每经编辑｜许绍航 曾经被视为低门槛、稳现金流、普通人创业热门选择的快递驿站生意，如今"不香了"？ "接手仅仅1个多月后，就开始计划转让，结果价格从6万元一路跌到2万多元，用了两个月才终于脱手。" 据中国新闻周刊，记者采访到了一位快递驿站老板程思（化名）：临近新年，正值一年最大的快递旺季，也正值快递驿站的重要收入高峰，程思却在此时 选择卖出自己的快递驿站。 据悉，这个每天能收800多件快递的驿站，是程思2025年9月初花了将近6万元从上一任老板那儿盘下来的。然而接手1个多月后，程思就计划将其转让，转 让价格从6万元一路跌到2万多，并用了两个月才脱手。 另有部分网友发现，自家小区内的快递驿站已经换了几任老板，甚至有的已直接关停。 据红星资本局，有居民称自己小区的"驿站总是在换老板"：2022年年末，她入住成都市某小区，三年左右的时间，该小区内的菜鸟驿站已经三度易主，平 均每年都会换一次经营者。 近期，在闲鱼、小红书等网络平台上，全国多地均有人挂出快递驿站转让的相关信息，部分还打出"低价""无转让费""急转"等标签。 开驿站"性价比太低" 咸鱼及小红书上挂出的快递驿站转让帖 不如去"当保安" 据红星资本局，记者对不 ...

来源：正商参阅 作者：曾有为 普通人想要白手起家的时候，去做驿站似乎成了许多人的首选。 在快递驿站刚开始大规模铺开的时候，许多快递公司为了抢占市场，甚至不收取相关的加盟费，商家只 需要承担相关的铺租和水电即可。 另外一方面快递驿站对技术的要求比较低，也就间接导致了加盟门槛比较低，在很长一段时间里，加盟 快递驿站的商家，只要肯付出就会有回报。 在行业鼎盛时期，在一些单量比较多的驿站网点，投资个两三万就能年入20万，甚至月入3万到5万不等 的案例非常的多。 这种0基础低门槛小投入大回报的生意，长久以来都被当做了普通人创业的首选，毕竟开快递驿站，比 开奶茶店、开饭店之类的同样是普通人创业首选的生意，要好不少。 相比餐饮店的的竞争激烈，以及如果要加盟品牌餐饮店所要付出的高昂加盟费和设备费，快递驿站的稳 定性和低成本加盟使其优势不少。 但是三十年河东三十年河西，曾经被不少普通人认为接手就能盈利，加盟就能赚钱的快递驿站，短短几 年过去，这个普通人眼里的创业香饽饽，却成了不少加盟商的创业噩梦。 01 半年倒闭率 43% 近六成门店挺不过1年 曾经能够投资个两三万开驿站，就能轻松年入20万，月入过万也是常态的辉煌，如今也早已 ...

Core Viewpoint - The recent price increase in the express delivery industry, although seemingly minor at 0.2-0.8 yuan per order, signifies a shift towards a new adjustment phase for the industry, impacting e-commerce operators and consumers significantly [6][10][20]. Price Increase Impact - The price hike began in July 2023 in Yiwu and has spread to 22 provinces, affecting e-commerce users while not impacting individual senders [6][5]. - The increase translates to an 8% loss in profit for low-margin products, particularly those priced at 9.9 yuan with free shipping [6][20]. - The average price per express delivery in the first half of 2025 was 7.52 yuan, down 7.7% from 8.15 yuan in 2024, indicating a trend of "increased revenue without increased profit" among major logistics companies [9][10]. Industry Dynamics - The express delivery sector has been characterized by a "price-for-volume" strategy, leading to unsustainable low pricing that has harmed both workers and service quality [10][12]. - The rise of "express delivery gray market" and "delivery scalpers" has emerged due to price discrepancies across regions, complicating the competitive landscape [14][15][16]. Reactions from Stakeholders - E-commerce operators are adjusting their pricing strategies, with some removing discounts to offset increased logistics costs, leading to a significant drop in order volumes [20][21]. - Consumers are experiencing changes in service quality, with many reporting that delivery personnel are less likely to deliver to their doors, opting instead for collection points [9][18]. - Despite the price increase, many delivery workers have not seen corresponding wage increases, raising concerns about the sustainability of their livelihoods [21][22]. Future Outlook - Analysts suggest that the industry needs to leverage technology such as AI and big data to optimize operations and improve service quality, while also exploring innovative delivery methods like unmanned delivery systems [21][22]. - The overarching goal of the price adjustments is to create a healthier industry environment that benefits both workers and consumers, fostering a more sustainable business model [22].

Core Viewpoint - The express delivery prices in Shanghai are set to increase starting September 22, 2025, as part of a broader industry effort to combat "involution" and stabilize market conditions [1][4]. Group 1: Price Adjustments - Major express companies including "Shunfeng, YTO, ZTO, and JD" have announced price increases in Shanghai, following similar trends in Guangdong and Zhejiang [1]. - The price increase in Shanghai is expected to be modest, with previous adjustments in Guangdong seeing increases of 0.4 to 0.5 yuan, raising the average price to over 1.4 yuan [1][3]. - The adjustments are primarily aimed at low-priced e-commerce shipments, with minimal impact on personal delivery services [2][3]. Group 2: Industry Context - The express delivery industry has been experiencing intense price wars, leading to increased workloads for frontline staff without corresponding wage increases [2][6]. - The ongoing price competition has resulted in a disconnect between prices and costs, prompting regulatory bodies to intervene and promote price stabilization [4][6]. - The "反内卷" (anti-involution) policy has been emphasized by the State Post Bureau to curb unhealthy competition and improve service quality [4][6]. Group 3: Future Outlook - Companies are optimistic about the potential for price recovery and improved profitability as the anti-involution measures take effect across more regions [5][6]. - The industry is expected to shift towards value competition rather than price competition, with a focus on service upgrades and operational efficiency [6][7]. - Experts suggest that if price competition continues to escalate, it may lead to industry-wide interventions to ensure sustainability [7].

Core Viewpoint - The continuous increase in express delivery fees across various regions is aimed at alleviating losses and improving the competitive landscape of the industry [3][6][15] Summary by Sections Price Increase Trends - Recent announcements of express fee increases have been made in regions including Hubei, Tianjin, Shandong, and Liaoning, following earlier adjustments in Zhejiang and Guangdong [4] - For instance, in Heilongjiang, major express brands, including YTO, announced price hikes effective September 20, citing the need to return to rational competition [4] Impact on Operations - The price increase has led to noticeable changes at frontline outlets, with reports indicating significant improvements in financial conditions and cash flow for many [7][8] - An outlet manager in Yiwu noted that prior to the price hike, some outlets faced monthly losses of tens of thousands, which have since improved due to the price adjustments [8] Customer Acceptance - The general sentiment among outlet managers is that if all brands uniformly raise prices, customer acceptance will not be a major issue [10][13] - A regional manager indicated that the price increase was coordinated by the postal authority and all express brands, ensuring a collective approach to the adjustment [11] Market Dynamics - The price hikes are expected to slow down the ongoing price wars in the industry, with a belief that a collective increase can foster a fairer competitive environment [14] - Regulatory bodies are closely monitoring the pricing competition within the express delivery sector, emphasizing the need to address issues of "involution" and unfair pricing practices [14] Future Outlook - Experts predict that the trend of price increases will continue, potentially leading to a more optimized market structure where competition shifts from price to value [15] - The top eight express companies currently hold an 85% market share, indicating a move towards consolidation and higher industry concentration as smaller players may exit the market [15]

Core Viewpoint - The increase in express delivery fees is expected to alleviate the loss pressure on companies and improve the long-standing "price war" in the industry [1][5] Summary by Sections Price Increase Trends - The trend of increasing express delivery fees continues, with regions such as Hubei, Tianjin, Shandong, and Liaoning recently announcing fee hikes, following earlier adjustments in Zhejiang and Guangdong [2] - In Heilongjiang, major express brands announced price increases effective September 20, aimed at rationalizing competition and addressing cost issues [2] Impact on Operations - One express outlet in Yiwu reported significant improvements in its financial situation following the fee increase, with losses previously reaching tens of thousands per month now showing signs of recovery [7] - The outlet's cash flow has improved, with a potential increase of 1 million in liquidity for large outlets if prices rise by 0.1 yuan per package [7] Customer Reactions - The outlet manager noted that if all brands uniformly adjust prices nationwide, customer acceptance would likely be high [9] - Despite some instances of outlets offering rebates to retain customers, the overall market remains stable, with 90% of clients reportedly unaffected by the price hikes [11] Industry Dynamics - The price adjustments are being coordinated by the postal administration, with all express brands participating, indicating a collective effort to stabilize the market [10] - The increase in fees is seen as a necessary step to enhance the survival and self-sustaining capabilities of outlets, as well as to improve the welfare of frontline workers [10] Future Outlook - Experts predict that the price increases will continue, with a potential nationwide implementation around the National Day holiday, leading to a shift from price competition to value competition in the industry [12][13] - The top eight express companies now hold an 85% market share, indicating a move towards industry consolidation and optimization [12][13]

Core Viewpoint - The Chinese express delivery industry, while being the largest in the world, is facing severe challenges due to intense price wars leading to unsustainable competition and financial losses for many companies [1][11]. Industry Overview - In the first half of the year, the total express delivery volume in China reached 95.64 billion pieces, marking a year-on-year increase of 19.3% [11]. - Despite the growth in volume, the average price per delivery has dropped nearly 8% to 7.5 yuan, with some regions offering extreme low prices as low as 0.8 yuan for nationwide delivery [11]. Financial Impact - Many express delivery outlets, particularly in Shenzhen, are experiencing significant revenue declines despite increases in package volume, with some reporting revenue drops of 20% to 30% [7]. - For instance, one outlet reported an average daily loss of 5,000 to 8,000 yuan, leading to monthly losses of approximately 150,000 to 200,000 yuan [7]. Workforce Challenges - The ongoing price wars have resulted in high turnover rates among delivery personnel, with some workers leaving the industry for more stable jobs, such as food delivery [9]. - There are reports of staff shortages at some outlets, leading to backlogs in package deliveries [9].

Summary of the Express Delivery Industry Conference Call Industry Overview - The express delivery industry has undergone significant changes, transitioning from a "Spring and Autumn" phase (2017-2019) characterized by high growth and light asset models to a "Warring States" phase (2020 onwards) marked by heavy asset investments and price wars [3][10]. Key Points and Arguments - **Revenue Decline Factors**: The decline in single ticket revenue is attributed to three main factors: cost-driven efficiencies, rational competition, and irrational price wars. The past five years have seen revenue declines primarily driven by cost factors such as scale effects and automation upgrades [1][4][20]. - **Impact of New Entrants**: The entry of Jitu in 2020 triggered irrational price wars, leading to a decline in industry performance and valuations, putting pressure on networks and couriers [1][8]. - **Regulatory Actions**: Local governments, such as in Yiwu, have implemented measures to raise minimum delivery prices to curb irrational competition, which has stabilized the network and improved valuations for lower-ranked companies [1][9]. - **Market Recovery**: Following the anti-involution actions in 2021, leading companies regained market share, and single ticket revenue increased, significantly restoring profitability [10][11]. - **Future Price Competition**: The industry is expected to enter another price competition phase in the second half of 2024, with intensified price wars anticipated post-Chinese New Year in 2025 [1][12]. Important but Overlooked Content - **Regulatory Influence**: The effectiveness of the anti-involution measures heavily relies on regulatory strength, which has shown to alleviate competitive pressures in the short term and promote healthy competition in the long term [2][16]. - **Profitability Elasticity**: Future profitability in the express delivery sector will depend on the sustainability of price increases and regulatory actions. Current net profits for major companies are low, indicating a need for effective price adjustments to enhance profitability [17][21]. - **Long-term Implications**: The current anti-involution measures are expected to foster a healthy competitive environment, leading to industry consolidation and the rise of leading companies, ultimately benefiting consumers and investors alike [22]. Conclusion - The express delivery industry is at a critical juncture, with regulatory measures playing a pivotal role in shaping its future. The focus on sustainable pricing and profitability recovery presents significant investment opportunities in the sector, particularly for leading companies poised for growth in a more stable competitive landscape [19][22].

Core Viewpoint - Recent reports indicate a rise in express delivery fees across multiple regions, particularly in Guangdong and Zhejiang, which are major e-commerce hubs. This price increase is expected to exert direct cost pressure on e-commerce businesses [1] Group 1: Price Increase Details - Several express delivery companies in Guangdong have raised prices for e-commerce clients, with increases ranging from 0.3 to 0.7 yuan per order, establishing a minimum price of 1.4 yuan per order [1] - Guangdong is highlighted as a key area for this price adjustment, being the largest market for express delivery services and previously experiencing extremely low prices, such as 0.8 yuan for nationwide delivery [1] Group 2: Impact on E-commerce Businesses - A merchant in Guangdong reported that although the price increase per order is minimal, the large volume of orders results in an additional monthly cost of at least 30,000 yuan, which is challenging to pass on to consumers through price hikes [1] Group 3: Industry Trends - The express delivery industry has been engaged in a prolonged price war, with the average price per delivery dropping from 28.55 yuan in 2007 to 7.49 yuan by June of this year, according to data from the State Post Bureau [1] - Statistics from China Merchants Securities indicate that from January to May 2025, the national express delivery volume reached 788 billion pieces, a year-on-year increase of 20.1%, while the average price per delivery fell by 8.2% to 7.5 yuan, reflecting a trend of increasing volume but decreasing prices [1] Group 4: Regulatory Response - In response to ongoing "involution" within the industry, the State Post Bureau held a meeting with express delivery companies in July, expressing opposition to "involution-style" competition and emphasizing the need for enhanced regulation, improved market rules, and legal measures against malicious price competition to promote high-quality industry development [1]

Core Insights - The express delivery industry in China showed strong growth in July 2025, with revenue reaching 120.64 billion yuan and volume at 16.4 billion pieces, marking year-on-year increases of 8.9% and 15.1% respectively [1][2] - Cumulatively, from January to July 2025, the industry generated 839.42 billion yuan in revenue, a 9.9% increase year-on-year, and handled 112.05 billion pieces, reflecting an 18.7% growth [1][2] Industry Data - In July 2025, major express companies reported the following revenue and volume figures: SF Express at 18.657 billion yuan (+15.0%), Shentong at 4.287 billion yuan (+10.0%), Yunda at 4.120 billion yuan (+3.8%), and YTO at 5.371 billion yuan (+12.1%) [3] - The volume for these companies was 1.377 billion, 2.181 billion, 2.162 billion, and 2.583 billion pieces respectively, with year-on-year growth rates of 33.7%, 11.9%, 7.6%, and 20.8% [3] - For the first seven months of 2025, the revenue figures were: SF Express at 127.812 billion yuan (+10.9%), Shentong at 28.980 billion yuan (+14.8%), Yunda at 28.851 billion yuan (+7.1%), and YTO at 37.943 billion yuan (+13.9%) [4] - The volume for the same period was 9.190 billion, 14.528 billion, 14.888 billion, and 17.446 billion pieces, with growth rates of 26.9%, 19.3%, 15.1%, and 21.6% respectively [4] Market Trends - The express delivery industry is benefiting from changes in demand, such as the trend towards lighter and smaller packages, an increase in reverse logistics, and the advantages of lower-tier markets [5] - The growth in volume is significantly outpacing the retail sales growth (+4.8%) and the growth in online retail sales (+6.3%), indicating strong demand resilience [5] - The industry is experiencing a price war, which is impacting per-package revenue, but there are signs of a shift towards more orderly competition as major players adjust their strategies [5] Investment Recommendations - The express delivery sector is currently viewed as undervalued, with expectations of continued growth driven by the expanding e-commerce market and new demands from lower-tier markets [6] - Companies to watch include leading e-commerce express firms such as ZTO Express, YTO Express, Yunda, Shentong, and Jitu Express, as well as SF Express, which is expected to benefit from cyclical improvements in the mid-to-high-end market [6]