智通财经网·2026-01-20 07:42Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed. Companies like ZTO Express and YTO Express are recommended, while attention is drawn to the performance elasticity of Shentong Express. Jitu Express is expected to maintain its leading position in Southeast Asia and new markets, and SF Express is noted for its management structure and business line adjustments, presenting bottom-fishing opportunities [1]. Group 1: December Performance Reports - YTO Express reported a revenue of 6.496 billion yuan in December, a year-on-year increase of 7.48%, with a business volume of 2.884 billion tickets, up 9.04%. The average revenue per ticket decreased by 1.43% to 2.25 yuan [2]. - Yunda's December revenue was 4.626 billion yuan, down 1.49% year-on-year, with a business volume of 2.148 billion tickets, down 7.37%. The average revenue per ticket increased by 5.91% to 2.15 yuan [2]. - Shentong Express achieved a revenue of 5.836 billion yuan in December, a significant year-on-year increase of 28.23%, with a business volume of 2.501 billion tickets, up 11.09%. The average revenue per ticket rose by 15.35% to 2.33 yuan [2]. - SF Express's total revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, a year-on-year increase of 3.41%. The express business revenue was 20.378 billion yuan, up 3.78%, with a business volume of 1.476 billion tickets, up 9.33%, and an average revenue per ticket of 13.81 yuan [2]. Group 2: Industry Trends and Insights - The growth rate of express delivery business volume in December was 2.6%, significantly down due to multiple factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes. The State Post Bureau projects an 8% growth rate for express delivery business volume in 2026 [2]. - The industry average price in December was 7.94 yuan, reflecting a month-on-month increase of 0.31 yuan, indicating ongoing price increases amid the anti-involution trend [2]. - There is a noticeable divergence in business volume growth among companies, with Shentong Express (+11.1%) and SF Express (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline. Factors like e-commerce taxes are impacting lower-priced merchants more significantly, exacerbating industry differentiation [3].