智通财经网·2025-11-21 02:25Core Viewpoint - The express delivery industry is expected to recover as the trend of reducing competition continues, with a focus on companies like YTO Express, ZTO Express, Shentong Express, and Yunda Express, which show potential for growth and valuation recovery [1] Industry Volume and Price - As of October 2025, the express delivery industry's business volume growth rate is 7.9%, surpassing the growth rate of physical online retail sales at 4.9% and social consumer goods retail sales at 2.9% [1] - The average revenue per delivery in the express delivery industry is 7.48 yuan, reflecting a year-on-year decline of 3.00% and a month-on-month decline of 0.85%, influenced by the trend of smaller packages and localized price competition [1] Regional Volume and Price - In October 2025, the year-on-year growth rates for express delivery business volume in different regions are +6.7% for Class I areas, +12.6% for Class II areas, and +23.2% for Class III areas, with non-grain-producing areas showing significantly higher growth than grain-producing areas [2] - The year-on-year growth rates for average revenue per delivery in these regions are -2.5% for Class I areas, -5.0% for Class II areas, and -12.3% for Class III areas, indicating a notable easing of price competition in grain-producing areas [2] Company Volume and Price - In October 2025, the year-on-year business volume growth rates for major companies are as follows: YTO Express +12.82%, Yunda Express -5.11%, Shentong Express +3.98%, and SF Express +26.26%, with YTO Express and SF Express outperforming the industry average [3] - The year-on-year revenue per delivery growth rates for these companies are: YTO Express -3.46%, Yunda Express +4.46%, Shentong Express +7.39%, and SF Express -9.97%, indicating a significant price recovery in the context of reduced competition, particularly for Yunda Express and Shentong Express [3]