Zhong Guo Neng Yuan Wang·2025-09-22 03:06Core Insights - The express delivery industry in China showed positive growth in August 2025, with revenue reaching 1189.6 billion yuan and business volume at 161.5 billion pieces, marking year-on-year increases of 4.2% and 12.3% respectively [1][2] - Cumulatively, from January to August 2025, the industry generated a total revenue of 9583.7 billion yuan, reflecting a year-on-year growth of 9.2%, while the total business volume reached 1282.0 billion pieces, up 17.8% year-on-year [1][2] Industry Data - In August 2025, major express companies reported the following revenue: SF Express at 186.57 billion yuan (+14.1%), Shentong at 44.34 billion yuan (+14.5%), Yunda at 41.19 billion yuan (+5.2%), and YTO Express at 53.90 billion yuan (+9.8%) [3] - Business volumes for the same companies were: SF Express at 14.06 billion pieces (+34.8%), Shentong at 21.47 billion pieces (+10.9%), Yunda at 21.45 billion pieces (+8.7%), and YTO Express at 25.11 billion pieces (+11.1%) [3] - The market shares for these companies were reported as follows: SF Express at 8.7%, Shentong at 13.3%, Yunda at 13.3%, and YTO Express at 15.5% [3] Company Performance - For the first eight months of 2025, the revenue figures were: SF Express at 1464.69 billion yuan (+11.3%), Shentong at 334.14 billion yuan (+14.8%), Yunda at 329.70 billion yuan (+6.9%), and YTO Express at 433.33 billion yuan (+13.3%) [4] - Business volumes for these companies were: SF Express at 105.96 billion pieces (+27.9%), Shentong at 166.75 billion pieces (+18.2%), Yunda at 170.33 billion pieces (+14.3%), and YTO Express at 199.57 billion pieces (+20.2%) [4] - The market shares for these companies were: SF Express at 8.3%, Shentong at 13.0%, Yunda at 13.3%, and YTO Express at 15.6% [4] Market Trends - The express delivery industry is benefiting from changes in demand, such as the increase in small and light packages, the rise of reverse logistics, and the advantages of lower-tier markets [5] - The industry is experiencing a shift from price wars to orderly competition, with recent price increases expected to improve profit margins for express companies [5] - The overall performance of the express delivery sector is anticipated to improve as price hikes become more widespread across the country [5] Investment Recommendations - The express delivery sector is currently viewed as undervalued, with continued growth in the e-commerce market and new demands emerging from lower-tier markets [6] - Companies such as YTO Express and Shentong are highlighted for their strong performance in both volume and price growth [6] - The sector is expected to benefit from a shift away from price wars, presenting long-term investment opportunities [6]