SF Holding(SZ:002352) Zhong Guo Neng Yuan Wang·2025-06-25 03:11Core Insights - The express delivery industry in China continues to experience medium to high-speed growth, with May 2025 showing significant increases in both business volume and revenue [2][4]. Industry Performance - In May 2025, the total express delivery volume reached 17.32 billion pieces, representing a year-on-year growth of 17.2% [2][3]. - The express delivery revenue for the same month was 125.55 billion yuan, marking an 8.2% increase compared to the previous year [2][3]. - The average price per delivery decreased to 7.25 yuan, reflecting a decline of 7.6% year-on-year [2][3]. Market Segmentation - In the same month, the volume of intra-city express deliveries was 1.46 billion pieces, up 10.4% year-on-year [2][3]. - The volume of inter-city express deliveries reached 15.55 billion pieces, showing an 18.0% increase [2][3]. - International and Hong Kong, Macau, and Taiwan express deliveries totaled 310 million pieces, with a year-on-year growth of 11.9% [2][3]. Company Performance - SF Express maintained a leading growth rate, with a delivery volume of 1.477 billion pieces, achieving a year-on-year growth of 31.8% [3]. - The revenue from SF Express's logistics services grew by 13.4% year-on-year, sustaining double-digit growth [3]. - Among publicly listed express delivery companies, YTO Express showed strong growth, followed by Shentong Express, while Yunda Express experienced slightly slower growth [3]. Investment Recommendations - The express delivery market in China is expected to maintain medium to high-speed growth, with historical highs in business volume [4]. - The rise of autonomous delivery vehicles is anticipated to enhance operational efficiency and reduce costs across the supply chain, potentially improving company performance [4]. - SF Express is recommended for continued investment due to its effective operational strategies and leading growth [4]. - Positive growth trends in e-commerce logistics suggest investment opportunities in Zhongtong Express, YTO Express, Shentong Express, and Yunda [4].