SF Holding(SZ:002352) Mei Ri Jing Ji Xin Wen·2025-06-20 14:14Core Viewpoint - The express delivery industry in China is experiencing intense competition, with SF Express leading in business volume growth while facing significant pressure on single-package revenue. The "Tongda system" companies are struggling to maintain market share without overly relying on price wars [2][5]. Group 1: Business Performance - In May, SF Express achieved a business volume of 1.477 billion packages, a year-on-year increase of 31.76%, significantly outpacing the industry average [5][6]. - YTO Express reported a business volume of 2.764 billion packages, up 21.02%, while Yunda and Shentong reported volumes of 2.303 billion and 2.264 billion packages, growing 12.78% and 16.35% respectively [5][6]. - SF Express has consistently led in business volume growth since the beginning of the year, with growth rates of 25.4%, 29.9%, and 31.8% from March to May [5][6]. Group 2: Revenue and Pricing - SF Express's revenue from express delivery was 19.381 billion yuan, with a revenue growth rate of 13.36%. However, its single-package revenue fell to 13.12 yuan, a decrease of 13.97% [3][7]. - YTO's single-package revenue was 2.12 yuan, down 5.09%, while Yunda and Shentong's revenues dropped to 1.92 yuan and 1.95 yuan, reflecting declines of 5.42% and 2.99% respectively [3][8]. - The overall trend indicates that while the "Tongda system" companies maintain revenue growth through scale effects, they face downward pressure on pricing, necessitating a balance between price competition and service quality [2][8]. Group 3: Market Strategy and Outlook - SF Express is focusing on high-end market positioning and has benefited from increased demand for high-tech product deliveries, driven by national consumption stimulus policies [6][7]. - The competitive landscape is becoming more pronounced, with SF Express leveraging its high-end services to capture higher value markets, while YTO relies on its established network for steady growth [6][8]. - The industry experts suggest that the key challenge for Yunda and Shentong is to enhance service quality and optimize cost structures while navigating the ongoing price competition [8].