant changes due to regulatory pressures and market dynamics. The anticipated rise in social security costs and the push for price increases are expected to reshape the competitive landscape, favoring larger firms while providing opportunities for smaller firms with high profit elasticity. Continuous monitoring of government support and market responses will be crucial for stakeholders in the industry [1][5][9]

Market Overview - On August 18, the logistics sector rose by 1.32% compared to the previous trading day, with Jushen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Jushen Co., Ltd. (001202) closed at 15.72, up 10.01% with a trading volume of 50,600 lots and a transaction value of approximately 77.14 million yuan [1] - YTO Express (600233) closed at 17.83, up 6.00% with a trading volume of 499,600 lots [1] - Shentong Express (002468) closed at 17.28, up 5.43% with a trading volume of 558,600 lots [1] - Yunda Holdings (002120) closed at 8.75, up 5.17% with a trading volume of 1,341,400 lots [1] - Milkway (603713) closed at 61.30, up 4.02% with a trading volume of 49,900 lots [1] Capital Flow Analysis - The logistics sector experienced a net outflow of 96.93 million yuan from institutional investors, while retail investors saw a net outflow of 161 million yuan [2] - Speculative funds had a net inflow of 258 million yuan into the logistics sector [2] Detailed Capital Flow for Selected Stocks - Yunda Holdings (002120) had a net inflow of 77.34 million yuan from institutional investors, but a net outflow of 79.52 million yuan from retail investors [3] - Shentong Express (002468) saw a net inflow of 46.63 million yuan from institutional investors and a net outflow of 12.27 million yuan from retail investors [3] - Jushen Co., Ltd. (001202) had a net inflow of 24.79 million yuan from institutional investors, with a significant net outflow of 13.19 million yuan from retail investors [3]

智通财经APP获悉，国盛证券发布研报称，本轮快递反内卷，一方面强调了快递企业作为反内卷的主 体，一方面强调了国家和地方邮管局的监管职责和执法能力，双管齐下。此次快递反内卷自上而下，且 广东省已率先落地，该行认为具有扩散效应，且在淡旺季衔接和社保新规背景下，快递反内卷具备持续 性，各主要快递上市公司业绩弹性大。 广东作为快递业务量占比较高的地区，2017年以来其快递业务量占全国业务量的份额保持在 24.33%-27.25%，其反内卷率先落地，有望对全国其他快递"产粮区"形成示范效应，从其他地方邮政局 的动作看，预计其他地区如浙江、福建等地区会一定程度的跟随涨价。 淡季涨价叠加社保新规，预计反内卷效果将在一定时期内持续 不同于以往年份的旺季涨价，今年快递行业在反内卷的推动下，淡季进行提价，而之后可以衔接旺季， 从需求端来看，此次反内卷效果具有一定持续性。最高人民法院强调依法参加社保是法定义务，新规自 9月1日起施行。该行以每人日均派件500票、按各地标准缴纳社保测算快递小哥全员缴纳社保后，对单 票的平均影响在6分钱。因此，从成本端看，若后续快递小哥全员缴纳社保后，快递加盟商的成本增 加，经营压力进一步提升，而反内 ...