据媒体报道，近日，多地快递费上涨。电商重镇广东、浙江多家快递公司目前已对电商客户涨价。 其中广东是此次调价的重点区域，每单快递价格上涨0.3元至0.7元不等，并设置了1.4元/单的底线价格。有业内人士指出，广 东不仅是快递公司业务量最大的地区，也长期处于价格低位，此前甚至出现过"0.8元发全国"的超低价。 这次调价迅速传导至电商端，带来直接成本压力。一位广东商家表示，虽然每单仅涨几毛钱，但由于单量庞大，每月额外成 本至少增加3万元，这部分开支很难通过商品涨价完全转嫁消费者。 快递行业长期身陷价格战。据国家邮政局数据，2007年国内快递单票平均价格还为28.55元，而到今年6月，已降至7.49元。 另据招商证券统计，2025年1-5月全国快递业务量达到788亿件，同比增长20.1%，但单票价格同比下跌8.2%至7.5元，呈现 出"量增价减"的局面。 面对行业持续"内卷"，国家邮政局于今年7月召开快递企业座谈会，明确表态反对"内卷式"竞争，强调将加强监管、完善市 场规则，并依法治理恶性价格竞争，推动行业实现高质量发展。 ...

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]

Core Viewpoint - The express delivery industry is experiencing a significant shift against internal competition, with companies preparing for a new price war as delivery prices increase. The ongoing growth in delivery volume is expected to sustain this competitive pricing environment [1] Industry Summary - The express delivery sector is currently witnessing a trend of rising prices, indicating a departure from previous internal competition practices [1] - Companies are gearing up for a "real" price war, suggesting that competitive dynamics are intensifying as they respond to market conditions [1] - The continuous high growth in delivery volume is a key factor that will likely perpetuate the cycle of price competition within the industry [1]

Core Viewpoint - The article discusses the recent price increase in the express delivery industry in Guangdong, which is seen as a response to the ongoing price war and declining average prices in the sector. The price adjustment is expected to have significant implications for the market dynamics and competition among delivery companies [4][6]. Group 1: Price Increase and Market Dynamics - Guangdong's express delivery base price was raised to 1.4 yuan per ticket, marking a 40% increase, aimed at curbing low-price competition and ensuring market stability [4][6]. - The express delivery sector in Guangdong is crucial, accounting for approximately 25% of the national total, with 234.3 billion packages sent in the first half of the year [4][6]. - Despite the price increase, the underlying issues of fierce competition and price wars in the express delivery industry remain unresolved [4][6]. Group 2: Historical Price Trends - The average price per express delivery ticket in China dropped from 8.14 yuan to 7.52 yuan in the first half of the year, a year-on-year decline of 7.7% [6]. - Over the past five years, the express delivery industry has experienced a continuous decline in average ticket prices, with a total decrease of 32% [11][22]. - The express delivery market has seen a tenfold increase in volume over the past decade, with a projected 1.758 billion packages to be delivered in 2024, reflecting a year-on-year growth of 21.5% [22][29]. Group 3: Competitive Landscape - The express delivery industry is characterized by intense competition, with major players struggling to establish a stable market structure. The top eight companies hold 85.2% of the market share, a modest increase of 2.7% over five years [19][22]. - The market remains fragmented, with new entrants and investments continuing to flood in, exacerbating the price competition [26][29]. - The industry's growth is heavily tied to the e-commerce sector, which drives demand for delivery services, further intensifying competition among providers [26][29]. Group 4: Investment and Operational Challenges - Companies in the express delivery sector are investing heavily in fixed assets, such as sorting facilities and transportation vehicles, often outpacing revenue growth [27][29]. - The fixed asset growth for companies like YTO Express has been significantly higher than revenue growth, indicating a focus on capacity expansion despite ongoing price wars [27][29]. - The article suggests that as long as the express delivery volume continues to grow rapidly, the price wars are unlikely to cease, creating a challenging environment for profitability [29].

有消息显示，8月5日起，广东省快递底价整体上调0.4元/票，均价涨至1.4元以上，基层网点派费增加 0.1元/票。省内各快递企业经品牌总部同意，各家均不得低于1.4元成本价揽收。 宏观来看，根据国家邮政局统计的快递业务量与收入推算，2007年国内快递平均单票价格为28.55元， 而到了今年6月，这一价格已下滑至7.49元。 具体到快递企业，今年6月，顺丰、申通、韵达、圆通、中通的票均收入分别为13.67元、1.99元、1.91 元、2.10元、1.99元，而在几大快递企业均完成上市的2017年，各家票均收入为23.13元、3.24元、1.94 元、3.68元、1.96元。可以看到，只有中通微涨，顺丰、申通、圆通的降幅更是均在40%左右。 业内人士表示，价格战没有真正的赢家，仅仅以价换量，显然是行不通了。快递企业需要在保持竞争力 的同时，寻找更为可持续的发展策略。 据广州日报，8月7日，记者向多位业内人士求证后确认，"该消息属实，快递确实涨价了。"广州一家加 盟制快递企业的网店老板告诉记者，目前该政策5日已经在实施，"没办法，上个月最低八毛多的单子也 接了，一直亏着钱做，现在这样起码能收支平衡了。" 值得注意的 ...

Core Viewpoint - The recent surge in express delivery fees, driven by policy changes, has sparked significant concern among e-commerce merchants, with potential annual losses estimated at 21.9 million for high-volume businesses [1][4]. Group 1: Price Increase Impact - Major express delivery companies, including Shentong, YTO, Zhongtong, and Yunda, have collectively raised their base prices from 1 yuan to over 1.4 yuan per package, particularly affecting small items [1][3]. - The price increase is seen as a response to the government's call to end "bloodletting competition" in the logistics sector, aiming to improve service quality [3][4]. Group 2: Merchant and Consumer Reactions - Merchants are facing a dilemma: raising prices may lead to reduced customer traffic, while not raising prices could result in unsustainable profit margins [3][4]. - There are concerns that if merchants pass on the increased delivery costs to consumers, low-cost shipping options like "9.9 yuan with free shipping" may disappear, impacting consumer purchasing behavior [4]. Group 3: Industry Challenges - The express delivery industry has been struggling with declining per-package revenue, approaching cost levels, and a high turnover rate among delivery personnel, leading to service quality issues [4]. - Despite the government's strict regulations against pricing below 1.4 yuan, the effectiveness of these measures remains uncertain due to potential non-compliance by franchise operators [4].

Core Viewpoint - Jitu Express has signed the first comprehensive algorithm and labor rules agreement in the express delivery industry, focusing on six key issues including income security, rights protection, labor protection, care, skill enhancement, and negotiation mechanisms, benefiting over 290,000 workers across its nationwide network [1][3]. Group 1: Agreement and Compensation - The agreement explicitly guarantees the delivery fee standards for couriers, establishing a mechanism to ensure timely and full payment of wages by franchisees, with delivery fees not less than 25% of the average income per package from franchisees [3][5]. - This initiative aims to prevent the phenomenon of unrestrained reductions in delivery fees, promoting fair and reasonable compensation for couriers [3][5]. Group 2: Industry Context and Performance - The express delivery industry is currently experiencing intense competition, with a notable decline in average revenue per package across various companies, including a general drop of 8.2% in the first five months of 2025 [4]. - Despite the competitive landscape, the total express delivery volume in China is projected to exceed 1 trillion packages by 2025, with Jitu achieving a record high of approximately 7.39 billion packages in the second quarter of 2025, marking a 23.5% year-on-year increase [5][6][7]. Group 3: Market Strategy and Growth - Jitu Express has rapidly ascended to become one of the top five express delivery companies in China within three years, leveraging its low pricing strategy and partnerships with major e-commerce platforms like Pinduoduo, Taobao, and JD.com [11][12][15]. - The company has seen significant growth in both the Chinese and Southeast Asian markets, with package volumes in Southeast Asia increasing by 65.9% year-on-year, indicating substantial untapped potential in both regions [6][7]. Group 4: Stock Performance - Following its strong performance, Jitu's stock price has surged over 40% in the past month, reflecting investor confidence in the company's growth trajectory and market position [7].

Investment Rating - The report maintains a "Recommended" rating for SF Express, Shentong Express, and Yunda Express, indicating a positive outlook for these companies in the express delivery sector [8]. Core Insights - The express delivery industry showed robust performance in the first half of 2025, with a total business volume of 956.4 billion pieces, reflecting a year-on-year growth of 19.3%. The total revenue reached 7187.8 billion yuan, growing by 10.1% year-on-year [3][5]. - The report highlights that the demand for express delivery is driven by trends such as the increasing volume of small packages, reverse logistics, and the benefits from lower-tier markets. The growth rate of express delivery volume significantly outpaces the growth of retail sales and online retail sales [6]. - Price competition in the industry is intensifying due to the trend of smaller packages and ongoing price wars. However, the report suggests that the intensity of price competition may be controllable due to policy guidance aimed at promoting high-quality development [6][7]. Summary by Sections Industry Data - In June 2025, the express delivery business volume reached 168.7 billion pieces, with revenue of 1263.2 billion yuan, marking a year-on-year increase of 15.8% and 9.0%, respectively [3]. - For the first half of 2025, the express delivery revenue was 7187.8 billion yuan, with a year-on-year growth of 10.1%, while the business volume was 956.4 billion pieces, growing by 19.3% [3][5]. Company Performance - In June 2025, SF Express reported a revenue of 199.62 billion yuan, with a year-on-year growth of 14.2%. The business volume was 14.60 billion pieces, growing by 31.8% year-on-year [4]. - For the first half of 2025, SF Express's revenue was 1091.55 billion yuan, with a year-on-year growth of 10.2%, and a business volume of 78.13 billion pieces, reflecting a growth of 25.7% [5]. Investment Recommendations - The report suggests that the express delivery sector is currently undervalued, with expectations of continued growth driven by the expanding e-commerce market and new demands from lower-tier markets. It recommends focusing on leading companies in the e-commerce express delivery sector, such as ZTO Express, YTO Express, Yunda Express, Shentong Express, and Jitu Express, as well as the comprehensive logistics leader SF Express [7].

Investment Rating - The report maintains a "Recommended" rating for companies such as Shentong Express and Yunda Express, indicating a positive outlook for these firms in the express delivery sector [8]. Core Insights - The express delivery industry continues to show strong performance, with May 2025 data indicating a business volume of 17.32 billion pieces and revenue of 125.55 billion yuan, reflecting year-on-year growth of 17.2% and 8.2% respectively [3]. - The demand for express delivery is driven by trends such as the increasing popularity of small and light packages, the rise of reverse logistics, and the benefits from lower-tier markets [6]. - The competitive landscape is intensifying, with major players adjusting strategies to focus on market share rather than aggressive price competition, suggesting a controlled environment for price wars compared to previous years [6]. Summary by Sections Industry Data - In May 2025, the express delivery sector achieved a total business volume of 173.2 billion pieces and revenue of 1255.5 billion yuan, with cumulative revenue from January to May reaching 5924.6 billion yuan, up 10.3% year-on-year [3]. - The cumulative business volume for the same period was 787.7 billion pieces, marking a year-on-year increase of 20.1% [3]. Company Performance - For May 2025, the revenue and business volume for major companies were as follows: - SF Express: Revenue of 19.38 billion yuan, business volume of 1.48 billion pieces, with a year-on-year growth of 13.4% and 32% respectively [4]. - Shentong Express: Revenue of 4.41 billion yuan, business volume of 2.26 billion pieces, with a year-on-year growth of 13.0% and 16% respectively [4]. - Yunda Express: Revenue of 4.42 billion yuan, business volume of 2.30 billion pieces, with a year-on-year growth of 6.7% and 13% respectively [4]. - YTO Express: Revenue of 5.85 billion yuan, business volume of 2.76 billion pieces, with a year-on-year growth of 14.8% and 21% respectively [4]. Investment Recommendations - The report suggests that the express delivery sector is currently undervalued, with expectations of continued growth driven by the expanding e-commerce market and new demands from lower-tier markets [6]. - It recommends focusing on leading companies in the e-commerce express delivery space, including ZTO Express, YTO Express, Yunda Express, Shentong Express, and Jitu Express, as well as the logistics leader SF Express [6].

以下文章来源于有数DataVision ，作者严张攀 有数DataVision . 数据表象与商业真相 作者： 严张攀 来源： 有数DataVision（lD： gh_dc4453e8feed） 2024年，极兔中国区平均客单价下滑了大约7%，但依靠对成本更加有效的管理措施，不仅公司 扭亏为盈，单票息税前利润也终于转正，来到了0.007美元。 作为中国快递史上的最强黑马，极兔的冲突性来自两点。 一是极兔在通达系厮杀最激烈的时期进入中国市场，但反而在高烈度的价格战中收获了最大的战 果。 二是极兔在中国扭亏为盈，反而凸显了快递公司在中国面临的残酷竞争。 2024年，极兔中国区的送件量比东南亚地区多出了足足152亿件，但东南亚市场的经调整息税前 利润，比国内高出一倍有余。 如果新能源车企业觉得自己在内卷，那么他可以看看快递。 01 增长的诅咒 快递创造了中国商业世界的两伊战争，两者的区别是两伊战争只打了八年。 一般来说，国内快递可以简单划分为两大类。 时效件 由顺丰和EMS主宰，上游是订单分散的个人和企业。由于建机场买飞机都需要行政审 批，顺丰有非常深的护城河。 电商件 则是通达系的天下，赚钱全靠低价走量。 相比时 ...