Core Viewpoint - The express delivery industry is experiencing new opportunities for growth driven by the "old for new" consumption policy, which enhances service models and expands non-standard express delivery business [1][5][6]. Group 1: Service Model Evolution - The transition from one-way delivery to a dual fulfillment model ("send new, take old") reflects an upgrade in service capabilities, requiring delivery personnel to possess multiple skills [2][6]. - The integration of logistics and verification processes has improved customer experience and reduced return rates, with express delivery companies implementing standardized operations [4][3]. Group 2: Business Growth and Demand - The "old for new" policy has led to a significant increase in demand for home appliances and consumer electronics, with express delivery volumes rising continuously [5][6]. - In the first half of the year, the proportion of large appliance replacement orders increased by over 150% compared to the previous year, indicating a strong market response [6]. Group 3: Supply Chain and Reverse Logistics - Companies are innovating reverse logistics models to enhance efficiency, allowing for seamless integration of new product delivery and old product collection [9][10]. - The establishment of central processing warehouses by companies like JD Logistics aims to streamline the recycling and processing of old appliances, improving the overall supply chain [10]. Group 4: Future Directions - The express delivery industry is encouraged to further optimize service networks and technology applications to support the ongoing expansion of the "old for new" initiative [10]. - There is a call for enhanced collaboration between government and enterprises to support the upgrade of "old for new" services, promoting high-quality development in the industry [7][10].

Group 1 - The report maintains a "recommended" investment rating for the express logistics industry, highlighting low valuations and the need to monitor changes in industry competition and trade policies [1][6] - The express logistics industry experienced a significant demand increase, with a total of 788 billion packages delivered from January to May 2025, representing a year-on-year growth of 20.1% [6][11] - The average express delivery price decreased to 7.5 yuan per package, down 8.2% year-on-year, indicating intensified price competition within the industry [6][22] Group 2 - Major companies in the express logistics sector, such as Shentong and Jitu, saw their market shares increase, with Shentong's market share rising by 0.5 percentage points year-on-year [6][14] - The report indicates that the overall cost per package for major companies has decreased significantly due to economies of scale and improved operational efficiency [29][32] - Despite the pressure on single-package profitability, Shentong and SF Express reported year-on-year gross profit increases of 14% and 8%, respectively, due to operational optimizations [32][34] Group 3 - The express logistics index outperformed the broader market, with a 12% increase in the index from the beginning of the year to June 30, 2025 [34][35] - The report emphasizes that the demand growth is expected to remain strong, with an annual growth rate projected to exceed 15% for 2025 [37][43] - The report identifies key companies for investment consideration, including SF Express, Zhongtong Express, and YTO Express, based on their competitive advantages in network management and cost control [6][49] Group 4 - The comprehensive logistics sector is facing pressure from both domestic and international demand, with a focus on trade negotiations impacting performance [53][58] - The report notes that contract logistics prices are under pressure due to insufficient domestic demand and cost-cutting pressures from businesses [61] - The air freight sector has seen a 23.4% year-on-year increase in international cargo turnover, although it faces potential downward pressure from trade policy changes [61][64]

Core Insights - The "Two New" policy in China has significantly boosted the sales of consumer goods, particularly home appliances, with a total sales volume of 1.1 trillion yuan driven by the old-for-new replacement program [1] - The reverse logistics service capabilities of logistics companies are being tested and enhanced due to the increased demand for the recycling and processing of old appliances [1][3] Group 1: Market Dynamics - The old-for-new policy has led to the sale of 7.76 million units of 12 categories of home appliances, with 49.86 million consumers participating in the program [1] - The logistics supply chain is facing higher and more complex demands due to the promotion of consumption upgrades and green circular economy initiatives [3] Group 2: Company Operations - AnDe ZhiLian has established a nationwide recycling network, providing comprehensive reverse logistics services for brands like Midea, including collection, transportation, and compliant dismantling of old appliances [4] - The company has facilitated the recovery and compliant dismantling of 4.6 million units of old appliances through various channels, including over 8,500 old-for-new events planned for 2024 [4] Group 3: Technological Integration - AnDe ZhiLian utilizes digital and intelligent systems to enhance service quality and reduce delivery costs, ensuring a seamless integration of logistics processes [8] - The company has developed a proprietary system for real-time visibility and anomaly alerts during the logistics process, improving operational efficiency [9] Group 4: Environmental Commitment - The reverse logistics market in China accounts for approximately 20% of the total logistics market, presenting growth opportunities for logistics companies [9] - AnDe ZhiLian is committed to low-carbon development and has integrated green logistics practices into its operations, ensuring compliance and resource recycling [18][20] Group 5: Future Outlook - The company aims to further embed smart and green initiatives into its supply chain services, focusing on manufacturing, distribution, and retail logistics [18][20] - AnDe ZhiLian is positioned as a pioneer in smart green logistics, collaborating with industry partners to promote sustainable development and contribute to national carbon neutrality goals [20]

Group 1 - The core point of the article highlights the launch of a new feature on Taobao that allows clothing merchants to "screen" high refund customers, aiming to reduce the high return rates that have plagued the industry [1][4] - The new feature is currently in internal testing and is specifically available for Taobao and Tmall clothing merchants, not for other industries [1][4] - The return rates for clothing have been alarmingly high, with reports indicating that women's clothing return rates can exceed 50%, and in some cases, even reach 80% during live-streaming sales [2][3] Group 2 - The introduction of the refund screening feature is seen as a response to the increasing pressure on merchants due to high return rates and the associated costs, such as mandatory return shipping insurance [2][6] - Some merchants support the new feature, believing it will help create a healthier platform ecosystem, while others caution against its use, fearing it may inadvertently exclude valuable repeat customers [6] - E-commerce platforms are shifting focus towards building a healthier ecosystem by optimizing refund policies and providing support for high-quality merchants, including the introduction of a "real experience score" to offer growth opportunities [6]

Core Insights - The reverse logistics industry in China is experiencing significant growth, driven by the increasing e-commerce return rates, which are projected to exceed 10.1 billion items by 2024, with a compound annual growth rate of 22.9% from 2019 to 2024 [1][11] - The rise in return rates is attributed to market saturation, intensified competition among e-commerce platforms, and the influence of live-streaming platforms that encourage impulsive buying [11] Reverse Logistics Industry Overview - Reverse logistics refers to the process where third-party logistics companies handle the return of goods from customers back to the sellers, encompassing returns processing, recycling, and waste disposal [2] - The industry has evolved through four stages: emergence (pre-1969), exploration (1970-1990), development (2000-2010), and maturity (post-2010), with increasing focus on efficiency and technology [4] Industry Chain - The reverse logistics industry chain consists of three segments: upstream (sources of waste or returns), midstream (core processes like recovery and remanufacturing), and downstream (reintroducing processed goods to the market or environmentally friendly disposal) [7] Current Market Status - China's e-commerce market reached a sales volume of 46.8 trillion yuan in 2023, with a year-on-year increase of 9.4%, and is expected to continue growing [9] - The demand for reverse logistics is particularly high in platforms like Douyin, which accounts for 31% of the return market share in 2024, followed by Pinduoduo at 26% and Alibaba's Cainiao at 24% [13] Competitive Landscape - The reverse logistics market is becoming increasingly competitive, with major players like SF Express, JD Logistics, and emerging companies focusing on service quality, cost control, and technological innovation [15] - Key companies in the industry include SF Express, JD Logistics, ZTO Express, Yunda, and Shentong, all of which are expanding their reverse logistics capabilities [16] Development Trends - The industry is witnessing a shift towards digitalization and automation, utilizing IoT, big data, and AI to enhance efficiency and cost management [20] - There is a growing trend towards service-oriented and customized solutions in reverse logistics, with providers offering value-added services to meet diverse consumer needs [21] - Government policies are increasingly supporting the development of reverse logistics, with initiatives aimed at improving recycling networks and promoting the "old-for-new" consumption model [23]

Core Insights - U-Speed, a cross-border logistics company, focuses on global return logistics and aims to help overseas enterprises reduce costs and improve efficiency through customized services and overseas supply chain strategies [1][8] Group 1: Reverse Logistics - The CEO of U-Speed, Zeng Xiankun, discussed the concept of "reverse logistics" and its differences from traditional e-commerce logistics during an interview on CCTV's "Quality China" program [3] - U-Speed's global return services effectively reduce delivery and after-sales service costs, enhance management efficiency, and minimize return losses for cross-border e-commerce [3][6] Group 2: Market Coverage and Services - U-Speed has developed a proprietary return system that streamlines the return process, ensuring efficient handling of returns and quality control through professional training [6] - The company has expanded its operations to 26 countries and regions, establishing overseas return warehouses to support cross-border e-commerce platforms and independent sellers [6] Group 3: Industry Recognition and Future Outlook - The invitation to participate in CCTV's "Quality China" program is seen as recognition of U-Speed's efforts in the reverse logistics sector [8] - In the context of a complex foreign trade environment, U-Speed's services are crucial for enhancing digital trade competitiveness and achieving sustainable economic development [8]

Core Insights - The article emphasizes the importance of reverse logistics in enhancing cost efficiency and operational effectiveness for businesses in the context of digital transformation and e-commerce growth [1][15] - Reverse logistics is defined as the process of moving goods from their final destination back to the manufacturer or distributor for the purpose of recapturing value or proper disposal [1] Industry Overview - The Chinese government's draft decision on amending the "Interim Regulations on Express Delivery" aims to promote green packaging and sustainable practices in logistics [1] - Reverse logistics costs are projected to account for 15%-20% of total logistics costs for enterprises by 2024, directly impacting economic efficiency and sustainability [1] Challenges in Reverse Logistics - The article identifies three core pain points in reverse logistics: 1. Difficulty in selecting cross-regional service providers and controlling costs due to dispersed return locations and high single-return costs [5] 2. Inefficiencies in time prediction and resource scheduling, leading to increased management costs and operational risks [6] 3. Issues with logistics information isolation and accountability, resulting in challenges in tracking and managing returns [7] Solutions Offered - The "Baidiyun Enterprise Express Management SaaS" integrates SaaS, API, and internal systems to provide a comprehensive solution for reverse logistics, enhancing efficiency by 52% [3][8] - The solution includes features such as intelligent scheduling, real-time tracking, and automated cost calculations, enabling businesses to transition from passive to proactive management [8][13] Technological Integration - The "Baidiyun API Open Platform" connects over 2,100 courier companies, allowing for nationwide coverage and cost control in reverse logistics [9] - The system supports various return methods, enabling consumers to return items through multiple channels while allowing businesses to monitor logistics in real-time [11] Conclusion - Reverse logistics is not only a cost management challenge but also a critical aspect of customer experience and brand reputation [15]