7月25日，申通快递一纸公告震动物流江湖，其宣布拟以3.62亿元收购菜鸟旗下浙江丹鸟物流100%股权。 2024年，申通快递全年营收为471.69亿，菜鸟2025财年(截至2025年3月31日)营收约1012.72亿元。显然，这笔交易相比于两大物流巨头的整体营收体量来说 并不算大，但这桩看似普通的交易背后，实际是双方聚焦核心主业的主动战略选择。公告称，本次交易有助于充分发挥双方协同效应，推动申通做大做强做 优，加强推进品质快递网络的铺设和升级。同时，菜鸟战略聚焦国际物流和科技，主营业务全球供应链、跨境物流、海外本地快递、物流科技、物流园区等 板块，将加速发展。 国内视角来看，当前跨境电商驱动跨境物流蓬勃发展，2024年全年我国跨境电商出口规模达到2.15万亿元，同比增长16.9%。国际货邮运输量同比增长 29.3%，中国企业建设的海外仓已超过2500个，总面积超过3000万平方米。 菜鸟把已经跑通的高品质快递网络整体交给盟友，自身则全力押注跨境物流与物流科技——这是一次用"减法"换取"乘法"的巧妙精算，也是一场围绕未来十 年全球物流格局的深远落子。 一、全力以赴，菜鸟响应国际物流星辰大海的召唤 菜鸟此次交易的 ...

2025年7月25日晚，申通快递一纸公告震动资本市场——拟以现金3.62亿元收购浙江菜鸟供应链、阿里 创投及阿里网络持有的丹鸟物流100%股权。 次日开盘，申通股价应声涨停。这家曾长期徘徊于行业第四位的快递企业，凭借此役实现了十年未有的 市场地位跃升：业务量市占率从12.98%升至13.5%，超越韵达重返行业前三。 这种设计直接针对丹鸟物流的现实状况。财务数据显示，丹鸟2024年尚盈利2011万元，但2025年前四月 亏损高达2.34亿元。 亏损源于业务爬坡期的阵痛。尽管丹鸟已建成覆盖300个城市、拥有59个分拨中心和2600余个网点的全 国性网络，日均业务量超400万单，但规模效应尚未显现。"起网时间短，前期投入成本未能摊薄。"申 通在公告中如此解释。 对阿里而言，出售丹鸟是战略聚焦的必然选择。接近菜鸟的人士透露，丹鸟在菜鸟业务中占比不大，未 来菜鸟将更专注国际物流和科技领域，包括全球供应链、跨境物流和物流园区等核心板块。自阿里巴巴 撤回菜鸟IPO申请后，菜鸟的战略定位日益清晰——做重全球物流网络，而非在国内红海市场与快递企 业贴身肉搏。 "阿里正陆续剥离非核心资产，自营物流作为重资产业务并非其核心优势。" ...

快递行业"反内卷"正在重塑行业生态。 多家A股上市快递公司的数据显示，今年上半年，快递单票月度平均价格持续下滑。韵达股份（002120.SZ）、申通快递（002468.SZ）等加盟制快递企业的 票均价格已跌破2元大关。 7月30日早盘，A股快递板块应声上涨，申通快递盘中一度涨停，截至当日收盘上涨8.47%。圆通速递、韵达股份盘中一度涨超7%，但截至收盘有所回落。 增量不增收现象显著 我国自2014年启动实施"快递下乡"工程以来，农村寄递物流体系历经了从无到有，从初步建立到日渐完善的过程。 2024年快递进村情况普查数据显示，截至目前，全国累计建设33.78万个"一点多能、一站多用"的村级寄递物流综合服务站，农村寄递"最后一公里"服务实 现有效拓展。 不过，农村地区快递服务网络亟待完善、服务能力待提升、运行质效有不足等问题，也成为当前制约农村寄递物流行业发展的短板。因此，要坚持综合施 策，加强设施、运力、信息、资本、技术等资源融合，构建便捷高效的农村快递服务新模式。 随着快递服务网络加速向村级下沉，基层配送矛盾正逐渐显现。21世纪经济报道记者调查发现，在部分农村地区，快递末端违规收费问题依然突出。记者查 阅黑猫 ...

证券之星消息，7月30日物流板块较上一交易日上涨0.81%，申通快递领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002010 | 传化智联 | 6.17 | -2.06% | 53.31万 | 3.32亿 | | 603813 | *ST原尚 | 15.96 | -2.03% | 7124.0 | 1144.80万 | | 000626 | 远大控股 | 7.06 | -1.40% | 9.40万 | 6652.86万 | | 002930 | 宏川智慧 | 11.34 | -0.96% | 7.14万 | 8141.68万 | | 300873 | 海晨股份 | 21.16 | -0.89% | 6.08万 | 1.29 乙 | | 600794 | 保税科技 | 4.52 | -0.88% | 23.67万 | 1.08亿 | | 600180 | 瑞戊通 ...

7月22日，京东在官方公众号宣布正式启动"菜品合伙人"招募计划，10亿元现金为1000道招牌菜寻找合 伙人。合伙人仅需提供菜品配方并合作研发，由七鲜小厨承担现炒制作及品控。据京东介绍，每道菜立 奖100万元保底分成，菜品销量分成上不封顶，品牌餐厅、个体厨师均可报名成为合伙人。此外，京东 将投入百亿元资金建设新型供应链，计划3年内在全国建设10000家七鲜小厨。（每日经济新闻，泽塔） 【#申通快递拟3.62亿元收购丹鸟物流#；#京东拟三年内建设1万家七鲜小厨# | 一周未来商业】申通快递 7月25日晚发布公告，拟收购浙江丹鸟物流100%股权，交易对价为3.62亿元。丹鸟物流主要从事国内品 质快递及逆向物流服务，在国内提供半日达、次晨达、送货上门等高确定性履约服务。公告称，本次交 易有助于充分发挥双方协同效应，推动申通做大做强做优，加快推进品质快递网络的铺设和升级。 ...

Group 1 - The express logistics sector experienced significant gains on July 30, with Shentong Express rising by 7%, YTO Express by 5%, and other companies like Yunda and Huapengfei also seeing increases [1] - Shentong Express, a leading private express company in China, reported a market capitalization of 23.4 billion and a trading volume increase of 5.21% [1] - YTO Express, a comprehensive logistics operator, has a market capitalization of 53.94 billion and focuses on expanding its international express and supply chain services [1] Group 2 - The State Post Bureau emphasized the need for improved industry regulation and the establishment of market rules to combat "involution" competition in the express delivery sector [2] - The Central Financial Committee's recent meeting highlighted the importance of promoting a unified national market and addressing low-price competition among enterprises [2] - The Yiwu Postal Administration announced an increase in the minimum express delivery price by 0.1 RMB to 1.2 RMB, effective July 18 [2] Group 3 - Current price adjustments in the Yiwu region have led to a 0.05 RMB increase per ticket, with expectations for similar measures in the southern grain-producing areas [4] - The express delivery industry is anticipated to see improved pricing and profitability in the fourth quarter, driven by regulatory guidance and a shift towards high-quality development [4] - If regulatory policies continue to be implemented, the industry may transition from price wars to value wars, leading to long-term improvements in express companies' performance [4]

A股早盘快递概念走高，申通快递走出4天2板，圆通速递、韵达股份、东航物流、东杰智能等跟涨。消 息面上，7月29日，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争，强化农村地 区领取快件违规收费等突出问题整治，促进行业高质量发展进行座谈交流。 ...

智通财经APP获悉，7月29日，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争， 强化农村地区领取快件违规收费等突出问题整治。会议指出，党的十八大以来，我国快递行业持续快速 发展。各企业负责人要进一步增强大局意识，认真贯彻落实党中央、国务院工作部署，紧跟时代步伐， 引领业态发展，积极推动解决"内卷式"竞争和农村地区领取快件违规收费等突出问题，维护好行业良好 发展业态。快递企业总部要履行好主体责任，创新经营模式，努力提升农村地区快递服务的适应性和可 持续性。 北京国家邮政局召开快递企业座谈会强调 本文编选自"国家邮政局"微信公众号，智通财经编辑：刘家殷。 维护行业良好发展业态 促进快递业高质量发展 会议强调，要积极推进行业党建"两个覆盖"工作，进一步完善快递业党建工作体制机制，强化党建对行 业治理和企业管理的政治引领和规范促进作用。 市场监管司通报了上半年行业市场监管有关情况。中通、圆通、韵达、申通、极兔等快递企业相关负责 人围绕会议主题进行交流并提出意见和建议。 原文如下： 国家邮政局市场监管司有关负责人，中通、圆通、韵达、申通、极兔等快递企业相关负责人参加会议。 7月29日，国家邮政局召开快 ...

Investment Rating - The report maintains a "Positive" investment rating for the express delivery industry [8]. Core Insights - The express delivery industry is expected to experience a "de-involution" phase, with significant policy catalysts anticipated in the upcoming months. The transition from the off-peak to peak season is expected to enhance the pricing power of express companies [2][11]. - The pricing increase duration is projected to be between 2 to 4 months, with a price increase of 0.06 to 0.30 yuan per ticket expected during the peak season. The profit per ticket is anticipated to improve by 0.01 to 0.10 yuan in Q4 [2][11]. - The average profit elasticity for e-commerce express delivery is expected to reach double digits, with second-tier express companies showing even more significant profit elasticity [2][11]. Summary by Sections Event Description - The report discusses the recent meeting of the State Post Bureau, which emphasized the need to combat "involution" in the express delivery sector. It addresses three main questions: the timing and sustainability of the current "de-involution," the profit elasticity for core enterprises, and the tools available for this process [6]. Pricing Dynamics - The report analyzes historical pricing trends, indicating that the current "de-involution" phase may be catalyzed by policy changes, with pricing increases expected to last longer than in 2024 but shorter than in 2021. The report references past data to illustrate potential outcomes [11][20]. Profit Elasticity - The report provides a detailed analysis of profit elasticity for major express companies, projecting that if the industry begins to raise prices in August and continues until December, the net profit for companies like Zhongtong, Yunda, and Shentong could reach 95.8 billion, 40.6 billion, and 17.4 billion yuan respectively, with corresponding profit elasticities of 6.5%, 12.7%, and 27.9% [20][21]. Tools for "De-involution" - The report identifies two main strategies for achieving "de-involution": regulatory measures to curb price wars and encouraging mergers and acquisitions among leading companies to optimize competition. The acquisition of Danbird Logistics by Shentong Express is highlighted as a significant step towards improving market dynamics [25][26]. Investment Recommendations - The report suggests actively seizing opportunities presented by the "de-involution" phase, recommending companies such as YTO Express, Shentong Express, Zhongtong Express, Jitu Express, and Yunda [21].

Group 1 - The domestic express delivery industry is accelerating consolidation, with Shentong Express announcing the acquisition of 100% equity in Zhejiang Daniao Logistics for 362 million yuan [1] - After the transaction, Daniao Logistics will become a wholly-owned subsidiary of Shentong Express and will be included in the company's consolidated financial statements [1] - Daniao Logistics, established by Cainiao in 2019, provides services such as collection, transit delivery, and reverse returns across approximately 300 cities in China, with an average daily business volume exceeding 4 million orders for 2024 and the first four months of 2025 [1] Group 2 - Despite its extensive network of 59 distribution centers and over 2,600 outlets, Daniao Logistics has struggled with profitability, reporting a net loss of 230 million yuan from January to April this year due to seasonal business volume declines and industry price reductions [1][2] - Shentong Express aims to enhance service quality and optimize product structure through this acquisition, targeting high-end delivery markets and emerging scenarios such as regional delivery and instant retail [2] - The State Post Bureau has been encouraging mergers and acquisitions in the express delivery sector, leading to increased consolidation activities within the industry, including significant acquisitions by competitors like JD Logistics and SF Express [2]