Investment Rating - The report gives a "Positive" rating for the express delivery industry, marking it as the first rating issued [1]. Core Insights - The express delivery industry is experiencing a significant growth in business volume, with a year-on-year increase of 12.3% in August 2025, outpacing the growth of physical online retail sales at 7.1% and social consumer retail sales at 3.4% [5][8]. - The trend of smaller packages in express delivery continues, contributing to rapid growth in business volume [5][8]. - The average revenue per package in the express delivery industry was 7.37 yuan in August 2025, showing a year-on-year decline of 7.16%, although there was a slight month-on-month increase of 0.13% [5][16]. - The report anticipates a price recovery in the express delivery sector due to the ongoing "anti-involution" efforts within the industry [5][25]. Summary by Sections Industry Volume and Price - The express delivery industry maintains high growth, with business volume growth outpacing both online retail and overall retail sales [5][8]. - The trend of smaller packages continues, with the average value of a single express package decreasing to 63.0 yuan, down 4.62% year-on-year [13][15]. - The competitive pricing environment has led to a decline in average revenue per package, but there are expectations for stabilization in pricing due to industry adjustments [5][16]. Company Volume and Price - In August 2025, the business volume growth rates for major companies were as follows: YTO Express at +11.06%, Yunda at +8.72%, Shentong at +10.0%, and SF Express at +34.80%, with SF Express outperforming the industry average [20]. - The average revenue per package for these companies showed significant declines, particularly for SF Express at -15.32% year-on-year, indicating a substantial impact from changes in business structure [24][28].

Investment Rating - The report maintains a "Recommended" rating for the logistics industry [1] Core Insights - In July 2025, the express delivery industry experienced a year-on-year business volume growth of 15.1%, outpacing the growth of physical online retail sales at 8.3% and social consumer retail sales at 3.7% [6][14] - The trend of small parcel delivery continues, driving rapid growth in express package volume [14] - The average revenue per ticket in the express delivery industry was 7.36 yuan in July 2025, reflecting a year-on-year decline of 5.33% and a month-on-month decline of 1.76% [21] - The report anticipates a price recovery in August 2025 due to the "anti-involution" trend in the industry [6] Industry Volume and Price - In July 2025, the year-on-year growth rates for express delivery business volume in first, second, and third-tier regions were +14.2%, +16.8%, and +28.0%, respectively [34] - The average revenue per ticket in first, second, and third-tier regions showed year-on-year declines of -4.7%, -7.2%, and -12.1%, respectively [34] Company Performance - In July 2025, the express delivery business volume growth rates for YTO Express, Yunda, Shentong, and SF Express were +20.81%, +7.56%, +11.90%, and +33.69%, respectively, with the industry average at 15.1% [43] - The year-on-year decline in average revenue per ticket for YTO Express, Yunda, Shentong, and SF Express was -7.14%, -3.54%, -1.50%, and -14.02%, respectively [44]