Core Insights - The express delivery industry in China continues to experience medium to high-speed growth, with May 2025 showing significant increases in both business volume and revenue [2][4]. Industry Performance - In May 2025, the total express delivery volume reached 17.32 billion pieces, representing a year-on-year growth of 17.2% [2][3]. - The express delivery revenue for the same month was 125.55 billion yuan, marking an 8.2% increase compared to the previous year [2][3]. - The average price per delivery decreased to 7.25 yuan, reflecting a decline of 7.6% year-on-year [2][3]. Market Segmentation - In the same month, the volume of intra-city express deliveries was 1.46 billion pieces, up 10.4% year-on-year [2][3]. - The volume of inter-city express deliveries reached 15.55 billion pieces, showing an 18.0% increase [2][3]. - International and Hong Kong, Macau, and Taiwan express deliveries totaled 310 million pieces, with a year-on-year growth of 11.9% [2][3]. Company Performance - SF Express maintained a leading growth rate, with a delivery volume of 1.477 billion pieces, achieving a year-on-year growth of 31.8% [3]. - The revenue from SF Express's logistics services grew by 13.4% year-on-year, sustaining double-digit growth [3]. - Among publicly listed express delivery companies, YTO Express showed strong growth, followed by Shentong Express, while Yunda Express experienced slightly slower growth [3]. Investment Recommendations - The express delivery market in China is expected to maintain medium to high-speed growth, with historical highs in business volume [4]. - The rise of autonomous delivery vehicles is anticipated to enhance operational efficiency and reduce costs across the supply chain, potentially improving company performance [4]. - SF Express is recommended for continued investment due to its effective operational strategies and leading growth [4]. - Positive growth trends in e-commerce logistics suggest investment opportunities in Zhongtong Express, YTO Express, Shentong Express, and Yunda [4].

证券研究报告：快递|点评报告 发布时间：2025-06-25 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2789.29 | | --- | --- | --- | | 52 | 周最高 | 2789.29 | | 52 | 周最低 | 2098.61 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 24% 快递 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 快递行业 2025 年 5 月数据点评 顺丰"激活经营"促增速领先，电商快递趋势向好 l 邮政局披露 5 月运营数据，业务量保持中高速增长 邮政局披露 2025 年 5 月邮政行业运行情况。5 月快递业务量 173.2 亿件，同比增长 17.2%，快递业务收入 1255.5 亿元，同比增长 8.2%，快递业务单价 7.25 元，同比下降 7.6%。 细 ...

Core Viewpoint - JD Logistics is expanding its service offerings by recruiting full-time delivery riders for its rapidly growing food delivery business, JD Takeout, which is expected to enhance operational efficiency and synergy within its logistics network [1] Group 1: Recruitment and Workforce Expansion - JD Logistics has begun recruiting full-time riders to support its food delivery service, with over 120,000 full-time riders already onboard [1] - The company anticipates reaching a total employee count of 900,000 by the end of Q2 2024, marking a record increase in quarterly net employees since its inception [1] - As of the end of 2024, JD Logistics is projected to have a total workforce of 499,000, with nearly 80,000 frontline employees added within a year [2] Group 2: Financial Implications - JD Logistics' total human resources expenditure, including both in-house and external personnel, is expected to reach RMB 91.8 billion for the twelve months ending March 31, 2025 [2] - The company is committed to signing formal labor contracts with all frontline employees, including delivery riders, and continues to provide social insurance benefits [2] Group 3: Industry Context and Competitive Landscape - Industry analysts suggest that JD Logistics may explore further collaboration between full-time delivery riders and couriers to enhance service capabilities, particularly during peak delivery times [3] - The success of SF Express in integrating its same-city delivery riders with courier services has shown a revenue increase of 32.5% to RMB 6.625 billion in 2024, highlighting the potential benefits of such synergies [2]

Core Viewpoint - The rapid growth of e-commerce in China has led to a significant increase in express delivery volumes, reaching 1,750.8 billion packages in 2024, a year-on-year growth of 21.5%. However, this surge has resulted in substantial amounts of packaging waste, highlighting challenges in recycling efforts despite some progress driven by policy initiatives [1]. Group 1: Current Challenges - The existing recycling incentive mechanisms lack attractiveness for consumers, leading to low participation rates. For instance, a company offered a 10 yuan coupon for recycling, but the complex process deterred consumers [1]. - High costs associated with sorting, cleaning, and reprocessing packaging materials pose a significant barrier for companies. One express delivery company estimated that the cost of recycling a single cardboard box is as high as 1.2 yuan, resulting in some firms resorting to "fake recycling" to control expenses [1]. - There is a notable disparity in the availability of recycling points, with many being open only during weekdays, conflicting with the schedules of working individuals. Additionally, rural areas and older neighborhoods lack adequate recycling facilities compared to urban communities [1]. Group 2: Recommendations for Improvement - To enhance recycling participation, a dual incentive mechanism of "immediate rewards + social incentives" is proposed. This includes offering 0.5 yuan for each compliant cardboard box recycled and linking recycling actions to benefits in public transport and community services, thereby creating a social credit asset for environmentally friendly behavior [2]. - The establishment of "smart+" recycling networks is recommended, including the installation of intelligent recycling bins in community areas and subway stations to facilitate participation. Additionally, promoting a "reverse logistics" model where delivery personnel collect old packaging during new deliveries can improve recycling efficiency [3]. - Environmental education should be integrated into school curricula to foster ecological awareness among youth. Companies are encouraged to adopt practices similar to JD's "Green Flow Plan," embedding environmental prompts throughout the shopping process to subtly influence consumer behavior [3]. - A clear framework for corporate recycling responsibilities should be established, including annual recycling rate targets to enhance accountability. A comprehensive recycling responsibility-sharing mechanism across the entire supply chain is suggested, alongside increased policy support to encourage community and property involvement in recycling initiatives [3].

每经记者｜赵雯琪 每经编辑｜魏官红 6月19日晚间，A股四家快递公司顺丰控股（002352.SZ，股价50.65元，市值2528.8亿元）、圆通速递（600233.SH，股价12.9元，市值444.63亿元）、韵达股 份（002120.SZ，股价6.67元，市值193.38亿元）、申通快递（002468.SZ，股价10.76元，市值164.71亿元）发布了2025年5月经营业绩快报。 今年电商"618"大促于5月13日启动，5月快递业务数据成为观察四家企业旺季竞争态势的重要窗口。 数据显示，顺丰速运业务以31%的业务量增速再度领跑，但单票收入降幅最大；韵达、申通单票收入均跌破2元，行业竞争格局与企业发展策略差异进一步 显现。 整体来看，"通达系"虽通过规模效应维持收入增长，但单价下行压力普遍存在。如何在顺丰的"降维打击"下守住市场份额，同时避免陷入过度依赖价格战的 恶性循环，成为摆在"通达系"面前的核心课题。 顺丰业务量增速赶超"通达" | 公司名称 | 快递业务量(亿票) | 业务量增速(%) | 快递收入(亿元) | 收入增速(%) | 单票收入(元) | 单票收入同比变化(%) | | --- | -- ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顺丰控股(002352) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 相关研究 [Table_OtherReport] 顺丰控股（002352.SZ）深度分析：国 内业务稳步增长，国际业务打开空间 顺丰控股（002352.SZ）价值分析：中 短期业绩维持相对高增，长期价值空 间可期 顺丰控股（002352.SZ）点评：公司发 布中期及特别分红，看好公司价值提 升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 顺丰控股（002352.SZ）：件量增长超预期， 看好公司业 ...

Core Insights - The article highlights the significant impact of the "Express Delivery into Villages" initiative in rural areas, particularly in Xuancheng County, where improved logistics have enhanced consumer confidence and convenience [6]. Group 1: Consumer Behavior and Experience - Villagers are increasingly engaging in online shopping due to improved delivery services, with examples like Yang Xiaomei purchasing a smart refrigerator and receiving it directly at her home [3]. - The convenience of local delivery services has led to a surge in online shopping enthusiasm, as evidenced by the increased package volume at local postal stations [3][4]. Group 2: Logistics and Infrastructure Development - Xuancheng County has established a robust logistics network with 115 logistics companies, 18 comprehensive transportation service stations, over 200 township service stations, and more than 300 village service points, ensuring that every village has access to delivery services [6]. - The logistics network serves as a vital link between rural areas and broader markets, facilitating the flow of goods and enhancing the quality of life for residents [6]. Group 3: Economic and Social Impact - The initiative is not only about delivering packages but also about instilling confidence in rural communities, allowing them to embrace modern living and economic opportunities [6]. - The transformation of rural consumption patterns is evident, with traditional products like local mountain delicacies being sold online, showcasing the potential for rural economic revitalization [3][4].

交通运输行业 2025 年 5 月快递数据点评 顺丰控股件量增速持续领跑行业，件量和份额同比分别+32%和 0.3pct 2025 年 06 月 20 日 ➢ 事件：2025 年 6 月 19 日，各快递公司公告 2025 年 5 月快递服务主要经营指标。 ➢ 行业数据：国家邮政局公布 2025 年 5 月快递行业运行情况，5 月份快递业务量与业 务收入分别完成 173.2 亿件和 1255.5 亿元，分别同比增长 17.2%和 8.2%，2025 年 1- 5 月，快递业务收入累计完成 5924.6 亿元，同比增长 10.3%，快递业务量累计完成 787.7 亿件，同比增长 20.1%。 ➢ 公司 2025 年 5 月月度数据：顺丰/申通/韵达/圆通，1）快递业务收入分别为 193.81、 44.10、44.15、58.49 亿元，收入同比增速分别为+13.4%、+13.0%、+6.7%、+14.8%。 2）业务量分别为 14.77、22.64、23.03、27.64 亿件，件量同比增速分别为+32%、+16%、 +13%、+21%，份额分别为 8.5%、13.1%、13.3%、16.0%，份额环比分别+0 ...

近日，丰巢快递柜因用户取件过程中频繁跳转多个App的问题引发用户争议。有博主在网络平台吐槽，用丰巢取快递还要跨3个平台支付，总共就3块钱，"折腾个 没完没了"。 在相关话题下，网友纷纷跟帖吐槽丰巢快递柜的取件方式。 付费取件也就算了，支付方式也设计得很复杂，扫码开柜后还有一堆广告，折腾得没完。 三块钱的快递费，硬是玩出了金融理财的仪式感。 还有部分网友表示遭遇过丰巢的花样套路，扫码取快递时，突然弹出赞赏费的二维码，这种变相索要费用的行为让很多网友气愤不已。 随着前述帖子热度上升，丰巢官方对此的回应是，丰巢希望尽可能照顾到不同用户的支付偏好，为用户提供多种支付选择，用户可根据自己的喜好和习惯以及对 支付减免活动的偏好自主切换支付方式，没有强制要求，同时，对于第三方支付产品推出的各类优惠活动，用户可自主选择，对于活动跳转内容和形式，需要和 第三方确认。并且，丰巢表示，他们已经优化了支付优选方式，并保留了优惠福利。 简言之，丰巢提供多种支付方式是为满足用户偏好及优惠选择，未强制要求跳转。 但是网友对丰巢的回应并不满意，认为这纯属甩锅行为，但甩锅也没甩明白。 总的来看，大家对丰巢回复不买账的原因在于： 一是支付形式琐 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 3、以上收入不含公司其他非物流业务收入。 公司2025年5月速运物流业务、供应链及国际业务合计收入为人民币251.13亿元，同比增长11.34%。其 中：（1）速运物流业务收入同比增长13.36%，业务量同比增长31.76%，保持良好增长态势，主要得益 于公司推进落实激活经营策略，加大对前线业务的授权与激励，助力业务实现较快增长；同时今年各大 电商平台618促销周期较去年提前，带动5月寄递需求增加。（2）国际货运代理业务的收入受到部分流 向的国际贸易关系波动影响，但公司依托全球网络优势与多元业务布局，灵活应对市场变化，积极挖掘 新需求，助力供应链及国际业务实现稳健增长。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据《深圳证券交易所上市公司自律监管指引第3号一一行业信息披露》的规定，顺丰控股股份有限公 司（以下简称"公司"）现披露2025年5月业务经营简报情况如下： ■ 注： 1、速运物流业务：主要包括公司的时效快递、经济快递、快运、冷运及医药、同城即时配送业务板 块。 2、供应链及国际业务：主要包括公司 ...