Zhi Tong Cai Jing·2025-09-19 02:13Core Viewpoint - The express delivery industry is entering a new phase of anti-involution, with a focus on the performance of Q3 reports and pricing during peak seasons [1] Group 1: Industry Performance - In August, the express delivery business revenue reached 118.96 billion yuan, a year-on-year increase of 4.2%, while the business volume was 16.15 billion pieces, growing by 12.3% year-on-year [2] - The average single ticket revenue for the industry in August was 7.37 yuan per piece, with a month-on-month increase of 0.1% [3] - The growth rate of business volume in August showed a slight decline, with an expected annual growth rate of around 15% [3] Group 2: Company-Specific Insights - YTO Express completed a business volume of 5.39 billion pieces in August, a year-on-year increase of 9.82%, with a single ticket revenue of 2.15 yuan, down 1.13% year-on-year [2] - Shentong Express achieved a business volume of 4.434 billion pieces, a year-on-year increase of 14.47%, with a single ticket revenue of 2.06 yuan, up 3.0% year-on-year [2] - Yunda's business volume reached 4.119 billion pieces, a year-on-year increase of 5.16%, with a single ticket revenue of 1.92 yuan, down 3.52% year-on-year [2] Group 3: Pricing Trends - The express delivery companies are experiencing a rise in single ticket prices, with Shentong leading the increase at +0.09 yuan, followed by YTO at +0.07 yuan, and Yunda at +0.01 yuan [4] - In September, various regions across the country are following suit with price increases, indicating a continued upward trend in industry pricing [5] - The expectation is that the industry single ticket price will continue to rise, contributing to profit recovery for the leading companies in Q3 [5]