降了一年价，抖音电商退货的活，顺丰不干了

Core Viewpoint - SF Express has chosen to prioritize profit over volume by relinquishing its e-commerce return business with Douyin, aligning with its strategy to enhance profitability amidst ongoing industry challenges [5][15]. Business Strategy - SF Express has decided to terminate its contract for e-commerce return services with Douyin, which will now be handled by other logistics providers like JD Logistics and ZTO [5]. - The decision to abandon low-margin e-commerce return orders is consistent with SF's focus on improving profitability and optimizing its business structure [5][15]. - The company has been facing pressure on its profitability due to a prolonged price war in the logistics industry, leading to a decline in single-package pricing [17][21]. Financial Performance - In the first three quarters of 2025, SF Express reported a total business volume of 12.15 billion packages, a year-on-year increase of 28.3%, and revenue of 225.3 billion yuan, up 8.9% [13]. - Despite revenue growth, the average revenue per package has decreased by 8.49% to 13.47 yuan, contributing to a decline in gross profit [18][21]. - The gross profit for the first three quarters of 2025 was 29.2 billion yuan, reflecting a year-on-year increase of only 1.2%, while the gross profit margin fell by 1.0 percentage points to 13.0% [13][21]. Operational Adjustments - SF Express has initiated an "Enhancement Plan" aimed at optimizing customer structure, reasonable pricing, and cost reduction to improve the proportion of high-value orders [14]. - The company is also implementing flexible resource cost-reduction strategies, including the introduction of local and external resources for e-commerce and return orders [14]. - SF Express has launched new high-value services, such as the "High-Speed Express" product, which aims to provide high-quality, time-sensitive delivery services [23]. Market Context - The e-commerce sector, particularly driven by live-streaming sales, is projected to generate significant order volumes, with Douyin's GMV expected to exceed 4 trillion yuan in 2025 [7]. - However, the high return rates in the e-commerce industry pose challenges for logistics companies, particularly those like SF Express that focus on premium services [8][10]. - The logistics industry is currently experiencing a recovery phase, but SF Express has yet to benefit from this trend, as indicated by its continued decline in single-package revenue [18][25].