Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed [1] Group 1: Company Performance - YTO Express reported a December revenue of 6.496 billion yuan, a year-on-year increase of 7.48%, with a business volume of 2.884 billion pieces, up 9.04% year-on-year, while the average revenue per piece decreased by 1.43% to 2.25 yuan [1] - Yunda's December express service revenue was 4.626 billion yuan, a year-on-year decrease of 1.49%, with a business volume of 2.148 billion pieces, down 7.37% year-on-year, and an average revenue per piece of 2.15 yuan, up 5.91% [1] - Shentong Express achieved a December revenue of 5.836 billion yuan, a year-on-year increase of 28.23%, with a business volume of 2.501 billion pieces, up 11.09% year-on-year, and an average revenue per piece of 2.33 yuan, up 15.35% [1] - SF Holding's total revenue from express logistics, supply chain, and international business in December was 27.339 billion yuan, a year-on-year increase of 3.41%, with express revenue reaching 20.378 billion yuan, up 3.78% year-on-year, and a business volume of 1.476 billion pieces, up 9.33% [1] Group 2: Industry Trends - The growth rate of express delivery business volume in December was 2.6%, significantly down due to factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes [2] - The industry average price in December was 7.94 yuan, showing a month-on-month increase of 0.31 yuan, indicating a continued upward trend in pricing amid industry self-discipline [2] - There is a divergence in business volume growth among companies, with Shentong (+11.1%) and SF (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline [3]

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed. Companies like ZTO Express and YTO Express are recommended, while attention is drawn to the performance elasticity of Shentong Express. Jitu Express is expected to maintain its leading position in Southeast Asia and new markets, and SF Express is noted for its management structure and business line adjustments, presenting bottom-fishing opportunities [1]. Group 1: December Performance Reports - YTO Express reported a revenue of 6.496 billion yuan in December, a year-on-year increase of 7.48%, with a business volume of 2.884 billion tickets, up 9.04%. The average revenue per ticket decreased by 1.43% to 2.25 yuan [2]. - Yunda's December revenue was 4.626 billion yuan, down 1.49% year-on-year, with a business volume of 2.148 billion tickets, down 7.37%. The average revenue per ticket increased by 5.91% to 2.15 yuan [2]. - Shentong Express achieved a revenue of 5.836 billion yuan in December, a significant year-on-year increase of 28.23%, with a business volume of 2.501 billion tickets, up 11.09%. The average revenue per ticket rose by 15.35% to 2.33 yuan [2]. - SF Express's total revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, a year-on-year increase of 3.41%. The express business revenue was 20.378 billion yuan, up 3.78%, with a business volume of 1.476 billion tickets, up 9.33%, and an average revenue per ticket of 13.81 yuan [2]. Group 2: Industry Trends and Insights - The growth rate of express delivery business volume in December was 2.6%, significantly down due to multiple factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes. The State Post Bureau projects an 8% growth rate for express delivery business volume in 2026 [2]. - The industry average price in December was 7.94 yuan, reflecting a month-on-month increase of 0.31 yuan, indicating ongoing price increases amid the anti-involution trend [2]. - There is a noticeable divergence in business volume growth among companies, with Shentong Express (+11.1%) and SF Express (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline. Factors like e-commerce taxes are impacting lower-priced merchants more significantly, exacerbating industry differentiation [3].

Investment Rating - The report rates the logistics industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights that the express delivery industry is experiencing a divergence in performance among companies, with varying revenue growth rates and business volume changes [2]. - Factors such as price increases in express delivery, the timing of the New Year goods festival, and e-commerce taxes are impacting the growth rates of express delivery business volumes [2]. - The report anticipates that the overall volume growth in January and February will remain stable compared to the previous year, despite the challenges faced in December [2]. Summary by Sections Industry Performance - In December, major express companies reported mixed results: - YTO Express had a revenue of 6.496 billion yuan, up 7.48% year-on-year, with a business volume of 2.884 billion tickets, up 9.04% [2]. - Yunda's revenue was 4.626 billion yuan, down 1.49%, with a business volume of 2.148 billion tickets, down 7.37% [2]. - Shentong Express reported a revenue of 5.836 billion yuan, up 28.23%, with a business volume of 2.501 billion tickets, up 11.09% [2]. - SF Holding's total revenue from express logistics, supply chain, and international business was 27.339 billion yuan, up 3.41% [2]. Price Trends - The average industry price in December was 7.94 yuan, showing a month-on-month increase of 0.31 yuan, indicating a trend of price increases in the express delivery sector [2]. - The report notes that the price changes among companies varied, with SF seeing the highest increase of 0.34 yuan [2]. Investment Recommendations - The report recommends focusing on leading companies such as ZTO Express and YTO Express, which are expected to continue benefiting from industry consolidation and price increases [2]. - It also suggests monitoring Shentong Express for its performance elasticity and highlights Jitu Express's growth potential in Southeast Asia and new markets [2].

Group 1 - The core point of the announcement is that YTO Express has completed a share reduction plan by its major shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., which involved transferring 68,450,994 shares, accounting for 2% of the company's total share capital [2][3]. Group 2 - Prior to the reduction plan, Hangzhou Haoyue held 310,244,613 shares, representing 9.06% of the total share capital of YTO Express [2]. - The share reduction was executed through block trading from November 7, 2025, to January 19, 2026, in accordance with the previously disclosed plan [3]. - The company confirmed that the actual reduction complied with relevant laws and regulations, and the execution of the plan was consistent with prior disclosures [3].

Group 1 - The core viewpoint of the article highlights that YTO Express reported its operational performance for December 2025, showing positive growth in revenue and business volume [1] Group 2 - YTO Express generated revenue of 6.496 billion yuan in December 2025, representing a year-on-year increase of 7.48% [1] - The total business volume reached 2.884 billion parcels, reflecting a year-on-year growth of 9.04% [1] - The average revenue per parcel was 2.25 yuan, which indicates a year-on-year decline of 1.43% [1]

证券代码：600233 证券简称：圆通速递 公告编号：临 2026-008 圆通速递股份有限公司 董事局 2026 年 1 月 20 日 圆通速递股份有限公司 2025 年 12 月快递业务主要经营数据如下： | 项目 | 2025 | 年 | 12 月 | | 同比变动 | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 64.96 | 7.48% | | 业务完成量（亿票） | | | | 28.84 | 9.04% | | 快递产品单票收入（元） | | | | 2.25 | -1.43% | 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 2025 年 12 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。 ...

格隆汇1月19日丨圆通速递(600233.SH)公布，近日，公司收到杭州灏月通知，杭州灏月在2025年11月7 日至2026年1月19日期间，通过大宗交易方式转让公司6845.1万股无限售条件流通股，转让股份数量占 公司总股本的2%，杭州灏月本次减持股份计划已实施完毕。 ...

2025 年 10 月 17 日，公司披露了《关于 5%以上股东大宗交易减持股份 计划的公告》，出于自身发展战略和资金筹划考虑，杭州灏月计划自 减持计划公告披露之日起 15 个交易日后的 3 个月内，通过大宗交易方 式合计转让公司股份不超过 68,450,994 股，拟转让比例不超过公司总 股本的 2%。2025 年 11 月 7 日至 2026 年 1 月 19 日期间，杭州灏月通 过大宗交易方式转让公司 68,450,994 股无限售条件流通股，转让股份 数量占公司总股本的 2%，本次减持股份计划已实施完毕。 近日，公司收到杭州灏月通知，杭州灏月在 2025 年 11 月 7 日至 2026 年 1 月 19 日期间，通过大宗交易方式转让公司 68,450,994 股无限售条件流通股，转 让股份数量占公司总股本的 2%，杭州灏月本次减持股份计划已实施完毕。现将 有关事项公告如下： 证券代码：600233 证券简称：圆通速递 公告编号：临 2026-009 圆通速递股份有限公司 关于 5%以上股东大宗交易减持股份结果的公告 本公司董事局、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重 ...

圆通速递公告称，股东杭州灏月原持有公司3.10亿股，占总股本9.06%。2025年10月17日，杭州灏月披 露减持计划，拟自公告披露之日起15个交易日后3个月内，通过大宗交易转让不超6845.10万股，不超总 股本2%。2025年11月7日至2026年1月19日，杭州灏月按计划完成减持，减持价格15.74 - 16.37元/股，总 金额10.89亿元。减持后，杭州灏月持股2.42亿股，占比7.06%。 ...

圆通速递公告称，2025年12月，公司快递产品收入64.96亿元，同比增加7.48%；业务完成量28.84亿 票，同比增加9.04%；快递产品单票收入2.25元，同比减少1.43%。上述数据未经审计。 ...